Posted by Jonathan Rexford on June 22, 2000 at 21:50:05:
I spoke to my attorney. He said as long as I get a secured position I will be okay. I am doing a O&E to see what is available. The Bankruptsy court has already filed a 45 day notice of default. I am going to check the bankruptsy trustee to see if I can step into second position. Bud have you ever done anything like this. I have done refi for people that are in Chapter 13 without a problem.
Thanks
Make Loan while in Chapter 13? - Posted by Jonathan Rexford
Posted by Jonathan Rexford on June 22, 2000 at 10:57:17:
Here is a legal ???
I have a person that had filed Chapter 13. The court has sent a notice of delinquency. She needs $2900 to catch up. I was wondering if a give her a loan of 2900 and be in second position if I would not be violating any rules and be secured. Her home is worth 65K and she owes 32K on the home. She wants to keep the house and she does not want to sell. I am just wanting to get the home someway or make 18% on my 2900. Any insight would be helpful.
Jonathan Rexford
Don’t - Posted by Bud Branstetter
Posted by Bud Branstetter on June 22, 2000 at 18:07:49:
The person in bankruptcy is not allowed to incur additional debt without the court’s approval. You could be looking at unsecured debt and get wiped out. Should you be allowed to incumber the house ahead of other creditors if they have to liquidate? Doing loans while in bankruptcy is allowable but not for the novice.