Lending Institution Hit with $375,000 Penalty for Violating Federal Bankruptcy Rule

December 7, 2016      |      Milos Gvozdenovic, Esq.   

According to Federal Bankruptcy Rule 3002.1, holders of secured claims on a Chapter 13 debtor's primary residence are required to file a detailed notice with the court for recovery of all post-petition fees, expenses and charges it seeks to recover from the debtor. The purpose of this requirement is "to promote further transparency and more emphatically safeguard debtors' fresh starts."...

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Lenders May Recover Excess Bid Money Following Michigan Appellate Court Decision

October 25, 2016      |      Daniel E. Best, Esq.,    Stuart A. Best, Esq.   

Typically when a property is entering foreclosure, it is sold at auction at a sheriff's sale. Lending institutions, such as banks, hope to recover money lost when the borrower stopped making payments on their mortgage. Usually the lender will set the opening bid at either the balance of the loan, or the fair market value of the property, whichever is less....

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D.O.L.L.A.R. Deed Program Presents New Alternative to Ohio Foreclosures

September 21, 2016      |      David W. Cliffe, Esq.   

Starting this fall, a new foreclosure law will help Ohio borrowers in default on their residential mortgages by allowing them to rent the property for a period of time with a purchase option. The foreclosure alternative is called the D.O.L.L.A.R. Deed Program, and was created following the passage of House Bill 303. The program goes into effect September 28, 2016 and is meant to combat neighborhood blight and preserve home ownership....

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What Do the Revisions to Ohio's Foreclosure Procedures Mean for Creditors?

September 13, 2016      |      Larry R. Rothenberg, Esq.   

In an abrupt move to beat the summer recess, the Ohio legislature passed H.B. 390, which becomes effective September 28, 2016. Despite the bill's title, "Sales tax-exempt sale of natural gas by municipal gas company," the 212-page bill includes numerous provisions applicable to Ohio's foreclosure procedures, affecting the options available for creditors. Among the significant new provisions are a procedure to expedite foreclosures on vacant and abandoned residences, and a standardized process to request the use of a private selling officer (in lieu of the Sheriff) to conduct the sale. While the details are too extensive to cover completely here, I have highlighted some of the main points. To discuss the new bill in greater detail, please contact Mr. Rothenberg directly....

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UPDATE: Ohio Medicaid Eligibility Changes to Significantly Increase Need for Qualified Income (Miller) Trusts

July 12, 2016      |      Sara M. Donnersbach, Esq.,    Thomas R. Kendall, Esq.   

Income requirements for Medicaid eligibility will change as the result of rule amendments recently announced by the Ohio Department of Medicaid. Previously, only individuals with a disability who fell into a specified income range were eligible for Medicaid. Under the new rules, individuals who qualify for federal Supplemental Security Income will automatically qualify for Medicaid....

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How are Venues for Civil Lawsuits Chosen in Ohio?

June 2, 2016      |      Amanda R. Yurechko, Esq.   

For the simple fact of convenience, most Ohio plaintiffs prefer the court where their case will be tried to be near them. It is frustrating for plaintiffs to ask witnesses to appear at a trial, or to attend a hearing, across the state. However, the plaintiff's preferred trial court is not always an option due to venue requirements as outlined in the Ohio Rules of Civil Procedure....

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