Handling Real Property-Secured Loans
in Chapter 7 Bankruptcy
A NorthLegal Webinar presented October 18, 2012
Approximate Duration: 1:54 hrs:min, including Q&A
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Most discussions regarding the treatment of real property-secured loans in bankruptcy focus on Chapter 13 cases, but what about Chapter 7?
Chapter 7 bankruptcy presents lenders with unique challenges when the collateral is real property. Many of the steps that would ordinarily be taken and rules that would apply with respect to other types of debts make little sense in the context of real property loans.
To complicate matters, in many cases your relationship with a real property loan borrower will continue for many years or even decades after the bankruptcy is over. What can (and what can't) you do or say during that time?
And now some debtors are looking to Chapter 7 courts to give them relief (including the stripping of junior liens!) that was previously only available in Chapter 13—and some courts are giving that relief.
During this program, attorney Eric North talks with lending institutions and loan servicers about the rights and obligations you have when a real property loan borrower files Chapter 7 bankruptcy. Topics include—
- What effect does a Chapter 7 bankruptcy have on a loan secured by real property? Does it make any difference if the property is the borrower's principal residence?
- How did the Circuit Court of Appeal for three states justify allowing a debtor to completely strip off a real property secured lien? Is it likely other circuit courts will follow?
- Should you file a proof of claim in Chapter 7 cases?
- Is there any reason to ask for a reaffirmation in Chapter 7 cases? Is there any reason a debtor should agree to one? How is the reaffirmation process different for real estate loans than for other types of loans?
- What effect does the automatic stay have on pending foreclosures? On foreclosures completed just before the bankruptcy?
- What collection problems may you encounter with respect to real property secured loans long after a Chapter 7 bankruptcy has concluded?
- May you modify a real property secured loan after the borrower's liability has been terminated in Chapter 7 bankruptcy? What are the risks, and how can you mitigate against those risks?
- What tools does a borrower's Chapter 7 bankruptcy give you that—if used properly—can help your financial institution make wise decisions and prevent unnecessary loss?
NOTE: This program is intended for employees of consumer lending
institutions. Please contact NorthLegal Training and Publications to obtain approval
before registering if you are not an employee of a consumer lending institution.
The fee to attend this archived program is $160.00 if paid by credit card or
$170.00 if paid by check. For that fee, you or someone from your financial
institution may view this program as often as you like for a period of 30 days.
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Speaker: Eric North
Eric North, the primary speaker at the programs listed on this site, has represented the interests of credit unions and other financial institutions as an attorney with respect to litigation, compliance, governance, bankruptcy and collections matters since 1984. Eric has appeared in state and federal courts throughout the State of California, and has argued before the Ninth Circuit Court of Appeal.
Eric is also a nationally recognized speaker on legal issues relating to consumer
lending institutions, and has presented hundreds of programs on behalf of national,
state and local leagues and associations from around the country.
Watching your training budget? NorthLegal Webinars allow you to train multiple
employees for one low fee.
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Registration for a NorthLegal Webinar allows you to watch it live AND allows you or others from your financial institution to watch it as often as you like for 30 days! If you can't make the live program, you still have
plenty of time to watch at a time that is more convenient for you!