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Julia Ming Hua Wei

Julia Wei’s Answers

20 total


  • What does motion to vacate judgment mean

    in a trial

    Julia’s Answer

    I assume your questions means that you are the judgment creditor and have obtained a judgment against the judgment debtor. In some circumstances, for example where the judgment was obtained by a default (defendant's failure to answer), the defendant may move to set aside (vacate) the judgment within a certain timeframe. You will have an opportunity to file an opposition pleading and see their reply before the actual hearing on the motion.

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  • I'am in forclosure,what happens to my 2nd mortgage can i put on a BK to erase it

    I'm filling BK will my 2nd mortgage be forgiven in bk i used it to pay credit cards.

    Julia’s Answer

    If you are a "wage earner" with income, you may need to file a Chapter 13. In that circumstance, the creditor (both lenders) will file a proof of claim and as part of your Reorganization plan, you will deal with all your creditors by proposing certain payments. If you have the desire to keep the house, and income to at least sustain the first, depending on the value of the property your atty may be able to strip the 2nd or otherwise propose a cramdown.

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  • Do all "Does" need to be dismissed, and all parties that have been served and not answered timely, be defaulted before at-issue?

    I always thought that "Does" need to be dismissed before the court can set it for trial. Item 2.a. on the California UD-150 form states that all parties must either be dismissed or defaulted (if served), before the case is at-issue, and can be se...

    Julia’s Answer

    "At-issue" simply means have all parties named in the action appeared and answered or have had their defaults taken. That is how a trial date can be set. Certainly if you attempt to enter judgment against the defaulted party, you must dismiss the does.

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  • Do I need an bankruptcy or real estate attorney for help?

    In northern California, the bank was granted a writ of possession after foreclosure sale. I filed bk7 and got an automatic stay. The bank has filed for relief from automatic stay. Can an attorney help with this, or If I do not contest the motion...

    Julia’s Answer

    You already do not have title to the house--the bank owns it now. The bankruptcy court has already given the bank relief to go back to the state court process on the unlawful detainer to evict you. That means the only issue is possession and in layman's terms, you are a squatter.

    You may be better off trying to negotiate a cash for keys settlement.

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  • Do i need a real estate attorney?

    we filed a bk chapter 7 including to reaffirmed the house. we recieved a discharged letter from the court. now our house is on foreclosure and have an auction date on may 17. what should we do next?. how are we going to reaffirmed it. is the lawye...

    Julia’s Answer

    When you file for bankruptcy, whether a Chapter 13 or a Chapter 7, the automatic stay prevents the lender from contacting you about the debt--but it does not mean the debt is gone.

    In either a Chapter 13 or Chapter 7, the borrower who has stopped paying the lender will give the lender grounds to seek a motion for relief to termminate the stay and foreclose on the property.

    A Chapter 13 requires the debtor to make post-petition payments to the lender if they wish to keep the residence, and assuming the debtor has not brought a motion to avoid the lien or otherwise cramdown the rate through a plan.

    For additional explanation - see http://dirtlaw.typepad.com/blog/2010/04/you-made-a-private-money-loan-your-borrower-has-filed-bankruptcy-now-what.html

    In a Chapter 7, the assets of the debtor become part of the estate, and the Chapter 7 Trustee administers that estate and can stipulate to relief for bank to foreclose in some cases if there is barely any equity in the property. In that circumstance, the borrower who has stopped paying the lender will give the lender grounds to seek a motion for relief to termminate the stay and foreclose on the property.

    Basically, you need to reinstate your loan with the lender either directly or through their loan mod program but you are running out of time because the lender is entitled to foreclose if you do not pay your mortgage and you are no longer protected by the automatic stay of the bankruptcy.

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  • If I file Chapter 7 Bankruptcy can I stop paying my second mortgage now?

    We are really struggling, so I would really like to stop paying my second mortgage. As I understand it, with a Chapter 7 the second mortgage does not get discharged and I really don't care to do a Chapter 13. What are my options?

    Julia’s Answer

    When you file for bankruptcy, whether a Chapter 13 or a Chapter 7, the automatic stay prevents the lender from contacting you about the debt--but it does not mean the debt is gone.

    In either a Chapter 13 or Chapter 7, the borrower who has stopped paying the lender will give the lender grounds to seek a motion for relief to termminate the stay and foreclose on the property.

    A Chapter 13 requires the debtor to make post-petition payments to the lender if they wish to keep the residence, and assuming the debtor has not brought a motion to avoid the lien or otherwise cramdown the rate through a plan.

    For additional explanation - see http://dirtlaw.typepad.com/blog/2010/04/you-made-a-private-money-loan-your-borrower-has-filed-bankruptcy-now-what.html

    In a Chapter 7, the assets of the debtor become part of the estate, and the Chapter 7 Trustee administers that estate and can stipulate to relief for bank to foreclose in some cases if there is barely any equity in the property. In that circumstance, the borrower who has stopped paying the lender will give the lender grounds to seek a motion for relief to termminate the stay and foreclose on the property.

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  • Do I need a real estate lawyer to buy out my sister and brother for our mother real property?

    our mother pasted january 4,2010.. I want the house and contents, how does it work buying out one another? we have the deed and all the papers concerning the house, there is no liens on the property. we have her last will and testament. we are r...

    Julia’s Answer

    You should consult with a estate planning law firm to assist you in opening a probate. Your question suggests that your mother does not have a living trust and so you will have observe your state's processes regarding probate of your mother's estate.

    If you and your siblings are already named on the deed as joint tenants, then it is possible that your state would allow you to record the death certificate or similar instrument to demonstrate that title is fully vested now in the remaining joint tenants.

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  • Are there legal resources for real estate appraisers when dealing with lenders on appraisal reviews?

    A large lender has decided to disallow my appraisals due to a single exterior drive by appraisal review - what resources do I have to refute this finding? I am absolutely amazed that one review has the potential to end my career that I worked so ...

    Julia’s Answer

    I suggest you contact your state board. In California, there is a new bill that prohibits lenders from interfering with the appraisal process, Senate Bill 223 http://www.orea.ca.gov/pdf/sb-223_10-5-07.pdf
    "No person with an interest in a real estate transaction involving an appraisal shall improperly influence or attempt to improperly influence, through coercion, extortion, or bribery, the development, reporting,
    result, or review of a real estate appraisal sought in connection with a mortgage loan." Florida may have an equivalent law.

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  • Do I need to have a real estate lawyer to review/check the loan modification that the lender will offer me?

    Do I need to have a real estate lawyer to review/check the loan modification that the lender will offer me? What should I watch for when accepting loan modifications from the lender? Thanks.

    Julia’s Answer

    Yes, you should see an attorney.

    There are some loan modifications that are not genuinely modifying your loan, in that they just accrue all the interest you own on the difference (ie, old rate $3k, new rate $2k, delta of $1k/mo.) and just tack it on a payoff. An attorney should compare what terms have changed, for example the maturity date.

    Additionally, I have seen some loan mod documents require borrowers to waive their anti-deficiency protection. While it may not be waivable as a matter of public policy, it demonstrates the types of things that lenders can insert into the loan modification process.

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  • Do I need a real estate attorney when filing for short sale or would a real estate agent be enough to handle this?

    Do I need a real estate attorney when filing for short sale or would a real estate agent be enough to handle this?

    Julia’s Answer

    A seller does not need a lawyer to put together the package, however later in the transaction, that will change.

    A seller should consult with a tax professional and a real estate attorney when reviewing the financial implications of a short sale. Anti-deficiency considerations are different when you have multiple loans, for example a senior loan and the a home-equity line of credit. Additionally, the forgiveness tax consequences may not be identical for California and the Federal (IRS) tax, see :
    http://dirtlaw.typepad.com/blog/2010/03/mailbag-with-julia-what-happens-to-the-2nd-loan-after-foreclosure-if-both-loans-are-owned-by-the-sam.html

    Lastly, lenders may choose to reconvey the deed of trust without forgiving the debt on the promissory note.

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