Colleague Dana Wilkinson calls it “foreclosure limbo.” You made the difficult decision, accepted reality, you cannot pay your debts, and, even filing bankruptcy, cannot keep your condo. Or, like one of my clients, the condo you bought for your son’s family, which they could no longer pay. Whether in a Chapter 13 bankruptcy, or Chapter [...]
foreclosure
It is commonly understood that bankruptcy law affords no basis to set aside a prepetition foreclosure sale, even if the sale generated far less than the fair market value of the property, as long as the sale was conducted in a procedurally proper manner under state law. That understanding may be an oversimplification, according to [...]
We have bailed out the mortgage companies that brought us the foreclosure crisis, now the states and a federal government agencies are on the verge of a sellout buyout by the bad guys for fraudulent foreclosures. The Office of Comptroller of the Currency, or OCC, and the attorney generals for all 50 states are participating [...]
(picture from University of Pennsylvania blog on regulations) The most common question I get for a long time is what happens if I do not, or cannot, pay my mortgage? If you can afford to continue paying, and are current, there is really no bankruptcy alternative. The so-called “strategic default” option is to simply stop [...]
HAMP, the Home Affordable Modification Program which can modify a mortgage, is no way to avoid bankruptcy. It’s a heart-breaker. It builds up false hopes and then destroys them. That’s my conclusion from reading the new Congressional Oversight Panel report. I haven’t written on HAMP because I’ve questioned its relevance to bankruptcy, but a number of clients [...]
So you have no money. You”ve come to that realization. You’ve sat down and figured out your goals – you know where you want to go. So, what now? If you have nothing to lose, then you have nothing to lose by doing nothing. A valid option that can apply to some people is to [...]
