No American homeowner wants to ever say, or worse, experience foreclosure. Though nationally, foreclosure activity is trending downward, studies are showing an uptick in local foreclosures as a result of default notices, scheduled auctions and bank repossessions. Whether this is your first, fifteenth, or fiftieth foreclosure case, this manual provides valuable guidance for steering your client through or around the foreclosure process.
Summary of Contents
The Real Property Foreclosure Procedure
- The Pre-Foreclosure Process
When the Loan Goes into Default&
The Title Search
Steps to Cure Title Issues
- The Demand Letter: Act 6 and Act 91
The Foreclosure Action Itself
New Vacant Property Foreclosure Procedure
Other Foreclosure Issues and How to Handle Them
- Post-Foreclosure: Wrap-Up, Deficiency, Eviction and Other Legal Issues
- Keys to Spotting Issues That Pop Up in a Foreclosure
Appendix A: JP Morgan Chase Bank N.A. v. Kenneth J. Taggart
Appendix B: Obduskey v. McCarthy & Holthus LLP
Appendix C: Bayview Loan Servicing LLC v. Wicker
Appendix D: Wilmington Trust v. Unknown Heirs
Appendix E. Wells Fargo Bank N.A. v. McKenna
Alternatives to Mortgage Foreclosure
Deed in Lieu of Foreclosure
Short Sale—A Case Study Involving a Not-So-Average “Joe”
HUD Partial Claim
Bankruptcy Comes in Five Varieties
Chapter 7 Bankruptcy
Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 and the Means Test
Further Eligibility Requirements to File a Petition Under Chapter 7 of the Bankruptcy Code and to Accomplish the Goals of Your Client
Chapter 13 Bankruptcy
Chapter 13 Means Test Form 22C and Chapter 13 Plan Payment Calculations
Duration of the Automatic Stay
The Co-Debtor Stay
Two Year Lift of Automatic Stay Against Real Estate
Landlords Get Some Help
Perfection of a Security
- Post-Foreclosure Sale Bankruptcy Filings
- Protecting the Creditor’s Position
Notice to Creditors and Proof of Claim
How Creditors Can Stay Information
Checklist for Creditors
- Noteworthy Foreclosure Litigation
How to Enforce a Statutory Lien in Bankruptcy
Can a Mortgagee Amend Its Proof of Claim Post-Confirmation?
Is a Debtor Permitted to Modify the Rights of a Mortgage
Lender through Its Chapter 13 Plan?
Can an Untimely Proof of Claim filed by a Creditor be Accepted
by a Bankruptcy Court?
Who is Permitted to File a Proof of Claim on Behalf of a Mortgagee?
Enough is Enough - Serial Filings
What Makes a Chapter 13 Plan Feasible?
When is an Order for Possession Final for Purposes of 11 U.S.C. §362(b)(22)?