What is 8+3?

Chapter 13 Bankruptcy Plan May Permit Modification of Mortgage on Under- Secured Rental Property
Question: How can I deal with a rental property which is under-secured (value is less than the mortgage(s)) and for which I am not receiving sufficient rent and income to cover the mortgage and monthly expenses? One potential option in a Chapter 13 Bankruptcy (if one qualifies) is to propose a modification of the mortgage obligation. Although there are significant limitations in the bankruptcy code, the law does currently allow a debtor(s) to propose to modify a secured claim of a mortgage company on property which is not the principal residence. An example would be...
Fair Debt Collection Practices Applies to Mortgagee’s Attorneys in Foreclosure Proceedings
Attorneys Who Regularly Engage in Collecting Consumer Debts, Including Those Representing Mortgagees in Foreclosure Proceedings, Are Subject to the Fair Debt Collection Practices Act. The United States Supreme Court in the Matter of Heintz v. Jenkins, 514 U.S. 291, 294-95, 115 S. Ct. 1489, 131 L. Ed. 2d 395 (1995) Rejected the Assertion that a Law Firm Representing the Original Creditor Is Not a Debt Collector Under the Provisions of the Fair Debt Collection Practices Act. Some law firms have argued that if they represent the original creditors they are not considered as debt collectors under the provisions of Fair Debt Collection Practices Act. This assertion which is in direct conflict with the provisions of the Act and the authority of the United States Supreme Court in the matter of Heintz supra.

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