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NACBA Negotiates Limited Modification of Automatic Stay in
FYI
Subject: NACBA Negotiates Limited Modification of Automatic Stay in
ResCap Case
Date: 16 Jul 2012 09:34:28 -0400
Reply-To: admin@NACBA.org
To: bklawr@bklaw.com
NACBA Negotiates Limited Modification of Automatic Stay in ResCap Case
Dear Fellow NACBA Member:
As many NACBA members know, ResCap and various associated entities
including GMAC Mortgage have filed a chapter 11 case in the Southern
District of New York. Upon reviewing the first day orders in that
case, which permitted the chapter 11 debtors to continue pursuing
foreclosure proceedings outside of bankruptcy and proofs of claim in
individual bankruptcy cases, NACBA became concerned that the orders
did not fully permit individual borrowers to defend their homes as
they ordinarily could.Therefore, NACBA obtained counsel in the
Southern District of New York and filed proceedings objecting to the
orders and seeking broader relief from the automatic stay.
As a result of those proceedings, the Court directed the chapter 11
debtors to negotiate with NACBA, and the wording of the Order
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