Foreclosure Processor Prommis Holdings Files Chapter 11

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Foreclosure Processor Prommis Holdings Files Chapter 11

Foreclosure Processor Prommis Holdings Files Chapter 11

Bloomberg-

Prommis Holdings LLC, which provides processing services for defaults and foreclosures in the residential mortgage industry, sought bankruptcy protection from creditors without citing a reason.

The company, based in Atlanta, listed debt of more than $50 million and assets of as much as $50 million in Chapter 11 documents filed today in U.S. Bankruptcy Court in Wilmington, Delaware. Ten affiliates also filed for bankruptcy.

Prommis officials determined that it’s “in the best interests of the company, its creditors, and other parties in interest,” to seek court protection under Chapter 11 of the U.S. Bankruptcy Code, according to court documents.

[BLOOMBERG]

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One Response to “Foreclosure Processor Prommis Holdings Files Chapter 11”

  1. Dan says:

    Here’s a Pacer link: http://ecf.deb.uscourts.gov/doc1/04211336327

    Who knows: Will Prommis require Court approval to:

    1. file Notices of Default, Notices of Trustee Sale, future foreclosure documents of any type?
    2. transfer the file on behalf of the servicer or lender to another entity

    If so, does that open the door for objections to be filed based on “not a party in interest” ?

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