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mmdesq, Attorney
Category: Bankruptcy Law
Satisfied Customers: 518
Experience:  Attorney with 13 years experience.
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Can I use 363 or frbp 2002 to prove adequate protection? or

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Can I use 363 or frbp 2002 to prove adequate protection? or how can I as a chapter 7 prove that I have equity and object also to the adequate protection? I pay the property insurance, after finding out there wasnt any even though the "lender" kept saying they paid it (they really never did pay it and the house was uninsured for a very long time). They did however pay the prop taxes. Also I have put improvements, pay for yard care, paid for a brand new hot water heater recently because the other one died and there was no insurance. I am doing business from the house, and awaiting a business license that will be run from the home. I have another house that I put as my exemption but now, I want to make the house they are trying to lift the stay as my primary residence for business reasons and because of a disability I have and am unable to easily get up all the stairs to the house i exempted. however, my grown children live in the exempt house as well as renters. Really, if I could just find the codes or wording for them to prove they are secured and have standing, that would suffice, because they would not be able to. They have an assignment deed of trust, but it is one from a gumball machine.

mmdesq :

To establish equity in property you should obtain an appraisal of the real estate to show you have equity. The appraisal would be your evidence. You should also argue that the property is necessary for your effective reorganization and any creditor is adequately protected. To show adequate protection you will definitely need insurance. You would also want to show you are maintaining the property so it is not losing value due to disrepair. You can show repair through maintenance by your receipts. I am also confused as to why you are in a ch 7 if mortgage payments have been missed then you would need to be in a ch 13 to propose a plan to catch up. If mortgage payments have not been missed then I would argue this point to support that creditor is adequately protected because on top of everything else you are also still making payments. The code section you would be arguing is 11 USC 362(d)(1)-(3) which discusses relief and adequate protection. I hope this helps.


i missed mtg payments bcuz they were supposed to do a loan mod and then they sold and or transferred my loan so many times that i didnt know who i was dealing with anymore and then they went to foreclose but I was shocked bcuz they are foreclosing with the wrong beneficiary name, so these people claiming to foreclose and owning my loan should be foreclosing in their name as the beneficiary, not in someones name who owned the property 12 years ago, right? It just doesnt make any sense to me, do I owe the original lender from over a decade ago? or the current Lender or even the Servicer? and if it is the current one, who has sent a NOD, why did the put the original lender from over a decade ago as the beneficiary they are foreclosing for? I had called that Lender and they said they sold my loan years ago, so I'm just super baffled and ready to pack up. But the current lender wont work with me at all and the beneficiary they are foreclosing for (the sub. trusty put in the NOD) says they cant do anything for me because they dont have the loan anymore. So...WWYD? (what would you do?) and i'm in a ch 7 because i didn't know any better and I thought it would give me time to see who I can work with and then got very complicated because the Trustee wanted to sell my other house so I changed my petition to make the other house my homestead, but dont i have equity because of all the money I poured n to the house? and never took any money out? should I put the receipts of maintaining the house in my motion to oppose their motion to lift the stay? i'm not paying because I'm not really sure who I should be paying. this current lender filed a DOT assign. just prior to me filing bk becuz they knew I was going to file ..i dont understand why Trustee of bk didnt sell house w/ his strong arm provisions but i guess he is too busy or i dont know, i asked but he abandoned all, but i'm sure if i prove something here and they aren't the right party to be lifting stay, he will be happy to step in on the curtails of all this and take it...i dont know, i want to pay someone, i need to keep that house

mmdesq :

I understand about not knowing who you were to pay, but if the Judge says pay Mr. Jones do you have the past mortgage payments saved that you could make a lump sum payment? If you do not, I would recommend considering filing a motion to convert your ch7 to a ch 13 to have option of curing mortgage arrears over the life of a ch 13 plan. Regarding the receipts, I would reference the receipts with dates and amounts if they are significant (i.e. more than $200) of they are smaller I would lump them all together. We are only technically suppose to answer 1 question per posting. However, because your issue is more complex I thought it appropriate to resound to your follow questions. I would appreciate it if you could now rate my response so I can get credit for these questions.

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