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Foreclosure › Chapter 7 › 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 -
Maynard Nexsen

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

Maynard Nexsen on

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

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

Obermayer Rebmann Maxwell & Hippel LLP

The Third Circuit Determines That New Jersey Tax Foreclosure Is Subject To Bankruptcy Preference Avoidance

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Unlike mortgage foreclosures, which are immune from fraudulent conveyance avoidance attack, the Third Circuit recently ruled, in a case of first impression, that a transfer of title pursuant to a New Jersey tax sale...more

Rosenberg Martin Greenberg LLP

“It Ain’t Over ‘Til It’s Over” The Third Circuit Channels Yogi Berra In Ruling On Tax Sale

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Anyone who listens to the radio on the way to work has heard ads inviting them to free seminars in their local area at which they can learn how to make easy money buying “government secured” tax certificates.  Purchasing such...more

Smith Debnam Narron Drake Saintsing & Myers,...

First Circuit Affirms Bankruptcy Court’s Judgment in Favor of Mortgage Company

Smith Debnam Narron Drake Saintsing & Myers,... on

A First Circuit Bankruptcy Appellate Panel (the “Panel”) recently held that a mortgage company’s communications did not violate the discharge injunction when viewed under an objective standard and considering the facts and...more

Patterson Belknap Webb & Tyler LLP

Can Tax Sales Be Set Aside In Bankruptcy? The Federal Courts Are Increasingly Split

Patterson Belknap Webb & Tyler LLP on

In BFP v. Resolution Tr. Corp., 511 U.S. 531 (1994), the Supreme Court held that a mortgage foreclosure sale conducted in accordance with state law was shielded from avoidance under the Bankruptcy Code’s fraudulent conveyance...more

Hinshaw & Culbertson LLP

No Surrender: Massachusetts Appeals Court Preserves Foreclosure Challenges for Bankruptcy Petitioner

Hinshaw & Culbertson LLP on

Like Bruce Springsteen, a Massachusetts bankruptcy debtor said "no surrender" when it came to his home. In EverBank v. Chacon, a panel of the Massachusetts Appeals Court issued a non-binding decision that a debtor's...more

K&L Gates LLP

Upcoming Amendments to Bankruptcy Rule 3002 to Impact Bankruptcy Filing Practices for Mortgagees

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Effective December 1, 2017, certain amendments to the Federal Rules of Bankruptcy Procedure (“the Bankruptcy Rules”) recently adopted by the Supreme Court will impact the allowance of secured claims in bankruptcy. Below, we...more

Shumaker, Loop & Kendrick, LLP

Client Alert: Federal Appeals Court Rules That Bankrupt Debtors’ Choice to "Surrender" Real Property Waives Their Right to Contest...

Shumaker, Loop & Kendrick, LLP on

Under Section 521(a)(2)(A) of the federal bankruptcy code, a debtor in a chapter 7 bankruptcy must file a statement within 30 days of the bankruptcy filing notifying the court, creditors and the trustee whether the debtor...more

Burr & Forman

Eleventh Circuit Affirms That a Debtor’s Surrender in Bankruptcy Means Just That-You Must Surrender

Burr & Forman on

Burr & Forman lawyers won a significant victory in the Eleventh Circuit earlier this month. In the case In re: David A. Failla, — F.3d — (2016), the U.S. Court of Appeals for the Eleventh Circuit affirmed that a person who...more

Bradley Arant Boult Cummings LLP

The Eleventh Circuit has spoken: “Debtors who surrender property must get out of the creditor’s way”

Bradley Arant Boult Cummings LLP on

In recent years, there has been a hotbed of litigation across the nation, particularly in Florida state and bankruptcy courts, regarding a debtor’s ability to contest a secured creditor’s foreclosure notwithstanding the...more

Carlton Fields

Surrendering Your Property in Bankruptcy Means You Must Actually Surrender It

Carlton Fields on

The title of this article seems self-evident. Lenders, servicers, and others active in the foreclosure arena these past few years know that it has been anything but. Borrowers surrender property in bankruptcy but,...more

Troutman Pepper

Property Surrender: Surrender Means Surrender – Really

Troutman Pepper on

In re Failla, 529 B.R. 786 (Bankr. S.D. Fla. 2014) – Individual chapter 7 debtors filed a statement of intention electing to surrender their real estate. The mortgagee contended that they had failed to do so and filed a...more

Baker Donelson

Florida Court Rules Borrowers Who Surrender Property in Bankruptcy Can't Later Take it Back

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Thanks to several recent United States Bankruptcy Court decisions in Florida, mortgage servicers should now expect borrowers who surrender their real property in bankruptcy to not contest foreclosure later. Since the...more

Seyfarth Shaw LLP

Recent Unanimous Supreme Court Decision Holds That Underwater Mortgages in a Chapter 7 Cannot be “Stripped off"

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The Issue and Background - Debtors David Caulkett and Edelmiro Toledo-Cardona (“Debtors”) each filed for Chapter 7 bankruptcy relief with “underwater” junior mortgages held by Bank of America, N.A. (“Bank”). In other...more

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