A consumer bankruptcy attorney regularly practicing in the Southern District of Florida says that even though the house was "underwater" (especially the Fort Lauderdale Division), some of the administrative committee of the chapter requested a house exemption I have heard that threatening to sell the debtor's house is not threatening "(No shareholder's equity.) Many bankruptcy lawyers believe that there is no need to request farmer exemption if there is no equity interest in real estate.
Bankruptcy Court, In Ri Yriano, 2010 WL 5452726 (Vancouver, MD, Florida Province, 2010), if there is no interest to exceed the burden of the secured creditors. However, the court found that the trustee could sell underwater assets under certain circumstances.
1. The trustee is able to find a buyer to purchase the property at a price that exceeds the mortgage debt. (Recently it is not so, but it is possible.)
2. When the mortgage owner agrees to make a "short-term sale" with a notch for the interests of bankruptcy property. This scenario is not so, especially if the second mortgagee who is to be accepted is involved. But that is possible.
3. Avoiding the time and cost of mortgage owner purchasing real estate from bankruptcy trustee, selling mortgage based on state law, and paying extra funds to trustee above selling price Benefit to bankruptcy property Let's see. Under Article 363 of the Bankruptcy Act, the trustee can freely sell real estate and can cancel all statutory liens. Secured creditors << Reence is essentially transferred to sales proceeds. This is one of the illegal scenarios in most cases. This is because the mortgagee can not sell the property under Article 363 without paying it in full or accepting less amount.
In short, if the Homesteaded asset is not claimed to be exempt, if it remains bankrupt, and the sale can produce meaningful cash to unsecured creditors of bankrupt property, the trustee should sell it You can do.
Several Florida fiduciaries would like to sell their homestay property to a third party 'Var Tua investor' covering all existing mortgage and other mortgages with a small fee of $ 4,000 We are programing. Konzeruto investors usually earn money by collecting mortgage loans and selling the property to the ground without paying mortgages, association fees, taxes, insurance fees, etc. In Iriano's opinion, or any other opinion, there is nothing to suggest that the trustee can do so.
Under the self-service theory of some trustees, secured creditors stop legally qualifying under the bankruptcy law, and unsecured creditors are legally required under bankruptcy law So that we can pay what is not permitted. This does not benefit the real estate. Simply deprive the collateralized creditors (funded genuine interests) and give them to the unsecured creditors, the trustee can charge the fee. This has no meaning, it is a breach of fiduciary duty of fiduciary. Therefore, the bankruptcy court of In Re Luban (Case 11-13633-AJC (Bankr.SD Fla. 2012)) does not admit and the reason why most of the board of directors in the Southern District of Florida will not pose a threat The underwater underwriting Sell farmland
However, if the mortgage is already substantially overdue, the court shall not sell the asset to the trustee as the sale is not the cause of the default and does not take any money from the secured creditor May be permitted.
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