News & Analysis as of September 22, 2024

Consumer Bankruptcy › Mortgages › Borrowers

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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 -

Colorado Supreme Court Confirms Bankruptcy Discharge Does Not Trigger Statute of Limitations to Recover Debt

Troutman Pepper on 5/1/2023

Colorado just became the latest state to recognize that a borrower’s bankruptcy discharge does not accelerate secured installment debt or trigger the final statute of limitations period to recover the debt....more

Consolidated Appropriations Act of 2021 Amends Bankruptcy Code - Part 2: Amendments Affecting Mortgage Lenders and Landlords

Mintz - Bankruptcy & Restructuring Viewpoints on 2/1/2021

As discussed in a previous post, the Consolidated Appropriations Act of 2021 (the “Act”), which was enacted on December 27, 2020 in response to the economic distress caused by the COVID-19 pandemic, amended numerous...more

A Dream or a Nightmare? Who pays in a world without student loans?

Womble Bond Dickinson on 8/14/2019

Anyone who hasn’t heard about the “student loan crisis” in the U.S. hasn’t been paying attention. U.S. student loan debt is estimated to range from between $1.2 and $1.6 trillion with more than seven million borrowers in...more

The ABI Commission’s Final Report on Consumer Bankruptcy Issues: What Mortgage Creditors Need to Know

Bradley Arant Boult Cummings LLP on 5/20/2019

We previously provided you with some of the American Bankruptcy Institute’s Commission on Consumer Bankruptcy’s recommendations to improve the consumer bankruptcy system. As the commission noted, changes in bankruptcy law...more

CFPB Issues Final Rule to Help Mortgage Servicers Communicate With Certain Borrowers Facing Bankruptcy

Orrick - Finance 20/20 on 3/21/2018

On March 8, 2018, the Consumer Financial Protection Bureau (“CFPB“) announced a final rule designed to aid mortgage servicers in assisting borrowers dealing with bankruptcy issues while complying with the Truth in Lending...more

U.S. District Court for the Southern District of Florida Narrows the Definition of Borrower Under RESPA

Ballard Spahr LLP on 1/23/2018

In 2014, the Consumer Financial Protection Bureau (CFPB) promulgated a number of mortgage servicing rules, including rules governing loss mitigation procedures. ...more

CFPB Mortgage Servicing Rule Amendments Published in Federal Register

Ballard Spahr LLP on 10/21/2016

The CFPB Mortgage Servicing Rule Amendments were published in the Federal Register yesterday, starting the clock for the effective date of the amended provisions. Most of the provisions are effective on October 19, 2017. ...more

Surrendering Your Property in Bankruptcy Means You Must Actually Surrender It

Carlton Fields on 10/10/2016

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

CFPB Amends Mortgage Servicing Rules

Baker Donelson on 8/12/2016

After years of requests for clarification, last week the CFPB finally issued an amendment to their mortgage servicing rules. As early as October 2013 the CFPB began to clarify said rules when they issued Bulletin 2013-12...more

CFPB to Release Amendments to the Mortgage Servicing Rules; Bradley Webinar to Follow | Financial Services Perspectives

Bradley Arant Boult Cummings LLP on 7/22/2016

The CFPB’s amendments to the mortgage servicing rules in Regulations X and Z are officially slated for release this month and we anticipate that they will come out any day now. Mortgage servicers, many of whom may feel like...more

Consumer Financial Services Newsletter - June 2016

Hinshaw & Culbertson LLP on 6/30/2016

Seventh Circuit Held No Implicit Threat to Proceed to Trial by Debt Collector When Filing a Collection Lawsuit - St. John v. CACH, LLC, No.14-2760, 2016 WL 2909195 (7th Cir. May 19, 2016) - On May 19, 2016, the...more

New Case Poses Threat to Mortgage Servicers in Bankruptcies

Baker Donelson on 10/29/2015

A new decision from the U.S. Court of Appeals for the Ninth Circuit poses a serious threat to mortgage companies that service mortgages of chapter 13 debtors. Mortgage servicers should be aware of the case's implications and...more

Mortgage Acknowledgements: Can A Boo-Boo Be Fixed?

Troutman Pepper on 10/28/2015

Bank of America, N.A. v. Casey, 517 B.R. 1 (D. Mass. 2015) – A Chapter 7 trustee sought to avoid a mortgage using “strong-arm” powers based on a defect in the acknowledgement. The mortgagee contended that the defect was...more

Real Property, Financial Services & Title Insurance Update: Week Ending October 23, 2015

Carlton Fields on 10/27/2015

REAL PROPERTY UPDATE - Foreclosure/Documentary Stamp Tax: deferred interest on a “pick-a-payment” mortgage did not amount to future advance, which would have required payment of documentary stamp tax - Steinberg v. Wells...more

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

Baker Donelson on 7/16/2015

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

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