Attachment is a powerful remedy used by commercial creditors to quickly and inexpensively force commercial debtors to pay their outstanding debts by freezing and seizing their assets. Recently, Scheer Law Group, LLP (“SLG”) successfully attached $2,700,000.00 of a loan guarantor’s assets for the benefit of its client.
Attachment is a pre–judgment remedy under which certain … Continue reading
A little known result of the passage of the Dodd-Frank Wall Street Reform and Consumer Protection Act (“Act”) (Pub. L. 111-203, H.R. 4173, Section 14), was to extend and clarify the Protecting Tenants at Foreclosure Act (“PTFA Act”), Pub. Law 11-22, 123 Stat. 1632, 1660 (2009).
In essence, the PFTA increased the eviction notice period … Continue reading
A very troubling case for lenders has recently come out from the Bankruptcy Appellate Panel for the Ninth Circuit. If you place an administrative hold on funds on deposit, without moving immediately for relief from the stay to set off (or in cases where you have a direct security interest, to apply the security … Continue reading
One result of the “subprime fallout” is that lenders are taking more care to ensure that their loan proceeds are not diverted upon escrow close. What about those loans that have already closed in violation of the Lender’s instructions or where the Lender already foreclosed? The Court in the very recent case … Continue reading
There is some confusion re the effect of the recently enacted federal law entitled Protecting Tenants at Foreclosure Act (PL 111-22), and the impact it has on the eviction notice that is required to be provided to tenants after a foreclosure. Many people believed that the new law mirrored recent California legislation that increased … Continue reading
(as published in the United Trustees Association Quarterly, Summer 2009)
A bankruptcy filing can be an effective tool for a debtor-defendant in a state court action to avoid a trial. The automatic stay of 11 USC 362 immediately stops the state court litigation upon the filing. However, the filing of the bankruptcy by a defendant … Continue reading
The following case is a case that evidences the wide range of actions that are raised to challenge residential loans, using everything from TILA and RESPA to Fraud and Unfair Business Practice Claims. SLG moved to dismiss and the claims were pared back, eventually resulting in a negotiated settlement and quick dismissal of the matter … Continue reading
Overview: A moratorium on certain foreclosures in the State of California will be implemented at the end of May of this year. The foreclosure moratorium has a variety of “twists and turns” that should be noted below. The moratorium does not prohibit foreclosure sales, it delays them. The restrictions last until January 1, 2011. … Continue reading
As many of you know, SB 1137 was recently enacted. The provisions are applicable to loans that were originated between January 1, 2003 and December 31, 2007, when security is taken on a borrower’s principal residence. There are many facets to the bill. The most important is that effective September 8, 2008, any lender … Continue reading
At the beginning of a chapter 13, the playing field is essentially level. The chapter 13 Trustee and the creditors have an equal opportunity to review the debtor’s schedules and object to a debtor’s plan, making sure the debtor meets the specific requirements outlined by the Bankruptcy Code and applicable case law. Among other considerations, … Continue reading
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