S is for Step Plan image by: dreamstime image by: dreamstime Chapter 13 bankruptcy is difficult enough to understand. The Chapter 13 plan is the point of a Chapter 13 bankruptcy case. Chapter 13 is a payment plan bankruptcy case, as opposed to Chapter 7 or “straight” or “liquidation” bankruptcy. Clients always ask: How does the…
Category Archives: Chapter 13 Bankruptcy
Detroit Chapter 13 Bankruptcy and Second Mortgages
Even though the mortgage and lien were in the name of the husband and wife, a second mortgage lien in the wife’s individual Chapter 13 bankruptcy case has been stripped by a Court. Judge Rhodes wrote the decision, stripping second mortgage liens on two consolidated cases. In each case, worth less than the amount owed…
Judicial Mortgage Modification Lives! Nope, Voted Down Again
The House Rules Committee just minutes ago agreed to allow the bankruptcy modification amendment to be considered on the House floor as an amendment to the broader financial services reform bill AS EARLY AS THIS AFTERNOON!! 1. Phone toll free at: 877.354.4958 2. Put in your zip code 3. When you reach the receptionist: State…
Judicial Mortgage Modification At The Brink
Senator Dodd is saying it is time to fish or cut bait on the judicial mortgage modification, or cramdown, bill, that is sitting in the Senate. Click on this link to tell your Senators how you feel on this issue. http://www.congressweb.com/cweb4/index.cfm?orgcode=nacba&hotissue=1
Judicial Mortgage Modification: Cost
Not much! Especially compared to the trillions of our bucks Uncle Sam has thrown to Wall Street. I think even this $27 per year per family for five year estimate is high. Judicial Mortgage Modification
Chapter 13 Reform Bill
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
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…
Hope for Homeowners Joins Bankruptcy Reform Effort
The Hope for Homeowners Program brought to you by your federal politicians last year has produced zero, yes none, yes, as in not one mortgage modification, just slightly short of the 40,000 predicted, as the fastball described by Bob Uecker in “Major League” was “just a bit outside.” Never one to let failure affect its…
Home Foreclosed? Just Stay There, Says Ohio Congressperson
Foreclosures continue, up 158% over last year, modifications are difficult, the Chapter 13 bankruptcy law has yet to be reformed, what to do? Just stay in your foreclosed home says one of our politicians. There are foreclosure defenses. In order to foreclose, the mortgage company must prove it owns the mortgage. With all the buying…
