Opinion
Case No. 07-21860DK.
September 15, 2008
Deborah K. Curran, Esq., Attorney for Movant.
James R. Logan, Esq., Attorney for Debtor(s).
CONSENT ORDER AND STIPULATION MODIFYING AUTOMATIC STAY
The Movant, Community Development Administration, (Bogman, Inc., Loan Servicer), by its attorney, Deborah K. Curran, and the Debtor, Romaine Ross, by her attorney, James R. Logan, do hereby consent to the following:
1. The Debtor(s) shall cure the post-petition arrears due of $2,412.96, which includes payments in the amount of $533.00 and late charges in the amount of $21.32 for the months of June 2008 thru August 2008, as well as bankruptcy legal fees and costs of $750.00, by making "additional" monthly payments of $402.16 commencing in October 2008 and continuing each month thereafter for a total of six (6) months until the arrears are paid in full. The "additional" payments must be received by the 25th day of the month. Note: Should the Debtor(s) provide sufficient proof of payments made but not yet credited by Movant, the above arrears will be adjusted accordingly.
2. Additionally, in September 2008 the Debtor(s) shall resume making the regular monthly payments of $533.00, or as adjusted for interest rate or escrow changes and shall continue to be bound by all other provisions in the Note and Deed of Trust. The regular payments are due on the first day of the month with a late charge of $21.32 assessed after the fifteenth.
3. Should the Debtor(s) fail to make any payment when due, or should any payment be returned for insufficient funds, the Movant will, by first class mail, inform the Debtor and her attorney. Any payment(s) tendered to cure a default arising under the provisions of this consent agreement must be in the form of certified or cashier's check or money orders. Should the Debtor(s) then fail to cure the default within ten (10) days from the date of mailing of the default notice, the stay shall terminate without further court action and without further court order. The Movant will file with the Court and mail to the Debtor(s) and their attorney an Affidavit of Default and Notice of Termination of Automatic Stay. The Noteholder may proceed to enforce its rights, including but not limited to foreclosure, under the provisions of the Deed of Trust recorded among the land records of BALTIMORE CITY, Maryland, at Liber 6139 and folio 788 and which is secured by the property of the Debtor(s) located at 1518 E. Fairmount Avenue, Baltimore, MD 21231. There is no additional stay provided by Bankruptcy Rule 4001(a)(3).
4. Should there be more than two (2) defaults in payment as provided in this agreement, there shall be no ten day "cure period"; the Movant shall file the Affidavit of Default with the court and mail copies to the Debtor(s) and her attorney and may proceed with collection and/or foreclosure actions.
5. This agreement shall be and become null and void on the termination of this bankruptcy proceeding. Should the Debtor(s) convert to a Chapter 7 proceeding, this agreement shall constitute the Debtor's consent to the termination of the automatic stay and the repayment provisions in Paragraph (1) shall be and become null and void. This agreement shall apply to proceedings for possession of the real property after the foreclosure sale.
6. The Movant and/or its successors and assigns may, at its option, offer, provide and enter into a potential forbearance agreement or loan modification or other loan workout/loss mitigation agreement which does not otherwise require court approval. The Movant may contact the Debtor via telephone or written correspondence to offer such an agreement. Any such agreement shall be non-recourse unless included in a reaffirmation agreement. SO ORDERED The stay shall terminate without further order at the end of the tenth day following the filing of a notice of default under this order, unless a protest of the notice is filed within that time. If a timely protest is filed, the stay shall continue in effect until the protest is adjudicated. If either party objects to this additional term being included in the consent order, that party shall file a motion under Bankruptcy Rule 9023 within ten days of the entry of this order.