The Federal government is attempting to force mortgage companies to change the terms of Adjustable Rate Mortgages. With the 2.3 million sub-prime ARMs coming off the teaser rate by the end of 2008, increasing many mortgage payments by hundreds of dollars per month, the crisis grows and grows. This will lead to an estimated [...]
November 2007
The Bankruptcy Court in the Eastern District of Texas, Sherman Division, recently found that a Debtor who sold his home through a wrap around note and who did not pay the mortgage company the money the debtor was receiving from the buyer could not discharge the debt owed to the buyer.
On September 1, 2007, special new rules were added to the steps required for Texas foreclosures. The new rules cover procedures that must occur if the courthouse or county clerk’s office are closed because of inclement weather or other “acts of God.” Now the required postings and filings may occur within 48 hours of the [...]
“So What Happens If I Let My California House Go Back To The Bank?” We get this question a lot. The answer is, IT DEPENDS. Generally, one of the following happens: 1. You still owe the bank a big slug of money; 2. You have a big income tax bill with no cash to pay it; [...]
Traditionally bankruptcy has been known as a last resort, but that is no longer good advice. For many people, bankruptcy is a better choice than sinking further and further into debt, exhausting their savings and retirement plans, putting their homes at risk, or dragging their families into their financial mess. While bankruptcy protection is something [...]
The Internal Revenue Service announced today that interest rates for the calendar quarter beginning January 1, 2008, will drop by one percentage point. The rate of interest is determined on a quarterly basis. For individuals, the overpayment and underpayment rate is the federal short-term rate plus 3 percentage points. The new rate for individuals will [...]
