Motion to Approve Loan Mod
-
Upload
since-1990-bk-and-motions-at-yahoo-com -
Category
Documents
-
view
1.166 -
download
3
Transcript of Motion to Approve Loan Mod
2
ANDREW E. SMYTH, ESQ.Attorney at LawState Bar No. 60030
3 4929 Wilshire Boulevard, Suite 605Los Angeles, California 90010
4 Telephone: (323) 933-8401
5Attorneys for Debtors
6
7
8
9
10
11 In re:
UNITED STATES BANKRUPTCY COURT
CENTRAL DISTRICT OF CALIFORNIA
CHAPTER 13BK. LA08-21855VK
12 DESIREE L. RANCHARAN,
Date: November 25, 2009Time: 11 :30 a.m.Place: Courtroom 1675255 EastTemple StreetLos Angeles, CA 90012
NOTICE OF MOTION; MOTION FOR ANORDER APPROVING A LOANMODIFICATION AGREEMENT WITHBANK OF AMERICA
Debtor(s).13
14
15
16
17
18
19
2021
22 TO: ALL INTERESTED PARTIES AND THEIR ATTORNEYS
23 PLEASE TAKE NOTICE that on the above date and time and in the
24 courtroom referenced above, debtor will move this court for an order approving a loan2526
modification agreement with Bank of America.
27 III
28 III
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 1 of 10
MOTION FOR AN ORDER APPROVING LOAN
This motion is based on the attached declaration of Desiree L. Rancharan
indicating that Bank of America wants such court approval to modify this loan.
a modification of the loan from Bank of America now secured by a trust deed on
\...(,f\fr'-A arew E. Smyth
Attorneys for Debtor
SMYTH LAW OFFICE
Respectfully submitted,
By:
MODIFICATION AGREEMENT WITH BANK OF AMERICA
Debtor Desiree L. Rancharan hereby moves this court for an order approving
debut's home.
DATED:
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
2324
2526
2728
2
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 2 of 10
DECLARATION OF DESIREE L. RANCHARAN
2 IN SUPPORT OF MOTION FOR APPROVAL OF LOAN MODIFICATION
3 WITH BANK OF AMERICA
4
I, Desiree L. Rancharan hereby declare under penalty of perjury that the
5
6
7
8
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
)) ss:)
following is true and I have personal knowledge of each fact stated in this9
10 declaration.
11
12
13
14
15
16
1). I am the Debtor in the above entitled Chapter 13 filed on August 2, 2008
and was confirmed on March 18,2009, Case No. LA08-21855-
2). I have been approved for a loan modification from Bank of America---copy
attached as exhibit A. This modification lowers from 8.45% to 2% and lowers my
payment to $1697.22 per month and with insurance and tax added the payment will
17 be $2357.23. My loan would have gone up to $3500 this October without the
18
19
2021
22
modification. Also the missed payments will be put at the end of the loan. These
changes will make it possible for me to keep my house. I had been falling behind on
Chapter 13 plan payments and now have a motion by the Trustee to dismiss.
Because of this modification I can become current on payments to the Chapter 13
23 Trustee in two or three months.
24
253). Bank of America Wants me to get Court approval of this modification before
26 they sign it. That is why I am bringing this motion.
27 4). If called upon to testify as to the foregoing, I could and would so
28 competently do so.
Wyngate #7
NAME OF DOCUMENT
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 3 of 10
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
2021
222324
25262728
Executed this 5th day of October 2009, at Los Angeles, CA 90010
r· 7~z.<" ~~>"-7 ~,
-[Jesiree Ranac~ nDeclarant
Wyngate #7 2
NAME OF DOCUMENT
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 4 of 10
C Home Lo~ns SeIVieing, LP
1'1Home Retention Div~ion: CA6·919-01-43OCountrywideW~yoi V~lIey, CA93065
':SIREE RAl"CHARAN
1\YNE ROWLANDHW66thSt
t$1\n~tJQ' CA 9(1047
[MPORTANT MESSAGE ABOUT YOUR lOAN
Seplemi'H:rJO,2()()Q
RE BA21~ 112068628"r'lJflC,ty 19JIWE.ST66TIISTREETAddlU5 LOSAI'GF.I..F.S,CA 90047
We arc plca~ed to nd,io;cyou Ihnt your luan modification has been approvf'd In order for the modific.1lion to be valid, theendllsed dll~umcn(s nced to be sigllcd, r1otanzed, and returned with lhe rcquested certified funds,
The followillg aUl(lllrltSwill be added to your clirrent principlll halanee, rC~1l1tingin a modified principal halanee nf$4 )(1,(,2\1,60priorlo)'ourrlr~tpaymentdate, The amount adJed to)'our IOllnis:
Interest:
FeesEscrow:Total:
$58,073,79$22'-47ilO'H9,91$79,229.17
Your new modified monlhly payment will he $2,JS7 23, eITe<:th'ewith )'nUTl1ecemher 1,2009 paymenL This •.••'ymenl is SUh)CCIIOChllngClfyourest.rowllccount is Teanal)"ed or if you have IISlep raleoT adJuSlahleraleloonl)'[)C
A breakdown uf your pil)1T>entis as follows
Principal and [nlerestIO.scrow/ Option m~TOlal P"ymenl
\\'111\1 \'OUSIIOULDDO
$1,(l'n.22
"""0'S2,J57.2J
$0,00~O.OUSOOO
$1,433.1650.00
S20900SO.OO
''''00SO 00"'00
(SI.702.16)SO.OO
The following :l1110Ilnlmllsllx paid in C'ER" t~IEJ) "UNDS in order for the modificlllion 10betome effeclive:
MmlificallullFeeTillcam.l Rccot(tll\gFcesDClinquentl!scrow'ForcclOSureFce5'Ih.nkrupteyFee~·Fldd Inspcctlon Fees:OumandingLalcChargesNSF/Mlsc,FeesDelinquenl Mortguge raymenl(s):Mo(lIfied Mortgage I'''ymenl($):Paniat I'a)mcnt·Tot,,1 Amount Due"
TIIis offer is contingent on lhe follo'Wltl&
• Copy of }our mosl recent SUPPlJrtlnglncome receipts (pay stubs), If you file self-employed, plense Include the last 2 quancls of YOIIrProfit llfIdI.oss Statelllents (PL Slalements), If you have recently secured ncw emplnymcnl, please include a ICfferfr(lm your cmployer~enf)Ulgnetandgr0S5income. P1C3.'iCdonol'iCndofiginal~
, A Icnder's tille insurnnce Jlolicy or endursemenL •••.Iuch insures the Modified Mortga~e RSa valid lien in :lccoro:uu:e w.th ourn:qUlrements. Iry"u have WI)'Olher encumbrnnces 00 the property, then you mllYIx: required 10obtam agrecmCnl~ by ""lIch O!hersecured credilors subordillatc thclr mtcrcst lothc Modified Mortgage
This offer is contlngcnt upon RAe Ilome l,mlllS Servicing. LP reeeivtng rc\icffrom lhe 1\1I1omRlicSt.'y fur any bankruptcy In whkh thepropelt) referred to in thc f.nan Modific;ltiun Al:rcclllcnl is Included at the IImc nflhe modificallon.
Jrao)' issucsnrisebetween lhed:llenflhisc"TlIInitrncntalld tbcdalcoll whichallofthClcrmsandcooditionsofthls1cltcr~rcfioali7ed.Illeludlllg, bill n(')llilllited 10,deleriorall(Jl\ in the condition of tile property, l~wsuilS, licn,~,addililln~l expcnses and defaulted amount, then wemRytermlnate this offer lind purlueall collection action, [ncludingforeclosurc.
EXHIBIT "A"
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 5 of 10
This ICller docs !II)\ SlOp, waivc or PMtllOIlC thc Collcclil.'n a~ti()os, or tredit rerorting attlon~ we h~ve l~ken or colllcllll'l,"t laking ogainst you
ann rhe property. 111the evcllilhal you do nol 01 c:mnot fulfill ALL of the term' Anr\ tOndlliollsoftilis letter n" liller than Octuber 10, 200'J,
we wilt contllllle our colleclion~ aclions wlthoul giving you addilional noticc~ or rc"flOn'\C periods.
l"hc following documents ha~e been I:Iltloscd
\lodifieJlion Altrccmcnl
"'USI be SIJ:ncd In the prescote of a Notmy The notal)' acknowledgmenl mU~1 he in rcoonbble form, All J"an",,~ who own an inte~sl in lhe
pruperly mu,t ,iAn lhe modlticallon agreement a.~ their nllille alllx:ars
("~lIfnrnlli AIII'urpon AtknuwledgmentThiS document will only he used lflbe loan 1lI000lilicalion agreemenl is tieing excculcd in the state ofClllifomia. It will he utihzm by II nolary of
lhe Slate of California in plaLe of the nolary ~etion conL,ined in the Loan Modificalmn Agreement.
The follollling documents m;ay have been included if applicable to your Ioart'
r.~'Op{iDn l ..••u I)IKlo.~ure
Iil"ll plll1ic.~ \\hoown an lnlerC5lm {he pruperty must ~Ign (he P~yOplioll Loan DisclosUTC a~ theIr name appears.
HllllkruptC)'Di .•c1osure
All pilI1le~ "bo own nn interest in the property must sign the Oankrutpey Ulselo,ure a.~ thdr n~me appears
Vleue return allll( the enclnsetl dlleulllenlS 10 lIS in the encluseLl pre_IIHld n:1) t:X fllvtlOlle no liter thltll Oclohtr 10,2009 tos:clher
with II cerlified check or mVllcy urdu ( •••.ilh IUlln oumhu on llle check) in the IImOllnt orSO.OO 10 the rullowins: llddrtu:
O ••••C Home Loans SeH·icing. LP
Ann I-lome Retention Division: CA6-919.()1·4J
400Cnunlf)'v.';de Way
Simi Valley. CA'J30(i5
TIlA1"K YOU FOR YOUR UUSINt:SS
1I00'E neparlment
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 6 of 10
oan it 112068628··---·· •••••••••--··--------········ •••••••··-FOR INTERNAL USEONLY--- ••_ __ .. _
LOAN IODIFICATIO' AGIU:EMENT(Fixed Interest R"lc-Recorded)
This loan Modlficabon Agreement ("Agreement"). made this 30th day of September 2009, between WAYNE ROWlAND,DESIREE RANCHARAN and BAC Home loans Servicing, lP (lender), amends and supplements (1) the Mortgage, Deedof Trust, or Deed to Secure Debt (the Security Instrument), dated the 23rd day of August 2005 and in the amount of5332,800.00 and recorded on the 2nd day of September 2005 in Book No. None, Page No None as Document No 052124151 in the OffiCial Records of lOS ANGelES County, in the State of CALIFORNIA, and (2) the Note bearing thesame date as, and secured by, the Secunty Instrument. which covers the real and personal property described in theSecurity Instrument and defined therein as in the 'Property', located at 1931 WEST 66TH STR[ET, lOS ANGELES, CA90047
Please See Attached Exhibit (A)
In consideration of the mutual promises and agreements exchanged, the parties hereto agree as follows(notwithstanding anything to the contrary contained in the Note or Security Instrument):
t As of the 1st day of December 2009. the amount payable under the Note or Security Instrument (the "Unpaid PrincipalBalance") IS U.S. $410,629 60 conslstmg of the amount{s) loaned to the Borrower by the lender which may Include, <Ire notlimited to, any past due prinCipal payments, interest, lees andlor costs caprtalized to date
Z The Borrower promises to pay the Unpaid Principal Balance, plus mteresl, to the order of the lender, Interesl will becharged on the Unpaid Principal Balance at the yearly rale of 2 000% from the 1st day of November 2009. The BorrowerpromIses to make monthly payments of principal and interest of US. $1,697.22 beginning on the 1st day of December2009, and continuing thereafter on the same day of each succeeding month until principal and interest are paid In full II onthe 1st day of September 2035 (the ~Malurity Date~), the Borrower still owes amounts under the Note and SecurityInstrument. as amended by this Agreement, the Borrower Will pay these aroounts in fun on the MatUrity Date.
3 The Borrower will make such payments at 400 Countrywide Way, Simi Valley, CA 93065 or at such other place as thelender may require.
4 Nothing in thiS agreement shall be understood or construed to be a satisfaction or release in whole or In pan of the Nole andSecurity Instrument. Except as otherwise specifically prOVided in thiS Agreement, the Note and Securrty Instrument willrem<lin unchanged, and the Borrower and lender wiil be bound by, and comply with, aU terms and provisions thereof. asamended by this Agreement.
5 In conSideration of this Modification, Borrower agrees that if any document related to the Security Instrument, Nole and/orModification is lost, misplaced, misstated. inaccurately renecls the true and correct terms and condlhons of the loan asmodified, or IS otherwise miSSing. Borrower(s) Will comply With lender's request to execute, acknowledge. initial and deliverto lender any documentation lender deems necessary If the onglnal promissory note is replaced Ihe lender herebyindemnifies the Borrower(s) against any loss associated With a demand on the onglnal note All documents lender requestsof Borrower{s) shall be referred 10 as Documents Borrower agrees to deliver the Documents Within ten (10) days afterreceIpt by Borrower(s) of a wfltlen request for such replacement
As eVidenced by their sIgnatures below. the Borrower and the lender agree to the foregoing
WAYNE ROWlAND
DESIREE RANCHARAN
STATE OF
COUNTY OF
Dated
Dated
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 7 of 10
)(SIREE RANCflARAN
~"A YNE ROWLAND
IQJ1W66thSI
..osA/lgcln CA 9Ol'l41
Scptcrnhc, JO.2009
RE BAllo
Propcny 1911 WEST 66TH STRFFT
Add~~~ LOS ANGELf..<;. CA 911()41
RATE CHANGE NOTICE
IIMPORTANT MESSAGE ABOUT YOUR lOAN
Your loan has been converted from an Adjustable Rate Mortgage (ARM) Into fbeedrate mortgagt!
HOW WE CALCULATE YOUR NEW MONTHLY PAYMFNT
Step 1: Your new Interest r<lte:
Current
Interest Rilte 114SO%
Step 2: Delermine new Payment amouot
Your new montHy interest rate and payment are fi•..ed as shown below:
New Il'Ilerest Rate
AntldpatedPnncipal Balance 1
Remi\lnIOoTerm
New Pnndpal and Inter1!St payment
New Payment Effective
'.000%
$410,629.60,..$1,697.22
12/1/2009
If you have an escruw i1ccount. this notke does not address any changes to your escrow payment. Pleaserefer to yoor monthly statement fOi information regarding your OJrrcnt escrow Pilyrnent
Pleau he :llh'ised, this leiter is null and void if Ihe properly signet! :md ucculcu ModificationDoculIlcnts llrc !lot returncd hy October 10, 2U09.
1 AIllIl:lp,lttdprlndDaINl;,ncebtho!ulllJ;J!d Pftnclp.1! that you Me c:lfl)eQoo toO<"e;,\ the P"VmentChlr.ge Dltt. and IsCilculited N~on the HSLmDtlonth.1 PI1ndpal~nd lntClest ~ wllbe ,emttttdon paymentsdL'e lriOr tolhe newIlIV'TIente1lcctlvel'lale
You all' • vlJll~d Ctdlrrne.:al RAC 11"0"" !,n.'~ ""''''~lnl:. LV :and 11i~our oonllnued goal In ",n•.,1k ~ou ",,,h lh~ h;~hnllc"el of", •• loon",s"osf;K:I1OR
IIESIHH ItANCIIAIl.AN
BAC Home Loans Servicing, LP
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 8 of 10
PROOF OF SERVICE C.C.P - §1013a. 2015.5
2
3
4
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES
))ss.:)
[ ]
7
6
5 I am employed in the County of Los Angeles, State of California. I am over theage of 18 and not a party to the within action; my business address is 4929 WilshireBoulevard, Suite 605, Los Angeles, CA 90010.
On octobeM ,2009, I served the foregoing document described as NOTICEOF MOTION; MOTI0N FOR AN ORDER APPROVING A LOAN MODIFICATION
9 AGREEMENT WITH BANK OF AMERICA in this action:[ X ] By placing true copies thereof enclosed in sealed envelopes, addressed as
stated on the attached mailing list.By placing [ ] the original [ 1 a true copy thereof enclosed in sealedenvelopes, addressed as follows:
8
11
10
SEE ATTACHED SERVICE LIST.
I declare that I am employed in the office of a member of the barof this court at whose direction the service was made.
'YJ !d~'~r1 1 <
l.f '-I
I declare under penalty of perjury under the laws of the State ofCalifornia that the above is true and correct.
(Federal)
(State)
GLORIA MARSHALL[Type or Print Name}
[X] By Mail[ ] I deposited such envelope in the mail at Los Angeles, California. The
envelope was mailed with postage thereon fully prepaid.[ X ] As follows: I am "readily familiar" with the firm's practice of collection and
processing correspondence for mailing. Under that practice, it would bedeposited with the U.S. Postal Service on that same day with postage thereonfully prepaid at Los Angeles, California, in the ordinary course of business. Iam aware that on motion of the party served, service is presumed invalid if thepostal cancellation date or postage meter date is more than one day after dateof deposit for ma'ling in affidavit.
Executed on October .:t,2009, at Los Angeles, California.
[Xl
23242526
27
28
12
13
14
15
16
17
18
19
2021
22 []
3
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 9 of 10
SERVICE LIST
2 In re: Desiree L. Rancharan3 Bk. No. LA08-21855VZ
CHAPTER134
5Debtors
6 Desiree L. Rancharan1931 W. 66th Street
7 Los Angeles, CA 90047
8Attorney for Debtors
9 Andrew E. Smyth, Esq.SMYTH LAW OFFICES
10 4929 Wilshire BI., Ste. 605
11 Los Angeles, CA 90010
12 Nancy Curry
13Chapter 13 Trustee606 S. Olive St., Ste. 1850
14 Los Angeles, CA 90014
15 Office of the U.S. Trustee
16725 S. Figueroa St., 26th FloorLos Angeles, CA 90017
17Citi Financial
18 21115 Hawthorne BI.
19 Torrance, CA
20 CountrywideP. O. Box 10219
21 Van Nuys, CA 91410-0219
22Bank of America
23 BAC Home Loans Servicing, LPAttn.: Home Retention Division: CA6-919-01-43
24 400Cuntrywide Way
25 Simi Valley, CA 93065
26
27
28
4
Case 2:08-bk-21855-VK Doc 55 Filed 10/09/09 Entered 10/09/09 09:53:21 Desc Main Document Page 10 of 10