Monthly Archives: January 2009

Mortgage Foreclosure Scams

Frazzled and desperate homeowners facing foreclosure are perfect targets for con artists. They steer their victims away from bankruptcy attorneys, avoid that stigma! Don’t ruin your credit! Contact us for free information about the program the credit card companies don’t want you to know about! When it sounds too good to be true, it usuallyContinue Reading

Guess Who Opposes Mortgage Cramdown Bankruptcy Reform?

Why, the ABA (American Bankers Association) though I think they are considering changing that to American Bailout Association. No, allowing bankruptcy courts to cramdown mortgages to the value of the home would bring “uncertainty.” Even though these same courts have had that authority on farms since the 1980s and every loan other than that securingContinue Reading

Foreclosure Sale Suspension

Foreclosure sales and evictions will be on hold until January 31, 2009, Fannie Mae announced in an extension of their policy of holding off on these actions. The reason given is that they are still working on their plan to allow renters to stay on foreclosed properties. Homeowners who occupy the home, and have missedContinue Reading

Summers Endorses Bankruptcy Court Mortgage Modification

DATELINE: WASHINGTON The following is the letter released Monday by Lawrence Summers, director-designate of the National Economic Council for the Office of President-Elect Obama: sent to the leadership of both parties in the House and Senate 3. Launch a Sweeping Effort to Address the Foreclosure Crisis: The President-elect has directed his White House and CabinetContinue Reading

Mortgage Modifications Failing

The voluntary mortgage modifications announced with much fanfare by various mortgage companies are failing, according to paper by Alan M. White of Valpairaso Law School. Not only are most borrowers unable to make the required payments, many end up owing more than before the modification agreement.

2 Responses to Mortgage Modifications Failing

New Bankruptcy Law

Citibank announced support for the Chapter 13 bankruptcy reform legislation which would allow cramdown of mortgages secured by residences. Not all bankers are on board. One trade group dumped on Citibank for supporting the bankruptcy reform that would help homeowners avoid foreclosure by allowing bankruptcy courts to re-write mortgages down to the balance owed, andContinue Reading

How Will Bankruptcy Affect My Credit?

There is no clear answer to this question. unfortunately, if you are behind on your bills, your credit may already be bad. Bankruptcy will probably not make things any worse. The fact that you’ve filed a bankruptcy can appear on your credit record for ten years from the date your case was filed. But becauseContinue Reading

2 Responses to How Will Bankruptcy Affect My Credit?

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