Deep Freeze: Bankruptcy & Foreclosure Georgia Personal Bankruptcy Statistics. Impact on Association Collections
|
|
- Jewel Strickland
- 8 years ago
- Views:
Transcription
1 Deep Freeze: Bankruptcy & Foreclosure 2011 Community Association Law Seminar & Expo Julie McGhee Howard P: E: 1. Homeowner Bankruptcy 2010 Georgia Personal Bankruptcy Statistics Impact on Association Collections Chapter 13 Reorganization of Debt i. Proof of Claim ii. Post Petition Obligations Chapter 7 Liquidation of Debt i. Likelihood of Foreclosure ii. Lien Remains if No Foreclosure 2. Lender Foreclosure 2010 Georgia Foreclosure Statistics Association Lien Extinguished Impact on Community Protecting Tenants at Foreclosure Act 2011 Weissman, Nowack, Curry & Wilco, P.C. All rights reserved.
2 2011 Community Association Law Seminar & Expo Cultivate Your Community Deep Freeze Bankruptcy & Foreclosure Julie McGhee Howard
3 HOMEOWNER BANKRUPTCY Personal bankruptcy filings in the N.D. GA were up 10% in 2010 over people in every 1,000 Georgians filed for bankruptcy in 2010, up 6.1%. Georgia had the 2nd highest personal Geo g a ad e d g es pe so a bankruptcy rate in the country in 2010, only behind Nevada.
4 HOMEOWNER BANKRUPTCY Biggest drivers of personal bankruptcies: Real estate collapse and foreclosures; Outstanding credit and unavailable new credit; Job losses.
5 HOMEOWNER BANKRUPTCY 2010 Georgia Filings: 53% under Chapter 7. 47% under Chapter 13.
6 HOMEOWNER BANKRUPTCY The Automatic Stay Stops all collection efforts by the Association and other creditors.
7 HOMEOWNER BANKRUPTCY What do you do when an owner files bankruptcy? Stop all collection action: no liens, no lawsuits. Split your ledgers between pre- & post-petition. Remove pre-petition debt from invoices. File Proof of Claim in Chapter 13 cases.
8 HOMEOWNER BANKRUPTCY Chapter 13 - Reorganization of Debt Pay off debts under court approved plan over 5 years. Must pay pre-petition assessments according to schedule set in approved plan. Must continue to pay post-petition petition assessments as they come due. If not, association is entitled to relief from stay.
9 HOMEOWNER BANKRUPTCY What do you do when an owner files Chapter 13 Bankruptcy? As soon as you receive notice of a bankruptcy, let us know. We ll file a proof of claim on behalf of association, letting the trustee know how much is owed. If association does not file a timely proof of claim, yp it will lose the right to recover it.
10 HOMEOWNER BANKRUPTCY Chapter 7 Bankruptcy Liquidation of Debt Lien remains if owner keeps propertyp Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 Changed standards d for filing bankruptcy. If owner wants to clear out debts, will most likely have to give up home.
11 HOMEOWNER BANKRUPTCY What does Chapter 7 Bankruptcy mean for Associations? Very likely that the property will be foreclosed. The pre-petition debt will likely be wiped out at discharge. If the property is foreclosed, then the pre-petition and post-petition debts become uncollectible.
12 HOMEOWNER BANKRUPTCY How can WNCW help you when your owners file for bankruptcy? If the owner is required to make pre-petition or post-petition petition payments, we can monitor the payments. If the owner becomes delinquent, we can file the appropriate motion with the bankruptcy court. We can seek an order from the bankruptcy court allowing the association to foreclose its lien to pay off the debt.
13 HOMEOWNER BANKRUPTCY What s taking so long? The bankruptcy court moves at its own pace. Creditors have several months to file proofs of claim. Almost all motions allow time for response and require a hearing. Confirmation of a Chapter 13 plan can be put off multiple times to make sure that all creditors are properly covered.
14 HOMEOWNER BANKRUPTCY What can Associations do? Don t panic! Work on payment plans with distressed owners before they declare bankruptcy or their lender forecloses. Don t be intimidated. Post-petition debt can still be collected.
15 Bankruptcy & Foreclosure Owners can still lose their homes to foreclosure despite filing bankruptcy. Many foreclosures are initially delayed by bankruptcy but the owner must still keep up payments.
16 LENDER FORECLOSURE What is Lender Foreclosure? When a bank, lender or its assignee sells real property at an auction under its power of sale in the loan agreement, because the borrower defaulted and failed to make the required loan payments. In Georgia, foreclosure is usually by non-judicial sale. From the first notice to the purchase at auction, the non-judicial foreclosure process takes as little as 40 days.
17 LENDER FORECLOSURE Georgia ranked 7 th in nation for highest rate of foreclosures in was record ecod year for foreclosure oecosue notices in metro Atlanta. January and February 2011 up 13% over first two months of One in every 315 homeowner received a notice of foreclosure in GA in January.
18 LENDER FORECLOSURE Causes of high foreclosure rates: Sluggish economy Unemployment Decreased property values Upside down borrowers Depressed real estate market
19 LENDER FORECLOSURE What happens to the other liens on the property s title? Mortgage Lenders almost always have the highest priority lien on a home s title. When a Mortgage Lender forecloses its lien, and sells the home at auction, all inferior liens are wiped out. The new owner takes the property without any p p y y liens.
20 LENDER FORECLOSURE Foreclosure brings Good News and Bad News for Associations
21 LENDER FORECLOSURE Bad News: Debt owed to association is no longer secured by a lien (except a judgment, if any). You may end up with a vacant property. Foreclosures and re-sales at reduced prices drive down property values for neighborhoods.
22 LENDER FORECLOSURE Good News: Eventual new owner must pay assessments and will stop the bleeding. Association debt is a personal obligation, so board can still collect against former owner if that makes financial sense. Property will likely be fixed-up. Demand bank to do so if it takes over.
23 LENDER FORECLOSURE What happens to an association s s lien after foreclosure? Lender foreclosure wipes out liens that were filed after the mortgage. Association can collect pre-foreclosure debt from previous homeowner BUT Association currently can collect ONLY postforeclosure assessments from new owner including the lender.
24 LENDER FORECLOSURE Ledger: January $ February $ March $ April $ May $ June $ FORECLOSURE
25 LENDER FORECLOSURE Why does foreclosure sometimes take so long? Not all advertised foreclosures get called for sale. Modifications to loans through lender. Title problems: legal descriptions or problem with loan assignments.
26 LENDER FORECLOSURE If the property foreclosed, why is the tenant still there? Protecting Tenants at Foreclosure Act (2009) (Sunsets 12/31/2012) Bona Fide tenant can stay in the property for the term of the lease. If there is no lease, tenant can stay for 90 days. If property is sold to someone who intends to occupy the house, the tenant still must be given 90 days notice prior to closing.
27 Thank you!
BANKRUPTCY TERMINOLOGY
ADVERSARY PROCEEDING BANKRUPTCY TERMINOLOGY A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the bankruptcy court. ASSUME An agreement to continue performing
More informationadversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court.
Terminology adversary proceeding - A lawsuit arising in or related to a bankruptcy case that is commenced by filing a complaint with the court. assume - An agreement to continue performing duties under
More informationBankruptcy and Short Sales
Bankruptcy and Short Sales What agents need to know April 2013 Bankruptcy and Short Sales What happens to the short sale if the seller files for bankruptcy? Bank of America can review a short sale offer
More informationCCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP
CCIM Presentation: How Bankruptcies Affect Distressed Assets By: Tom Hillier and Ivy Grey Davis Wright Tremaine LLP BANKRUPTCY 101 BASICS & CONTEXT 1. Guiding Policies a. Equality of Distribution b. Adequate
More informationSURVEY OF SELECTED BANKRUPTCY ISSUES APPLICABLE TO HOMEOWNERS ASSOCIATIONS
SURVEY OF SELECTED BANKRUPTCY ISSUES APPLICABLE TO HOMEOWNERS ASSOCIATIONS DISCLAIMER The information provided in this survey of bankruptcy issues is for informational purposes only. It does not constitute
More informationTEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST
TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical. Any
More informationForeclosure Prevention Guide
Foreclosure Prevention Guide 8 Ways to Stop Your Foreclosure in Today s Challenging Economy About Foreclosure Foreclosure begins when a Homeowner is unable to make their mortgage payments on the scheduled
More informationThe 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less
The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical.
More informationTHE BASICS OF CHAPTER 11 BANKRUPTCY
THE BASICS OF CHAPTER 11 BANKRUPTCY Bankruptcy is a legal proceeding in which a debtor declares an inability to pay consumer or business debts as they become due. Debtors may seek to be excused from continuing
More informationRule 3023-1 Special Procedures in Chapter 13 Matters. This Local Rule shall govern all cases filed under chapter 13 of the Code.
Rule 3023-1 Special Procedures in Chapter 13 Matters. This Local Rule shall govern all cases filed under chapter 13 of the Code. (a) Section 1326 Payments. (i) (ii) The debtor shall, after commencing timely
More informationForeclosures: Everything You Wanted to Know but Was Afraid to Ask. 1. Lawsuit with Judge or Jury 2. Remedy for Defaults on Mortgages
Foreclosures: Everything You Wanted to Know but Was Afraid to Ask A. Types of Foreclosures a. Judicial Foreclosure 1. Lawsuit with Judge or Jury 2. Remedy for Defaults on Mortgages b. Power of Sale Foreclosure
More informationSPECIAL ANNOTATED VERSION UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF GEORGIA
SPECIAL ANNOTATED VERSION UNITED STATES BANKRUPTCY COURT NORTHERN DISTRICT OF GEORGIA RIGHTS AND RESPONSIBILITIES STATEMENT BETWEEN CHAPTER 13 DEBTORS AND THEIR ATTORNEYS Chapter 13 of the Bankruptcy Code
More informationChapter 13 Bankruptcy Reorganization/Debt Discharge - A Guide to the Distressed Florida Homeowner Facing Foreclosure
Chapter 13 Bankruptcy Reorganization/Debt Discharge - A Guide to the Distressed Florida Homeowner Facing Foreclosure (as of March 13, 2009) By: Jordan E. Bublick, Attorney at Law, Miami, Florida Practice
More informationBankruptcy And Its Effect On Collecting Association Assesments
Bankruptcy And Its Effect On Collecting Association Assesments Bankruptcy and Its Effect On Collecting Association Assessments AN OVERVIEW These materials concern themselves mainly with the effect of a
More informationAgent s Short Sale Pre-Screening Checklist
Agent s Short Sale Pre-Screening Checklist Sellers Property Address Date: Short sale transactions can take a lot of time and effort. Pre-screening a prospective short sale listing is one of the best ways
More informationWhat Are My Options When My Home Is. Scheduled For A Sheriff Sale
What Are My Options When My Home Is Scheduled For A Sheriff Sale 1. What is a sheriff sale? Once the lender has a judgment in its foreclosure case against you, it can then order your home to be sold at
More informationAn Overview of Foreclosure
An Overview of Foreclosure While the rising number of foreclosures is an alarming national trend, the real hardship is for any individual or family who knows the threat of foreclosure firsthand. Unfortunately,
More informationA Guide To Understanding The Community Association Collection And Foreclosure Process
A Guide To Understanding The Community Association Collection And Foreclosure Process What is the initial demand letter? What is a Claim of Lien? What is a thirty (30) day letter? How do you foreclose
More informationTelephone: (815) 455-3000 Facsimile: (815) 455-3049
Kevin W. Bruning, Esq. Mary D. Sump, Esq. John P. Dickson, Esq.* Theodore M. Gross, Esq. Katerina Tsoukalas-Heitkemper, Esq. Kristen R. Serna, Esq. Telephone: (815) 455-3000 Facsimile: (815) 455-3049 *also
More informationAVOIDING. Foreclosure. Learn What Steps You Can Take to Save Your Home
AVOIDING Foreclosure Learn What Steps You Can Take to Save Your Home Don t Give Up Until You ve Explored Every Option Without a doubt, foreclosure is one of the scariest words in the financial dictionary.
More informationBankruptcy. Assignment 18 Introduction to Bankruptcy (Claims; Automatic Stay; Relief from Stay; After-Acquired Property; Proceeds in Bankruptcy)
Assignment 18 Introduction to Bankruptcy (Claims; Automatic Stay; Relief from Stay; After-Acquired Property; Proceeds in Bankruptcy) Bankruptcy is akin to financial death ; debtor s nonexempt assets, on
More informationBankruptcy 101 for Bankers
Bankruptcy 101 for Bankers BAKKE NORMAN L A W O F F I C E S Presentedby: Thomas R. Schumacher & Deanne M. Koll Thisoutlineisdesignedtoprovidebasicinformationaboutbankruptcy. Italsocontainsspecificinformationabouttheuniquechallengesand
More informationNORTH CAROLINA POWER OF SALE FORECLOSURE ABSTRACT - LONG FORM
NORTH CAROLINA POWER OF SALE FORECLOSURE ABSTRACT - LONG FORM Special Proceeding No. SP County, North Carolina Deed of Trust Foreclosed (DTF): Book Page Abstracted by on, 20 OWNER/PROPERTY/INTEREST FROM
More informationPresented by: Randy Roach of North American Realty of Nevada. A Guide To Understanding The Process
Presented by: Randy Roach of North American Realty of Nevada A Guide To Understanding The Process What Is A Short Sale? It s a Real Estate transaction where two unique events must occur together. (1) Net
More informationSpecial Report 23 ways to buy properties at deep discount
Special Report 23 ways to buy properties at deep discount Special Report 23 ways to buy properties at a DEEP discount This special report lists many ways to buy properties at a discount. It is by no means
More information5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About.
Lewis Adams & Associates Utah Bankruptcy Attorneys Personal Reliable Professional (801) 396-0856 www.utah-bankruptcy.org 5 Little Known Facts About Bankruptcy In Utah Other Attorneys May Not Tell You About.
More informationFORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options?
FORECLOSURE When you borrow money to buy a house or land, the creditor usually takes a security interest in the property you buy. This means that if you don t pay, the creditor can foreclose upon (or take
More informationAligning the Stars in Mortgage Foreclosures Navigating the Association s Options in the Delinquent Owner s Foreclosure
Aligning the Stars in Mortgage Foreclosures Navigating the Association s Options in the Delinquent Owner s Foreclosure Allan Goldberg Arnstein & Lehr LLP Phone: 312.876.7133 email: agoldberg@arnstein.com
More informationHow to Stop and Avoid Foreclosure in Today's Market
How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company name] Discover all of your options [Pick the date] Find the solution or
More informationAND FORECLOSURE IN NEW JERSEY?
SECOND MORTGAGE AND FORECLOSURE IN NEW JERSEY? TRAVIS J. RICHARDS SOUTH NEW JERSEY BANKRUPTCY ATTORNEY It is a terrible experience losing your home through foreclosure; however, what can happen after the
More informationBankruptcy and Joint Accounts - Interesting Facts
Money! Money! Money! Catherine T. Martin Economic Empowerment Knowledge Is Power! Why economic issues are important Economic self-reliance supports independence Ensure stability necessary to maintain custody
More informationGlossary of Foreclosure Fairness Mediation Terminology
Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.
More informationRIGHTS AND RESPONSIBILITIES OF CHAPTER 13 DEBTORS AND ATTORNEYS
Filer s Name, Address, Phone, Fax, Email: UNITED STATES BANKRUPTCY COURT DISTRICT OF HAWAII 1132 Bishop Street, Suite 250 Honolulu, Hawaii 96813 hib_2016-1g1 (12/09) Debtor: Case No.: Joint Debtor: (if
More informationLOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA
LOCAL BANKRUPTCY FORM 2016-2(a) IN THE UNITED STATES BANKRUPTCY COURT FOR THE MIDDLE DISTRICT OF PENNSYLVANIA IN RE: : CHAPTER 13 : : CASE NO. - -bk- : : Debtor(s) : RIGHTS AND RESPONSIBILITIES AGREEMENT
More informationWHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13
WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 (Revised January, 2002) This booklet was prepared to help you understand how your Chapter 13 case works and answer most questions that arise during your Chapter
More informationForeclosure Overview
Foreclosure Overview Foreclosure is the legal action that your financial institution can use to take back your home when you miss your monthly mortgage payments. When this happens, you lose your house,
More informationTo help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order.
FORECLOSURE GLOSSARY NOTICE: This glossary of legal words and phrases related to foreclosure is provided to you by the Clermont County Common Pleas Court to help you better understand your legal problem
More informationThe Law Firm of ALEXANDER, ZELMANSKI, DANNER & FIORITTO, PLLC. Changes in Michigan s Mortgage Foreclosure Law
The Law Firm of ALEXANDER, ZELMANSKI, DANNER & FIORITTO, PLLC presents Changes in Michigan s Mortgage Foreclosure Law By: Jennifer Cordon Thor, Attorney at Law The current state of the economy in Michigan
More informationCase 10-33583-bjh11 Doc 31 Filed 12/07/10 Entered 12/07/10 18:18:45 Desc Main Document Page 1 of 10
Document Page 1 of 10 Eric A. Liepins ERIC A. LIEPINS, P.C. 12770 Coit Road Suite 1100 Dallas, Texas 75251 Ph. (972) 991-5591 Fax (972) 991-5788 ATTORNEYS FOR DEBTOR IN THE UNITED STATES BANKRUPTCY COURT
More informationIN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MISSOURI
MOW 2016-1.4 (5/22/07) IN THE UNITED STATES BANKRUPTCY COURT FOR THE WESTERN DISTRICT OF MISSOURI IN RE: ) ) ) Case No. ) ) Debtors. ) RIGHTS AND RESPONSIBILITIES AGREEMENT BETWEEN CHAPTER 13 DEBTORS AND
More informationState by State Foreclosure Laws
State by State Foreclosure Laws Alabama Foreclosure Laws 49-74 21 365 Trustee Comments: Judicial Foreclosures are not common Alabama foreclosures occur both in court and out-of-court. The typical foreclosure
More informationAccording to the United States Bankruptcy Code there are 6 types of bankruptcies, called chapters :
FAQ Bankruptcy What does bankruptcy mean? Bankruptcy is a legal procedure that allows people to legally avoid their debts or reorganize their financial obligations through a payment plan. How many bankruptcy
More informationI Want To Sell My Home! What Are My Options?
I Want To Sell My Home! What Are My Options? Today over 25% of the homes in America have loan balances that exceed the home value. If you re one of them it s not your fault and you do have choices which
More informationHow a District should respond to Bank and Mechanics Lien Foreclosures and Bankruptcy Filings
DISCLAIMER This presentation is intended to provide information about the law and is designed to help Board members of Colorado Special Districts gain a general understanding of relevant legal issues.
More informationForeclosure Rescue. You Have Options! Inside: Powerful Strategies to Avoid Foreclosure. Are You at Risk of Losing Your Home in Foreclosure?
inside >>> The Foreclosure Process Your Options: - Negotiate a Loan Modification - Work out a Forbearance Plan - Obtain A Deed in Lieu of Foreclosure - Refinance Your House - File for Bankruptcy - Sell
More informationCHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES
CHAPTER 10 TRUSTEES, EXAMINERS AND CREDITORS COMMITTEES THE US TRUSTEES PROGRAM A BRIEF HISTORY LESSON: was an experiment in some districts when the Bankruptcy Code first became effective in 1979. is a
More informationFrequently Asked Questions. for. Chapter 7 Debtors
Frequently Asked Questions for Chapter 7 Debtors The information contained in this document is provided as a service to our clients, and does not constitute legal advice. We try to provide quality information,
More informationHow to Stop and Avoid Foreclosure in Today's Market
How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company name] Discover all of your options [Pick the date] Find the solution or
More informationWill Lenders or Banks do short sales if the mortgage is current?
Frequently Asked Questions FAQ What is a short sale? A short sale is when your Lien Holder(s) agree to accept less than you owe in order for you to sell your home. They agree to a discount of the mortgage
More informationGLOSSARY COMMONLY USED REAL ESTATE TERMS
GLOSSARY COMMONLY USED REAL ESTATE TERMS Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These
More informationShort Sale Seller Advisory
Short Sale Seller Advisory Short Sale Seller Advisory Recent economic challenges have resulted in many homeowners needing to sell their home but owing more on their home than the home is worth. This advisory
More informationBankruptcy Issues in Foreclosure Actions. Andrew J. Zeigler
Bankruptcy Issues in Foreclosure Actions Andrew J. Zeigler Bankruptcy Automatic Stay 11 U.S.C. 362 Once a bankruptcy petition is filed all collection activities must stop immediately. Applies to all creditors
More informationThe Adam Lee Team 480-331-3501 Info@theadamleeteam.com. Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION!
The Adam Lee Team 480-331-3501 Info@ Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION! Options When Facing Foreclosure 1. Do Nothing: If you choose to do nothing, you will
More informationPATHS OF A FORECLOSURE IN NEW YORK STATE
PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments 90-DAY PRE-FORECLOSURE NOTICE Lender sends notices, bills, letters to borrower stating that he/she is
More informationBankruptcy may make it possible for you to:
A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This brochure cannot explain every aspect of the bankruptcy
More informationWhy File Bankruptcy?
Why File Bankruptcy? You are trying to keep debts current, but are borrowing from one card to pay the other. You are trying to keep debts current by using your savings. You are trying to keep debts current
More informationHow to Stop and Avoid Foreclosure in Today's Market
Solutions Home Buyers, Inc. 800-478-9213 ext. 700 SolutionsHomeBuyersFL.com How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company
More informationFiling Bankruptcy: General Information. Debts
Filing Bankruptcy: General Information The Big Picture The Big Picture when it comes to Bankruptcy is this: the person or entity that owes money and needs relief from creditors (the debtor ) is making
More informationThe 5 Fastest. Foreclosure in
The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical.
More informationWhat You Should Know About Bankruptcy What Is Bankruptcy?
FACTS FOR National Consumer Law Center What You Should Know About Bankruptcy What Is Bankruptcy? Bankruptcy is a process under federal law designed to help people and businesses get protection from their
More informationBankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better
Bankruptcy s Impact On Your and Other Creditors Business: How to Make the Bad News Better Husch Blackwell LLP Ben Mann John Cruciani An Overview of Business Bankruptcy & Creditors Rights Issues June 26,
More information8 Ways to Avoid or Stop Foreclosure...
Free Special Report 8 Ways to Avoid or Stop Foreclosure... Dear Homeowner, If you are headed toward foreclosure, or are already in foreclosure, you need to know the rights and options available to you
More informationNEVADA S RECOMMENDATIONS
www.faceofforeclosure.com/nevada Recommendation 1: Amend AB 284 from 211 Session AB 284 from the 211 Session established a standard of care by which trustees in foreclosure sales must follow prior to foreclosing
More informationQ. Under what circumstances wil my loan be cal ed due and payable? Q. What happens if one of the above occurs and my loan is cal ed due and payable?
Financial Freedom, as servicer for your Home Equity Conversion Mortgage ( HECM or loan ), is required by the U.S. Department of Housing and Urban Development ( HUD ) to perform certain actions depending
More informationEverything You Need to Know About Bankruptcy
Everything You Need to Know About Bankruptcy Raymond J. Sallum Bloomfield, Michigan http://bloomfieldlawgroup.com/chapter-7-bankruptcy B l o o m f i e l d L a w G r o u p R a y m o n d J. S a l l u m (
More informationFlorida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A.
Florida Foreclosure/Real Estate Law E-Book A Simple Guide to Florida Foreclosure/Real Estate Law by: Florida Law Advisers, P.A. 1 Call: 800-990-7763 Web: www.floridalegaladvice.com TABLE OF CONTENTS INTRODUCTION...
More informationSpecial Report: IRS Tax Lien
Special Report: IRS Tax Lien TAX PLANNING AND IRS DEFENSE C a l l T o d a y! 540-438- 5344 What an IRS Tax Lien is and How it Works What is Inside? Why the IRS Files a Notice of Federal Tax Lien IRS Tax
More informationWHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE PUT YOUR CASE NUMBER ON ALL PAYMENTS AND CORRESPONDENCE SENT TO THE CHAPTER 13 TRUSTEE OR THE COURT.
YOUR CASE NUMBER: WHAT YOU SHOULD KNOW ABOUT YOUR CHAPTER 13 CASE Brief answers to most questions that come up while under a Chapter 13 Plan. Read this pamphlet completely to understand your obligations
More informationBankruptcy Basics June 9, 2009
Bankruptcy Basics June 9, 2009 Brooks Hamilton Haynes and Boone, LLP www.haynesboone.com Purposes of bankruptcy Mechanism to allow person or company that cannot pay creditors to resolve debts through division
More informationSHORT SALES BY BANKRUPTCY TRUSTEES: AN EVOLVING TREND. by Jeffrey L. Smoot
Jeffrey L. Smoot Oles Morrison Rinker & Baker LLP 701 Pike Street, Suite 1700 Seattle, WA 98101 (206) 623-3427 smoot@oles.com SHORT SALES BY BANKRUPTCY TRUSTEES: AN EVOLVING TREND by Jeffrey L. Smoot The
More informationHow To Avoid Foreclosure
For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes home preservation. Your home is not only a significant
More informationCOMMON QUESTIONS ABOUT BANKRUPTCY
SCUDDER G. STEVENS, P.A. ATTORNEYS AT LAW A PROFESSIONAL ASSOCIATION 120 North Union Street P.O. Box 1156 Kennett Square, PA 19348 (610) 444-9840 (800) 294-4242 FAX (610) 444-9841 COMMON QUESTIONS ABOUT
More informationHow To Modify A First Lien Mortgage
Making Home Affordable Program and Home Affordable Modification Program Frequently Asked Questions for Bankruptcy Filers Q1. What do these FAQs cover? These FAQs provide information on the Home Affordable
More informationIncome Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy
Income Tax Valuation Insights Income Tax Discharge Considerations in an Individual Debtor s Chapter 7 Bankruptcy Robert F. Reilly, CPA, and Ashley L. Reilly Many professional practitioners and small business
More informationHigh Yield Trust Deed ( Mortgage ) Investment. The more informed one is the better decisions one makes.
W H I T E P A P E R The more informed one is the better decisions one makes. DISCLOSURE REGARDING THE PURPOSE AND SCOPE OF THE INFORMATION PROVIDED HEREIN This informational booklet is provided to those
More informationAdvanced Bankruptcy for Bankers. Candace C. Carlyon, Esq. www.sheacarlyon.com
Advanced Bankruptcy for Bankers Candace C. Carlyon, Esq. www.sheacarlyon.com 1 Pre Bankruptcy Review loan files, confirm collateral security, obtain as much information as possible Consider timing of remedies
More informationTired of the Foreclosure Threat?
Y o u r R e a l E s t a t e S t r e s s R e l i e f Tired of the Foreclosure Threat? Learn about the 6 options available to you when you are facing foreclosure Loan Modification Foreclosure Prevention
More informationCHRISTMAN & FASCETTA, LLC FLAT FEE AGREEMENT AND HOURLY FEE PROVISIONS
CHRISTMAN & FASCETTA, LLC FLAT FEE AGREEMENT AND HOURLY FEE PROVISIONS, (hereinafter referred to as client or you ), hereby engages the Law Offices of Christman & Fascetta, LLC to prepare and file a Chapter
More informationNEW JERSEY BANKRUPTCY AND CO-DEBTORS
NEW JERSEY BANKRUPTCY AND CO-DEBTORS WHAT HAPPENS IF THE CO- DEBTORS DOES NOT FILE BANKRUPTCY? TRAVIS J. RICHARDS SOUTH NEW JERSEY BANKRUPTCY ATTORNEY Co-signing a loan for someone is risky. As a co-signer,
More informationLIENS. Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt.
LIENS Lien: An encumbrance on property to secure a debt or to protect a claim for payment of a debt. Mechanic s Lien: A lien on real property to ensure payment for work performed and materials furnished
More informationBANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY. New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L.
BANKRUPTCY AND ENVIRONMENTAL COMPLIANCE AND LIABILITY New Hampshire Waste Management Seminar Nov. 2, 2015 -------------- Peter C.L. Roth WHAT IS BANKRUPTCY? A process in which individuals and entities
More informationBANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY
BANKRUPTCY BASICS AND TIPS FOR COLLECTION OF PROPERTY TAXES FROM TAXPAYERS IN BANKRUPTCY by Roy F. Kiplinger Kiplinger Law Firm, P.C. August 5, 2010 We pride ourselves in providing quality legal services
More informationWHAT BANKRUPTCY CAN T DO
A decision to file for bankruptcy should only be made after determining that bankruptcy is the best way to deal with your financial problems. This brochure cannot explain every aspect of the bankruptcy
More informationTYPES OF BANKRUPTCY There are three main types of bankruptcy cases. These are referred to by their chapter number in the Bankruptcy Code.
SOME INFORMATION ABOUT BANKRUPTCY People who are having trouble paying their debts sometimes consider bankruptcy as a remedy for this situation. An individual, called a debtor, usually files bankruptcy
More informationHOW DOES BANKRUPTCY AFFECT THE LANDLORD TENANT RELATIONSHIP? Alvarez-Glasman & Colvin Anthony Marinaccio, Attorney
WELCOME HOW DOES BANKRUPTCY AFFECT THE LANDLORD TENANT RELATIONSHIP? Alvarez-Glasman & Colvin Anthony Marinaccio, Attorney WHAT IS BANKRUPTCY? Process Debtor files for bankruptcy. Creates automatic stay.
More informationUNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS
UNITED STATES BANKRUPTCY COURT DISTRICT OF VIRGINIA Division CHAPTER 13 PLAN AND RELATED MOTIONS Name of Debtor(s): Case No: This Plan, dated, is: the first Chapter 13 Plan filed in this case. a modified
More informationBankruptcy. published by AAA Fair Credit Foundation
Bankruptcy published by AAA Fair Credit Foundation Bankruptcy 1. What is Bankruptcy?..............................................................3 2. Chapters of Bankruptcy...........................................................4
More informationAVOIDING FORECLOSURE
AVOIDING FORECLOSURE Consolidated Credit 5701 West Sunrise Boulevard Fort Lauderdale, FL 33313 1-800-210-3481 www.consolidatedcredit.org Congratulations on taking this important step to a brighter financial
More informationArizona Agency Foreclosure Training January 28, 2007
Arizona Agency Foreclosure Training January 28, 2007 Presented by: Andrew J. Loubert Community Reinvestment Solutions, Inc. Arizona Foreclosure Process: Notice of Default Notice must specify: 1. The default
More informationRevised Tax Lien Procedures and Fees (changes in bold effective 7/12/2012) When are taxes normally do, and what happens if you pay your taxes late?
Revised Tax Lien Procedures and Fees (changes in bold effective 7/12/2012) When are taxes normally do, and what happens if you pay your taxes late? Property taxes due by 12/31 5% penalty if paid after
More informationForeclosure Prevention Handbook
The New York Mortgage Coalition Foreclosure Prevention Handbook We re worried we ll lose our home. We need help... but we re not sure where to start. Let s check out nymc.org New York Mortgage Coalition
More informationLOCAL BANKRUPTCY FORM 4001-1.1 [Caption as in Bankruptcy Official Form 16A]
LOCAL BANKRUPTCY FORM 4001-1.1 NOTICE OF MOTION FOR RELIEF FROM STAY AND OPPORTUNITY FOR HEARING PURSUANT TO 11 U.S.C. 362(d) OBJECTION DEADLINE: (month/day/year). YOU ARE HEREBY NOTIFIED that a Motion
More informationWHAT IS BANKRUPTCY? INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC INTRODUCTORY OVERVIEW BANKRUPTCY BASICS
INTELLECTUAL PROPERTY AND TRANSACTIONAL LAW CLINIC WHAT IS BANKRUPTCY? INTRODUCTORY OVERVIEW Bankruptcy is a process that protects debtors seeking relief from unmanageable financial responsibilities and
More informationPATHS OF A FORECLOSURE IN NEW YORK STATE
PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments if S/P or N/T 90-DAY PRE-FORECLOSURE NOTICE* for all subprime and non-traditional loans (as defined by
More informationUNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT
ACCRUAL BASIS JUDGE: UNITED STATES BANKRUPTCY COURT NORTHERN & EASTERN DISTRICTS OF TEXAS REGION 6 MONTHLY OPERATING REPORT MONTH ENDING: MONTH YEAR IN ACCORDANCE WITH TITLE 28, SECTION 1746, OF THE UNITED
More informationRepresenting Creditors in Consumer Bankruptcy Cases
4 Representing Creditors in Consumer Bankruptcy Cases Michael P. Hogan Craig B. Rule Marcy J. Ford John P. Kapitan I. Overview 4.1 II. General Considerations A. Filing Proofs of Claim 4.2 B. The Automatic
More informationThe Lien Handbook: An A to Z Guide on All Things Property Liens
The Lien Handbook: An A to Z Guide on All Things Property Liens Introduction Anyone who buys, sells or owns real property will likely deal with property liens at some point and in some fashion. Some property
More informationBANKRUPTCY FILING (CHAPTERS 7 AND 13) AND ITS EFFECT UPON THE FORECLOSURE PROCESS
BANKRUPTCY FILING (CHAPTERS 7 AND 13) AND ITS EFFECT UPON THE FORECLOSURE PROCESS by Steven C. Lindberg Freedman Anselmo Lindberg & Rappe LLC September, 2001 Since it has been widely predicted that some
More information2011 Divorce and Bankruptcy Update by Eric L. Bolves, Esq. 2110 E. Robinson St. Orlando, FL 32803 (407) 894-1002
2011 Divorce and Bankruptcy Update by Eric L. Bolves, Esq. 2110 E. Robinson St. Orlando, FL 32803 (407) 894-1002 Bankruptcy Basics Chapter 7 -Liquidation of debts and assets. -Joint Debtors not protected.
More information