December 2008

31 Dec Changing Mortgages in Chapter 13’s–Is It Time?

Today's Wall Street Journal (December 31, 2008) has a front-page story titled, "Mortgage 'Cram-Downs' Loom as Foreclosures Mount." Discussed is the question of whether the new congress will allow "cram-downs" of residential mortgages in Chapter 13 and 11 cases. A cram-down is where the terms of...

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31 Dec Loan Modifications And Tax Liens Part I

As a mortgage foreclosure defense attorney in Southwest Florida, I've witnessed mortgage modifications work in many instances; however, the overwhelming majority are going nowhere fast. You definitely need someone who knows what they are doing to help you. When you add a tax lien to the mortgage modification mix, you could all but guarantee the mortgage company representative will move your file to the bottom of the pile, until now. The Internal Revenue Service (IRS) has recently announced an expedited process to ease the modification or re-financing process. Let me be the first to say that I feel much better knowing that yet another Governmental Entity is getting into the "we want to help the individual homeowner game".
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31 Dec Resolution For The New Year – Get Organized

The biggest problem that every bankruptcy client has is organization. Financial problems have a way of causing chaos. Which bill do you pay first? Which collection agency do you satisfy next? How in the world do you collect all those documents necessary to file bankruptcy?

In fact, the issue of disorganization is one that typically has deep roots. The weed grows slowly, quietly, insidiously hidden by the masks of steady and productive income and rising real estate prices. Now with the crutches of employment and refinances gone, the nasty secret is exposed and the weed is now a vine chocking the life out of you and your family.

It starts small. A small charge here and another charge there with the vow that the balance will be paid off when the bill comes in. Then there's a small problem like a flat tire or a dentist bill and instead, the check is for less than payment in full. From there, it's minimum payments when the biggest bills seem impossible. When the real emergency comes or the job loss occurs, the mortgage or the car payment doesn't get paid resulting in foreclosure and repossession. If you act quickly, maybe by filing bankruptcy, you can salvage the house or the car.

Where does organization fits into this equation?

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