Motion to determine final cure and payment (mortgagee's response agrees with trustee's notice) is a legal process that is used to resolve any disputes between a mortgagee (the lender) and the trustee (the party responsible for handling the mortgage). The motion is typically initiated by the mortgagee and the trustee responds with a notice of agreement. The motion is then heard by a court, which will make a determination on the amount of the final cure and payment. If the court finds that the mortgagee's response agrees with the trustee's notice, then the court will issue an order that sets forth the amount of the final cure and payment. There are two types of Motion to determine final cure and payment (mortgagee's response agrees with trustee's notice): contested and uncontested. A contested motion is one where the parties disagree about the amount of the final cure and payment, while an uncontested motion is one where the parties agree on the amount. In either case, the court will make a determination on the amount of the final cure and payment.
Motion to determine final cure and payment (mortgagee's response agrees with trustee's notice)
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FAQ
Creditors must file a response to the notice of final cure payment within 21 days after service of the notice. This response will state whether the creditor agrees that all arrears have been paid. The response will also state whether any post-petition amounts under the mortgage loan remain unpaid.
Bankruptcy Rule 3002.1(g) provides that once the trustee files a Notice of Final Cure of mortgage payments, a mortgage lender must file a response within 21 days indicating whether it agrees that the arrears have been fully cured and whether payments are current.
Cure Payment means the payment of Cash or the distribution of other property (as the parties may agree or the Bankruptcy Court may order) that is necessary to cure any and all defaults under an executory contract or unexpired lease so that such contract or lease may be assumed, or assumed and assigned, pursuant to
Cure Amounts means all amounts, costs and expenses required by the Bankruptcy Court to cure all defaults and other amounts outstanding under the Assumed Contracts and Additional Assumed Contracts to the extent required so that they may be assumed by the applicable Selling Entities and assigned to Buyer pursuant to
Overview. A Notice of Final Cure Mortgage Payment is filed by the trustee within 30 days of the date the debtor completes all payments under the plan. The purpose of the notice is to state whether the debtor has paid the full amount required to cure the mortgage default.
Stopping the Foreclosure Process Once the foreclosure process has started, a property owner, or another lienholder, may stop the process by ?curing? the default. A written Notice of Intent to Cure must be filed with the Public Trustee's Office no later than 15 days prior to the scheduled sale date.
The discharge releases the debtor from all debts provided for by the plan or disallowed (under section 502), with limited exceptions. Creditors provided for in full or in part under the chapter 13 plan may no longer initiate or continue any legal or other action against the debtor to collect the discharged obligations.