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CLE - Modification, Loss Mitigation and Other Means to Prevent Foreclosure

Wednesday, April 24, 2013 4:00 PM to 7:00 PM
Boston Bar Association - 16 Beacon Street, Boston, MA

 

Description:

This program has already taken place, but you can still catch up on what you missed!

Visit the CLE Bookstore to purchase a CLE Materials Set, which includes online access to the recorded course presentation and a copy of the course book.

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While the economy is showing signs of recovery, there are still many borrowers struggling to make ends meet and who are in danger of losing their homes to a potential foreclosure. Recent changes in Massachusetts law require that lenders explore other avenues before foreclosing. More and more decisions affecting the timing of filing a bankruptcy, the type of bankruptcy, and confirmation of the Chapter 13 Plan, depend upon the outcome of an application for modification. It is important that practitioners become familiar with the details of the modification process and the likelihood of success, particularly when reporting statuses to the Bankruptcy Court.

Attendees will learn when to file bankruptcy during the modification process, what to argue regarding objections to a Chapter 13 Plan due to the Plan being based on a modification, how to use a Qualified Written Request (QWR) to improve your position, and will hear about the loan modification process from the non-profit agency's and lender's point of view.

The panelists will also address alternatives to modification, class actions based on alleged violations of Home Affordable Modification Program (HAMP),  alleged HAMP violations from the servicer's point of view, and how to deal with judicial and statutory liens when applying for the modification of a first mortgage.

Specific topics include:

I.     Loan modifications as a means to foreclosure prevention.

II.    The use of QWRs, including the statutory requirements, remedies and push-back from certain banks, including the importance and practical use of this as a tool for obtaining pertinent information about the mortgage loan.

III.    Issues surrounding statutory and judicial liens and how the new statute addresses said hurdles.  Liens used to either prevent loan modifications or required lien subordinations.

IV.   A focus on class action suits based on alleged violations of HAMP and how to work with mortgage loan servicers and their counsel in creating mutually agreeable resolutions of alleged servicing claims.

V.    The interplay between loan modifications and bankruptcy, including the timing of a bankruptcy filing, the Chapter 13 Plan confirmation process, should §1322(b)(5) allow the court to confirm a Chapter 13 loan mod plan, especially in the absence of an objection to confirmation by the lender despite the position of the Chapter 13 trustee.

VI.    Using bankruptcy when the debtor is attempting to resolve a pending (and often imminent) foreclosure and is on the deed but not on the note or mortgage.

VII.   Can a Chapter 13 plan be amended to include post-petition mortgage arrears over the objection of the lender?

VIII.   The impact of recent statutory and case law on the scope of post-foreclosure mortgage litigation.
 

Registration Categories:
BBA Member - $130.00
Non-Member - $170.00
BBA Member - Legal Services/ Government Lawyer - $70.00
Law Student - $30.00

If the cost of this seminar would preclude you from attending, please contact us about tuition discounts.

Sponsoring Section/Committee(s):

Speakers:

 


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*BBA members receive a discount. Watch live or on-demand webcasts via West LegaledCenter.

 

Contact:

Kristen White
kwhite@bostonbar.org

 

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