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