All Forum Posts by: Andy Mirza

@Chad U. This is specific to Southern, Middle, and Northern FL BK courts. Here's the link explaining it for Southern Florida:

https://www.flsb.uscourts.gov/...

Yeah, it's bad enough when the courts require it when you go through a FC. Having to go through it in BK court, too, is an added pain. To me, it seems like another tool for bad faith filers to postpone the inevitable.

We're in DD on a FL NPN and see that the borrower has requested and received Mortgage Modification Mediation in their Ch 13 BK in Florida's Southern BK court. I've done some online research and it looks like an easy way for a borrower/debtor to delay the FC process.

Anyone have experience with this and wouldn't mind sharing? 

@Chad U.?

@Chris Seveney Hopefully, things will settle down when the hospitals empty out. My thinking is how can politicians continue to justify lockdowns & restrictions when the hospitals are empty? I know that they'll try but eventually the complaints from the public will get too loud to continue.

For the short term, yes, some governments will continue to be restrictive but the trend is to go back to normal and there's no stopping it.

Our attorney in IL told us today that judges in a particular county are allowing PSO sales, which will allow us to finally go to sale after a year of waiting for one of our files. Our attorney was surprised as judges in the county never authorized those since he'd been practicing law.

@Chris Seveney Haha, we could make this a contest to see who has the most outrageous plan!

We have a recent one where the payment to the trustee is $2895 per month for 6 month, $4500 for the next 18 months, and $6300 for the remaining 36 months. Sure the math technically works but is at all feasible in real life for a BK plan?

@Peter Mckernan Thanks for the shout out! Hope all is well your way!

Chad's advice is the best. Most big banks and some investors will accept the BPO value as the actual value because they don't want to or don't have the time to do the extra research on value. If this loan becomes more of a problem or a headache, it will force the investor to spend the extra time to find out why there's a problem. If your agent stays in the picture and is around when the investor needs more info, then maybe you'll have another shot.

Another option is to contact the private investor directly and make your pitch old school over the phone. Let your agent know what you're doing and get the investor's contact info.

@Tracy Z. Rewey We prefer to sell to a 3rd party at the FC sale but we aren't afraid of REOs and are set up to handle them. Our main model is to liquidate via selling to a 3rd party at auction or as REO via FC sale or Deed in Lieu. Short Sales & short payoffs are great, too, but don't come as frequently because you need borrower cooperation. Selling Re-performers is our last channel but is even less frequent than short payoffs. I like these the best, actually, since the borrower has made the effort and succeeded in keeping the home.

@Jason Duhn Glad to see you've come to the side of the good guys, haha! I have a low opinion of the DC's I've come across who enable shady borrowers to abuse the bankruptcy system. I get it, everyone should have access to proper legal counsel but some of these attorneys know how to take advantage of the system and know that their clients are trying to stall the inevitable without making a good faith effort to reorganize their finances.

@Tracy Z. Rewey We're one of those buyers that will bid off of total debt when we have to. We're buying severely delinquent NPNs where the most likely outcome is foreclosure. We also target mostly underwater notes so it's less of an issue. I don't know if we'd stretch as much if there was equity.

@Chris Seveney I asked about the location because, even though we're talking about federal law and you'd assume that things would be equal, my experience has been that courts in the different states apply the same laws differently. For example, the trustee in the Central CA district is very accommodating to debtors and bends over backwards. But the trustee in Eastern VA is all over one of our cases and objecting left and right.

I'm not used to having problems with post petition fees and wanted to get clarification. I believe that we add attorneys fees to the payoff through our servicer. Is this the same thing? Or are you trying to get your fees paid through the plan?