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  1. #1
    Join Date
    May 2008
    Posts
    4

    Default Post Bankruptcy Litigation

    My question involves bankruptcy in the state of: California

    Hello Great website! My son [44] went through heXX after a serious accident- Lost his business, homes etc. He was in the mortgage lending biz.[nuff said]

    He filed BK and it is not yet final [but pending in May sometime]. Yesterday he discovered that the "rescission/walk through" doc on his condo had never been signed - which is illegal.

    The condo was included in the BK but as a fact of law, this means he never legally owned the home-
    The lenders of course are aware of the flawed contract but have notified him of the lender sale date- which kicks in after automatic stay is lifted by BK trustee. Doesn't this interpret as willfuly conducting a fraudulent sale? Wouldn't this defraud a subsequent buyer - that the title was clear?

    He has no funds to file suit -- but if he does, after close of BK -and wins - how do the proceeds affect his BK ? His damages include a sizable down payment on the condo -

    If it would all go back to the BK - what incentive would he have to prevent this lending corp. from illegally selling the condo?

    I would really appreciate any comments -They will lock him out in 3 weeks and going nuts trying to figure what to do to help my son.

  2. #2
    Join Date
    Jan 2008
    Location
    Toledo, OH
    Posts
    16,307

    Default Re: Post Bankruptcy Litigation

    Is he filing Chapter 7 or Chapter 13? She he receive a settlement while under Chapter 13, his creditors may have a claim to it.

    That, however, is rather putting the cart before the horse. He seems to have a much more pressing issue to contend with, and for that, he needs a qualified attorney. He needs to speak to someone who handles real estate law. The invalid walk-through document could be a problem when trying to include the condo in his bankruptcy.

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