Tag Archives: financing

Mortgage Legal Descriptions: When Is a “Boo-Boo” Fatal (Round 2)?

Posted on February 5, 2013 by BankruptcyRealEstateInsights

Huskey v. Citimortgage, Inc. (In re Huskey), 479 B.R. 827 (Bankr. E.D. Ark. 2012) – Even minor errors can potentially lead to avoiding a mortgage in a bankruptcy.  In this case the debtors tried several avenues of attack to avoid a … Continue reading →

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Mortgage Legal Descriptions: When Is a “Boo-Boo” Fatal (Round 1)?

Posted on January 31, 2013 by BankruptcyRealEstateInsights

In re Thulis, 474 B.R. 668 (Bankr. W.D. Wis. 2012) – Typically an unrecorded mortgage will be void as against a bona fide purchaser under state law.  This in turn will allow an unrecorded mortgage to be avoided in a bankruptcy using … Continue reading →

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Mortgagees Beware: Your Dragnet May Have a Hole In It

Posted on January 17, 2013 by BankruptcyRealEstateInsights

Peoples National Bank, N.A. v. Jones, 482 B.R. 257 (S.D. Ill. 2012) – In Jones, the district court reversed the bankruptcy court and held that a standard dragnet clause in a mortgage was not sufficient to secure an advance made by … Continue reading →

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“Loan to Own” Debtor: Public Interest Overrides Bad Faith Filing

Posted on December 6, 2012 by BankruptcyRealEstateInsights

In re 1701 Commerce, LLC, 477 B.R. 652 (Bankr. N.D. Tex. 2012) – The capital stack for Presidio Hotel Fort Worth, L.P. consisted of (1) a senior loan of $39.6 million from Dougherty Funding, LLC, (2) a junior loan from … Continue reading →

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Golf Fees As Cash Collateral: Strike Three You’re Out

Posted on December 4, 2012 by BankruptcyRealEstateInsights

Far East Nat’l Bank v. U.S. Trustee, San Diego (In re Premier Golf Properties, LP) 477 B.R. 767 (9th Cir. B.A.P. 2012) – Cash collateral is defined in the Bankruptcy Code as including cash, negotiable instruments, deposit accounts, or other cash … Continue reading →

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Valuing Collateral: Do Low-Income Housing Tax Credits Count?

Posted on November 27, 2012 by BankruptcyRealEstateInsights

In re Creekside Senior Apartments, LP, 477 B.R. 40 (6th Cir. B.A.P. 2012) – In valuing a bank claim secured by a low-income housing project for purposes of a plan of reorganization, should the remaining federal low‑income housing tax credits … Continue reading →

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