I usually call this judicial mortgage modification, same bill. USA Today did a story featuring quotes from Matt Mason, who led the Michigan NACBA delegation through the halls of Congress last week. test
Monthly Archives: February 2009
Another Chapter 11 for Trump
Yet another Chapter 11 bankruptcy filing for a Trump company. This is the third filing for this entity alone! Gee, I wonder how long a guy or gal who went bust this many times would last on the Apprentice.
Mortgage Modifications: Problems
Post on mortgage modification scams, and, do NOT sign your rights away! Most mortgage modification agreements contain a clause that requires you to waive your rights against the mortgage company for anything illegal they may have done to you. Usually, not a good idea.
Foreclosures Suspended by Fannie Mae
Fannie Mae and Freddie Mac announced they are suspending foreclosures sales until March 6, to give time for the government programs, yet to be determined, to take effect.
GM, Chrysler Face Bankruptcy
The U. S. government has hired lawyers to try to move them ahead of investment banks in priority of who gets paid first. In Chapter 11 bankruptcy, the Treasury Dept. could leapfrog over the prior loans to the auto companies. GM and Chrysler have steadfastly maintained they are not considering filing Chapter 11. There is…
Foreclosure Moratorium?
Post with many links on foreclosure moratorium and other recent developments on the foreclosure front.
Credit Card Debt Defaults Record High
As the recession spreads, people fall behind on credit card debt as well as mortgage debt. Credit card defaults at record highs, as measured by a percentage of credit card accounts that are behind.
Foreclosures Increase
Center For Responsible Lending has a ticker tracking total foreclosures in the U.S. for 2009, new one every 13 seconds. Chapter 13 bankruptcy reform is the way to address this crisis NOW. (link is to the proposed legislation) I will be in Washington DC Tuesday to personally lobby Congress, with about 150 of my fellow…
