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TJ, Esq.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9679
Experience:  Licensed to Practice Law
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I have been in Chapter 13 since 10/8/08. I have been making

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I have been in Chapter 13 since 10/8/08. I have been making payments of $619 per month for all of that time. At the time of filing, there were 3 pieces of property that were in the name of a company that my wife and I jointlly owned. The company doen't exist any longer. The court said that I needed to sell the properties and give them half while the other half of the proceeds would go to my wife since only I filed personal bankruptcy. One of the properties is a lot, while the other two are doublewides that I have rented. All three of these pproperties have been listed for a long time with one of the best realtors in the area. We,ve lowered the prices probably 6 different times. They have also been advertized in the local paper for an incredibly long time. About 2 months ago we got our only offer on the lot. It's assessed at $35K. I had it listed for 20K. The "verbal" offer was 7K. Through the realtor communication channels I told the buyer his offer was rediculous. Ultimately he came up tp $15K and we are now awaiting court approval. Neither doublewide has had any offers at all and are both priced well below the next lowest competitors. (like 20K to 40K below). This is what seems to be the problem. The most attractive financing that a prospective buyer could get is an FHA loan. It requires 3.5% down, a 680 credit score, and 3 months worth of mtg pmt money in reserve at time of closing. All must be "seasoned" funds. The net result is that it would cost between $5,000 and $5,500 to get into either one of them. Closing cost could be added to the financing. We would even cover half to make things work. I bet we've screened 150 people minimum and not any of them can meet all of these requirements
at the same time. Honestly, the clientele for this type of housing is pretty low on the economic scale. They all ask for a rent to own situation or owner financing of which I simply cannot do. I am now 3 months away from the end of my five year plan. My question is this. What options do I have with the court trustee if these two doublewides just don't sell in time. We are giving it our best effort. The fact is that they have been on the market so long and the prices are so much lower than the competition that prospective buyers have even ask me why I'm selling them so cheap. It has created an air of suspicion in their camp. The only thing my attorney says is that they will just dismiss the case and I'll either be at the mercy of the creditors again (with back interest) or we'll have to start a whole new bankruptcy case. Frankly, I'd just like a second opinion as I have mixed feelings about my attorney for other reasons. I look forward to hearing your input on this. Thank you so much for reading this rather lengthy explanation. Gary R. Wilson
Submitted: 1 year ago.
Category: Bankruptcy Law
Expert:  TJ, Esq. replied 1 year ago.
Hello and thank you for allowing me the opportunity to assist you.

Q: What options do I have with the court trustee if these two doublewides just don't sell in time.

A: You and the trustee can continue trying to sell. You can finish your plan and get a discharge. The bankruptcy case will remain open until the properties are either sold, or the trustee gives up and abandons his claim to the properties (which is possible if they just won't sell). I suspect that the trustee would auction the properties before he'd abandon them, however. I don't agree with your attorney at all. Dismiss the case just because the properties won't sell? And you've completed the plan? That's nonsense. The case would not be dismissed.

Does that answer your question? Please let me know if you need clarification, as I am happy to continue helping you until you are satisfied. Also, your positive feedback is much appreciated. Thank you for using our service!

If you would like to direct additional legal questions to me in the future, then please type "To VAMD" in the subject line of your question.
Customer: replied 1 year ago.

I would have to agree with your assessment on the "dismiss the case" threat. The fact is two other deadlines have come and gone on the sale of these properties (one 2 years ago and one 1 year ago). I heard the same threat from my attorney in each case and the trustee let it pass both times. I know that they want me to complete the five year plan and I have every intention of doing so. I forgot to mention that I did have a contract on one of these places but the buyer purposefully diminished his money in the bank so that he could get out of the deal by being disqualified on his financing. Do you think that it would be helpful for me to write out a narrative as to our marketing efforts and how it's gone for my attorney to forward to the trustee as the case comes to a conclusion? It would be my hope that the trustee would just abandon the two doublewides and discharge the case. What percentage chance do you think there is of that? One last thing. If the trustee decides he wants to auction the doublewides would it be reasonable to ask they auction just one of them and keep all of the proceeds and then just leave the other one to us. Keep in mind that it looks as though we have a firm deal on the lot of which they will get half.

Customer: replied 1 year ago.


I sent you a reply. Did you get it? XXXXX XXXXX

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

Q: Do you think that it would be helpful for me to write out a narrative as to our marketing efforts and how it's gone for my attorney to forward to the trustee as the case comes to a conclusion?
A: Actually, that's not a bad idea. It will show the trustee that you've made a good faith effort to sell, and it will also perhaps get the trustee rethinking about how interested he is in the properties.

Q: It would be my hope that the trustee would just abandon the two doublewides and discharge the case. What percentage chance do you think there is of that?
A: You can get a discharge before the property sells. You case won't be closed, but that is a different mater. The discharge should not be dependent on the property selling. But as far as abandoning the properties, that would be nice, but the trustee wouldn't likely do that unless it appears that the properties just won't sell and/or won't sell for anything worthwhile. I'm not sure that it's gotten to that point yet, but it could happen (I've certainly seen trustees abandon seemingly more valuable assets than your doublewides).
Customer: replied 1 year ago.

The edited version of last night's last question applies to the one I just sent a few minutes ago. Gary

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

I don't understand your follow-up. Do you have an additional question?
Customer: replied 1 year ago.

The edited version of last nights question was this: If I finish the 5 yr plan as scheduled and neither of the doublewides have sold and at that point the trustee decided he wants to auction them, would it be plausible to ask that the court auction just one of the two and keep all of the proceeds (instead of just half) and then let us do as we wish with the other. Keep in mind that the lot is under contract and will close soon and they will get half of that money also. I honestly feel that if they want to auction for chump change just for the sake of disposal of property then let it be for one entire one instead of half of two.

Expert:  TJ, Esq. replied 1 year ago.
Hi again.

You can make that deal with the trustee whereby you keep one doublewide and give up the other. The trustee would probably like that idea because it's easier to sell one than it is to sell two. The court would not make that decision, however. It's up to the trustee. I would first see if the trustee will abandon, and if not, then perhaps suggest a compromise whereby you give one entire property to the trustee, and he releases the other. Then the trustee can do what he wants with the property.
TJ, Esq., Attorney
Category: Bankruptcy Law
Satisfied Customers: 9679
Experience: Licensed to Practice Law
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