Tag Archives: claim determination

Default Interest: Is a Mortgagee Entitled to Collect the Contract Rate, or Must It Be Reasonable?

Posted on March 11, 2014 by BankruptcyRealEstateInsights

In re Haldes, 503 B.R. 441 (Bankr. N.D. Ill. 2013) – An oversecured mortgagee’s proof of claim included default interest for the period from the date of the bankruptcy filing through confirmation of a plan of reorganization.  The debtor argued that … Continue reading →

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Chapter 11 Claim: Nonrecourse + No Equity = Disallowed Claim… Or Maybe Not

Posted on February 14, 2014 by BankruptcyRealEstateInsights

In re B.R. Brookfield Commons No. 1 LLC, 735 F.3d 596 (7th Cir. 2013) – A chapter 11 debtor sought to disallow the claim of a second mortgagee that held a nonrecourse loan that was totally underwater (i.e., the property was worth … Continue reading →

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Mortgage “Strip Off” in Chapter 7: Dewsnup Fails to Prevail – Go Figure

Posted on February 11, 2014 by BankruptcyRealEstateInsights

McNeal v. GMAC Mortgage, LLC (In re McNeal), 735 F.3d 1263 (11th Cir. 2012) – A chapter 7 debtor sought to “strip off” the second mortgage lien on her home.  The bankruptcy and district courts declined, and the debtor appealed to … Continue reading →

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Untimely Secured Proof of Claim: The Ghost of Dewsnup May Save the Day

Posted on February 7, 2014 by BankruptcyRealEstateInsights

Shelton v. Citimortgage, Inc. (In re Shelton), 735 F.3d 747 (8th Cir. 2013) – A secured creditor holding a mortgage on the residence of two chapter 13 debtors filed a proof of claim almost seven months after the claims bar date.  The … Continue reading →

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Unrecorded Mortgage Assignment: If You Snooze, You Can Lose

Posted on January 24, 2014 by BankruptcyRealEstateInsights

In re First Mortgage Fund, Inc., 498 B.R. 180 (E.D. Mich. 2013) – A debtor (First Mortgage), which was the mortgagee of record, foreclosed a mortgage and obtained title to the foreclosed property notwithstanding that it had assigned the note and … Continue reading →

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Underwater Liens: Can A Federal Tax Lien Be Stripped Off In A Chapter 13?

Posted on January 17, 2014 by BankruptcyRealEstateInsights

Ryan v. United States of America (In re Ryan) 725 F.3d 623 (7th Cir. 2013) – A chapter 13 debtor sought to void a federal tax lien under Section 506(d) of the Bankruptcy Code to the extent that it exceeded the value … Continue reading →

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