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U.S. Bankruptcy Court

Sep 4, 2015

Secured Creditor – Collateral – ‘Inconsequential Value’

Holding: Although the secured creditor’s claim is for $3,256,020.67 while the collateral is valued at only $432,575, since the value of the creditor’s lien is approximately 13 percent of the value of its total claim, the court cannot say that the collateral is “of inconsequential value” within the meaning of 11 U.S.C. § 1111(b)(1)(B)(i).

Apr 15, 2011

Lender sanctioned for repeated violations of automatic stay

A lender that repeatedly entered a couple's property despite the fact that an automatic stay had been imposed during bankruptcy proceedings has been sanctioned for the violation. The sanction came in In re Sands, a matter in the U.S. Bankruptcy Court for the Middle District of North Carolina. HSBC bank was ordered to pay the Sands' $1,200 in attorney's fees incurred when Winston-Salem attorney Kri[...]

Nov 5, 2010

Class action challenges LPS’ grip on foreclosures

Ever heard of LPS? Many attorneys haven't. But LPS - Lender Processing Services, Inc. - and like business entities exercise more day-to-day control over the conduct of bankruptcy, default and foreclosure cases in North Carolina and beyond than actual "clients." At least that is what several recent lawsuits allege. Shelby-based bankruptcy and foreclosure defense attorney O. Max Gardner III (picture[...]

Aug 2, 2010

Mediated settlement reached in Indian Beach condo dispute

The plaintiff was serving as general contractor on a 70-unit condominium project located at Indian Beach (“the project”) in a contract with Shearin Family Investments, LLC (“Shearin”). The defendant was the construction lender for the project. Beginning in 2007, the plaintiff provided construction services for the project. Shearin was chronically behind on payment, and, the[...]

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