| by Michael H. Schwartz, P.C. in Bankruptcy, Firm News

Chase Sanctioned for Failure to Comply with Loan Modification in Bankruptcy Case Handled by White Plains Attorney Michael H. Schwartz

chase-sanctioned-for-failure-to-comply-loan-modification

WHITE PLAINS, NY, May 02, 2015 — JP Morgan Chase Bank, N.A., has been ordered to pay $16,000 as damages after the bank failed to comply with a U.S. Bankruptcy Court order that modified the terms of a mortgage loan held by the clients of Michael H. Schwartz, the White Plains consumer bankruptcy and foreclosure defense attorney announced today.

The Honorable Robert D. Drain, U.S. Bankruptcy Judge, United States Bankruptcy Court for the Southern District of New York, directed Chase to pay the damages in his order dated Nov. 6, 2014. The order came after Mr. Schwartz made a motion on behalf of his clients to sanction Chase for failing to comply with the Court’s order approving the Debtors’ loan modification in Case No. 10-23916 (RDD).

“This award of damages underscores that Bankruptcy Courts are not going to let big banks off the hook when they fail to follow through on the terms of loan modifications for people like my clients,” Mr. Schwartz said. He assists clients in a variety of consumer bankruptcy and commercial bankruptcy cases, as well as foreclosure defense, loan modifications and other debt-related matters at the law firm of Michael H. Schwartz, P.C.

Mr. Schwartz said that an important part of his job as a consumer bankruptcy and foreclosure defense attorney is ensuring that creditors do what they are obligated to do under repayment plans and loan modifications worked out in court.

This Order comes on the heels of the Order received by Michael Schwartz a year earlier by the Honorable Robert D. Drain, U.S. Bankruptcy Judge for the Southern District of New York sanctioning Bank of America, N.A., for contempt for violating a client’s discharge of their debts.

His bankruptcy and foreclosure defense practice has an extensive track record of helping individuals and businesses in the Westchester, Rockland and Putnam County area for more than 30 years. During that time, he has assisted with more than 4,000 filings. Mr. Schwartz was recently recognized for the third consecutive year in a special section of New York Magazine that spotlighted “The New York Area’s Top-Rated Lawyers.”

About Michael H. Schwartz, P.C.

Michael H. Schwartz, P.C., is a New York bankruptcy and foreclosure defense law firm that has been helping individuals and businesses in Westchester, Rockland, Putnam County and the Hudson Valley and New York City areas to overcome their debt and foreclosure issues for more than 30 years. The firm assists individuals with filing for liquidation under Chapter 7 of the U.S. Bankruptcy Code or reorganization under Chapter 13, assists businesses with liquidation under Chapter 7 or reorganization under Chapter 11 and handles foreclosure defense for individuals. The firm’s office is located at One Water Street, White Plains, NY 10601. To learn more about Michael H. Schwartz, P.C., call (800) On My Side or use the firm’s online contact form.