Loan Modifications And Foreclosure Statistics – Are Loan Modifications An Exit Strategy For Foreclosures Or Band Aids Applied To A More Serious Wound?

By Marie-Ann Greenberg, Chapter 13 Trustee District of New Jersey (Fairfield)

As we contemplate the role that loan modifications play within a Ch. 13 bankruptcy, we must also examine how we got here. Since the financial housing collapse in 2008, approximately 4.9 million foreclosures were completed. The inventory became a staggering figure and for many still is. Who is going to purchase these properties? Certainly not the young adults who are straddled with overwhelming student loan debt. To counteract the situation, loan modifications became one of many tools used by all players in the foreclosure action. However, loan . . .

It looks like you are not signed in or registered! This content is only available to members.

Or sign in below:

No Author Biography has been linked to this Article.

Fourth Circuit Overrules Own Precedent, Holds Certain Primary Residence Claims Can be Crammed Down in Chapter 13 Bankruptcies

October 20, 2019

(First published here on August 19, 2019. Used with permission.) By Daniel Cohn, Esq., Legal Department, Wells Fargo Bank, N.A. General Rule: No Primary Residence Mortgage Changes The general rule in bankruptcy is that debtors cannot cram down loans secured only by mortgages on their primary residences. But wait, “what’s a cram down?” you ask. For non-bankruptcy folks, a cram...

Members

Obtaining Credit in Chapter 13 – Did the Amendment to FRBP 4001(c) Eliminate Motions to Incur Additional Credit?

March 1, 2020

By Nathan E. Curtis and Peter Francis Geraci, Geraci Law LLC (Chicago, IL) Time does not stand still while a debtor is in Chapter 13. Nor do income and expenses. Ideally, consumer debtors who have filed a chapter 13 would not need to obtain credit during the term of their plan. Unfortunately, circumstances sometimes get in the way. The most...

Members

Applying the Principles of “Lady Justice”

Beverly M. Burden

June 16, 2024

“I recently had the opportunity to consider the symbolism of the well-known “Lady Justice” emblem or statue and pondered how the principles attributed to that icon apply to our present bankruptcy system.”

Members

How to Manage Incompetent, Unprepared, and Unreasonable Creditor Bankruptcy Counsel

The NACTT Emeritus Trustees

March 19, 2023

Recently, the Emeritus Trustees (“ETC”) commented on “How to Manage Incompetent, Unprepared, and Negligent Bankruptcy Counsel”. We now turn to ETC to share their collective wisdom when addressing the issues raised by incompetent, unprepared and unreasonable creditor counsel. CREDITOR ATTORNEY REPRESENTATION ISSUES Several ETC Trustees list the following as problematical during their tenure. Attorney claims lack of authority from creditor...

Members

Constitutional Interpretation and State Bankruptcy Laws: Chief Justice Marshall on Sturges v. Crowninshield (1819)

M. Jonathan Hayes

March 31, 2024

Launching a new feature - Supreme Court Corner - Jon Hayes will periodically share a look at a historical bankruptcy case. As the title indicates, Sturges v. Crowninshield looks at state bankruptcy law in the absence of federal law.

Members

Ask Ms. Ps & Qs

December 8, 2019

By Professor Nancy Rapoport Dear Readers: I know, I know—I’ve been absent from this column for a while,1 but I’ve found a set of cases that intrigued me, so here goes. In several cases, bankruptcy courts here in Nevada have made it clear that lawyers should do a better job of proving up their fees (and proofreading them), especially when...

Members

Escrow 101 – Part 3 of 3

September 19, 2021

By Michael J. McCormick, Esq., McCalla Raymer Leibert Pierce, LLC (Roswell, GA) Escrow 101 – Part 1 Escrow 101 – Part 2 Escrow 102 – Part 1 Escrow 102 – Part 2

Members

Plan Payments Current But Patience Exhausted

Henry E. Hildebrand, III

March 29, 2026

Pro se Chapter 13 debtor’s case would be dismissed with a bar on refiling even though debtor was current on her confirmed plan payments due to her abuse of the bankruptcy process, including litigious but pointless pleadings, and continuing effort to relitigate matters already decided by the court.

Members

The Periphery of Bankruptcy Law: The Importance of Non-Bankruptcy Issues in Consumer Bankruptcy – A Study

Edward C. Boltz

February 23, 2025

This study by Professor Pamela Foohey defends the integration of consumer protection laws into bankruptcy courts but with at least one missing piece . . .

ABI Commission on Consumer Bankruptcy – Statement of Intention: Deadlines and Consequences

June 23, 2019

By Henry E. Hildebrand, III and Sloan Hastings Section 521(a)(7) requires a chapter 7 debtor to file a statement of intention for “debts secured by the property of the estate.” The debtor must choose to (1) reaffirm the debt, (2) surrender the collateral, or (3) redeem the collateral. Reaffirming the debt contractually binds the debtor to pay the debt even...

Members

Loan Modifications And Foreclosure Statistics – Are Loan Modifications An Exit Strategy For Foreclosures Or Band Aids Applied To A More Serious Wound?

Link to Post:

It looks like you are not signed in or registered! This content is only available to members.

Or sign in below:

Related Articles

Fourth Circuit Overrules Own Precedent, Holds Certain Primary Residence Claims Can be Crammed Down in Chapter 13 Bankruptcies

Obtaining Credit in Chapter 13 – Did the Amendment to FRBP 4001(c) Eliminate Motions to Incur Additional Credit?

Applying the Principles of “Lady Justice”

How to Manage Incompetent, Unprepared, and Unreasonable Creditor Bankruptcy Counsel

Constitutional Interpretation and State Bankruptcy Laws: Chief Justice Marshall on Sturges v. Crowninshield (1819)

Ask Ms. Ps & Qs

Escrow 101 – Part 3 of 3

Plan Payments Current But Patience Exhausted

The Periphery of Bankruptcy Law: The Importance of Non-Bankruptcy Issues in Consumer Bankruptcy – A Study

ABI Commission on Consumer Bankruptcy – Statement of Intention: Deadlines and Consequences

Academy

Members

Website

Legal

Looking to Become a Member?

Webinars

Member Articles

Industry News

To get started, please let us know which of these best fits your current position: