Unscheduled Bankruptcy Debt and Actual Knowledge of Bankruptcy by Creditor

11 U.S.C.S. § 523(a)(3)(B) contains an exception to discharge in bankruptcy for debts specified in § 523(a)(2), (4), or (6) that are neither listed nor scheduled in time to permit timely filing of a proof of claim and timely request for a determination of dischargeability of such debt under one of such paragraphs, unless such creditor had notice or actual …

Service of a Request for Information or Notice of Error Under Regulation X

Section 1024.36 of Regulation requires a borrower or the representative of the borrower to serve a Request for Information or a Notice of Error on any special address that has been designated by the mortgage servicer.  Section 1024.36(b) provides that if a servicer establishes such an address as provided for by the Regulations then the “borrower must use” that address …

Loan Modification Seminar – New York / New Jersey

We are happy to announce our next seminar, a loan modification session focusing on the national programs. It will be presented by Boot Camp speaker Bobby Rivera and include special guest speakers, Bruce Levitt and Marc Dan and it will be held in Fort Lee, New Jersey. Please click here for more details and to register.

Loan Modification Quiz Question 3

Q. A borrower has a loan that was originated by Bank of America and guaranteed by FHA and is now over 4 years in arrears. If the borrower is over 30% in arrears of unpaid principal balance, does the borrower have a chance for modification? For FHA HAMP, the maximum partial claim allowed is 30% of the unpaid principal balance. …

Loan Modification Quiz Question 2

Q. A borrower has a formerly World Savings Bank, option ARM loan and the current servicer is Wells Fargo. What is the most common type of modification granted for this type of loan? A. Most of these loans are being serviced by ASC/Wells Fargo. The modification program that these loans are considered for is MAP. We will discussing this scenario …

Loan Modification Quiz Question 1

Q. A borrower has a debt-to-income ratio (DTI) of 80% and a current housing ratio of 60% (ratio of housing payment to income). If the borrower is eligible for a Chapter 7 bankruptcy, would filing the Chapter 7 help in getting a modification? A. If you had been tried this before the 2008 crisis, your answer would have been unquestionably …

Putting Teeth In “Surrender” Under Chapter 13

Congratulations to Boot Camp graduate David Baker who’s article was published in the NACTT journal (Issue: July/August/September n NACTT QUARTERLY n Vol.26, No.4 n 2014). The article ends with. …I believe that chapter 13 trustees should encourage the use of this provision in plans. Standing trustees have specific statutory duties, as stated in §1302(b). These include appearing and being heard …

Another Day, Another Family Story

This time it’s Max’s grandmother in the news, referred to in the piece as Mrs. O. Max Gardner. Five years before there was a public library in Shelby, a group of women started a reading group that met daily on the court square. According to an account written by the late Mrs. O. Max Gardner, the group was organized by …

Another Bankruptcy Boot Camp Army Member in the News

Tom Cox is profiled in an article for Fortune/CNN, discussing his interesting path leading up to his fight against fraud in the mortgage industry and saving peoples’ homes. When I was in private practice, I had law partners that I was seeing every day. I maintain relationships with some of them today, we took great pride in representing our clients …