Proprietary mortgage modifications, not HAMP mortgage modifications, lead the way according to HOPE NOW Loan Mod statistics. 120,000 modifications have been done by the mortgage companies themselves, compared to only 27,840 HAMP mortgage modifications, compared to HAMP has been, and remains, a gigantic government failure. It was supposed to lower the foreclosure rate. There are [...]
mortgage payment
Are you having problems paying a monthly mortgage payment? Are you living in fear of default? Here are some of the warning signs that your mortgage is a time bomb waiting to go off. The first is the size of your mortgage payment. If your payment is more than third of your monthly take-home pay, [...]
You may or may not lose your rental property if you file bankruptcy. The two most important issues are whether the property is producing a positive income and whether the property has any equity, as well as which chapter of bankruptcy you file. Maintaining a rental property is not without its costs. At a minimum, [...]
Mortgage companies are well known for having numerous and continuous problems keeping a proper accounting of the mortgages they hold. This is particularly true in the context of a Chapter 13 case where the mortgage company is paid by the Chapter 13 Trustee for the pre-petition arrears, and by the homeowner for the ongoing post-petition monthly mortgage payments. [...]
If you want to work out a loan modification with your lender, the answer is simple: Don’t make your mortgage payment. Saying this out loud still makes me nervous, but more and more, homeowners tell me that their own mortgage company tells them they need to be behind in order to be considered for any [...]
image credit: dreamstime Thought all we had to do was get through this sub-prime crisis? (Michigan bankruptcy attorney Kurt OKeefe has blogged on this issue many times.) Do you think we have hit bottom, ready to start the turn around? In a stunning Business Week cover story, the authors reveal that many of the crooks [...]
