Effective December 1, 2011, several amendments have been implemented to the Federal Rules of Bankruptcy Procedure concerning proofs of claim, especially those claims for mortgage debt.  

First, a new official proof of claim form has been adopted.  A copy of the new proof of claim form can be found here

Further, when the proof of claim is filed in a case where the debtor is an individual, and the claim includes an amount other than mortgage principal, a detailed itemization must be filed with the claim.  The itemization must include: principal, interest, fees, expenses, charges, and a statement of the amount necessary to cure any default as of the petition date.  If the security interest is in the debtor's principal residence, a copy of any escrow statement must be attached to the proof of claim and the following form must also be completed and filed with the proof of claim click here.

As has previously been the case, in a Chapter 13 bankruptcy, the Bankruptcy Code allows a debtor to cure an arrearage under his or her Chapter 13 Plan, even if the debt relates to his or her principal residence, and to maintain the payments while the case is pending.  Accordingly, two new supplements to the proof of claim are now required to Chapter 13 claims secured by the debtor's principal residence (these supplements are in addition to the new proof of claim form and the new itemization form).

The first supplement requires notice of any payment change in a mortgage due to a change in the interest rate or an escrow account adjustment.  A copy of this supplement can be found here.  This supplement must be filed at least 21 days prior to the date the new payment amount is due.

The second supplement requires an itemized notice of any fees, expenses, and charges incurred after the bankruptcy case was filed that can be recovered against the debtor.  These expenses include appraisal costs, inspection fees, insurance advances, property tax advances, etc.  A copy of this supplement can be found here.  This supplement must be filed within 180 days of the date the expense was incurred.  

Contact: Keith Poston - keith.poston@nelsonmullins.com or 803.255.9518