Promissory Note / Unsecured Payment Stream in the Principal Amount of $30,000 !

Description

Item Id: Howard01
Case Name: Howard, Oscar B. Jr & Cheryl R
Case Number: 12 11710
Trustee:
Starting Minimum Bid: $2,495

Description: Estate’s interest in an Unsecured Note / Payment Stream interest in the following:

One (1) unsecured promissory note between the debtor and Trustee related to past mortgage bonds issued on January 5, 2003 to the debtor’s Trust. The Trustee received copies of bonds in 2014 and those bonds were deemed to be fraudulent. The Trustee then established an agreement with the debtor to repay the Case and began receiving payments from the debtor to the Case early in 2017. The Payor is the debtor and the Payee, currently, is the Trustee on behalf of the creditors.

The original agreement between the Trustee and debtor(s) was in the amount of $30,000. Since January 1, 2017 the debtor has paid $6,306.25 of this amount. 1 As of September 2017, the balance remaining to be paid on the unsecured Note is $23,987.90.

The Trustee has been receiving payments since January 2017 at the rate of $631.25 monthly. The payment are planned to continue through to and including December 2020. The Payor name and address is listed on the Estate Receivables Summary Report. The Payor (debtor) is affiliated with Freedom Home Baptist Church of Austin, TX

Location Info The Payor is located in the Austin, TX and also Round Rock, TX.
Past and current payments from the Note have been made directly to the Trustee who, in turn, has endorsed payments on to the debtor’s Estate. Once the promissory note is sold, payments will be redirected to the new owner.

Payout History: See Link Below-
12-11710 Pmt Plan Summary 10-26-17

Notes: A closing cost fee of $200 will apply. This is all we know about this item. Any fees/liens owing on this item are not part of the final bid price. A bid submitted by a buyer is an agreement to our Terms. Buyers should not bid unless they fully intend to complete the sale in accordance with our Terms (to view terms, click “Terms” tab in Seller Store header at top of ad).

Title and Escrow:

Legal Info: By Order of the United States Bankruptcy Court, Bkassets.com sells this and any other property “AS IS, WHERE IS”, with no warranties implied or stated. This means that the Seller and the trustee are not responsible for problems (if any) with the title, the condition of the property, the payment schedule, or any liens or encumbrances against the unit. The buyer will be entirely responsible for this payment stream after the sale including but not limited to: paying any fees/costs associated with this property, paying all fees/liens (if any), recording/transferring the assignment, pursuit of the payments, and gathering any paperwork/documentation necessary for that process. BKAssets and the trustee shall be under no obligation to buyer except to provide buyer with an assignment of the Promissory Note and payor’s address. All the information as to the item description has been provided by the trustee and debtor attorney indicated above. BKAssets cannot guarantee that all the information is accurate. BKAssets recommends all bidders perform their own due diligence prior to bidding. As with any bankruptcy sale, this sale may be subject to court approval.

Payment Info: $U.S. Money order, certified check, cashier’s check. Bkassets may also accept “Bill Pay” from Citibank, Wells Fargo, Bank of America, Chase or a local regional bank or Credit Union. If you would like to use “Bill Pay,” but do not bank at one of these establishments, please call BKAssets prior to sending payment.

A closing cost fee of $200 (payable to seller) will apply. Full payment must be received within (7) days of winning bid. Any bidder who does not complete the sale within 7 days from the close of auction will be considered in default. Seller has the right to proceed with the next highest bidder.

Shipping Info: Shipping is free to all buyers in the United States. International bidders are welcome, please contact Bkassets for shipping costs to countries other than the United States prior to bidding. Shipping costs to locations outside of the US will be calculated at the close of auction. Please be advised that because this is a US Bankruptcy Court Ordered sale, and subject to approval, shipping can take an average of 3-6 weeks.

Liens: We are not aware

Bidding Guide: Please review the bkassets.com bidding guide for terms of auction prior to placing a bid or making an offer..