Bankruptcy Forms to Change December 1st

November 17, 2015      |      Keri P. Ebeck, Esq.   

As of December 1, 2015, the United States Bankruptcy Courts will mandate usage and filing of the forms approved at the Judicial Conference in September 2015. Although many of the official bankruptcy forms will change, those effecting lenders and creditors directly include: proof of claims, mortgage attachment (also known as 410A form), notice of payment change, notice of post petition expenses and the reaffirmation agreement cover page....

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Michigan's Proposed Legislation to Create a Single, State-Wide Court Electronic Filing System

October 07, 2015      |      Jennifer T. Dillow, Esq.   

Currently, only a handful of courts throughout the State of Michigan allow for the electronic filing of documents pursuant to Michigan Supreme Court Orders, and the courts that do allow for electronic filing, do not use a single system for electronic filings. On September 30, 2015, Senate Bills 531, 532, and 533 were introduced into the Michigan legislature, proposing the creation and funding of a single, state-wide court electronic filing system....

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CFPB Takes First Step Toward Banning Arbitration Agreements in Consumer Contracts

October 07, 2015

The Consumer Financial Protection Bureau (CFPB) announced today that it is proposing rules which would limit arbitration clauses in consumer contracts such as credit card agreements, private student loans, and payday loans, among others. The CFPB is publishing an outline of the proposals under consideration in preparation for a Small Business Review Panel, which will gather feedback from small industry stakeholders. This is the first step in the process of a potential rulemaking on this issue....

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Update to Illinois Grace Period Notice Needed for Residential Foreclosures

October 06, 2015      |      Casey B. Hicks, Esq.   

Illinois law requires a Grace Period Notice (GPN) be sent to the mortgagor(s) prior to commencing an action to foreclose a mortgage secured by residential real estate....

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Can We Recover Attorneys' Fees in Michigan?

September 10, 2015      |      Michael P. Herzoff, Esq.   

The litigation clients of WWR's Michigan's office often inquire whether attorneys' fees incurred from a borrower's default are recoverable? A positive response to this inquiry depends upon numerous factors and requires several planning stages to increase the odds of such recovery, even where a borrower later files for bankruptcy....

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An Analysis of Ohio's Proposed Deed-in-Lieu and Leaseback Program

August 28, 2015      |      Larry R. Rothenberg, Esq.   

On August 25, 2015, House Bill 303 was introduced into the Ohio legislature, proposing the creation of a program whereby a borrower can give its mortgage holder a deed in lieu of foreclosure and remain in possession of the property pursuant to a lease with the mortgage holder, while the borrower waits for approval for financing or other mortgage assistance by the Federal Housing Administration....

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