Tag Archives: banking

Bankruptcy and RESPA

RESPA stands for Real Estate Settlement and Procedures Act.

Especially in Chapter 13 bankruptcy cases, you need to know the correct numbers on your mortgage(s).

Some provisions relate to how mortgage companies must handle escrow accounts, and various notices they must provide, and the timing for same.

My favorite part requires your mortgage company to send you a complete accounting, of all the money they got from you, and what they did with it, if you send a QWR (lawmakers love acronyms) qualified written request.

Now, why would you need an accounting from your mortgage company?

Do you have a dispute with them over how much you owe, whether you are behind?  Are they foreclosing on you, and say you are $8,000 behind when you only missed two payments?

Are you trying to get a modification, and disagree on the numbers?

You do need a basis to send the QWR, so if you are paying on time every month, and they are not claiming you are behind; don’t waste your time.

But if they are playing games with your insurance escrow, or paying taxes you already paid, send the letter.

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More Creditor Fraud?

    Now, if you or I were owed $45.9 billion dollars, in a bunch of states, by a bunch of people, and had over 1,000 lawsuits going to get some of that money back, what would it mean if, all of a sudden, we dropped those suits? It would mean we got religion, decidedContinue Reading

The Truth About The Foreclosure Crisis

An essential part of the real estate bubble was mortgage securitization, the process by which mortgage loans were sold into investment trusts from which bonds were sold. It was mortgage fraud from A to Z, from the selling of mortgage backed securities trusts, before the trusts were full of mortgages. From the ratings agencies, assumingContinue Reading

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Payday Lending V. Credit Cards

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Spending On Your Kids, How Much?

Financial problems can be consuming and distracting. A client included, among the understandable issues of IRS tax liens, and not enough income to pay expenses, four children who will be disappointed at Christmas. This set me pondering. As a parent, I never considered it my duty or obligation, and certainly not, my goal, to avoidContinue Reading

Scams On Saving Your House From Foreclosure

Desperate homeowners facing foreclosure can be easy targets for con artists. They steer their victims away from bankruptcy attorneys: “Don’t ruin your credit!” Just like: “Contact us for free information about the secret the credit card companies don’t want you to know about!” Makes my blood boil. What sounds too good to be true, well,Continue Reading

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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 intoContinue Reading

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