Tag archive for ‘Mortgage Modification’
Why you need to file bankruptcy. . .
by Jay Jump on 3/04/10 | 1 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 a little emphasis to Read more>>
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 Read more>>
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 homes and Read more>>
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, Read more>>
Is There a Connection Between the Grateful Dead and Chapter 13 Bankruptcy?
by John O'Connor on 12/29/09 | 1 Comment(s)
Amazingly, yes. Remember this line from Touch of Grey?
“I know the rent is in arrears
The dog has not been fed in years
It’s even worse than it appears
but it’s all right…….”
Is it possible that the Dead were giving their audience a bit of legal advice? Perhaps suggesting chapter 13 bankruptcy as a way to “get out Read more>>
Why Chapter 13 Bankruptcy Has Your Second Mortgage Lender Feeling “Undersecured”
by Moderator on 12/23/09 | 2 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 Read more>>
Is my lender more likely to modify my mortgage if I file for chapter 13 bankruptcy?
by Moderator on 11/16/09 | 1 Comment(s)
Consumers are often surprised to learn that they can modify some secured debts, such as car loans in a chapter 13 bankruptcy. Unfortunately, legislation that would have allowed for debtors to modify first mortgages on their primary residences died this year in Congress leaving homeowners searching for answers. Even lenders that have received bailout funds are still Read more>>
Cramdown/Mortgage Modification Legislation Has Problems in Senate
by Jeff Herrick on 4/29/09 | 0 Comment(s)
A legislative proposal (S.61) that would allow Bankruptcy judges to modify first mortgage debt in certain bankruptcy cases appears to be losing momentum in the U.S. Senate. The so-called “Cramdown” legislation, which passed a key vote in the House of Representatives in early March, has been facing more opposition in the Senate and Read more>>
