Fwd: NACBA Negotiates Limited Modification of Automatic
Posted: Mon Jul 16, 2012 8:59 am
Good news!
On Jul 16, 2012 8:38 AM, "Mark J. Markus" wrote:
> FYI
>
> -------- Original Message -------- Subject: NACBA Negotiates Limited
> Modification of Automatic Stay in ResCap Case Date: 16 Jul 2012 09:34:28
otices@NACBA.org> Reply-To:
> admin@NACBA.org To: bklawr@bklaw.com
>
> 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
The post was migrated from Yahoo.