Reaffirming is the only way to remain liable on a debt that is otherwise dischargeable in a Chapter 7 bankruptcy. At least in Michigan, signing a reaffirmation agreement is never a good idea, unless the bank is changing the terms to your advantage. If you keep up the taxes and insurance, and make the payments, [...]
mortgages
Judicial mortgage modification, also known as mortgage cramdown, would NOT disrupt the residential mortgage lending market, but would prevent home foreclosures Says who? Says a Federal Reserve Bank of Cleveland study just released.. See the L. A. Times article by Lew Sichelman for a more readable explanation of mortgage cramdown. Judicial mortgage modification, NACBA‘s euphemism [...]
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, [...]
People in chapter 7 bankruptcy frequently face foreclosure. They owe more on their first mortgage than their house is worth. Maybe they even have a second mortgage. That second mortgage could be a line of credit or a HELOC or just a plain vanilla mortgage loan. But, the house has gone down so far in [...]
image credit: dreamstime Countrywide, number one offender, writer of the most sub-prime mortgages (the list goes on) admits bilking homeowners, in foreclosure, and even including those who had successfully completed Chapter 13 cases, usually filed to avoid foreclosure, out of tens of millions of dollars. The Department of Justice, through the United States Trustee’s [...]
A second mortgage lien in the wife’s individual Chapter 13 bankruptcy case has been stripped by a Court, even though the mortgage and lien were in the name of the wife and her non-filing husband. Eastern District of Michigan bankruptcy Judge Rhodes wrote the opinion, finding the debts totally unsecured. In each case, it was [...]
