From the Editor – Classification and Cure of Defaults • NACTT Academy

From the Editor – Classification and Cure of Defaults

By The Honorable William Houston Brown (Retired)

Mortgagee not entitled to default interest rate. If state law permits it and contract provides for default interest and if that rate has become payable prepetition, curing the default requires payment of the default rate, but here mortgage provision for default interest rate was not self-operative, giving mortgagee option to declare entire mortgage debt as matured and to demand default rate. In absence of evidence that mortgagee had informed debtor of its prepetition election to accelerate entire debt, the mortgagee was not entitled to 24% default interest. To . . .

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Chapter 13 No-Look Fees

The NACTT Emeritus Trustees

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As a follow-up to The Academy’s December 3, 2023, issue, three Emeritus Trustees weighed in. Last week’s issue included Cathy Moran’s Chapter 13 NoLook Fees: The Horns of a Dilemma and Trustee Hildebrand’s You Gotta Fix Your Own Screw-ups, On Your Own Dime. You may also want to take note of the comments on each article and add your own.

Members

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By Phil Lamos, Chief Legal Counsel, Office of the Chapter 13 Trustee Lauren A. Helbling (Cleveland, OH) Bankruptcy Rule 2002(a)(5) directs that 21 days’ notice must be given of the “time fixed to accept or reject a proposed modification of a [Chapter 13] plan.” But to whom must notice be given? Specifically, which creditors need to be given notice? This...

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U.S. Trustee Program to Implement Virtual Section 341 Meetings of Creditors Nationwide

The Academy

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These virtual 341 meetings via Zoom will be implemented on a rolling basis through early 2024.

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Herbert L. Beskin

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