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Foreclosure › Bankruptcy Code

Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of... more +
Foreclosure is a legal process whereby a lender seeks to force the sale of a mortgaged property in order to recover the balance of a delinquent loan. Recently, the foreclosure process has been the subject of greater legislative and judicial scrutiny after systemic abuses were uncovered during the widespread foreclosure crisis resulting from the Great Recession. less -
Lowenstein Sandler LLP

Bankruptcy in Real Estate: What to Do When Faced with Foreclosure?

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This episode of “Terra Firma: Conversations on Commercial Real Estate” features hosts Stacey C. Tyler and Stephen Tanico talking with Eric Chafetz, partner in Lowenstein’s Bankruptcy and Restructuring Group, about office...more

Husch Blackwell LLP

Alternatives to Bankruptcy for Cannabis Companies (Part 1)

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The problems facing the cannabis industry arising from its ongoing status as a federally illegal enterprise are numerous and well documented: 280E tax burdens, limited access to banking, exclusion from capital markets, uneven...more

Pillsbury - Gravel2Gavel Construction & Real...

Acquisition of Distressed Loans: Bankruptcy Considerations and the 363 Sale

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There are no shortage of bankruptcy considerations that must be understood by an incoming lender who acquires a distressed commercial real estate loan and whose borrower shortly thereafter files for bankruptcy protection. For...more

Ward and Smith, P.A.

Foreclosure Warning: Property Possessed but Not Owned by a Debtor May Be Subject to the Automatic Stay

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Creditors know that a bankruptcy petition automatically halts efforts to collect pre-petition debts from the debtor outside of bankruptcy.  The "automatic stay" provides fundamental protection to debtors, mandating a full...more

Cadwalader, Wickersham & Taft LLP

Should I Stay or Should I Go: Second Circuit Holds that Mortgagee Violated Automatic Stay by Foreclosing on Property where...

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On July 6, 2022, the Court of Appeals for the Second Circuit decided In Re: Eileen Fogarty, holding that a mortgagee violated the automatic stay imposed when a tenant filed bankruptcy by proceeding with a foreclosure sale...more

Pillsbury Winthrop Shaw Pittman LLP

Acquiring a Distressed Business in the United States: Key Issues for Prospective Buyers

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Prospective buyers should prepare to take advantage of opportunities to acquire distressed businesses, as we are likely to see an uptick in distressed M&A soon. Prospective buyers seeking first-mover advantages should act...more

White and Williams LLP

Second Circuit Finds Willful Stay Violation in Foreclosure Sale of Non-Debtor’s Real Property

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On July 6, 2022, the Court of Appeals for the Second Circuit (the Circuit Court), in analyzing an issue of first impression, entered a decision clarifying the expansive applicability of the automatic stay provision of the...more

Maynard Nexsen

Creditors Beware: Bankruptcy Stay May Shield Property Possessed but Not Owned by Debtor

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The automatic stay triggered by a bankruptcy filing may protect the debtor’s residence even if the debtor does not own the property, according to a recent decision from a New York-based federal appeals court....more

Nelson Mullins Riley & Scarborough LLP

Somebody Call 9011: Counsel and Decedent’s Estate Benchslapped Under Rule 9011 for Repeated Attempts to Circumvent the Bankruptcy...

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In a recent opinion from the United States Bankruptcy Court for the Eastern District of California, Judge Christopher Klein sanctioned a decedent’s estate’s representative and its lawyer for frivolously and repeatedly...more

Fox Rothschild LLP

Is a Postpetition Non-bankruptcy Court Order a Violation of the Automatic Stay?: The Ninth Circuit Bankruptcy Appellate Panel...

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On April 5, 2022, the Ninth Circuit Bankruptcy Appellate Panel (the “BAP”) published an opinion, Censo, LLC v. Newrez, LLC, BAP No. NV-21-1125-LTF (Apr. 5, 2022), which provides a framework for addressing whether a...more

Carlton Fields

Real Property, Financial Services, & Title Insurance Update: Week Ending January 7, 2022

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Bankruptcy / Section 505(a)(2)(C) / Property Taxes: Section 505(a)(2)(C) of the Bankruptcy Code precluded property owner from challenging allegedly improper property taxes in the course of its bankruptcy proceeding because...more

Fox Rothschild LLP

Not all Forced-Sale Mortgage Foreclosures are Exempt from Avoidance as Fraudulent Transfers Under Section 548 – a Case Study...

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The United States Supreme Court held in BFP v. Resolution Trust, that properties sold at “force-sale” mortgage foreclosure sales properly conducted pursuant to a state’s foreclosure statute are presumed to have been sold for...more

Morrison & Foerster LLP - Left Coast Appeals

This Week at the Ninth: Schedules and Informants

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This week, the Ninth Circuit explains the ins-and-outs of property abandonment under the Bankruptcy Code, and explores the government’s privilege to withhold the identity of informants in discovery. IN RE STEVENS - The...more

BCLP

Whoomp! (Where’d It Go?): Disappearing Assets in Bankruptcy

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In a recent post, I discussed three situations in which a debtor in bankruptcy might find itself dispossessed of assets that appeared to be property of the bankruptcy estate. This article expands on that general idea and...more

Ward and Smith, P.A.

Their Aim Wasn't True – The NRA and Bad Faith Bankruptcy Filings

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Bankruptcy offers a temporary sanctuary for parties seeking relief from a variety of problems – financial crisis, lawsuits, collection actions, repossessions, foreclosure, and pandemics. Filing bankruptcy before a money...more

Bradley Arant Boult Cummings LLP

Bankruptcy Court Upholds Foreclosure Sale That Occurred Between Bankruptcy Case Dismissal and Subsequent Reinstatement

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Frequently, borrowers file for bankruptcy at the 11th hour to halt foreclosure sales. Once a petition for bankruptcy relief has been filed, secured creditors must cease their collection efforts to avoid violating the...more

Bradley Arant Boult Cummings LLP

Four Significant Changes to Consumer Bankruptcy Included in the Consolidated Appropriations Act, 2021

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On December 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA 2021). Similar to the March 2020 CARES Act, several temporary changes to the Bankruptcy Code are included in Title X of the CAA 2021. Below,...more

Patterson Belknap Webb & Tyler LLP

The Importance of Loan Underwriting When Restrictions on Bankruptcy Cannot Singlehandedly Save the Day: Sutton 58 Associates LLC...

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In sophisticated real estate financing transactions, most prudent lenders attempt to deter borrowers from filing for bankruptcy before loans are paid in full by providing in loan documents that such a filing constitutes an...more

Perkins Coie

Landlords Defeat Debtors Seeking COVID-19 Rent Abatements and Deferrals

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Retail, restaurant, entertainment, and other industries have been devastated by COVID-19 and the resulting governmental orders either precluding or materially limiting operations. In that regard, retail bankruptcy filings...more

King & Spalding

CFIUS, Bankruptcy, Foreclosures, and Debt Restructuring

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Foreign Investment Reviews of Distressed Assets - As discussed in detail in our previous Client Alert, on February 13, 2020, the Committee on Foreign Investment in the United States (“CFIUS”) issued two Final Rules...more

Foley & Lardner LLP

New Florida Receivership Statute Gives Commercial Mortgage Lenders Potential Leverage

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Amidst the growing uncertainty caused by the COVID-19 pandemic, Florida’s newly enacted receivership law, the Uniform Commercial Real Estate Receiver Act (“UCRERA”), codified in Chapter 714 of the Florida Statutes, endeavors...more

Snell & Wilmer

Can a State Law Tax Foreclosure Sale Be Avoided in Bankruptcy?

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Preference actions have been vexing creditors for as long as the Bankruptcy Code has been around. Indeed, a creditor who receives a pre-petition transfer in violation of the preference statute may have to give the transferred...more

Dechert LLP

Third Circuit Clarifies the Inner Workings of Foreclosure on Repo Collateral

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In the fifth opinion involving the repo liquidation saga of HomeBanc, the Third Circuit addressed several crucial issues involving the liquidation and valuation of repo collateral in bankruptcy. In re HomeBanc Mortg....more

Shumaker, Loop & Kendrick, LLP

Combating Serial Bankruptcy Filings

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Associations are all too familiar with bankruptcy serial filers disrupting foreclosure sales leading to frustrating and costly consequences for the Association. Each new bankruptcy filing by the debtor forces the Association...more

Carlton Fields

Should I Stay or Should I Go? Bankruptcy Preemption May Bar FDCPA and FCCPA Claims Either Way

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After receiving a bankruptcy discharge, a borrower whose home is pending foreclosure has two options: stay in the home and, perhaps, make voluntary payments on the mortgage, or leave the home and start fresh. When a debt...more

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