Consumer Bankruptcy Foreclosure

Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are... more +
Consumer bankruptcy is a process to reduce or eliminate personal as opposed to business debts. Consumer bankruptcies can be filed under either Chapter 7 or Chapter 13 of the bankruptcy code.  Debtors are eligible for Chapter 7 or Chapter 13 depending on the nature of their debts and assets. less -
News & Analysis as of

New Jersey Bankruptcy Court Holds That Mortgage Was No Longer Enforceable and Borrower Was Entitled to a “Free House”

Action Item: In light of this decision, lenders should ensure that foreclosures in New Jersey are filed within six years of the date of default. Failure to file a foreclosure within six years may cause the action to be barred...more

Cure and Reinstatement of Home Mortgages in Chapter 13: Florida's Bright-Line Rule is Not So Bright

Section 1322(c)(1) of the Bankruptcy Code allows debtors to cure defaults and reinstate a mortgage on their principal residence "until such residence is sold at a foreclosure sale that is conducted in accordance with...more

Automatic Stay: What Happens When a Case is Reopened?

U.S. Bank, N.A. v. Brumfiel (In re Brumfiel), 514 B.R. 637 (Bankr. D. Colo. 2014) – After a debtor reopened her chapter 7 bankruptcy case, a lender moved for relief from the automatic stay in order to continue with a...more

Freddie Mac Updates Single-Family Seller/Servicer Guide

On September 15, Freddie Mac released a bulletin updating portions of Single-Family Seller/Servicer Guide (“Guide”) governing foreclosures and foreclosure alternatives. The updates include changes to the loan modification...more

Mortgage Enforcement: Dot Those “i”s and Cross Those “t”s – Or Else

A chapter 13 debtor objected to the portion of a mortgagee’s claim consisting of expenses related to foreclosure of its mortgage. She argued that since the mortgagee failed to comply with notice requirements under the...more

Property Tax Foreclosure: Tax Authority May Have to Pay for Equity in Property

A chapter 7 trustee sought to avoid a property tax foreclosure as a fraudulent transfer and then to recover damages from the foreclosing county. The bankruptcy court agreed that the transfer was a fraudulent conveyance, but...more

Bankruptcy Beat: Connecticut District Court Suggests Automatic Stay May Apply To Non-debtor Junior Lienholders In Foreclosure...

On July 22, 2014, the Connecticut District Court issued an opinion, Eastern Savings Bank FSB v. St. Germain, et al, 2014 WL 3687740 (D. Conn. 2014), which could impact the applicability of the automatic stay of 11 U.S.C....more

Waiving Statutory Foreclosure Provisions

The recently issued opinion of the Colorado Court of Appeals, in Armed Forces Bank v. Hicks, 2014 COA 74. No. 13CA0875 (June 5, 2014), is significant for commercial real estate lenders. In Hicks, the Bank was the...more

And the Bidding Starts At . . .? The Impact of Two Recent Bankruptcy Decisions On Determining Foreclosure Sale Bids

In today’s economy, banks all too commonly find themselves foreclosing on real property collateral. As a result, banks are regularly in the position of having to determine the starting bid in foreclosure proceedings. This...more

West Virginia Bankruptcy Courts Split on When Foreclosure Sale is Final

Lenders that exercise their rights to foreclose upon collateral are often met with a bankruptcy filing near or shortly after the date of sale. Obviously, if a lender learns of a bankruptcy prior to the foreclosure, the sale...more

I filed bankruptcy before and now I need to file again!

I filed bankruptcy before and now I need to file again. Is there a problem with that? As with many questions, the short answer to that is "it depends". The following are the two issues to consider....more

5 Factors to Consider Before Filing Bankruptcy

Often when clients come in for a bankruptcy consultation they will tell me their situation and ask whether bankruptcy would be appropriate in their case....more

Recent, Significant Changes in Florida's Law of Foreclosure

On June 7, 2013, Florida Governor Rick Scott signed into law House Bill 87, now known as Chapter 2013-137, which provides for substantial changes in mortgage foreclosures filed in Florida....more

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