Hecker trustee challenges transfer of...

Hecker trustee challenges transfer of Medina house

There are 5 comments on the TwinCities.com story from Jul 28, 2010, titled Hecker trustee challenges transfer of Medina house. In it, TwinCities.com reports that:

The latest twist in the Denny Hecker saga involves a new lawsuit triggered by old debts and a contested piece of high-end real estate in Medina.

Join the discussion below, or Read more at TwinCities.com.

Red

Minneapolis, MN

#1 Jul 28, 2010
I'm glad that they can live this fabulous lifestyle and keep having "friends" deliver suitcases of cash all the time. Why are we paying for this person's attorneys? I think we should seriously revise bankruptcy laws. They are only for ripping everyone off and they benefit so many crooks.
Truth

Arlington, TX

#2 Jul 29, 2010
If anyone would do their research before writting this story they would know that Wayne Mills rented this house after Hecker and his wife moved out and after that Neal Brown rented the home.
no big deal

Iron River, WI

#3 Jul 31, 2010
get sued happy
Truth II

Minneapolis, MN

#4 Aug 10, 2010
I have been following the Hecker bankruptcy very closely since last June. I also work with title insurance, so I am familar with the applicable real estate rules involved. The property in question is 1615 Northridg Drive, Medina. The county has is over valued for tax purposes at 1.8 million. It is perhaps a 1.2 Million property. It is over valued because it is non-homestead for tax purposes. On Jan 19 2010, US Bank after obtaining relief from the automatic bankruptcy stay, which was unopposed by the bankruptcy trustee Randall Seaver, US bank foreclosed for $213,000. They were the highest bidder at the Sheriff sale. There was a 2nd Mortgage for $650,000 to GMAC and a 3rd mortgage for $250,000 to GMAC. At the time of the sale there were also the following: a judgment against Hecker in the amount of $324,000, the creditor being New Buffalo Auto Sales. There was also a IRS Tax lien for 2.6 million. There were several other judgments as well. In MN there is a 6 month redemption period following a Sheriff sale. The owner must either pay off the foreclosing lender what they are owed or sell the property to somebody who pays off the foreclosing lender inside of this six months or at midnight of the final day of their redemption period, they lose all of their interest and title in the property. If a creditor wishes to perserve there interest in the property, they must file a notice of intent to redeem one week before the expiration of the owners six month redemption period and then redeem the property as a creditor. The 2nd and 3rd mortgage did not file a notice of intent to redeem. The IRS did not redeem either. Redeem means pay off the foreclosing lender what they are owed. If there are multiple creditors redeeming as in the case of the Hecker property, they are done in order of their priority, meaning the creditor which had their lien recorded against the property redeems first. The Recorder's Office told me only 2 creditors filed notices to redeem on the Hecker property. Each creditor has 7 days to redeem from the foreclosing lender after the owners redemption period expires. New Buffalo Auto Sales had the first week to redeem and they redeemed and sold the property to a creditor who had a lien behind them. The buyer of the property then redeemed on their lien in the 2nd week. The bankruptcy trustee, smelling a quick pay day, filed a clumsy law suit (I just read it on Pacer) arguing that because New Buffalo Auto Sales judgment was obtained 90 days or less before Hecker filed bankruptcy, that the Trustee is entitled to either the equity in the property or the value of the judgment. This is called a preference and its designed to allow a trustee to avoid certain transactions that are designed to or have the obvious effect of benefiting one unsecured creditor over another. This is a big over-reaching law suit filed by the trustee. The trustee is seeking to make more money on their collection commission. Im just surprised they do it that even if it means doing it at the expense of parties who had nothing to do with Hecker nor his bankruptcy. It seems to me what the trustee is asking for is impossible as Hecker did not own the property, US Bank did when New Buffalo Auto Sales redeemed and resold the property. I also noticed in the trustees law suit, the trustee already sold the property in January so its sort of dishonest they are making a claim against it again. Litigation and more litigation is what I have seen from this bottom feeder trustee. At some point the court needs to bring him back down to earth otherwise this depleted Hecker bankruptcy estate will be open for decades as the trustee continues to abuse his authority in search of booty. Im curious to see if the parties involved make a counter claim for slander of title and put the trustee in the hot seat.
Truth

Arlington, TX

#5 Oct 8, 2010
Can't any of you see that the Trustee is making tons of money off of this when it ends he will not be making anymore money poor trustee! Most bankruptcies are over in 60 -90 days why so long on this one and where has all the money gone that he has gotten from selling everything not to the creditors! Wake up out there! See who the real crook is!

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