Tag archive for ‘underwater home’
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 [...]
Did Bankruptcy Reform Trigger the Housing Crisis?
by Drew Broaddus on 4/16/10 | 0 Comment(s)
As discussed in John Colwell’s recent contribution here, housing – which seems to be at the center of the current economic downturn – is a long way from a rebound, and foreclosures may actually increase in the coming months. After reading Mr. Colwell’s article, I decided to learn a little more about the subject and [...]
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 [...]
I Surrendered My House in Bankruptcy, You Mean To Tell Me I Still Own It?
by Moderator on 2/12/10 | 1 Comment(s)
Well not exactly as you may picture it, but yes, you will still technically own title to your home until the bank clears the title through foreclosure. National Bankruptcy Forum contributor Jay Jump wrote an excellent post a few weeks ago explaining how a Home Owners Association can still come after a homeowner for dues even after the [...]
I’ve decided to file for bankruptcy, do I need to go through with my short sale?
by John O'Connor on 11/20/09 | 2 Comment(s)
The benefit of continuing with a short sale after you’ve decided to file for bankruptcy will hinge on the type of bankruptcy you plan on filing. If you have decided to file for chapter 7 bankruptcy and are currently trying to sell a home via short sale, there is no reason to continue with the [...]
The difficult decision of whether to keep an undervalued home.
by John C. Colwell on 11/18/09 | 1 Comment(s)
Attorney John C. Colwell counsels that the decision of whether and when to give up an undervalued home, should only be undertaken after speaking with a bankruptcy attorney first.
Homeowners Association Dues and Foreclosure
by Jay Jump on 10/16/09 | 1 Comment(s)
One of the many things we advise clients about when they come in to see us is whether or not they should walk away from their home. Often we get client’s who are underwater with negative equity or their Adjustable Rate Mortgage is going to increase drastically and the monthly payment will no longer be [...]
