Trustee Process
A court order to a third party, such as a banker, freezing an account or property. In effect, the third party becomes your trustee. He is responsible to you and the court for the safekeeping of certain property, such as money or the contents of a safe deposit box. A ?writ of trustee process? is issued by the court in response to a motion and an affidavit of ?irreparable harm? filed in support of the motion.
Question: can I charge interest on a judgement that I'm collecting through the trustee process? can I continue to charge interest on an amount owed to me after I've secured a judgement AND the trustee process to attach his earnings here in Vermont. He's made payments for 4 years, and he's very close to satisfying the judgement (which included interest that had amassed for two years prior), but I'd like to continue charging -- and collecting -- interest on the judgement.
chslaw, thanks for the info. If you'd indulge me a bit further...the judgement includes 12% interest charged over the course of 2 years...but I'm wondering what effect the trustee process has on interest accrual. I mean, for all intents and purposes, the TP is a secured payment plan, as it were and, as such, I'm wondering if I can still charge - and expect to collect -- interest.
Answer: Judgments in Vermont accrue interest at the rate of 12%.
Question: How long does it take for a 401(k) trustee to approve the current offer on a house? We just put an offer on a house, and now just found out that she used her retirement 401(k) for collateral i guess, now it needs to be approved through the trustee. How long does this process take?
Answer: I've heard of a 401K loan - never heard of using it as collateral.
Are you positive they didn't do a loan from the 401K to get the down payment?
Goodness - who is buying your house that needs to have a 401K as collateral.
Sorry - but a lender can not come after 401K money in case the new buyer defaults.
A creditor CANNOT come after retirement assets.
(exception - roth)
Something is very wrong here.
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Question: A family member just found a Notice of Trustee's Sale, How long till she need to get out of her home ??? What is the process after Notice of Trustee's Sale? When will she have to be out of her home if she just decides to let it go? I need a detailed timeframe. Also when will the Sherriff's see her out of her home? At what time in this process? Overall what is the remainder of the time she has left in her home with her children? Please I need a detailed timeframe. Thanks to anyone whom can answer this question. =)
Answer: Depends on where you live, which you did not tell us. So it is time to consult and attorney for the correct information.
Question: In bankruptcy can trustee take the life insurance money in case of a death? We are in the process of bankruptcy. My husband was faced with a serious health issue last weekend and nearly died. Would the trustee have taken the life insurance money in case of his death? This is a serious question. My husband has had great concerns over this and our attorney is out of town.
Answer: The answer if somewhat complicated.
The life insurance death benefit is not included in bankruptcy but when you get some money, your assets and all your money may be included in the Bankruptcy.
On this one your going to have to wait for your attorney. And, everything depends on who is named as the beneficiary. Is it you or your trust?
Question: How can I force the trustee of my mother's estate to make the final distribution after almost 2 years? The trustee is my sister who will not communicate with me. She is working through an attorney. There were no problems settling this estate...there was a proper will, trust agreement, and no contesting of the will. I want this process over.
Answer: Contact the estate attorney. Tell them you will have to bring a lawsuit against the estate if they don't work out an agreeable date for release of the funds...
Maybe they have a legitimate reason.
Question: I am in the process of a lone modification from my lender but I just received "Notice of Trustees Sale? I am in the process of a lone modification from my lender at GMAC but I just received "Notice of Trustees Sale" today. Can I be evicted even though GMAC is still processing my workout plan?
Answer: The same thing happened to us. There is no incentive for them to modify your loan. GMAC may be the servicer of your loan and they have to answer to the investors or owners of the note. They in turn are fearful that they may be sued by the owners of the note. In fact if you were behind on your loan when you started the modification, that put you where you are now. The may have even told you not pay on the loan knowing very well where that would put you. The gov program set up to help people in trouble has not been working and a big scam. Send a debt validation letter. Hope you got the default letter. Get an attorney. Have them produce the note--and asking them to do so is not media hype. GMAC may not have any legal right to foreclose on you. My heart goes out to you. Our auction is set for Dec. 4th.
Question: What questions will the trustee in bankruptcy ask? I'm going to court tomorrow for a chapter 7 banjruptcy. I have been scared to death since i started the process. I just want to know, What questions will be asked? Do i have anything to worryabout? I have no colleteral for a small secured loan and my lawyer is going to get a lein avoidence on them and all i get is $670.00 Social Security Disability and SSI. How long will the meeting be? Any help would be greatly appreciated. Thanks!
Answer: Once you wait to see the trustee...process takes about 10 minutes....Don't be scared, it is nothing to be afraid off...all they will ask you is if all the information you provided is true and correct. You respond accordingly. Your attorney will be with you and there is absolutely nothing to worry about...Once you are done, you should be feeling a good relief as now you can continue with your SSI money and not worry about this process. Good Luck!!
Question: I'm in an active loan modification process with JP Morgan Chase, can they still foreclose on me? I'm located in California and in active loan modification process. Can my bank (Chase) still foreclose on me early or is there is there any regulations that would set aside my trustee sale pending the outcome/decision?
Answer: Yes, they do not have to delay the foreclosure because you requested a modification. Otherwise you could keep requesting and never have to pay back the money and keep the house too.
You can ask your work out rep to delay your foreclosure for 30 days, they will usually do that, depending on how long you have been trying to screw them.
Question: I am a junior lien holder who has just foreclosed on the borrower and as a result received the trustee's deed. The senior lien holder is still in the foreclosure process, but we have foreclosed first. What is our legal responsibility to them in order to obtain a clear title? The property is in Southern California.
Answer: If you foreclosed first you might have to assume the 1st TD. If you don't they will foreclose on you and you would lose your secured second.
Question: Apartment trustee sale was delayed? i am a california tenant , my apartment trustee sale was today , and according to my property management company the sale was delayed and they want me to pay rent .
Do i still have to pay rent ?
Does the fact that the property is foreclosed / in trustee sale process break my lease with the property management company ?
i have checked the trustee sale status online and the status on my my property's sale are not even up yet .
i will seek legal advice very soon , but meanwhile any good guidance would be greatly appreciated
thanks
Answer: Of course you still have to pay rent. That the apartment is sold to someone else doesn't relieve you of your contract or your obligation to pay rent.
Once it sells, you'll STILL be obligated to pay rent.
No, your lease is not terminated. If it was entered into BEFORE the owner received notice of foreclosure, then it will stand.
Question: Those knowledgeable in Trustee's Sale? I know the property goes up for auction. I know the Trustee Sale number. When the time and date is given for when the sale is going to occur does the trustee number given have to match exactly when they state a sale has been cancelled?
Let us say for instance a Trustee Sale # is Ca-09-25246-ED...
Three sales are listed the last one is listed and then says Cancelled and gives the number CA-09-25246-RM. Does this apply or does it not apply to the first Trustee Sale number given?
Sorry I gave as much info as I have and since I am not familiar with the Trustee sale process the question, may to some, be vague or not informative enough.
I am trying to find out if a particular property is still going up for sale (thus the question about the Trustee sale number having to be the same as what is on the 'Notice of Trustee's Sale' paperwork).
Any and all input is appreciated.
Sassey Thanks I didn't have a clue.
Answer: That RM could be just a code for the current status of the property. That is the same property and it is no longer available. The owner must have come up with the money
Question: When you receive a Notice of Trustee's Sale what can u do? When the home is set to be auctioned on a certain day....does the current owner have to move out before the auction? or what is the process? (CALIFORNIA)
WHO IS GOING TO GIVE ME A NOTICE?
Answer: You don't have to move out before the sale but be ready to move. You will be told(a notice will be given to you) when you are being evicted and you will be given a short period of time(10 days but don't quote me on that) before the sheriff actually shows up to throw you out.
Question: My house was set for trustee sale on 11/10 how long can I live there? I live in California.?
I live in California and my house was set for trustee sale on 11/10 and it was taken by the same bank. (wachovia) How long after that date can I continue to stay in the property?
Is there a legal way to stop the process?
I would like to keep the house if there still a way to negotiate.
Answer: Generally 30 days but it is up to the bank. Call them. Who knows.
Question: I am in the process of filing for bankruptcy. Question regarding loan from family member.? I borrowed and repaid a loan from a family member within the last 6 months. My attorney says the trustee in the bankruptcy proceedings may require me to get that money back from my family member, so they can decide which creditors to pay. Is this true? Is there any way around it? I could wait until a full 12 months have passed before filing, but I really don't want to wait that long. Any assistance would be appreciated.
Answer: The bankruptcy trustee can and will retrieve those payments from your family members. These are known as "preferential payments" and the law says you can not make preferential payments to family members while other creditors are not being paid. (You also cannot make preferential payments to other creditors, but the look-back period for "insiders" - family members, etc. - is longer than that for other ordinary creditors.)
The only LEGAL way "around it" is to wait until you are past the lookback period after making a preferential payment before you file.
Definitely DO NOT try to hide preferential payments to family members from the bankruptcy court. These will be discovered, and can land you in Federal prison for bankruptcy fraud.
Question: May an executor of a trust be a family member and/or also the trustee?CORAGRYPH..? I believe this to be the case in our family. (I asked the question earlier about trusts and wills.) I understand that a guardian and/or parent of a minor child can sue the trustee for breach of fiduciary duty but is that something that I can start or do myself? If so, then how do I start the process? I am located in the state of Washington, do you have any tips or hints for me? Know of any lawyers besides myself just looking for one in phone book and hoping that they are not affiliated with the family. Wouldn't that be a conflict?
Answer: To answer the last question first, yes -- any prior affiliation is a conflict of interest, and grounds for disbarment.
And yes, the executor of an estate can also be a trustee -- but the duties and legal obligations are distinct for the two roles. However, since in both cases the person is required to follow the terms of the underlying document (will or trust) as defined by the court, those distinct roles are rarely in conflict.
It's like someone being a corporate officer (say of a non-profit charity) and also a trustee (for that charity). Two separate roles.
Question: Keys After Foreclosure (Trustee Sale)? after a home has gone through the foreclosure process and the trustee sales is held...how do the keys get from the previous homeowner to the new homeowner (high bidder)?
Answer: I am a Realtor and I have dealt with this before, Usually when you buy from the trustee you take the house with all its problems, including finding the keys yourself and possibly getting rid of the former home owner. Usually it is up to you to get in and get them out. If their is someone still in the house ask them, if not call the locksmith. Be prepared to go thru an eviction to get out any current residents.
Question: We just received a notice of trustee sale of the home that we currently rent...? I called the bank to find out how much time but they could not give much info. Does anyone know how long we have after the date of the sale before we need to be out? Any info on the process would be so helpful- we are in California. Thank you!
Answer: A trustee sale could be because the owner died and a trustee is handling the liquidation of the estate to pay off the heirs. Or, some people call foreclosures "trustee sales".
In any event, California law says that the purchaser of a home that is being rented out must honor the existing lease with the tenant, unless he plans on occupying the home himself. That is, he cannot just kick the existing tenant out, unless the tenant agrees to terminate the current lease.
If the purchaser does intend on occupying the property, he must submit a 30-day notice to vacate to the tenant from the day escrow opens up until the 60th day of escrow.
Regarding your deposit, your old landlord has the option of returning it to you and you would then give it to the new landlord. Or, the old landlord transfers it directly to the new landlord. I'm not sure what the advantage or disadvantage would be with either of those options.
Question: What government agency oversees corporate trustees in US or Oregon? A family trust is in the process of being liquidated and the corporate trustee is a major bank's trust department in Oregon. We (the beneficiaries) are being treated very badly and I'd like to contact a government agency and report them but have no idea who to contact. Thanks in advance for help with this.
Answer: Probably the Banking and Commerce department.
Question: What is so difficult about the Chapter 13 process? I attended my 341 meeting this morning and trustee strongly recommended that I speak with an attorney because, at this point, she would file a motion to have my bankruptcy dismissed. The trustee said that the process is extremely difficult and she has never seen anyone successfully complete a ch 13 on their own. I'd like someone with knowledge or experience in ch 13 bankruptcy to give me details on what makes ch 13 so difficult. I spent hours researching the laws and studying so that I could do this. It doesn't seem that difficult to me, but the trustee says my chances are almost zero. Please explain this to me. Thanks.
Answer: I have heard from people, that they recommend you get an attorney because THEY WANT THE MONEY, as you are aware. Plus the attorney gets the money...it is kinda like you scratch my back and I will scratch yours.. You know it is all about money, honey! If I were you I would go to the library and ask the librarian for a book on "filing ch. 13 bankruptcy"..I think they would be able to help you..Best of luck to you!! Maybe You can file it on your own without having an attorney do it for you which will cost you. I hope I have helped...
Question: dealing with a trustee regarding consumer proposal being treated unfairly? I have a verbal agreement to pay child support to my ex . At first she refused to deal with the trustee saying for me to pay the big creditors first. I forwaded this message to my trustee but he got upset and threw me out of his office saying he will not amend my consumer proposal which is for me to pay a lump sum of 70% of what the creditors are asking. Even after i told him that i will get the mailing address to send her paperwork he still refused to deal with me and said ive been wasting his time even though I already paid him $200 to start the process...ive called other trustees and said i can not change to another trustee. i feel as though my trustee dont want me to pay off the creditors to fast ...i dont know what to do can someone give me some advice ...can i go back and deal with the creditors direct since they will get more due to the trustee will not get a commission ...i dont know what to do. can someone help me out...
Answer: Contact the "Superintendent of Bankruptcy" for help.
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