We're Committing Additional Resources to our Business Continuity and Pandemic Response Plans to Better Protect
The leadership of Padgett Law Group (PLG) is closely monitoring developments related to the novel coronavirus, COVID-19, currently affecting communities across the country and throughout the world. PLG has activated the firm's Business Continuity and Pandemic Response Plans while committing new, additional financial, technological, and human resources to these efforts.
Today, PLG stands ready to respond actively to any threat to the firm's human capital, operations, and clients' interest and is prepared to operate at full capacity with a 100% remote, secured workforce.
Update as of March 24, 2020: PLG operations have gone remote, with upwards of 90% of our workforce now operating from a secure, work-from-home status. All physical offices remain open with core, critical staff operating as-needed onsite.
Certain critical, core functions must be performed in-office and the firm has a plan in place for employees who must operate siloed in PLG offices even during a remote work environment. Regular deep cleanings, social distancing, and early response, as well as the firm's ongoing, proactive approach to employee health, are all contingencies built-in to the firm's plan.
PLG leadership is monitoring daily updates from the federal government, financial services regulators, and the CDC, as well as other sources. Should the firm's Pandemic Response Plan be put into place over the coming weeks, clients will receive further communications; however, clients can expect no interruption to PLG operations or the firm's hands-on, client-focused service.
Closure Tracking Resources for Servicers
NATIONAL COURT CLOSURES
Click here to access the original Law360 post with this infograph or here for a similar resource provided by Docketly.
FLORIDA-SPECIFIC COURT CLOSURES
Click here for a resource on Florida-specific court closures.
FLORIDA EXTENDS FORECLOSURE MORATORIUM
Florida Foreclosure Moratorium has been extended until July 1. Learn more by clicking here.
Servicing Guidiance from GSEs, HUD, and VA
Click here for an interagency fact sheet on forbearance covering FHA, VA, and USDA-insured loans.
Click here to access the Housing Assistance site jointly coordinated through FHFA, HUD, and CFPB.
Click here for details on Fannie's announcement.
FNMA has extended the suspension of foreclosure-related activities through December 31, 2020. “During the period of the extension, servicers may not, except with respect to a vacant or abandoned property, initiate any judicial or non-judicial foreclosure process, move for a foreclosure judgment or order of sale, or execute a foreclosure sale. This suspension does not apply to mortgage loans secured by properties that have been determined to be vacant or abandoned.”
FHFA Update: Click here for updated guidance from FHFA regarding extended moratoriums through December 31, 2020.
Click here for details on Freddie's announcement. Find updated, additional Freddie Mac guidance here from August 27.
Freddie Mac has extended the suspension of foreclosure-related activities through December 31, 2020. “During the period of the extension, servicers may not, except with respect to a vacant or abandoned property, initiate any judicial or non-judicial foreclosure process, move for a foreclosure judgment or order of sale, or execute a foreclosure sale. This suspension does not apply to mortgage loans secured by properties that have been determined to be vacant or abandoned.”
Click here for details on the HUD/FHA announcement.
HUD has placed a moratorium on occupied FHA mortgages through December 31, 2020, which applies to the “initiation of foreclosures and to foreclosures in process”. The moratorium does not apply to vacant and abandoned properties.
VETERANS' AFFAIRS (VA)
For the most up-to-date VA guidance on extended moratoriums, click here for the Foreclosure circular and here for the Evictions circular.
VA has placed a moratorium on occupied FHA mortgages through December 31, 2020, which applies to the “initiation of foreclosures and to the completion of foreclosures in process”. The moratorium does not apply to vacant and abandoned properties.
U.S. DEPARTMENT OF AGRICULTURE
Click here for details on the USDA's original announcement.
On Friday, August 28, 2020, USDA released additional guidance and extended its moratorium through December 31, 2020, along with other agencies. Read the USDA's release here.
CONSUMER FINANCIAL PROTECTION BUREAU
Click here for updates from the CFPB on mortgage servicing rules.
Federal Legislative Response to Crisis
S. 3548 CARES ACT
Status: Signed into Law
On Friday, March 27, 2020 President Trump singed S. 3548 into law. The Coronavirus Aid, Relief and Economic Security Act (CARES Act) is the $2 trillion relief act introduced in the Senate on March 19, 2020. Click here for complete details on the bill from Congress.gov.
Foreclosure moratoriums legislated by the CARES Act expired as of May 17, 2020. However, Fannie Mae, Freddie Mac, FHA, and VA have each issued additional directives extending the moratoriums until June 30, 2020, excluding Vacant and Abandoned Properties.
H.R. 6201 FAMILIES FIRST CORONAVIRUS RESPONSE ACT
Status: Signed Into Law
On March 18, 2020 President Trump signed H.R. 6201 into law. The bill was widely recognized as phase two of the federal government's coronavirus response. Click here for complete details on the bill from Congress.gov.
H.R. 6074 CORONAVIRUS PREPAREDNESS AND RESPONSE SUPPLEMENTAL APPROPRIATIONS ACT
Status: Signed Into Law
On March 6, 2020 President Trump signed H.R. 6074 into law. The bill was widely recognized as phase one of the federal government's coronavirus response. Click here for complete details on the bill from Congress.gov.
Loss Mitigation Guidance and Homeowner Help
HUD has released a Question & Answer Bulletin for homeowners seeking help due to COVID-19 hardship. Click here for the full borrower resource. An updated version of this document from April 14 is available here.
HUD has released new guidance to FHA lenders regarding loss mitigation options available to borrowers. Click here for the full letter from HUD.
HUD Releases Updates to Face-to-Face Requirements
What: On March 13, 2020, the Department of Housing and Urban Development, released a temporary partial waiver as it relates to Face to Face Requirements.
What it Says: Under the waiver, Servicers, must stablish contact with the borrower, using alternative methods, e.g. phone interviews, email, video calling services, for example, Skype, Zoom, Webex, Microsoft Teams, Facetime, GoToMeeting, and other video conferencing technology, to meet the requirements to determine the borrowers circumstances and to determine the appropriate repayment plan, as well as to:
Does Not Apply Too: requirements that are still in place for the Section 248 insurance program.
Length of Waiver: Limited to a 12 month period from the date of issuance (3/13/20).
PLG Announces Six-Part Webinar Series to Meet At-Home Educational Needs for Clients
Access recordings of our past webinar presentations here for continued legal education developed by PLG attorneys.
Handling Texas Decedents
Original Air Date March 2020
Watch it Now
FHA Overview with Marissa Yaker
Original Air Date November 2019
Watch it Now
TX Expedited Foreclosures
Original Air Date July 2019
Watch it Now
Advanced: Manufactured Homes 2.0
Original Air Date November 2018
Watch it Now
Original Air Date October 2018
Watch it Now
Statement of Intentions
Original Air Date August 2018
Watch it Now
Bankruptcy Issues: Round Robin Discussion with PLG Panelists
Thursday, April 23 | 2:00 PM ET
This bankruptcy webinar looks at common servicing issues and our panel of attorneys in various PLG jurisdictions will discuss localized resolution strategies. Moderated by PLG's Managing Attorney of Bankruptcy, Keena Newmark, Esq., attendees will get a varied look at resolving POC plan controls; delays in trustee payments as they relate to MFRS; and objections to post-petition fee notices. Discuss resolution strategies with our panel of presenters in an open Q&A that will conclude the webinar.
VA Conveyances: Timelines, Requirements & Deed Processes
Thursday, May 14 | 2:00 PM ET
Join Marissa Yaker, Esq. and Ryan Martinez, Esq. as they present on VA conveyance issues common to servicing these loans. Issues discussed will include one- or two-state deed requirements; timelines to have the property conveyed; addresses for tax purposes on deeds; and servicer requirements for contact with local tax authorities relating to transfer and conveyance. Close-out this webinar with an open Q&A between attendees and our presenters.
Replevins: Issues and Challenges from a Multi-Jurisdictional Viewpoint
Thursday, June 4 | 2:00 PM ET
Join PLG’s Supervising Attorneys for Florida and Arkansas, Steven Hurley and Mitch Berry, who will discuss the basic replevin processes in their respective states, along with common problem areas for mortgage servicers, and review developing trends and strategies for resolving contested replevins as well as alternative remedies. An open Q&A between attendees and presenters will conclude the webinar presentation.
Bankruptcy Focus: Chapter 11s and Related Litigation Trends
Thursday, June 25 | 2:00 PM ET
Chapter 11 bankruptcies can be notably complex files and PLG's two Chapter 11 specialists, Kris Zilberstein, Esq. and Kim Linden, Esq., will share the stage to discuss common issues and walk through various resolution strategies. Plus, our panel will discuss litigation trends and strategies drawn from their experience with Chapter 11 bankruptcies and the firm's national BK footprint. An open Q&A between attendees and presenters will conclude the webinar presentation.
Title: A Close Look at Common Issues and Pitfalls to Watch Out For
Thursday, July 16 | 2:00 PM ET
Join PLG's Supervising Attorney of Title & REO Operations, Ryan Martinez, Esq. and General Counsel Laura Conrad, Esq., for this focused training on title issues and pitfalls. This guided learning course addresses many of the common problem areas throughout the title process. This training looks at liens, easements, encroachments, and considers common pitfalls in legal descriptions, litigation, and resolution timing. An open Q&A between attendees and presenters will conclude the webinar presentation.
State Snapshot: Trends and Issues in Georgia, Ohio, and Florida
Thursday, August 6 | 2:00 PM ET
Join PLG's Supervising Attorneys for Georgia, Ohio, and Florida as they discuss state-specific hot topics. Moderated by Managing Attorney of Foreclosure, Marissa Yaker, Esq., this multi-state webinar will cover broad foreclosure trends and issues with a deep-dive into state-specific pain points like Georgia's attestation requirement; handling service transfers in Ohio; and Florida litigation. An open Q&A between attendees and presenters will conclude the webinar presentation.