beyond bankruptcy

mazyar hedayat

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River East Plaza, LLC v. LNV Corp.

Justia.com Opinion Summary: The debtor's single asset is a commercial building. The lender promptly started foreclosure proceedings in state court, prevailed, and a foreclosure sale of the property was scheduled, but was stayed when the debtor filed for bankruptcy, 11 U.S.C. 362(a)(4). The lender became a participant in the bankruptcy The bankruptcy court rejected the debtor's plan to exchange the mortgage for an "indubitable equivalent," lifted the stay, and dismissed the bankruptcy. The Seventh Circuit affirmed, noting that the lender has waited years to enforce its lien and that the court was not required to further stretch the wait. The lien on Treasury bonds proposed by the debtor would not be equivalent to the lender retaining its lien on the building. 

Posted by mazyar hedayat
 

The (sad) Story of US

I harbor no love for The New York Times, which I consider to be arrogant, liberal, and self-satisfied. But I have to give credit where credit is due. The Old Grey lady has managed to capture the dramatic story of America's post-war economic rise and fall in these chilling graphics. I would have thought the Wall Street Journal or The Economist might have done it instead, but there you go. 

And the numbers tell us we've gotten ourselves into a real mess. Although naturally the Baby Boomers - America's spoiled children - rode the fat part of the curve in the 50's and 60's,  leaving ensuing generations to foot the bill. How typical.

Welcome to the 21st century's Lost Generation.

(download)

Posted by mazyar hedayat
 

Law School Duped Us About Job Prospects: Alumni Suit - Post-grad job numbers, salaries not as high as claimed, say students

http://www.newser.com/story/125587/law-school-duped-us-about-job-prospects-al...


Mazyar M. Hedayat, Esq.
Sent from my iPhone

Posted by mazyar hedayat
 

In re Klaczak (ND IL ED)(J. Cox)

Bankruptcy_court_logo

In re Klaczak, 11-08863
Opinion Jul. 27, 2011
Judge Jacqueline Cox

Click here to view and download the Opinion in .pdf format

Posted by mazyar hedayat
 

Trouble in Mortgage Servicer Land

Photo

Sent from my iPad

Posted by mazyar hedayat
 

Weekly Justia Case Roundup (7th Cir.)

Weekly Summaries Distributed July 29, 2011
Posted by mazyar hedayat
 

Illinois Foreclosure Statistics

(download)

Posted by mazyar hedayat
 

What is the Bankruptcy Mortgage Project?

Bankruptcy_mortgage_project

According to the Bankruptcy Mortgage Project's homepage:

The National Consumer Law Center created the Bankruptcy Mortgage Project as a resource for courts, consumers, trustees, mortgage servicers, attorneys, academics, and others in the bankruptcy community. It organizes and provides access to numerous local rules, forms, general orders, and court opinions addressing a variety of mortgage issues in consumer bankruptcy cases.

The website provides a state-by-state breakdown of available opinions, rules, and policies by Federal Circuit and Bankruptcy District (i.e. Northern District of Illinois, Eastern and Western Divisions, Central District of Illinois, etc.).

The website seems like it ought to be a boon to consumers and bankruptcy lawyers ... but I haven't been able to put it to good use yet. Has anyone else had any luck with it?  
Posted by mazyar hedayat
 

Delich v. Harris (ND IL ED)(J. Schmetterer)

Bankruptcy: In re Caroline Delich,     11-08572
Adversary: Delich v. Harris Bancorp,  11-00891
Opinion issued Jul. 7, 2011
By Hon. Jack B. Schmetterer

Holding: On March 2, 2011 the Court stripped the lien of Harris Bancorp, holder of the 2nd mortgage against the Debtor/Plaintiff's residence. 

Opinion: According to 11 USC 1322(b)(2) the mortgage lien on the Debtor's principal residence may not be modified. However, a wholly unsecured lien can be avoided and cancelled altogether through a Chapter 13 plan. See First Bank, Inc. vs. Van Wie, 2003 WL 1563959(S.D. Ind.2003); In Re Mann, 249 B.R. 831, 840 (1st Cir BAP 2000); In Re Pond, 2001 U.S.App.Lexis 11287 (2nd Cir. 2001); In re McDonald, 205 F.2d 606 (3rd Cir 2000); Bartee vs. Tara Colony Homeowners Assoc, 212 F.3d 277 (5th Cir. 2000); In re Lam, 211 B.R. 36 (9th Cir BAP 1357); In Re Tanner, 217 F.3d 1357 (11th Cir). For the principal to be applied, there cannot be any equity securing a 2nd mortgag lien at the time of valuation of the subject property. In other words, a lien must be wholly unsecured to be avoided and cancelled. Since, at the time of filing, the amount due under the Debtor's first mortgage exceeded the value of the subject real estate, the Harris 2nd mortgage was presumed to be entirely unsecured and could be avoided and cancelled at the conclusion of her plan payments pursuant to 11 U.S.C. 506.

Click here to view the Opinion.
Posted by mazyar hedayat
 

Weinstein & Assoc. v. Lymberoploulos (ND IL ED)(J. Cox)

Bankruptcy_court_logo

Bankruptcy: In re Lymberopoulous,  10-26209
Adv: Weinstein v. Lymberopoulous, 10-02055
Opinion Issued July 13, 2011
By Judge Jacqueline P. Cox

Click here to view and download the opinion in .pdf format

Posted by mazyar hedayat
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