Category Archive for : ‘Articles’

Get Ready for CFPB Periodic Statements

Servicers, sharpen your pencils: now is the time to gather resources for development and deployment with regard to bankruptcy periodic statements.  While compliance with the Consumer Financial Protection Bureau (CFPB or Bureau) mandate is not required until April 10, 2018, the reality is that the rollout should occur well-before that deadline.  There are still many unanswered questions and further CFPB clarification is unlikely.  The industry will have to rely on logic and reason, as well as prior holdings to formulate statements and implement policies and procedures that will (hopefully) ensure the highest likelihood of consistent compliance.

A small contingent of mortgage creditor representatives met with

The Best Defense is a Good Offense in Litigation

A LOOK AT HOW THE DOCTRINE OF JUDICIAL ESTOPPEL HAS EVOLVED INTO AN EFFECTIVE COUNTER-ATTACK FOR SERVICERS

While default rates across the country have significantly decreased, there remains a deluge of litigation brought against servicers. Contested foreclosures initiated by borrowers are often colorful, and take on a variety of forms depending on the jurisdiction. Borrowers’ efforts to stop foreclosure or delay proceedings indefinitely may include filing a counter-claim in a judicial proceeding or filing separate action alleging wrongful foreclosure and requesting injunctive relief. These claims often follow trends specific to the jurisdiction, and include alleged statutory violations, standing or document issues, or

SouthLaw, P.C., a law firm focusing on the protection of creditors’ rights in Missouri, Kansas, Nebraska and Iowa, has recently hired a new associate attorney for its Omaha, Nebraska office.

Liliana E. Shannon joined the firm in June 2017and is an Associate Attorney in the Omaha, NE office. She is currently admitted to practice law before all state and federal Courts in Nebraska. She obtained his B.A. in Biology from Drake University in 1999.  She obtained his law degree from the Creighton University in 2004.  Liliana focuses her area of practice on representing creditors’ rights in litigation involving chain of title defects, lien priority disputes, boundary disputes and contested foreclosures.

Kansas Supreme Court Clarifies Standing Issues

The Kansas Supreme Court recently clarified a number of issues concerning judicial foreclosure actions [FV-I, Inc. v. Kallevig, 2017 Kan. LEXIS 135 (Kan. Apr. 21, 2017) (motion for modification or rehearing pending)].

The history of Kallevig is beyond the scope of this article. A thorough understanding requires a review of both FV-I, Inc. v. Kallevig, 2013 Kan. App. Unpub. LEXIS 426, 301 P.3d 789 (Kan. Ct. App. May 17, 2013) and FV-I, Inc. v. Kallevig, 2015 Kan. App. Unpub. LEXIS 86, 342 P.3d 970 (Kan. Ct. App. Feb. 6, 2015).

The principal issues addressed in Kallevig are:

1. Under the Uniform Commercial Code (UCC), what must a plaintiff

SouthLaw, P.C., a law firm focusing on the protection of creditors’ rights in Missouri, Kansas, Nebraska and Iowa, has recently hired Lisa C. Billman, an associate attorney for the Bankruptcy Department located in the corporate office in Overland Park, Kansas.  She is currently admitted to practice law in Missouri and Kansas. Lisa obtained her B.S. in German Education from the University of Missouri-Columbia in 2005. She obtained her law degree from the University of Kansas-School of Law in 2011.

Lisa has concentrated her practice of law in bankruptcy and related litigation since 2011.

DS News Article

SouthLaw, P.C., a law firm focusing on the protection of creditors’ rights in Missouri, Kansas, Nebraska and Iowa, has recently hired two new associate attorneys for its West Des Moines, Iowa office.

James J. Larson joined the firm in January 2017 and is an Associate Attorney in the Iowa Foreclosure Department located in the West Des Moines, Iowa office. He obtained his B.S.B.A. in Finance/Accounting from the Drake College of Business and Public Administration in 2011. He obtained his law degree from Drake University Law School in 2014 and is currently admitted to practice law in both state and federal courts in Iowa.  James currently focuses his practice on representing financial

The current City of Omaha, NE ordinance requires property owners, which can include servicers or lenders, to register abandoned and vacant properties.  If the property is subject to the ordinance, the owner must register the property with the City and pay a $500 fee.  In addition, the property must be re-registered and a new $500 fee must be paid every 90 days.  Please be advised that the investor needs to be aware of the attached notice because they only have 30 days to register the property.

The good news is that the ordinance is only applicable to properties that are BOTH not being maintained and are unoccupied.  It is not applicable to any property

Pitfalls for Creditors When the Plan Pays an Escrowed Loan in Full

A chapter 13 plan that treats your creditor client’s claim by paying it in full may appear at first glance to be a treatment that benefits both parties. If the note is already set to amortize within the life of the plan and the debtor is current, then treatment in the section of the plan for payment of claims in full is most appropriate because the treatment already aligns with the amortization schedule in the note.  Similarly, if the property is non-residential, modifying the claim by paying it in full over the life of the plan is an option