F-2-01, Bankruptcy Referral and Completion Timelines (11/12/2014)
Introduction
This exhibit contains bankruptcy referral and completion timelines.
Bankruptcy Referral and Completion Timelines
| Chapter 7 Bankruptcy | ||
|---|---|---|
| Delinquency Status | When to Refer to an Attorney
|
Timeline for Case Completion |
| Mortgage loan is delinquent, but less than 60 days delinquent when the bankruptcy is filed. | May refer for proof of claim preparation if proof of claim is required to be filed. | 2 months and 2 weeks from the 60th day of delinquency to case completion.
|
| Mortgage loan is 60 or more days delinquent or in foreclosure when the bankruptcy is filed. | Refer no later than two weeks after the bankruptcy is filed. | Two months and two weeks from the date of the bankruptcy filing to case completion. |
| Case completion for a Chapter 7 bankruptcy proceeding is defined as: automatic stay terminated, case dismissed or closed, or the borrower receives a discharge and the trustee abandons all interest in the secured property.
|
||
| Chapter 11 Bankruptcy | ||
|---|---|---|
| Delinquency Status | When to Refer to an Attorney | Timeline for Case Completion
|
| Mortgage loan is current or delinquent when bankruptcy is filed. | Refer no later than two weeks from the date of the bankruptcy filing. | No timeline implemented at this time. |
| Chapter 12 and 13 Bankruptcy
|
||
|---|---|---|
| Delinquency Status | When to Refer to an Attorney | Timeline for Case Completion |
| Mortgage loan is delinquent but less than 60 days delinquent when the bankruptcy is filed.
|
May refer for proof of claim preparation and plan review. | Five months and two weeks from the 60th day of delinquency. |
| Mortgage loan is 60 or more days delinquent or in foreclosure when the bankruptcy is filed. | Refer no later than two weeks after the bankruptcy is filed.
|
Five months and two weeks from the date of the bankruptcy filing to case completion. |
| After confirmation of either a Chapter 12 or Chapter 13 plan, the mortgagor becomes 60 days delinquent making payments pursuant to the plan. | Refer when the mortgage loan is 60 days delinquent, but no later than 2 weeks from the 60th day of delinquency. | Five months and two weeks from the 60th day of delinquency.
|
| Case completion for a Chapter 12 or 13 bankruptcy proceeding is defined as: automatic stay terminated, case dismissed or closed, the trustee abandons all interest in the secured property, or the Chapter 12 or 13 plan is confirmed. | ||
Recent Related Announcements
There are no recently issued Announcements related to this topic.
