140 consumer bankruptcy attorneys from 32 states came to Washington D.C. today to tell their elected representatives in Congress that the foreclosure crisis is getting worse everyday in their communities. They didn’t just bring bad news, however. They have a solution that will save over 800,000 homes from foreclosure this year alone. The “Helping Families [...]
February 2009
As David Leibowitz reports on Mortgage Law Network, under the “King Amendment” to the mortgage modification bill in Congress (H.R. 200 and S.61), people who got their mortgage by “fraud” won’t be able to get mortgage modifications in Chapter 13. There is no question that borrowers and lenders ignored the risk of loose underwriting requirements [...]
If your mortgage is in foreclosure in Illinois, you have the absolute right to reinstate if you bring the mortgage current within 90 days after you get served with your foreclosure complaint.
Budgeting your money is critical in a chapter 13 bankruptcy case because you will have to make a payment to the chapter 13 trustee every month. If you do not make this payment, your case may be dismissed and you will not gain any benefit from your bankruptcy filing. Therefore, it is very important that [...]
You and your small subchapter S corporation are two different things for bankruptcy purposes. Your wholly-owned corporation has its own tax ID number, its own assets and its own liabilities.
So, your house is in foreclosure. That means that the mortgage company has filed papers to sell your home because you are behind in the payments. (There are other reasons for foreclosures of property, but this is certainly the most common.) There are, generally, three types of remedies to get you out of foreclosure: 1. [...]
