You Can Come In, But You Can’t Stay - Judge Grossman Dismisses Debtor’s Case for Re-designating Under the SBRA After Deadlines Have Passed.
Seven Stars on the Hudson Corp., Case No. 19-17544-SMG (Bankr. S.D. Fla. Aug. 7, 2020) Relying on a plain reading of Sections 1188 and 1189 of the Bankruptcy Code, Bankruptcy Judge Scott M. Grossman dismissed the Seven Stars bankruptcy case based on the debtor’s election to proceed under Subchapter V of Chapter 11 after the expiration of the statutory deadlines for filing a plan and holding a status conference.Read More Share This Post
The Evolving Landscape of Florida Reverse Mortgage Jurisprudence By Erin Hoskins, Esq. Florida state and federal courts have increasingly been asked to interpret the terms of reverse mortgage documents to decide whether documents contemporaneously executed along with the mortgage can alter the defined terms of the mortgage. The issues often arise in Chapter 13 bankruptcy proceedings where provisions of the mortgages allow the lending institution to require immediate payment of the amounts secured under the mortgage upon the death of the borrower, if the property is not the principal residence of at least one surviving borrower. The lending institutions typically assert that only the borrower under the terms of the promissory note and other loan documents is the “borrower” under the terms of the mortgage. This situation may prevent a borrower from curing the mortgage under a Chapter 13 plan since only a “borrower” may cure the mortgage under a Chapter 13 plan.Read More Share This Post