Did I hear Senator McCain correctly at the last debate? I think he is now proposing for the first time to have the government buy up $300 million in bad mortgage loans and rewrite them/modify them based on the current decreased market value. I doubt that this will happen but it did seem like a […]
The National Association of Bankruptcy Consumer Attorneys (NACBA) has reviewed the Wall Street bailout and said that “the final package fails to put in place any new meaningful measures to help hundreds of thousands of American families struggling to stay in their homes.” Apparently, the banking industry blocked attempts to include provisions that would have […]
Here is a good blog post on msnbc.com called “Bailout ignores all the empty houses”
Everyone has been hearing about the government’s unprecedented $700 billion bailout of the financial industry, coming in the wake of the Lehman Brothers Chapter 11 bankruptcy (the biggest bankruptcy ever). Congress is debating the terms of any possible bailout. One of the issues that may be on the table is a revision to Chapter 13 […]
I have blogged on this topic before but it appears to be a continuing problem nationwide. Too many homeowners misplace their trust with unlicensed and unregulated rescue companies. These companies promise the world, offer incorrect legal advice (or omit the parts of the law that they don’t understand or cannot assist with such as litigation […]
If you are considering filing Chapter 13 to stay a foreclosure sale, you should expect your attorney and maybe even your trustee to ask this question: If you haven’t paid your mortgage in the last 12 months, where did all the money you earned go? Lawyers know that once a mortgage goes into default, the […]
People always say that I must be soooo busy with Chapter 13 filings. But, it’s not the case. More and more, it seems that new callers don’t have sufficient income to keep their homes, even with the extra 3 to 5 years catch-up time that they can get with Chapter 13.
Will the government take over Freddie Mac and Fannie Mae? Here’s the latest.
Bloomberg News has an interesting post on the recent stats.
More and more, I am receiving calls from people who have marginal budgets but somehow managed to buy more than one property in 2005. Sometimes they have an ARM, an 80/20, and a non-paying tenant. Some exceed the Chapter 13 secured debt limits which are set too low for the New York region’s higher valued […]