Monthly Archives: September 2010

What Can You Do To Save Your Home From Foreclosure?

The housing market gets worse, more foreclosures happening, and more foreclosures coming.

Household wealth declines, another predictor of increased bankruptcy filings to come.

Even the rich and famous are joining in, word is Mel Gibson facing foreclosure on his Malibu, California properties.

People are waiting for loan modifications to save their home are forced into bankruptcy.

What can you do?

Mortgage modifications, even with all the government programs, are still voluntary.

There is no way to force one onto your mortgage company.

First, identify the facts, what is your real situation.

Find out what houses in the area are actually selling for.

Is there a real reason your home is worth more than those?

How much do you owe, on each mortgage on your house.

DO AN ACCURATE BUDGET.

What is really coming in each month, what has to go out.

This does not count Starbucks or vacations or kids’ car payments, or insurance, or college tuition.

You need a place to live before you have money for those items.

Figure out what you have that you can pay for housing.

If you cannot get the payments down to that level, it ain’t gonna work.

Now, in Chapter 13, you can strip off, or get rid of, a second mortgage, if your house is worth less than the balance on the first mortgage.

But you have to have money to pay into a Chapter 13 plan.

I have more than one client in Chapter 13, stripping off a second mortgage, in which their chapter 13 plan payment is less than the second mortgage payment.

I also have had many clients exclaim at what they found when they did a real budget.

They were more broke than they thought.

And when I analyze the debts with them, they have been broke longer than they thought.

I see almost half of the 401k accounts in the U.S. have loans outstanding against them.

Saving is after spending, don’t act like our government.

And do as I say, not as I have done.  🙂

Get the facts of your finances, and get expert advice on your options.

You Do To Save Your Home From Foreclosure?

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Judicial Mortgage Modification Will Work!

Mortgage cramdown, or judicial mortgage modification, will help prevent home foreclosures and will NOT disrupt the residential mortgage lending market. So says a new study by the Federal Reserve Bank of Cleveland. For a less scholarly explanation of Chapter 13 judicial mortgage modification, see the L. A. Times article by Lew Sichelman. Perhaps my favoriteContinue Reading

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2 Responses to Debt Collectors Are NOT Your Friends

  1. Your better to pay the company you owe the money to instead of one of them. This way you pay full amount and it is listed on credit score also.

Home: Rent Or Buy?

The New York Times recently published an elaborate chart of the cost of renting versus buying a home. Well, I could not get past the first line before I had a problem with their analysis. It assumes home values will increase 1% per year. This is the thinking that provided the foundation for the currentContinue Reading

One Response to Avoid Foreclosure With Non-Bankruptcy Cramdown?

What Goes Into A Family Budget?

The short answer:  everything! Everything that costs you money. Which includes Electronic Funds Transfers from your bank account. And debit cards. And credit cards, until you stop using them. OK, I have not, my American Express is tied into the bankruptcy court for filing fees on the cases I file. I tried to change overContinue Reading

One Response to What Goes Into A Family Budget?

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Pay Credit Card Or Mortgage?

People behind on credit cards declined, but people behind on mortgage payments increased. Huh? Don’t people value their home more than a credit card? That was the conventional wisdom, which a friend of mine points out is usually neither conventional or wise. The CNBC story linked to above wrongly states that mortgages are non-recourse loans.Continue Reading