By Robert (Bob) Schuman, Owner/Managing Broker, Network Financial Group Is it 2008 again? For us in the mortgage industry, we woke up this week feeling as if during the night, we were transported back to 2008 when the mortgage industry basically collapsed. Then, Fannie Mae, Freddie Mac, and the FHA were the exceptions. As of March 25, 2020, like everything...
From the Editor – Automatic Stay
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By The Honorable William Houston Brown (Retired)
Administrative freeze violated stay. When the Chapter 7 debtors filed their petition they had four deposit accounts, the balances of which were claimed as exempt under § 522(d)(5). Five days later, the bank placed an administrative freeze on the accounts, and before having notice of the freeze, the debtors had written checks that bounced. The bank notified the trustee of the freeze and asked for direction on what to do with the account funds, and the trustee advised release to the debtors, but the bank did not release . . .
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