Program Details
On Demand

Modification, Loss Mitigation and Other Means to Prevent Foreclosure



Content Partner:  Boston Bar Association
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Description:

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 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 hear about the loan modification process from the non-profit agency's and lender's point of view.

The panelists 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.

Speakers:

Adelina Janiak 
   Neighborhood Legal Services
Todd S. Kaplan
   Greater Boston Legal Services
Matthew Kane
   Bulkley and Richardson LLP
James W. McGarry
   Goodwin Procter LLP
Kate Nicholson
   Parker & Associates
Claire Masinton
   Attorney General HomeCorp Hotline
Virginia Pratt
   Ecumenical Social Action Committee

(Please note that this program is not available for CLE credit.)

 

 

 

 



Practice Areas: Bankruptcy & Creditors Rights, Consumer Bankruptcy, Real Estate Law, Residential Real Estate
Online Media Type: Video
Production Date: 04/24/2013
Level: Basic
Category: Standard
Duration: 2 Hours, 54 Minutes
Online Format: On Demand

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Purchase of this product provides online access for 180 days. If you are purchasing a live webcast, you will receive complimentary access to the on demand version for 180 days once it becomes available. Please note that the on demand and podcast versions may, or may not be accredited in your state.

If you intend to take a course for CLE credit, please make sure your state is listed in the "Accreditation" section to the upper right of the program description. Accreditation displayed is unique to the purchased program format (live conference, live webcast, on demand, podcast). Credit totals listed for live conferences are the maximum credits available. Credits issued will be based upon actual time in attendance.  Credit totals for other formats are for complete programs.  Partial credit is not available for any online or downloadable format. 

 

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Accreditation:

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Speakers:
Adelina Janiak - Neighborhood Legal Services
Todd S. Kaplan - Greater Boston Legal Services
Matthew Kane - Bulkley and Richardson LLP
James W. McGarry - Goodwin Procter LLP
Kate Nicholson - Parker & Associates
Claire Masinton - Attorney General HomeCorp Hotline
Virginia Pratt - Ecumenical Social Action Committee
This product is designed to provide information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought.


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