Hi,
This may be difficult to explain but I am going to give it a try.
My Wife and I filed a Chapter 7 Bankruptcy in 2010, in that filing we had several properties that we put into the Chapter 7 as well.
One of those properties I let a friend of mine who was in the real estate business manage the property in order to find a renter and in return he got all the profits from the property. I included the property in the bankruptcy by giving my Attorney the address of the property and the name of the mortgage company that I had the loan with.
When my friend took over the property he moved the deed on the property into a trust and the mortgage stayed in my name this was done in 2007, and we filed the chapter 7 in 2010. I just got served foreclosure papers on the property under the trust name. I am confused as to how I can be served papers for this property when the mortgage was included in the bankruptcy. I was not aware that my friend put the deed in a trust.
The Mortgage company accepted the Bankruptcy on the property but now they are sending me a foreclosure notice in the name of this trust.
My question is this. Is this just a legal thing that the mortgage company has to go through even though it has already been discharged in the Chapter 7 or am I some how liable since they are using both the physical address and the trust name which is at a different address? I don's see how I can be held liable since the mortgage was not in the trust and he only put a deed into a trust for the property while he was managing it.
I am going to call the Law firm that did the Chapter 7 for me tomorrow but I just wanted some opinions on this today.
This may be difficult to explain but I am going to give it a try.
My Wife and I filed a Chapter 7 Bankruptcy in 2010, in that filing we had several properties that we put into the Chapter 7 as well.
One of those properties I let a friend of mine who was in the real estate business manage the property in order to find a renter and in return he got all the profits from the property. I included the property in the bankruptcy by giving my Attorney the address of the property and the name of the mortgage company that I had the loan with.
When my friend took over the property he moved the deed on the property into a trust and the mortgage stayed in my name this was done in 2007, and we filed the chapter 7 in 2010. I just got served foreclosure papers on the property under the trust name. I am confused as to how I can be served papers for this property when the mortgage was included in the bankruptcy. I was not aware that my friend put the deed in a trust.
The Mortgage company accepted the Bankruptcy on the property but now they are sending me a foreclosure notice in the name of this trust.
My question is this. Is this just a legal thing that the mortgage company has to go through even though it has already been discharged in the Chapter 7 or am I some how liable since they are using both the physical address and the trust name which is at a different address? I don's see how I can be held liable since the mortgage was not in the trust and he only put a deed into a trust for the property while he was managing it.
I am going to call the Law firm that did the Chapter 7 for me tomorrow but I just wanted some opinions on this today.
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