Preferred Ship Mortgage Case Study

21st Mortgage offers financing to people who purchase manufactured homes in all states except Massachusetts, Rhode Island, New Jersey, Alaska and Hawaii. The Knoxville-based company offers loans through mortgage brokers, manufactured home sellers and directly to consumers through an online application process.

Since the business does not have enough funds to continue paying its long-term financial obligations, as repayment of debt Angela has decided to exchange Wheeler’s accounts receivable for an $80,000 corporate note payable by the corporation. The remaining assets will be distributed to Angela and she will assume personal liability for the other accounts payable. Furthermore, Wheeler will distribute the real property to Angela who will assume personal liability for the repayment of the mortgage.

We have a judgment against the borrower in the amount of $23,402. Dan Marchese and Elyse Marchese are the two guarantors, and are in process of a divorce. The judgment (plus post judgment interest) is expected to be satisfied from the closing of house by the end of October, 2015.

Portia owes Bon $500 on their roof repair contract, but refuses to pay. To collect, Bon files a me­chanic’s lien. Under a mechanic’s lien, security for the debt is repre­sented by

27.1)Financing Statement C&H Trucking, Inc. (C&H), borrowed $19,747.56 from S&D Petroleum Company, Inc. (S&D). S&D hired Clifton M. Tamsett to prepare a security agreement naming C&H as the debtor and giving S&D a security interest in a new Mack truck. The security agreement prepared by Tamsett declared that the collateral also secured:

"[b]uyer's sole [506] remedy in law or at equity in the event of Trustee's default shall be a refund of the deposit hereby received and, upon the delivery of the deposit refund, this agreement, and the sale contemplated by this Memorandum of Sale shall be null and void." Id. Sayres v. Wheatland Group,

In 2013 Marianne sold land, building and equipment with a combined basis of $150,000 to an unrelated third party and in return received an installment note of $80,000 per year for five years. Of the $250,000 gain on sale, $150,000 was classified as Section 1245 gain and the remaining $100,000 was Section 1231 gain. In 2013, Marianne had a capital loss carryover of $60,000, $50,000 of which she used to offset her Section 1231 gain; she recognized no Section 1245 gain. The following year she recognized $40,000 of 1245 gain and $10,000 of Section 1231 gain which she promptly offset with the last $10,000 of the capital loss carryover. In 2015, she recognized $50,000 Section 1245 gain and no Section 1231 gain.

Since the business does not have enough funds to continue paying its long-term financial obligations, as repayment of debt Angela has decided to exchange Wheeler’s accounts receivable for an $80,000 corporate note payable by the corporation. The remaining assets will be distributed to Angela and she will assume personal liability for the other accounts payable. Furthermore, Wheeler will distribute the real property to Angela, who will assume personal liability for the

The nonrecourse debt being $4 mm, which is greater than the ship’s fair value of $3 mm, will be extinguished because the lender can only seize the collateral – which is the cruise ship.

Case 4: As of January 1, the Lohse Company owes the First Arbor Bank $350,000 which is due on December 31. Since Lohse seems unable to repay the note, the bank agreed that Lohse can “settle” this balance by agreeing to make four, annual installments on each of the next four years, provided that it adds a “due on

In our opinion, if the claim has been filed, Ocwen should not have foreclosed (and it is likely the total debt would have been paid in full). As a result, it opened the Trust up to ownership of the property, code violation expenses and all

We tried to sell the camper on our own many times through word of mouth and even going as far as posting it on Craigslist with no luck. That is when we agreed to surrender the camper back to Nusenda because the minimum payment was too high and interest just kept piling up so we met the gentleman to pick up the camper and he delivered it back to the bank. Upon surrendering the camper we did a walk through and made sure that everything was the way we got it, we used it very minimal and it was in perfect condition inside and out (super clean) making it easy for a quick turnaround sale. As reading page three of the summons Nusenda is asking for $33,541.68 plus all their fees when our original price was $34,999.99 so we don’t feel that is amount is correct because for one we surrendered the camper back to them in great shape and second we chose to make sure that our children come first with what they needed for school and life in general other than material items. Plus we are in the mists of filing bankruptcy because we have fallen way behind and need help reestablishing

This check represents full satisfaction of our lien and the claimant’s third-party action. As you know, we agreed to accept $30,000.00 in satisfaction of our lien. We reserved our rights to offset against future payments of compensation.

Petitioner married Marianna Packard on November 22, 2008, and they have separate residences until purchasing the house for $203,500 in Tarpon Springs, Florida on December 1, 2009. Mrs. Packard owned and resided in a residence in Clearwater, Florida from April 1, 2004 to November 17, 2009. Petitioner rented a dwelling in Tarpon Springs, Florida, and he does not own the residence during the three years before December 1, 2009. Petitioner and Mrs. Packard

We agreed to accept payment that would turn WoodCrafters no profit for work rendered, and allow for future work to be done as a means of paying off the $200,000 outstanding debt. Furthermore, we agreed that Pat would write-off the rent owed for 10,000 and only pay a total of 810,000 (490,000 cash and 2 condos with market value of 160,000 each).