One of the things that troubles those considering filing personal bankruptcy is the fear that it might be impossible to qualify for a home mortgage after a chapter 7 or 13 case. Indeed, it would be a cruel irony if a bankruptcy filing freed you at last from a heavy debt burden, enabling you to finally [...]
Mortgage Issues
In recent months, I have seen a decided increase in the number of mortgage deficiency claims. A deficiency claim, as you may know, represents the difference between the outstanding balance on a mortgage note and the fair market value of a piece of property. In Georgia, where I practice, real estate values have traditionally gone [...]
Approximately 16 months ago, President Obama made a pledge to help 7 to 9 million families avoid foreclosure. Well, the most recent statistics for May 2010 have been released and the statistics confirm that the HAMP program is failing miserably. Since that time, more people have been kicked out of the program (over 435,000 families) [...]
Are foreclosures really slowing down? This question was answered. According to Realty Trac, the answer is yes. It seems the number of foreclosures that were filed were down by 2% over last year. So, what we are really playing is a numbers game. This statistic doesn’t mean that people aren’t losing their homes, it only [...]
The December report of the Congressional Oversight Panel comes as no surprise to consumers and their attorneys; TARP may have prevented a bigger financial crisis for the United States but it has failed to stem the foreclosure crisis
In some states, once bank forecloses and gets your house back, you do not owe them any money. But not everywhere. Check with an attorney in your state. In Michigan, we have foreclosure by publication, an auction process, or through a court. If the mortgage company bids the amount you owe at the foreclosure auction, [...]
