You want to keep your house, avoid foreclosure, cannot afford the payments after that teaser rate expired, and you make a deal changing the terms. Watch the fine print! Even the Fannie Mae and Freddi Mac mortgage loan modification forms require you to waive your rights against the mortgage company. What rights? All, of course,…
Monthly Archives: January 2009
FORECLOSURE CRISIS CONTINUES
More homes underwater, more foreclosures coming, and not just for sub-prime mortgages, says this Washington Post article.
Bailout
Why not have fun, just because the Government is rescuing the banks who made horrible loans, with our money, does not mean we cannot laugh. You have seen it in the papers and watched it on the news; now is your chance to lead the bailout and save the economy. Help guide U.S. Treasury Secretary…
Chapter 11 Bankruptcy
CHAPTER 11 You hear about big companies, K-Mart, the airlines, et cetera, filing Chapter 11 to re-organize while they keep operating. But small businesses, even individuals, can file Chapter 11. It cost more than other chapters, and there is a boatload of paperwork, but gives you greater control. Unless the court appoints a trustee, rarely…
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 usually…
Chapter 13 Bankruptcy Reform Urged by State Attorneys General
Attorneys general from 21 states and the District of Columbia are urging Congress to enact the Chapter 13 bankruptcy reform that will allow bankruptcy judges to cram down mortgages to the value of the home.
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 securing…
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 missed…
