Category Archives: foreclosure

What Is Mortgage Arrearage?

Mortgage arrearage is the amount you are behind in

Mortgage arrearage
Mortgage arrearage

your mortgage payments.  Not behind like in the picture,

Behind as in missed payments, plus late fees, plus, well,

some other things.

Mortgage Arrearage

Interest accrues on the unpaid balance of a loan, so if you cannot make your mortgage payment, the balance goes up, not down, by more than just the payment you missed.

Mortgage companies charge late fees if you are, usually, more than ten days late.

If you did not get insurance, the mortgage company will buy it, and add that amount to your balance, and the arrearage goes up.

Same with property taxes.  Liens for unpaid property taxes trump mortgages, that is, the government can foreclose for unpaid taxes and get your house WITHOUT paying the mortgage company anything.

So, all mortgages, from the banks anyway, allow them to pay the property taxes if you do not, and, add that to the mortgage arrearage.

Mortgage contracts usually allow any cost of collecting the mortgage to be charged to you, which could be BPO (broker price opinion) if they are getting ready to foreclose, title search, “inspections” that are someone driving by to verify the home is occupied, costs of publication in the Legal News, and: (drumroll) the ever popular “attorney fees.”

There are limits, by court, statute, regulation on most of these charges, but, they all get included in the mortgage arrearage.

Chapter 13 Bankruptcy

Chapter 13 is a payment plan bankruptcy, which can give you up to five years to catch up on, yes, mortgage arrearage.

Many courts limit that to three years, but, that is more than a mortgage company will give you.

You have to pay the Chapter 13 trustee, who keeps a percentage to run the office, and she pays the first mortgage, plus, something on the arrearage.

Of course, your budget has to be real, and, show that you have enough left over after living expenses to make your Chapter 13 plan payment to the trustee.

And, in bankruptcy court, you can object to the mortgage arrearage claimed by the mortgage company, if the amounts are unreasonable or otherwise violate the applicable statutes and regulations.

Before the 2007-08 crash, this was the reason for most Chapter 13 bankruptcies.

It is still a good deal, if your house is worth more than you owe on it.

And, if your income went down for a while, but, is back up, so that you do not have the 6 months, or whatever, payments that you missed, but, you can afford to pay more for the house, as that is the only way to pay off the mortgage arrearage.

 

 

Digiprove sealCopyright secured by Digiprove © 2016 Kurt O'Keefe

Justice For The Villains?

BANKripOFFshirt

At last?  Bank of (EVERYTHING IN) America, which bought Countrywide, the greatest perpetrator of mortgage fraud in the real estate bubble burst which is still with us, may get nailed by a U. S. District Court Judge. We can only hope. I stopped writing for my mortgage blog, out of despair for getting relief forContinue ReadingContinue Reading

3 Responses to Michigan Foreclosure Law Changing?

  1. I’ve read several just right stuff here. Certainly value bookmarking for revisiting.
    I surprise how so much attempt you place to make one of these
    wonderful informative site.

  2. Does your website have a contact page? I’m having trouble locating it but, I’d like to shoot you an e-mail.
    I’ve got some suggestions for your blog you might be interested in hearing.
    Either way, great site and I look forward to seeing it improve over
    time.

Foreclosure Fraud, Now, Foreclosure Settlement Fraud

royalty-free-stock-photography-sellout-image8735167

I think this is the same graphic I run every time I talk about the various government settlements with the mortgage companies. Many bankruptcy filings, tens of thousands, have been caused by the foreclosure fraud wrought on our country by the mortgage industry and their lapdog politicians. I share the views and frustration of theContinue ReadingContinue Reading

11 Responses to Foreclosure Fraud, Now, Foreclosure Settlement Fraud

  1. This is very interesting, You are a very skilled blogger.

    I have joined your rss feed and look forward to seeking more
    of your excellent post. Also, I have shared your web site
    in my social networks!

  2. Thanks for a marvelous posting! I quite enjoyed reading it, you happen to be a great author.
    I will always bookmark your blog and definitely will come back down
    the road. I want to encourage you continue your great work,
    have a nice morning!

  3. Hi there! I simply would really like to give a huge thumbs up for the good data you have here
    on this post. I’ll probably be returning again to your weblog for more soon.

  4. Thank you a bunch for sharing this with all of us you really realize what you’re speaking approximately! Bookmarked. Kindly additionally visit my website =). We may have a link exchange agreement between us

  5. Hey There. I found your weblog using msn. This is an extremely
    neatly written article. I’ll make sure to bookmark it and return to read more of your helpful information. Thank you for the post. I’ll definitely return.

  6. Hello There. I discovered your blog the use of msn. That is a really neatly written article.
    I will make sure to bookmark it and return to learn more of your useful info.
    Thanks for the post. I’ll definitely comeback.

  7. Greetings! I know this is kind of off topic but I was wondering if you knew where I could locate a captcha plugin
    for my comment form? I’m using the same blog platform as yours and I’m having problems
    finding one? Thanks a lot!

  8. On June 6, 2012, Pfizer Inc announced the next steps for moving forward with Prochymal.
    Prior to considering even more about a organic cure for yeast infection.
    Under agreement, overtrained Seattle Genetics has U. Aurobindo now has 93 final Abbreviated New Drug Application NDA for ELIQUIS apixaban for the
    prevention of stroke and systemic embolism in patients with
    non-hematologic malignancies.

  9. I every time spent my half an hour to read this webpage’s posts every day along with a cup of coffee.

  10. Awesome blog! Do you have any suggestions for aspiring writers?

    I’m planning to start my own blog soon but I’m a lityle lost on
    everything. Would you suggest starting with a free platform like WordPress or go for a paid option?

    There are so many choices out there that I’m completely confused ..
    Any tips? Thanks!

Homeowner Help? Or Government Sellout?

sellout

The long awaited on again, off again, multi-state settlement between the Attorneys General of our various states and the mortgage company rapists, uh, crooks, is apparently on again. Unless this is your first trip to this blog, let me end the suspense:  the proposed settlement is: image credit: dreamstime Sorry to ruin the ending. WhatContinue Reading

3 Responses to MERS Says No Mas! To Michigan Foreclosures

  1. I live in Michigan ,am being foreclosed on by BOA, but they say FNMA ACT?ACT is the creditor, sale date is aug30, I don’t know what to do, can you help?

  2. Because the Illinois Department of Professional Regulation inspects
    each parlor annually, you must pay special care
    to hygiene, safety and equipment sanitation.
    Some people think creams only give a temporary lasting result.
    Hobbs, Marine Navigation, Second Edition, 1981 Naval Institute Press.

  3. The process of car shopping can be lengthy. You have so many options,
    not to mention things to consider as you compare each one.
    You will be able to make the right decision if you know enough about car shopping.
    Here are some great tips on buying a car.