BANKRUPTCY PETITION FOR OFFICIAL BORROWER COMMITTEE
In re: U.S. Bankruptcy Court Southern District of New York (Manhattan)
Bankruptcy Petition #: 12-12020-mg
Debtor-Residential Capital, LLC aka Residential Capital Corporation
Subsidiary List – See Attached Exhibit A
1177 Avenue of the Americas
New York, NY 10036
NEW YORK-NY
Tax ID / EIN: 20-1770738
Robert Brown, a consumer attorney based in New York will bring the motion for an Official Borrower Committee in the Residential Capital, LLC bankruptcy case. He has experience in lender liability litigation and bankruptcy practice.
12th Floor
2nd Floor
/Chinatown (347) 488-6969
All homeowners who believe they have claims against one of the entities listed on EXHIBIT “A” qualify to participate in the motion to appoint a Borrower Committee. There is no cost to any participant (homeowner) and if the committee motion is granted the debtor in this case, Residential Capital and subsidiaries will pay for the committee expenses pursuant to 11 U.S.C. § 503(b)(4).
Claimants that have lawsuits pending have standing to participate in this motion. Furthermore, homeowners who believe that they have claims, including illegal foreclosure, but do not have a lawsuit pending may still qualify.
Time is of the essence as events are already unfolding which may affect borrower rights. Those events include an $8.7 billion settlement couched as a claim, wherein ResCap and Ally will agree not to challenge repurchase claims with large institutional creditors. Another important issue is the bankruptcy may release Residential Capital, LLC and Ally Financial Inc. from the nationwide loan-servicing and foreclosure settlement.
Bankruptcy law allows for formation of Official Committees in a chapter 11 bankruptcy cases to represent various classes of claimants. In lender bankruptcies it is typical that Indenture Trustees, insurers and large bank claims dominate the committee for the unsecured creditors. The borrowers are included under this committee. Understandably this creates conflicts of interest if the borrower claim is directly against not only the bankrupt entity, but may also be against a Trustee, insurer or bank seated on the committee.
In the American Home Mortgage bankruptcy case, the judge determined that inherent conflicts of interest existed and appointed a separate committee to represent only borrowers. This was the only lender bankruptcy case to date where this occurred. Paula Rush was the driving force behind that committee, served as Chairperson of that Committee, and she will be assisting Robert Brown in the formation of a committee in this case. You may reach Paula to answer any questions you may have at 443-676-3509.
To begin, you only agree to have your client’s name included on the motion for appointment of the committee and prepare a paragraph of background relating to the violations asserted resulting in a claim to be included in the motion. A hearing will be scheduled for the motion and you may attend the hearing, but you do not have to attend. The attorney bringing the motion will argue it before the court on behalf of all participants on the motion.
After the committee motion is granted, the U.S. Trustee will send out questionnaires to ask if you would like to serve on the committee. You do not have to serve on the committee as it is voluntary. Anyone can serve on the committee regardless of what state you are in. Meetings are held via conference calls to discuss what actions the committee will take as the bankruptcy progresses.
For more information, you may contact:
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New lawsuit filed in California Court looking for class members against GMAC/DITECH/GREEN TREE/OCWEN/ALLY for “robo-signing” forged Assignments of deed of trust when the notes were destroyed and GMAC was in BK in NY.
I also was sold out by Gmac Had fire 2009 allstate and gmac went behind lawyers and supposily setted the balance the next month my mortgage was sold like others to ocwen and now they know nothing about this and I owe $49,000 and some change my lawyers can’t help they are useless I just want my title to my home is there a way to find out if it was true they paid the balance there has to be a money trail right? ocwen are just as bad!
GMAC has stopped my long running lawsuit agaist them with a STAY on my case. I have been scammed they sold my home out from underneath me without even calling me, and i was under a payment agreement making payments to Homecomings and GMAC. I have this LAWSUIT sitting in the chatsworth courthouse because this bank never even responded to my requests to resend the sale of my home to a MODIFICATION company that bought my home and did not even get me a MODIFICATION. Please help me to Release the STAY and move my case forward. If the courts let this bank wiggle out and scam as many people on there homes and loans like myself, what is JUSTICE in the USA.
GMAC took my home after chapter 7 they claimed they would modify loan after 2 years of paying on time at the end of 2 years they refused to modify now the banks are saying the foreclosure took place at the end of the 2 years not considering the bankruptcy when the home was surrendered what a mess now they want me to wait 3 years after foreclosure of GMAC this not right I kept agreement now I have no home and loan on hold with bank because I tried to save my home through GMAC
If you received notification of the banckruptcy you will have received a list of DEBTORS listed as GMAC and other affiliate servicers that may have serviced your loans…this means that you were NEVER the debtor but you are the CREDITOR and they owe you money for signing that document called a mortgage…You can claim back your funds as a creditor…this is not legal advice…only my opinion as one of the victims of the fraudclosure and robosigner and my researches…so sign up, make your claim..call the number they gave…and go from there!!!
This is very confusing.. GMAC foreclosed on me, stole my 100,000 down payment. I don’t understand what I’m supposed to fill out.
Can anyone help?
Need explanation of advantage potential in layman’s terms. Asking because I have a current GMAC/ALLY serviced loan and need to know if there is any benefit to this. I know for a fact they did not record the loan but cannot see how this could benefit me just knowing that it is a missing link for them. When they modified the loan, they asked that I allow them to re-record, which required signing to that effect. I declined so unsure the status and what it could potentially mean on my loan.