I went to Federal Bankruptcy Court yesterday to save my rental unit in San Jose,California. I got in front of the Trustee for Northern California, David G. Burchard. He is experienced and a tough man. He sets very high standards. He gave me and my legal team tough questions to answer. I was scared. At the end of the process we prevailed with the following good results:
1) All unsecured creditors eliminated.
2) The second lien in the amount of $84,000 eliminated.
3) The first lien had a principal reduction from $346,000 down to $294,000. The interest rate on the loan was cut from 7.75% to 5%.
I now have a market value interest rate and a home with the debt equal to the value.
If only more people would fight the games the big banks play!!!
Life takes us in many strange directions and wonderful discoveries. It never turns out the way we thought it would.
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