A mortgage company owns your mortgage, that is, lent you the money to buy your home. But you send your payments to a mortgage loan servicer, usually at a P. O. Box out of your state. That address is a lock box operation. That is, people are paid to open the envelope with your [...]
November 2007
Governor Schwartzenegger and the four largest mortgage servicers have announced a plan to help homeowners with adjustable rate mortgages avoid foreclosure of California homes. Four servicers, Litton, GMAC, Countrywide, and Homeq , will offer modification to homeowners who live in the home; are not behind on their payments; and prove they can’t afford the step [...]
With limited exceptions, after an account becomes delinquent, information about the delinquency can only appear on a credit report for seven years plus 180 days. According to the FTC Commentary, this time period is not extended if the debt is sold or if full or partial a payment is made on the debt. However, if [...]
As a Bankruptcy Attorney in Southwest Florida, I speak with bankruptcy clients who are surrendering their homes in one of the worst housing markets in the United States. Bankruptcy is usually their only option to a void the negative consequences of the foreclosure process. One of the unfortunate complications of this reality is the state [...]
If you’re a consumer thinking about filing bankruptcy, you probably know about the “means test,” or Form B22, which must be filed with your case. The means test looks at your monthly household income and expenses, using prescribed formulas in an effort to see if you should be required to file a chapter 13 repayment [...]
The Federal Trade Commission has a website devoted to Identity Theft. It contains information for consumers, businesses, law enforcement, and military families. In addition to providing tips to avoid identity theft, the site has information for victims of identity theft, and quizzes and information to educate individuals regarding identity theft. The FTC’s website is also [...]
