Impact of COVID-19 and the CARES ACT on Mortgages

By Michael McCormick, Senior Partner, McCalla Raymer Leibert Pierce, LLC (Roswell, GA)

H.R. 748, also known as the CARES Act (herein, “the Act”), was enacted into law on March 27, 2020. The Act is meant to address the economic fallout of the Coronavirus pandemic. The Act contains numerous consumer protections, including several pertaining to residential mortgages.

Relief from Foreclosure

Section 4022 of the Act provides foreclosure relief for "federally-backed loans," which means loans (for 1–4 family properties) purchased, securitized, owned, insured, or guaranteed by Fannie Mae or Freddie Mac, or owned, insured, or . . .

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From the Editor

March 24, 2019

By Wm. Houston Brown, United States Bankruptcy Judge (Retired) Discharge - Section 523(a)(8)(A)(ii) does not include “loan.” Denying Navient’s motion to dismiss debtors’ complaint, reviewing the split of authority on whether § 523(a)(8)(A)(ii)’s “educational benefit” included loans, and finding no controlling authority in the Tenth Circuit, the Court concluded that Congress made a distinction between “loan” in § 523(a)(8)(A)(i) and...

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To Conduit, Or Not To Conduit? That Is The Question. Or Less Shakespearean: “Conduit Mortgage Case Law”

The Honorable John P. Gustafson

January 15, 2023

Conduit vs. Direct Mortgage Payments – The Case Law To Consider1 The requirement that debtors pay their mortgage payments to their Chapter 13 Trustee as a “conduit” has advantages and disadvantages. One advantage is the fact that the Chapter 13 Trustee’s records are readily accepted by both the court and creditors in the event of a payment dispute. This advantage...

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Amending or Modifying that Chapter 13 Plan? Don’t be Pedantic, Just Do It!

Jeffrey Bruzek

August 11, 2024

“The obvious struggle for the Court will be the effort to balance their definition of modify, with their passing comments on a debtor’s ability to change their plans during the case.”

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How to Present an Effective Summary Judgment Motion

August 23, 2020

By Hon. Erik P. Kimball, United States Bankruptcy Court for the Southern District of Florida (Used with permission - Originally Published by the Courthouse Beacon, United States Bankruptcy Court for the Southern District of Florida August, 2020) Summary Judgment Applies In Contested Matters Bankruptcy Rule 7056 incorporates all of Federal Rule 56 for purposes of adversary proceedings, adjusting only the...

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What Is the Difference Between an Adversary Proceeding and a Contested Matter?

M. Jonathan Hayes

June 16, 2024

A colleague of mine recently asked “what’s the difference between an adversary proceeding and a contested matter?” My immediate response was “very little.” But I decided to take a look at the rules so I can give a little more thoughtful answer the next time I’m asked.

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Amended Rule 2002(a)(5) – Who Gets Served and Who Petitions the Court for Change?

November 22, 2020

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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Evidentiary Issues Arising from Attempts to Prove Alleged “Facts” Stated in The Monster Mash

October 27, 2019

By Alexander Schmidt1, Law Clerk, and The Honorable John P. Gustafson, United States Bankruptcy Court for the Northern District of Ohio (Toledo) You have never heard – or seen – the Monster Mash. What have you heard, is a song ABOUT the Monster Mash. Let that sink in for a minute. Inevitably, that leads to the obvious question: What facts...

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Farewell to a Powerhouse of Energy!

Sylvia Ford Brown Esq.

September 29, 2024

When you hear the words “gone too soon,” it is usually related to death. Fortunately, that is not the case here. Pamela Simmons Beasley, Chapter 13 Trustee for the District of South Carolina in Columbia, made an indelible impression on me and the NACTT. We will miss you, Pam!

The Long Reach of R. 3002.1

Cathy Moran

August 20, 2023

What are the consequences of a secured lender’s failure to comply with R. 3002.1 in a prior case when the debtor files again? Significant, it seems. . . . since their attorney said he “didn’t see the need” to do so. [Can you guess, now, how this comes out?]

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Fastest Way to Check Tax Refund Is ‘Where’s My Refund?’ Tool at IRS.Gov

February 17, 2019

Offering time-saving alternatives to a telephone call, the IRS reminds taxpayers they can get fast answers to their refund questions by using the “Where’s My Refund?” tool available on IRS.gov and through the IRS2Go app. The IRS issues nine out of 10 refunds in less than 21 days, and the fastest way to get a refund is to use IRS...