When you file for bankruptcy, you are generally given three choices with regard to a secured debt; that is, a debt that is attached to a lien on something you own.  The Bankruptcy Code specifically deals with reaffirmations and when and how they must occur.  That information appears elsewhere on this site and there is [...]

Popularity: 11% [?]

That is the guess of  a Washington Think tank based on the Case-Shiller home price index, as reported in today’s Los Angeles Times.
Supposedly, this will complete the deflation of the housing bubble started by Mr. Greenspan.
This will put more homes underwater, worth less than the amount of the mortgages borrowed against the house.
This writer has [...]

Popularity: 21% [?]

In Rachel Foley’s recent posting here, she urges readers to think once, twice, three times about trying to represent yourself in bankruptcy. About a month ago, I posted on a “painful to watch” 341 hearing with two debtors who tried to use a bankruptcy petition preparer and save money. Each [...]

Popularity: 35% [?]

When a mortgage goes unpaid, a party can seek relief from bankruptcy’s automatic stay to foreclose.  A mortgage can held by a lender, administered by a servicer, and owned by a nominee commonly called MERS (Mortgage Electronic Recording Service).  All three have the right to go to bankruptcy court for relief from the stay.  In re [...]

Popularity: 11% [?]

The pain of foreclosure runs deep. According to an article in The Washington Post, “Losing a Best Friend Along With the House,” local animal shelters are reporting that 15% of animals received in the past two months are the result of foreclosure.
The story quotes Kathy Dillon, the operations coordinator at the Montgomery County, Maryland Humane [...]

Popularity: 18% [?]

Congress could help homeowners in trouble, but once again has said a loud “NO” to help for homeowners in need. Today the Senate did not vote to support S.R. Bill 256 which could have helped so many families facing loss of their homes. Something has to be done to give some relief to [...]

Popularity: 41% [?]

     Mortgage companies routinely ignore Chapter 13 bankruptcy law.
You complete your plan payments, believing you are once again current with the mortgage, having accomplished your goal.
But then, you get a notice from the mortgage company, claiming you still owe them thousands of dollars.  Or, worse still, you just get a notice of a foreclosure sale [...]

Popularity: 47% [?]

In a March 30th article by reporter Kevin G. Hall of McClatchy Newspapers, he recounts the struggle of distressed homeowners seeking the relief promised by the Bush Administration and mortgage lenders.
The lesson learned from Hall’s subjects – Chris Jennings and Julie Mickley – is that homeowners must be bold and relentless in dealing with their [...]

Popularity: 32% [?]

     As readers of this blog know, the Greenspan bubble that led to the sub-prime crisis was not a secret.
Of course, Chairman Al is not out of excuses.  I think we should all adopt one of them, the “I got a hand-written exoneration note, after the public criticism, from the guy who is now dead” [...]

Popularity: 24% [?]

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: 37% [?]