Mortgage Ethics and Loan Modifications

By Marie-Ann Greenberg, Chapter 13 Standing Trustee, Fairfield, NJ

I. Ethical Requirements of Professionals Appearing Before The Court:

a. Of Mortgagee/Servicer Attorneys – From The Perspective Of Debtor Counsel

1. Proof Of Claim Process – Fundamental to the operation of Chapter 13

A. In re Obasi, No. 10-10949-SHL, 2011 WL 6336153 (Bankr. S.D.N.Y. Dec. 19, 2011) (Lane) (Attorney and law firm violated Bankruptcy Rule 9011 by failing to review proofs of claim . . .

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Dear Readers: We’re now at the season where things go a bit wacky, and one thing that can go wacky has to do with people who are represented by counsel who want to talk with you. “Let’s cut out the middleman,” they think. After all, what harm could it be to save time? Plenty of harm, actually: Model Rule 4.2...

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