[Jian Wu]

1. Can I say –
When equity <= all the mortgage unpaid balance (including principle, interest and late fees),
the bankruptcy court may lift the automatic stay if the mortgage lender ask for?

2. Will the bankruptcy court lift the automatic stay in both chapter 13 and chapter 7 when the equity <= the mortgage unpaid balance?

3. In Chapter 7, is it possible that bankruptcy court sells the property?

4. What are the all possible outcomes to the property after Chapter 7 ends?

[Jian Wu]

1. In judicial foreclosure states, even though we can buy the NPN with a very low ACLTV, since the foreclosure takes a longer time and may be something unexpected happens during the foreclosure in court, under what condition or what causes you to buy the NPN in these states?

2. Regarding the “credit bid”,
(1). The purpose of “credit bid” is a guarantee which makes sure either the foreclosing party (on behalf of NPN holder) can get the full amount of debt that borrower owes or get the property itself. Is my understanding right?
(2). In auction, how does the foreclosing party place “credit bid”? Is it one of the below ways or using other methods?
A. if the foreclosing party puts the opening bid = the full amount of debt that borrower owes, the opening bid has the same function of “credit bid”?
B. can foreclosing party put a normal bid = the full amount of debt that borrower owes, the normal bid has the same function of “credit bid”?
C. can foreclosing party sets up the reserve price = the full amount of debt that borrower owes, the reserve price has the same function of “credit bid”?

[Jian Wu]

1. Please confirm the following CLTV and ACLTV calculation formula – right or not?
CLTV = (1st mortgage current unpaid principle balance + 2nd mortgage current unpaid principle balance + property tax lien) / property appraisal or market value
ACLTV = (1st mortgage current unpaid principle balance + 2nd NPN purchase price) / property appraisal or market value

2. After I purchase the 2nd NPN, do I automatically become the property’s owner right away or after I foreclosure the 2nd NPN and the foreclosure fails?

3. Is it a general rule that only buy the 2nd NPN if the property doesn’t have Property Tax Lien? Is there any exception?

4. You mentioned modification of the 1st mortgage loan. Could you give an example – when (before or after purchasing 2nd NPN) and who (us or property owner) modify the 1st mortgage loan? what is the benefit of it?

[Jian Wu]

我上传的文件size 太大了。下面附件关于”MERS”的statement-
“MERS” is Mortgage Electronic Registration System, Inc. MERS is a separate corporation that is acting solely as a nominee for Lender and Lender’s successor and assigns. MERS is the beneficiary under this Security Instrument….

[Author]

Posts