You’ve gotten the letter from your mortgage company. It’s threatening foreclosure. What do you do?
The first thing *not* to do is to ignore it. Putting your head in the sand won’t make the problem go away, and can result in your losing your home.
Typically, mortgage companies spend a fair amount of time “leading up” to [...]

Popularity: 17% [?]

Unlike a Chapter 7, if your spouse files a Chapter 13 bankruptcy, your real property, even if it has exposed equity, will usually not be taken by the trustee.  As long as your spouse’s creditors get at least as much through the Chapter 13 case as they would have received if it was a Chapter 7 [...]

Popularity: 38% [?]

This blog has consistently railed against bailing out the banks and mortgage companies that caused the sub-prime crisis, now spreading throughout the world economy.
As panic slowly spreads, the calls from the banks and mortgage companies for Federal money become deafening.
“Too big to fail” is one of the arguments for helping [...]

Popularity: 27% [?]

How will your real property be affected if your spouse files a Chapter 7 bankruptcy?   
-In New York State, which is not a “community property” state, if the property is only in your name, and his name was never on the deed, then his filing Chapter 7 bankruptcy shouldn’t affect the property at all.  
-If [...]

Popularity: 26% [?]

The Mortgage Crisis is in the beginning stages.  Based upon all the articles and studies that I have been reading, we are about 15% to 25% into this disaster.  So far, the only solutions being offered by the Bush Administration have been negotiation strategies.  Obviously, these ploys have not worked, as the number of foreclosures [...]

Popularity: 29% [?]

Think about giving up your vehicle when you file bankruptcy if you owe more than the vehicle is worth. 
Some days it seems that more of my clients tell me they MUST keep their car than tell me they can’t lose their home.  “How will I get to work?”…  “I need a reliable vehicle”… ”I can’t lose my vehicle”.  [...]

Popularity: 30% [?]

There was a Judge, a Federal Reserve Chairman and a lawyer, each pondering why the mortgage mess keeps dragging down the overall market economy. The Judge could not believe banks would not rewrite loans for a small loss to avoid taking a bigger loss in foreclosure. The Fed Chairman publicly encouraged banks to [...]

Popularity: 19% [?]

There have been alot of reports for the last few weeks on a new company, “You Walk Away”. The company says that, with their help, distressed homeowners can “walk away” from their mortgages, homes, and suffer no consequences. Can this be true? The NewYork Times article by John [...]

Popularity: 31% [?]

The impact on your credit score is the same for a short sale, a deed in lieu, or a foreclosure, a Fair Isaacs representative told bankruptcy lawyers at this weekend’s seminar. It is, he said, the 120 day late payments, which he presumed underlay each of these alternatives, that damages the FICO score. [...]

Popularity: 36% [?]

Senate Bill 2636 (introduced by Harry Reid, D, NV), which contains a provision that would allow a bankruptcy judge to modify a distressed home mortgage loan in chapter 13 bankruptcy, will be up for a vote by the full Senate this week.
Mortgage lenders are fighting this bill, which would help 600,000 Americans save their [...]

Popularity: 31% [?]