Category archive for ‘Mortgage Modification’ 
Are You an Appraisal Away From a Mortgage Modification?
by Moderator on 7/05/10 | 0 Comment(s)
PROBLEM: MORTGAGES AREN’T BEING MODIFIED Oh, how much easier life would be for homeowners if all that was needed for a mortgage modification was an appraisal. In today’s troubled housing market it does seem equitable, doesn’t it? Demonstrate to your lender that you owe far more than your home is worth, and of course, that [...]
Real Mortgage Modification and the $35.01 TILA Mistake
by Robert Haeger on 6/03/10 | 0 Comment(s)
One of the best ways to force your lender to agree to a real mortgage modification on your home applies if you refinanced your residence mortgage less than three years ago and your lender has started foreclosure proceedings. The federal Truth in Lending Act (15 U.S.C. §§ 1601 et seq.) is the best leverage to [...]
Underwater On A Second Mortgage? Consider Modifying It In Bankruptcy To Lower Payments
by Moderator on 5/02/10 | 0 Comment(s)
The housing crisis is in full swing with unfortunately no end in sight. Your nationally chartered bank has recently notified you that you don’t qualify for their new “when pigs sprout wings” mortgage modification program. You have a second and third mortgage, not to mention a first mortgage that alone exceeds the value of your [...]
New Mexico Leads the Way in Combating Foreclosure
by John Rogers on 3/02/10 | 0 Comment(s)
“As the Obama administration works up its 12,487th plan for keeping underwater homeowners in their homes, New Mexico’s legislation had the courage and good sense to do the obvious: let foreclosed homeowners stay in their home as renters. The New Mexico legislature voted to allow homeowners in houses that sell for less than the [...]
Is HARP The Solution To My Mortgage Modification Problems?
by John O'Connor on 2/28/10 | 0 Comment(s)
John C. Colwell has recently declared non-bankruptcy loan modifications a failure on this forum. Indeed, it is undeniable that federal programs such as The Home Affordable Modification Program (HAMP) have failed to relieve struggling homeowners of mortgage payments they simply cannot afford. The biggest company in the program, Bank of America, has completed modifications for [...]
Dangers of Unperfected Liens
by Richard Stokan on 1/18/10 | 0 Comment(s)
Liens against real property that have not been recorded or were not timely recorded, can be avoided by a Chapter 7 trustee and present a dilemma for a debtor. See 11 USC 544 and 11 USC 547(e)(2)(B). Once a case is filed, the trustee can assert power over the property of the estate. This means, [...]
Non bankruptcy loan modification is a failure.
by John C. Colwell on 1/16/10 | 5 Comment(s)
Today, the AP is reporting what has been clear to all debtor attorneys for some time, that of the complete failure of the ‘voluntary’ loan modificatin programs. See today’s San Diego Union-Tribune article here: http://www.signonsandiego.com/news/2010/jan/15/obama-mortgage-relief-program-fails-to-deliver/ This article suggests the blame should be placed upon Obama, and to be fair, a good portion of the failure [...]
Does Filing for Bankruptcy Allow Me to Walk Away From an Underwater Home?
by John O'Connor on 1/10/10 | 2 Comment(s)
In a word, yes. Filing for bankruptcy allows the opportunity to surrender cars and real estate with no continuing obligation. North Carolina hasn’t been as hard hit as other states in the current housing crisis, however, I still meet with clients all the time who owe more than their homes are worth and can’t find [...]
Renegotiate Before Reaffirming A Debt in Bankruptcy
by Richard Stokan on 12/28/09 | 2 Comment(s)
Often, consumers who wish to keep automobiles through a bankruptcy proceeding are required to reaffirm the debt. Remember that a bankruptcy wipes out your personal obligations to pay debt. In order to keep a financed car, many states require reaffirmation. A debtor must be certain he or she can afford to make the required payments [...]
Why Chapter 13 Bankruptcy Has Your Second Mortgage Lender Feeling “Undersecured”
by Moderator on 12/23/09 | 3 Comment(s)
The current state of the law allows second and third mortgages to be modified in chapter 13 plans when the borrower is already underwater on a first mortgage. The aftermath of the housing crisis has left Americans owing more than their homes are worth……often much more. With millions of American homes underwater and banks unwilling [...]
