Tag: bankruptcy

Underwater Properties

Underwater Properties

By Jim Macklin
Secure Document Research

Underwater Properties

Continue reading “Underwater Properties”

Strategic Debt Restructuring


Strategic Debt Restructuring

By: Jim Macklin
Secure Document Research

How many property owners in this country experienced the flush of “money for nothin’ and kicks for free” during the build-up to 2008? Champagne, boats, leisurely weekends at the lake all came part & parcel to those who were able and willing to leverage themselves at the urging of their local and national banks.

Obviously, those days were hazy and fast-paced for those caught up in the whirlwind of easy money provided by Wall St. and the MBS profits. I can still see the faces and attitudes of the mortgage brokers, loan officers and title company agents who were suddenly the darlings of the communities across the U.S.

Continue reading “Strategic Debt Restructuring”

10/6/2012 – Sacramento, CA – Full Day CLE Workshop Seminar: Bankruptcy Strategies for Distressed Multiple Property Owners and Homeowners in using Chapter 11

10/6/2012 – Sacramento, CA – Full Day CLE Workshop Seminar: Bankruptcy Strategies for Distressed Multiple Property Owners and Homeowners using Chapter 11

October 6th, 2012 – in Sacramento, California (Auburn)

Venue is the Holiday Inn Auburn, CA http://auburnhi.com (Subject to change, check back often)

We are seeking approval for Minimum Continuing Legal Education (MCLE) from the State Bar of California for 6.75 Total credit hours.

SECURE DOCUMENT RESEARCH
Auburn, CA 95603; ph: 530.888.9600

DTC Systems, Inc
[email protected]
http://www.dtc-systems.net

Presented by:
Secure Document Research and DTC Systems, Inc
http://www.dtc-systems.net in Association with the Yarmy Law Group http://yarmylawlv.com/

REGISTER EARLY, LIMITED SEATING IS AVAILABLE
Register: http://sdr-sacramento.eventbrite.com/

Standard attorney enrollment fee is $497.00
Standard Property Owner/Homeowner enrollment fee is $197.00

Visit us at http://www.dtc-systems.net

If you have any problems registering for this event, you can also register by sending PayPal payments directly to [email protected]

Problems Registering? Call 530.888.9600

Presented by:
Secure Document Research and DTC Systems, Inc. in Association with the Yarmy Law Group
REGISTER EARLY, LIMITED SEATING IS AVAILABLE

Workshop Information
This is a comprehensive 1-day workshop CLE seminar for lawyers and paralegals: Bankruptcy Strategies for Distressed Multiple Property Owners and Homeowners using Chapter 11

We are seeking approval for Minimum Continuing Legal Education (MCLE) from the State Bar of California for 6.75 Total credit hours.

Speakers:

1. James Macklin
Owner of Secure Document Research providing Securitization Research and Analysis. While working briefly within the securities industry, Mr Macklin has been focused on the study of economics and macro-economics for over fifteen years, gathering professional insight into Generally Accepted Accounting Principles, Financial Accounting Standards, business ethics, securitization and the effects of “Control Fraud” (William Black, Professor; U.M.K.C.,) on market analysis. Mr. Macklin is now committed to the education, en mass, of the legal industry as a tool for the protection of rights of the under-sophisticated investing and borrowing public at large. James Macklin has over 10,000 hours of research into Securitization, Title and Publicly Recorded Instruments.
[email protected]

2. Daniel Edstrom
President of DTC Systems, Inc, having been in Information Technology for the last 18 years as a Systems Architect and Software Architect.The transformation of complex business requirements to complex Wall Street Engineering was an easy one. Securitization Expert, Daniel Edstrom analyzes complex financial engineering securitization transactions as well as providing a failure analysis, with well over 10,000 hours of research into Securitization and Title. Besides working for his own company, Daniel is a Senior Securitization Analyst for the Garfield Firm (www.garfieldfirm.com).
 [email protected]

3. Steve Yarmy
I started a chapter 11 practice about three years ago to assist businesses and individuals who were hard hit by the drastic decline in property values. I have filed over 50 chapter 11 bankruptcies. I have achieved enormous success in confirming the chapter 11 plans. I attribute my success to building relationships with the creditors attorneys, along with a developed strategy in processing the chapter 11. This process has been duplicated by other chapter 11 attorneys because of my streamlined strategy.
Do to the success achieved in Las Vegas chapter 11’s, I initiated a practice in the Reno area (Yarmy Law Group).  Currently, I associate with the Kidder Law Group which is located in the Reno area. We have over 7 plans on file, and expect a tremendous confirmation rate.
Recently, I have a Pro Hoc Vice with a California attorney in an effort to pass on the success to parties in California. We anticipate working closely with counsel in California to expand the case load there.
Presently, I devote most of my time to chapter 11 bankruptcies and any litigation resulting from lender practices. I plan to continue this trend for sometime moving forward.
[email protected]

4. Chris Craig, M.B.A.
Legal Assistant to Steve Yarmy

*Both James Macklin and Daniel Edstrom are not attorneys.

THIS WORKSHOP AND/OR ANY MATERIALS DISTRIBUTED AT THE WORKSHOP IS NO SUBSTITUTE FOR LEGAL ADVICE FROM LOCAL COUNSEL LICENSED TO PRACTICE IN THE COUNTY AND STATE WHERE THE SUBJECT PROPERTY IS LOCATED. The information presented is for general information for you to understand the current context of foreclosures and to enable you to ask relevant questions of an attorney of your choosing. Any opinions presented here, along with facts, cases, examples or arguments, may not apply to your case. You should consult with local licensed counsel before employing them.

Venue:
Venue is the Holiday Inn in Auburn, CA
http://auburnhi.com (Subject to change, check back often)

Registration:
Pre-Registration is required and can be done on this website or over the phone at 530.888.9600, with payment by PayPal to [email protected]. Tickets will be emailed after payment is completed.

Pricing:
Attorneys: $497.00 for the one day worksho
Property Owners / Homeowners: $197.00 for the one day workshop

We are seeking approval for Minimum Continuing Legal Education (MCLE) from the State Bar of California for 6.75 Total credit hours.

Workshop Agenda

8:30–9:15 Introduction: James Macklin / Daniel Edstrom
9:15–10:00 Consummation and Closing Failure Analysis: Daniel Edstrom
10:00–10:15 Morning Break
10:15–11:00 Understanding the Purpose of the Recording Statute: James Macklin
11:00–11:45 Chapter 11 Bankruptcy Introduction: Chris Craig, M.B.A.
11:45 to 1:00 Lunch
1:00–1:45 Attracting Clients & Using the Creditor to Pay Attorneys fees: Steve Yarmy, Esq.
1:45–2:30 Filling out the Petition & First Day Motions: Steve Yarmy, Esq.
2:30–2:45 Afternoon Break
2:45–3:30 Operating Reports, Property Valuations and Motions: Steve Yarmy, Esq.
3:30–4:15 Panel Q&A

** Schedule subject to change without notice **

Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

By Daniel Edstrom
DTC Systems, Inc.

8/25/2012 – Emeryville, CA – Full Day CLE Workshop Seminar: New Tools & Strategies for Distressed Homeowners

August 25th, 2012 – in San Francisco, California

Register here: http://www.eventbrite.com/event/4021261702

Venue is the Hyatt House in Emeryville, CA http://emeryville.house.hyatt.com

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

SECURE DOCUMENT RESEARCH<br>Auburn, CA 95603; ph: 530.888.9600

DTC Systems, Inc.

[email protected]

http://www.dtc-systems.net

Presented by:
Secure Document Research and DTC Systems, Inc.

http://www.dtc-systems.net

in Association with the Garfield Continuum and Neil F. Garfield, Esq. http://livinglies.wordpress.com

REGISTER EARLY, LIMITED SEATING IS AVAILABLE
Standard enrollment fee is $497.00.

Visit us at http://www.dtc-systems.net

If you have any problems paying for this event, you can also pay by sending PayPal payments directly to [email protected]

Problems Registering? Call 530.888.9600

Presented by:
Secure Document Research and DTC Systems, Inc. in Association with the Garfield Continuum and Neil F. Garfield, Esq.
REGISTER EARLY, LIMITED SEATING IS AVAILABLE

Workshop Information
This is a comprehensive 1-day workshop CLE seminar for lawyers and paralegals: Deny and Discover: New Tools & Strategies for Distressed Homeowners

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

Speakers:

1. James Macklin

Owner of Secure Document Research providing Securitization Research and Analysis. While working briefly within the securities industry, Mr Macklin has been focused on the study of economics and macro-economics for over fifteen years, gathering professional insight into Generally Accepted Accounting Principles, Financial Accounting Standards, business ethics, securitization and the effects of “Control Fraud” (William Black, Professor; U.M.K.C.,) on market analysis. Mr. Macklin is now committed to the education, en mass, of the legal industry as a tool for the protection of rights of the under-sophisticated investing and borrowing public at large. James Macklin has over 10,000 hours of research into Securitization, Title and Publicly Recorded Instruments.
[email protected]

2. Daniel Edstrom

President of DTC Systems, Inc, having been in Information Technology for the last 18 years as a Systems Architect and Software Architect.The transformation of complex business requirements to complex Wall Street Engineering was an easy one. Securitization Expert, Daniel Edstrom analyzes complex financial engineering securitization transactions as well as providing a failure analysis, with well over 10,000 hours of research into Securitization and Title. Besides working for his own company, Daniel is a Senior Securitization Analyst for the Garfield Firm (www.garfieldfirm.com). [email protected]

3. Neil Garfield

Neil F. Garfield, M.B.A., J.D., 61, is the winner of dozens of academic awards, a popular speaker, and author of technical treatises on law and economics. He has come out of retirement with a bang and financial institutions should take note. He knows them from the inside-out, who the deciders are, and how they arrived at a catastrophic scheme to defraud people, agencies, institutions and governments all over the world. For more information on Neil Garfield visit his website at www.livinglies.wordpress.com

4. Daniel Hanecak

Daniel Hanecak, B.A. J.D., will be speaking on motion practice and recent court experience. Mr. Hanecak is licensed in California and specializes in complex real property litigation. Mr. Hanecak is currently representing homeowners against banks and mortgage servicers for fraud and wrongful foreclosure.

*Both James Macklin and Daniel Edstrom are not attorneys.

THIS WORKSHOP AND/OR ANY MATERIALS DISTRIBUTED AT THE WORKSHOP IS NO SUBSTITUTE FOR LEGAL ADVICE FROM LOCAL COUNSEL LICENSED TO PRACTICE IN THE COUNTY AND STATE WHERE THE SUBJECT PROPERTY IS LOCATED. The information presented is for general information for you to understand the current context of foreclosures and to enable you to ask relevant questions of an attorney of your choosing. Any opinions presented here, along with facts, cases, examples or arguments, may not apply to your case. You should consult with local licensed counsel before employing them.

Venue:

Venue is the Hyatt House in Emeryville, CA

http://emeryville.house.hyatt.com

Registration:
Pre-Registration is required and can be done on this website or over the phone at 530.888.9600, with payment by PayPal to [email protected]. Tickets will be emailed after payment is completed.

Pricing:
$497.00 for the one day workshop.

This workshop has been approved for Minimum Continuing Legal Education (MCLE) by the State Bar of California. Total credit hours approved are 6.75 hours.

Workshop Agenda

8:30–9:15 Introduction: James Macklin / Daniel Edstrom

9:15–10:00 The Securitization Process and Chain of Title: James Macklin

10:00–10:15 Morning Break

10:15–11:00 Prospectus, Pooling/Servicing and Trust Agreements: James Macklin

11:00–11:45 Discovery / Procedure: Neil F. Garfield, J.D., M.B.A.

11:45 to 1:00 Lunch

1:00–1:45 Proprietary Currency, Appraisals and Ratings: Neil F. Garfield, J.D., M.B.A.

1:45–2:30 Law and Motion Practice / Recent Courtroom Experience: Daniel Hanecak, Esq.

2:30–2:45 Afternoon Break

2:45–3:30 Credit Enhancements in Action: Daniel Edstrom

3:30–4:15 Panel Q&A

** Schedule subject to change without notice **

GMAC Residential Capital Declares Bankruptcy

GMAC Residential Capital Declares Bankruptcy

By Daniel Edstrom
DTC Systems, Inc.

According to Residential Funding Corporation, GMAC was one of the largest entities securitizing loans in 2000.  This bankruptcy probably has an impact on nearly every single GMAC based loan or loan that was securitized by GMAC.  Many of the GMAC deals pledged the loans to the trusts but never actually perfected the transfer.  This could mean that your “lender”, “creditor” or “owner” of these loans is one of the many related entities of Residential Capital (RESCAP) – which may be a problem because they have probably been paid in full.  Many of these entities had a security interest in the money advanced to fund the loans, even though they were not the named lender.  Many of these entities were required and obligated to make payments on the borrowers loans – and they did in fact make payments.  Many of these entities had guarantee agreements with other parties (such as servicers) to reimburse them for payments of principal and interest made on borrowers loans.

Here is the list of related entities RESCAP is attempting to consolidate into one bankruptcy:

New Century Mortgage Corporation Bankruptcy May “Restart” Because Residential Borrowers Were NOT Notified of the Bankruptcy

 

 

 

New Century Mortgage Corporation Bankruptcy May “Restart” Because Residential Borrowers Were NOT Notified of the Bankruptcy

By Daniel Edstrom
DTC Systems, Inc.

New Century Financial Corporation and its related entities filed voluntary bankruptcy on April 2, 2007.  Persistent Pro Se homeowners are holding the New Century Bankruptcy to task by insisting they, like thousands of other homeowners (if not tens of thousands) were never notified of the New Century bankruptcy.  Homeowners with claims would be considered “creditors” in the New Century bankruptcy.  If the judge resets the bar date, the bankruptcy would “start over”, or at least the claims period would be opened once more.  If this occurs, it is possible New Century would have to notify homeowners with New Century loans that they may be potential creditors.  Because of the fraudulent paperwork created by mortgage services and lenders, the number of claims by residential borrowers skyrocket.

The New Century Liquidating Trust insisted the Pro Se borrowers were wrong and everything was fine.

The next hearing on the matter is May 23 2012 in Judge Carey’s courtroom in Delaware.  On April 25, 2012, this is briefly what happened at the Omnibus hearing according to “Abby”:

Judge Carey came out for the homeowners in today’s telephonic hearing.  Hahn  & Hessen, the appointed trustee’s counsels from NYC, wanted to do the substantive arguments TODAY..but Carey shot them down.  They wanted to have only a cross examination of Atty. Uhland on May 23rd and Carey shot them down – he said no. He expected direct and cross.  He is taking this as a WHOLE NEW evidentiary hearing.  Atty. Uhland had been responsible for the bar date publication for one day each in the Wall Street Journal and the Orange County Register.

Homeowner/borrowers were never notified of the bankruptcy even though New Century had the contact data for each homeowner/borrower.

Also, the appointed bankruptcy trustee, Alan Jacobs was ordered back for the hearing on May 23, 2012 as well as Atty. Uhland.   Pro se Homeowner/borrowers will have about a month to prepare their questions for testimony from Atty. Uhland and the bankruptcy trustee Alan Jacobs.

For a list of other loan originators who have imploded and declared bankruptcy, such Mortgage Lenders Network USA, Inc. and Accredited Home Lenders, Inc., go to the infamous “Implode-O-Meter” (TM) website (http://ml-implode.com/) from Martin Andelman, author of the Mandelman Matters Blog (http://mandelman.ml-implode.com/)

Omnibus Reply of the New Century Liquidating Trust to Objections to Motion for Entry of An Order to Determine That the Debtors Have Complied with the Order Establishing Bar Dates for Filing Proof of Claim and Approving Form, Manner and Sufficiency of Notice Thereof [D.I. 1721]:  http://dtc-systems.net/wp-content/uploads/2012/04/NCLT_DI-10853_re_Bar_Date.pdf

Response of Molly S. White and Ralph N. White in Objection to the New Century Liquidating Trust Motion Requesting an Order That the Debtors Have Complied with the Bar Date Order for Filing Proofs of Claim and Approving Form, Manner and Sufficiency of Notice:  http://dtc-systems.net/wp-content/uploads/2012/04/Pro_Se_objection_to_NCLT.pdf

New Century Liquidating Trust 1st Quarter 2012 financials:  http://dtc-systems.net/wp-content/uploads/2012/04/1st_qtr_2012_financials.pdf

There are numerous other objections from other Pro Se’s, but this is the only one we currently have.

You Know You Are Going To Lose When …

You Know You Are Going To Lose When …

By Daniel Edstrom
DTC Systems, Inc.

Posted by Neil F. Garfield on livinglies.wordpress.com on 3/31/2012 (http://livinglies.wordpress.com/2012/03/31/you-know-you-are-losing-when/).  Study this until you have it committed items 1 through 10 to memory.

Taking a line from Jeff Foxworthy, I have compiled the following guidelines of how to know when you are going to lose against the thieving bank seeking to steal your property. You might call it, “You know your screwed when…”

Note: The premise of this article is taken from various points made on this blog and others. The main point is that the obligation to repay the loan arose when the money transaction took place. When money exchanged hands it is presumed that the expectation was that it would be repaid. So the only defenses that exist and the only two defenses that will get the judge’s attention are PAYMENT and WAIVER. Failing to address these issues head on right at the beginning of the first pleading and the first hearing, will most likely lead to failure in the case. Read the appellate decisions that are in favor of the banks and servicers; they all start with a recitation of “facts” that are not true but which nonetheless are taken as true because the borrower failed to put them in issue as contested facts.

Start with the origination documents. If you don’t know whether they have merely reproduced the note and mortgage, then deny it and make them prove it. They could be fabricated from whole cloth. Continue reading “You Know You Are Going To Lose When …”

in RE Crawford – No Chapter 13 Payments Required

in RE Crawford – No Chapter 13 Payments Required

By Daniel Edstrom
DTC Systems, Inc.

Thanks to Deontos for this case.  The property is not underwater and the debtor has agreed to pay all claims upon sale of the property in a reasonable time.  Until the property is sold, no payments will be made on the loan.  Plan approved by the bankruptcy judge.

Excerpt 1

The central question in this case is whether a Chapter 13 plan is confirmable where (a) the plan provides for payment in full of a first-mortgage lienholder upon sale of real property in which a debtor has substantial equity, but (b) where the debtor fails to provide for regular payments during the life of the plan. Put another way, may a debtor’s plan be confirmed where the debtor makes no regular payments through the plan, but, instead, makes payment, in full, to all creditors – secured an unsecured – upon sale of her real property under the plan, which property is valued far in excess of all creditors’ claims – secured and unsecured. Continue reading “in RE Crawford – No Chapter 13 Payments Required”

In RE Androes – World Savings Bank lien avoided in Kansas Bankruptcy in February 2008

Seal_of_KSIn RE Androes – World Savings Bank lien avoided in Kansas Bankruptcy in February 2008

By Daniel Edstrom
DTC Systems, Inc.

In this Chapter 7 bankruptcy the trustee was able to avoid the lien from a World Savings Bank loan because the mortgage acknowledgement was missing a date.  As such the lien was never perfected.

Excerpt 1

Trustee Carl B. Davis seeks summary judgment on his complaint against debtor Mark Androes and World Savings Bank (“World Bank”).1 Trustee’s complaint seeks (1) to avoid World Bank’s mortgage on Androes’ homestead as unperfected because the acknowledgment of the debtor’s signature is undated and (2) to avoid as preferential World Bank’s lis pendens to the extent it attached to the home. World Bank filed a response to the Trustee’s motion and a counter motion for summary judgment.2 The Trustee filed a reply to World Bank’s response, which also served as his response to World Bank’s motion for summary judgment.3 World Bank filed a reply to the Trustee’s response to its motion for summary judgment.4 Debtor filed no response. Continue reading “In RE Androes – World Savings Bank lien avoided in Kansas Bankruptcy in February 2008”