Handling Real Property-Secured Loans
in Chapter 13 Bankruptcy
A NorthLegal Webinar presented November 20, 2012
Approximate Duration: 2:02 hrs:min
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In recent years, Chapter 13 bankruptcy has emerged as a major tool homeowners can use to change their mortgage obligations.
Through Chapter 13, debtors can cure arrears and in some cases change payments and interest rates and reduce or eliminate entire balances of loans secured by real property.
Courts also use Chapter 13 to impose new obligations on creditors—including complex proof of claim filing and supplemental reporting obligations introduced late last year—and to strip away certain creditors' rights if those obligations are not satisfied "just so."
But although debtors have significant rights, those rights do have limits. Lenders secured by real property have rights as well. And there are steps you can take to reduce, manage or avoid losses if you act promptly and with knowledge.
During this November 1 program, attorney Eric North will talk with lending institutions and loan servicers about the rights and obligations you have when a real property loan borrower files Chapter 13 bankruptcy. Topics will include—
- What effect does discharge in Chapter 13 have on a loan secured by real property? Does the borrower still have an obligation to pay? (The answer might surprise you!)
- How can a debtor use Chapter 13 to cure a delinquent home loan? What should a creditor consider and what steps should a creditor take when a debtor does this?
- When can a debtor use Chapter 13 to force a creditor to accept lower payments or a lower interest rate—or to "cram down" the balance—on a real property-secured loan? How should the creditor respond?
- Under what circumstances may a debtor strip away a creditor's lien on real property entirely, and treat the balance owing as "unsecured?" What mistakes do creditors make that allow this to happen even when it shouldn't?
- What effect does the automatic stay have on pending foreclosures? On foreclosures completed just before the bankruptcy?
- What exactly do the rules adopted late last year require you to include in a proof of claim for a real property-secured loan, and what happens if the rules are not followed?
- When must a creditor file supplemental reports during the course of a Chapter 13 bankruptcy? What must be in the reports?
- What tools does a borrower's Chapter 13 bankruptcy give creditors that—if used properly—can help financial institutions 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 $145.00 if paid by credit card or
$155.00 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.
Webinar scheduling conflict? No problem.
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!