Many people file Chapter 13 bankruptcy to stop a foreclosure, and some people file Chapter 7 bankruptcy to discharge mortgage deficiency liability. I think many people are filing bankruptcy prematurely, and unnecessarily, to deal with foreclosure. Continue reading
Category Archives: Mortgage and Foreclosure
Does Chapter 13 Bankruptcy Preclude Mortgagee Filing Unsecured Deficiency Claims?
A potential bankruptcy client wanted to avoid a deficiency judgment from a partially first mortgage on his home. The client’s income made him ineligible to file Chapter 7 bankruptcy which would have discharged the deficiency liability in full. The client had heard that filing Chapter 13 bankruptcy could also eliminate the deficiency claim completely.
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Chapter 7 Second Mortgage Stripping Is Alive and Well
Bankruptcy people have been getting nervous about debtors stripping second mortgages from their homestead properties in Chapter 7 bankruptcy.
Mortgage Lenders Paying Homeowners To Find Short-Sale Buyers
Are mortgage lenders finally “getting it?” Since the beginning of the housing crash so many homeowners have expressed to me their frustration trying to work with their mortgage company to arrange a reasonable short sale of their real estate. Continue reading
Mortgage Modification Is Money Loser For Service Company
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Homeowners with upside down mortgages say that it is very difficult to get their lenders to modify their mortgages under the HAMP program. Continue reading
Foreclosure and Stay Relief Denied When Mortgage Lender Cannot Demonstrate Proper Assignment of Mortgage Instruments
As most know, during the years leading up to the real estate crisis mortgage lenders originated individual home loans and then assigned packages of these loans to investors who converted the packages to mortgage securities. Continue reading
Another Court Says Reaffirm Personal Liability On Mortgage Or Face Foreclosure
Another bankruptcy court decision on reaffirmation of mortgage loans in the case of an Orlando, Florida Chapter 7 bankruptcy debtor. Continue reading
Don’t File Bankruptcy Just Because You Are Liable For Upside Down Mortgage
Over the past few years I have on several occasions listened to other debtor’s trustee examinations during which the debtor stated that the reason they filed Chapter 7 bankruptcy because one or mortgages was upside down and they feared a deficiency judgment. Continue reading
Mortgage Modification And Bankruptcy: HAMP Directive Protects Bankruptcy Debtors
Many people forced to file bankruptcy against unsecured debts are also trying to save their primary residence from foreclosure by negotiating mortgage modification. Many of my clients and callers are very worried that a bankruptcy could mess up their mortgage modification effort. Not true. Continue reading
My First Chapter 13 Mortgage Mediation: A Waste Of Time Because Bank Unprepared
I was involved in my first mortgage modification today under the Orlando bankruptcy court’s mortgage mediation program for Chapter 13 debtors. The scheduled mediation was a complete waste of time. Continue reading