Tag archive for ‘Mortgage Modification’
If I walk away from my underwater house, can I be sued for the deficiency?
by Stephen Trezza on 7/20/10 | 0 Comment(s)
With the current housing market in shambles, more and more people find themselves on the verge of foreclosure. Many people find themselves in a situation where the property value is lower than it was when the property was first purchased. This is what is referred to as an underwater mortgage, meaning that there is negative [...]
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 [...]
Beware Of Trial Mortgage Modification Programs
by Moderator on 6/18/10 | 0 Comment(s)
Quite a bit of attention has been given on this forum to the difficulty of getting a mortgage modified. A few of the posts have suggested alternative paths to mortgage modification and of course second and third mortgages can be “stripped” or removed through chapter 13 bankruptcy. However, many Americans are still pursuing the traditional path [...]
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 [...]
Mortgage Companies Prepare For Major Wave Of Foreclosures In 2010
by John C. Colwell on 4/15/10 | 0 Comment(s)
While the markets and the general press make positive extrapolations from the small upticks in corporate profits as a sign of economic recovery, the truth remains, it appears, that it’s the housing market that will ultimately drive whether the economic recovery succeeds or fails. It is clear that these times will pass, and that things [...]
“Long Form” Means Testing: Qualifying for Chapter 7 When Your Income is Above the Median
by Drew Broaddus on 4/09/10 | 2 Comment(s)
Much has been written about the means test since it was enacted as part of the 2005 amendments to the Bankruptcy Code (also known as the BAPCPA). (For an excellent explanation of what the means test is, see Lori Patton’s recent contribution here). However, its application is often poorly understood by individuals who are considering [...]
Why you need to file bankruptcy. . .
by Jay Jump on 3/04/10 | 5 Comment(s)
You can villify me later. For now, I need you to read and get some perspective. Pay attention because we’re going to move fast. You need to file for bankruptcy. Let me say it again for those of you who are still shaking your head. YOU NEED to file for bankruptcy! There, I gave you [...]
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 [...]
Another San Diego bank takeover, failure due to ‘bad’ mortgage loans.
by John C. Colwell on 2/20/10 | 0 Comment(s)
The San Diego Union-Tribune reports, this morning: http://www.signonsandiego.com/news/2010/feb/19/la-jolla-bank-seized-by-federal-regulators/ Another San Diego bank failure due to the mortgage lending fiasco. This is the 4th area bank in recent times, to fail. Will the administration and Congress ever act to allow true mortgage modification in Ch. 13? There are folks who would like to stay in their [...]
