Ralph Oliver Thompson's Answers

Can I do a Deed in lieu of foreclosure with a 1st & second mortgage - both with two different lenders?

A deed in lieu is really not possible when there is a 2nd mortgage. If WAMU gave you a deed in lieu they would be responsible paying off HSBC and any other liens on the property.

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Bankrupt Question

You need to put yourself ahead of your creditors. Your first priority is to feed and shelter yourself and your family. If you don't have the money to pay your creditors and meet your primary obligations then don't pay the creditors. If you are planning to file for bankruptcy,you won't be paying them much longer anyway. If you save some of the money you were using to pay creditors, eventually you may save enough to pay your bankruptcy attorney. Many attorney's will take monthly payments and...

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Does a construction loan used to build a primary residence fall under CA 508B protection. Is it considered a purchase-money loan

The CA First District Court of Appeal held that CCP 580b should be applied to property owners who borrow money to build their personal residence, Prunty v Bank of America 37 Cal.App.3d 430 (1974). This case would seem to protect you. However the CA Supreme Court has held that purchasers of undeveloped land who gave a first deed of trust to their construction lender and, as is often the case, a 2nd DT to the seller were NOT protected against personal judgment as to the seller after a senior...

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Short sale,deed in lieu or foreclosure

Even if you decide to walk away from your house, you can try to short sale. If it happens to short sale your credit won't take as much of a beating than if you were foreclosed. If it doesn't short sale you're no worse off. This answer is provided for informational purposes only. This answer does not constitute legal advice, create an attorney-client relationship, or constitute attorney advertising.

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Is a res tenant entitled to 60 days notice to vacate, in the event of a foreclosure, after 12 mos of residence?

President Obama signed S. 896, P.L. 111-22, on May 20, 2009. This bill includes a nationwide 90 day pre-eviction notice requirement for tenants in foreclosed properties. The provisions of the bill are effective on enactment, May 20, 2009. Specifically, the new law will require that the immediate successor in interest at foreclosure • provide bona fide tenants with 90 days notice prior to eviction and • allow bona fide tenants with leases to occupy the property until the end of the lease...

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Form B6C in Chapter 7 Bankruptcy what is the maximum amount allowed for the exemption for your car Under 11 USC 52

There are two sets of exemptions, federal and state. California has "opted out" of the Federal exemptions which means the proper code section to look at is not in the U.S. Code by rather the Calif. Code of Civ. Procedure--Section 703.140(b)(2). The amount allowed for exemptions increase with time and the current CA exemption for motor vehicles is $3,300. California also has a "wildcard" exemption under CCP 703.140(b)(5) of $21,825 which can be used to exempt any assets you want, including...

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I just signed 1 yr lease. If house is foreclosed or in a short sale in CA is my lease still valid for the entire year?

You can stay until the end of the lease term unless at foreclosure auction the house is purchased by a person who intends to occupy the house. This rule doesn't apply to short sales but generally, in California, a purchaser of a property takes the property subject to the lease. This rule can be overridden by the terms of the lease. With regard to foreclosure, President Obama signed S. 896, P.L. 111-22, on May 20, 2009. This bill includes a nationwide 90 day pre-eviction notice...

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How do I add a creditor on a closed bankruptcy in California?

You can't add the creditor to the bankruptcy because the time for amending the petition has passed once you've been discharged and the case is closed. However, there is an exception if your case was "no-asset, no-bar" and all the creditors you listed in your petition were sent a notice stating they they should not file claims. Unlisted creditors could not have filed a claim in bankruptcy and therefore are not prejudiced because they didn't receive such notice. Some claims can't be...

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Does the bankrupt filing get published in the county where the property is located or only where the bankruptcy is filed?

The agenda for the meeting of creditors can sometimes be found on the internet. Search for "341 hearings" for the county you're in and you may see a list of people who have recenty filed. I've noticed that the agenda is discoverable for a few weeks and then disappears from search results. It may be different in your area.

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I own 3 homes...One of which the rate is about to adjust, I cannot to subsidize the extra in payment. I tried to refi and mod.

I agree with attorney Kosyln. You should also keep in mind that if this is not your primary residence you are like to face taxable "Cancellation of Debt Income" (COD). To eliminate both the possibility of the lender seeking a deficiency judgment against you, and the IRS and FTB seeking taxes you may want to consider filing bankruptcy. Talk to a local bankruptcy attorney for further guidance. This information is for educational purposes and is not intended to provide any legal advice...