Another foreclosure rescue scam has been exposed. This one involved sale-leaseback concepts and financing fraud. At the heart of this scam was the fact that homeowners were told they could save their homes but were not told that they would actually be deeding over ownership to a third party. Here is a copy of the […]
If you think that having the wrong bankruptcy attorney does not matter, read this article from moneycentral.msn.com (adobe pdf format).
I just purchased and started reading US Bankruptcy Judge Keith Lundin’s 7000+ page treatise on Chapter 13 bankruptcy after BAPCPA (the revisions made by Congress on Oct. 17, 2005). His book is extremely well-written and timely. I was astonished at his perfect description of what Chapter 13 has become. While this option is still very […]
I have read that the new Bush administration solution to the subprime mortgage mess is to set new guidelines for mortgage lenders to freeze rates on a very small portion of their adjustable rate loans made after 2005, and only for those loans where the payments are current. This is a very small amount of […]
Here’s an email I received from NACBA about the on-going attempts to change bankruptcy law to allow for modification of home mortgages. Presently you can only reinstate them. Believe it or not, you can modify a vacation or investment home in Chapter 13 bankruptcy, but not a home mortgage. The present laws help rich people […]
There is a lot of talk now about the Federal government stepping in to help stop the growing foreclosure crisis. Two measures being discussed are to freeze interest rates (to help those who have adjustable rate mortgages) and to change the Bankruptcy Code to allow for the modification of residential mortgages in Chapter 13 plans […]
So many of my clients have already defaulted in their foreclosure action by not answering the summons that I thought I should write about it. Many do not realize what a default is. Just because you write a letter to the bank or their attorneys does not mean you are protected. You have to serve […]
The NY Times just reported on an Ohio court decision with wide-ranging implications for foreclosure actions nationally. Lenders who don’t submit an assignment of the loan — to show that they actually have ownership of the loan and, therefore, have standing to sue — face the possible dismissal of their foreclosure action. I actually had […]
NY’s Attorney General has sued First American saying its subsidiary gave inflated appraisals that helped cause the current mortgage crisis . . .
The NY Times has just written an article addressing ethics and mortgage brokers . . .