Mortgage Issues

24 Apr The Reverse Mortgage. What You Need To Know!

There is a familiar expression:  "The road to Hell is paved with good intentions!" I'd like to think that the individuals that came up with the concept of the reverse mortgage had good intentions.  The reality I see in my bankruptcy practice is elderly people, who are...

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06 Feb Should You Try to Keep Your Home When You File Bankruptcy?

bankruptcy and my homeThis week an interesting article about Atlanta real estate appeared in a local business blog, and I think that the warning issued by the writer could apply to bankruptcy filers anywhere in the country. Entitled “Easy Money as Landlord of Cheap Homes Proving an Elusive Dream” explains how large investment funds purchased thousands of Atlanta area homes following the 2008 - 2010 real estate crash with the idea of renting them out, securitizing shares in the investment venture, then selling the properties six or seven years hence when prices rebounded. I had a first hand view of this business model because a close friend of mine in the real estate brokerage business worked with one of these investment firms and at times was writing hundreds of offers per week. Politicians and newspapers report that the housing market is improving and prices are headed back up, but no one is looking beyond the raw numbers.
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09 Apr Mortgage Servicer’s Biggest Jackpot Is Home Insurance

jackpotHow would you like to pay for my spring vacation to Maui? Or make my house payment this month? What? you howl. What do I get out of paying your bills? Good question. Please repeat that question when your mortgage lender gets you to pay for insurance on your home that protects only the lender. I'm talking about force-placed insurance. The insurance that your mortgage lender arranges when you let insurance on your property lapse or when you fail to name the lender as an additional insured on the policy. Your mortgage requires that you keep the property insured. When you let the insurance lapse, what happens? The lender charges you an inflated price for the required insurance that does not protect you or your property at all.

False economy

I saw this scenario this week in a pending Chapter 13 case for a lady trying to catch up on her mortgage.
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