The U.S. Court of Appeals, Fourth Circuit, has become the first U.S. Court of Appeals to approve “chapter 20″ lien stripping. Although virtually all U.S. bankruptcy courts allow the “stripping” (vacating and eliminating) of completely unsecured junior mortgages on homestead real estate, the Fourth Circuit is the first circuit-level appeals court to approve lien stripping [...]
Mortgage Modification
Homeowners experiencing financial difficulties can avoid losing their homes by getting a mortgage modification. The trouble many people have is getting their mortgage company to agree to grant them an affordable modification. Recently, several Bankruptcy Courts have gotten involved in the mortgage modification process. The Courts call it a “loss mitigation program”. The program offers [...]
Unless Congress acts, the Mortgage Forgiveness Debt Relief Act of 2007 will expire on December 31, 2012. What is this law, you may ask. Stated simply the Mortgage Forgiveness Debt Relief Act waives any tax due on debt forgiveness if you are able to negotiate a mortgage modification. Without this waiver, any amount of forgiven [...]
Many people are filing a Chapter 13 Bankruptcy in order to stop a foreclosure even though they are in a middle of a loan modification. It is not uncommon for a debtor to be in the middle of a loan modification feeling secure while relying on the mortgage company when they say “don’t worry we [...]
For Floridians, Federal Bankruptcy Court is proving to be a far superior avenue for actually saving homes than our state court judicial system. The homeowner, with the help of a qualified bankruptcy attorney, can encapsulate and protect as much of his assets as possible while eliminating the uncertainty created by a failed foreclosure system. Homeowners [...]
