News + updates + recent press
The United States Bankruptcy Court for the Southern District of Ohio has implemented a Mortgage Modification Mediation (“MMM”) program. This MMM program is similar to the one enacted in Florida in 2014. The MMM program is designed to function as a forum for debtors and creditors to reach a consensual resolution when a debtor’s property is at risk of foreclosure or any other adverse action.
PLG’s familiarity with the MMM process
Padgett Law Group (“PLG”) is already familiar with the MMM program being that PLG has been involved in MMM mediations in Florida since its enactment in 2014. This allows PLG to seamlessly assist its clients in navigating this process in Ohio.
Why Client’s Need Counsel at The Beginning of The Case
The MMM process begins by the Debtor including language in the Non-Standard Provisions of the Chapter 13 Plan that he or she intends to participate in MMM. The Debtor must then file a Motion for Referral to Mortgage Modification Mediation. The Debtor must also make adequate protection payments of 31% of gross monthly income, less HOA fee or the contractual mortgage payment (whichever is less) on homestead property and 75% of the rental proceeds for non-homestead property.
It is important to evaluate whether or not these adequate protection payments are sufficient and if not, timely file an objection. Moreover, it is important to determine if the adequate protection payment amount is sufficient to cover escrow. If not, then there is an argument that it is not “adequate protection” and therefore objectionable.
Marissa Yaker Brings PLG its Second Consecutive Top Five Finalist in the Annual Women in Housing Awards
With open nominations, each category is narrowed to just five finalists each year in a peer review conducted by Five Star Global’s editorial group. 2020 Finalists are featured in the September issue of The M Report. The full issue can be accessed here.
PLG was previously recognized in the same category when Keena Newmark, Esq., the firm’s Managing Attorney of Bankruptcy was also a top-five finalist, making the 2020 award the firm’s second consecutive year in the awards’ top five nominees. In 2019, Newmark was the only non-servicing professional recognized in the category. The same year, The M Report recognized PLG as a Top 25 Place to Work in the default services industry.
“PLG has always been supportive and open to my interest in training clients, educating peers, speaking on panels, writing articles, and volunteering with our trade associations. I’m grateful to be recognized by Five Star Global for those efforts. I am passionate about the work we do and it’s a defining moment in my career to be recognized along with such other esteemed leaders,” said Marissa Yaker, Esq.
Chief Development Officer Robyn Padgett added, “We have always aggressively pursued the best talent in the industry and invested in their growth as #PadgettPeople. Having two finalists, back-to-back, in the Rising Business Leader category speaks to that commitment and the firm takes great pride in the success of Marissa and Keena.”
Yaker joined PLG in 2017 and has practiced in the residential mortgage default space since 2013. She is licensed to practice in the state Florida. In her role as Managing Attorney of Foreclosure, Yaker oversees foreclosure processing and operations across seven physical locations within the firm’s footprint which includes Florida, Georgia, Tennessee, Arkansas, Texas, and Ohio.
The 2020 Five Star Conference will be held virtually September 14-15 and winners of the Women in Housing Awards will be featured in the October issue of The M Report. Yaker is moderating a LL100 Fall Servicing Summit panel during the Five Star conference and will be a featured moderator during PLG's web summit, PANDIFFERENT, available on October 1.
PLG BLOG DISCLAIMER
The information contained on this blog shall not constitute legal advice or a legal opinion. The existence of or review and/or use of this blog or any information hereon does not and is not intended to create an attorney-client relationship. Further, no information on this blog should be construed as investment advice. Independent legal and financial advice should be sought before using any information obtained from this blog. It is important to note that the cases are subject to change with future court decisions or other changes in the law. For the most up-to-date information, please contact Padgett Law Group (“PLG”). PLG shall have no liability whatsoever to any user of this blog or any information contained hereon, for any claim(s) related in any way to the use of this blog. Users hereby release and hold harmless PLG of and from any and all liability for any claim(s), whether based in contract or in tort, including, but not limited to, claims for lost profits or consequential, exemplary, incidental, indirect, special, or punitive damages arising from or related to their use of the information contained on this blog or their inability to use this blog. This Blog is provided on an "as is" basis without warranties of any kind, either express or implied, including, but not limited to, warranties of title or implied warranties of merchantability or fitness for a particular purpose.