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Michigan Bankruptcy Mortgage Options

MICHIGAN BANKRUPTCY MORTGAGE OPTIONS Part One

You owe more on your mortgage than your house is worth, you want to leave, what are your options?

  1. You Cannot Afford The Payments

If you cannot afford the payments, you will not be able to keep your house, unless you get a modification from the mortgage company.

You have probably tried that already; so you know you are at their mercy. They lose you papers, it takes forever to get through, when you do, someone different has your file.

A. More Than One Mortgage On Your Home, And You Want To Keep It

Under current law, there is no way to force the mortgage company to change the terms on the first mortgage on your principal residence. If it is a vacation home, you can. If it is a home you are renting to someone else, you can. If you live there, you can’t.

But, If you have a second, or a second and a third, and the home is worth less than you owe on the first, in a Chapter 13 bankruptcy, you can strip off, or get rid of, those second and third liens.

But, you have to be able to make the payment on the first mortgage.

Many of my clients can afford a Chapter 13 payment, because it works out to less than the second mortgage payment.

You could be behind on a second mortgage of $300 per month, but you may be able to file a Chapter 13 plan and afford a $200 per month payment.

At the end of your three, or five, year plan, you are discharged of your personal liability on all unsecured debt, including those second and third mortgages, and, the lien on those mortgages is gone, discharged.

B. I Give Up! Take My Home, Please!

You are fed up with the mortgage companies, to hell with them, how do I get out of this mess?

If you cannot make the payments out of your income, STOP!.

Please don’t take 401k or IRA money that creditors cannot get and use it for house payments, while you wait for things to turn around.

TO BE CONTINUED

image credit:  Dreamstime

3 Responses to Michigan Bankruptcy Mortgage Options

  1. This is good information Kurt.Our elected officials really need to open there eyes and look at the housing crisis, especially in Michigan.Thanks again

9 Responses to If I File Bankruptcy In Michigan, What Happens To My House?

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3 Responses to The House Payment In Bankruptcy Story

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The Truth About Second Mortgages

Second mortgages were marketed as home equity loans, or home equity lines of credit, partly to conceal that they were liens on your house, just like the first mortgage. I can’t tell you how many times I would ask a client, How many mortgages on your home? To be told, just one, and we haveContinue Reading

8 Responses to The Truth About Second Mortgages

  1. Mr. O’KEEFE :
    Very good blog !! I am especially interested in the 2nd mortgage topic. My husband took out a HELOC in 2006 – I did not qualify , so they used all HIS info & it was given to him . But they said I had to
    sign , even though it was HIS loan , because my name IS one the 1st mortgage.

    July 6,2007, my husband died of a self inflicted gun shot wound – suicide .

    GMAC “SOLD” the 2nd mortgage to a company called Specialized Loan Services ,(“SLS”) in 2009, but GMAC service , still, the 1st mortgage. When I tried to speak to “SLS” in 2009 , they said they could not talk to me – I WAS NOT ON THE LOAN !! BUT, they noticed payments were being “voluntarily” made for 4 years . I was doing what mechanically came to me , after witnessing my husband’s death as a result of suicide. They said “I DO NOT OWE THE LOAN , BUT IF I WANTED TO CONTINUE PAYMENTS THAT WOULD BE FINE ” , they even sent me 2 letters stating , “YOU DO NOT OWE THE LOAN , BUT IF YOU DON’T PAY IT – IT COULD OVER TIME AFFECT YOUR HOME” . NOW ~ THEY, “SLS”, is threatening to FORECLOSE on my home !! My 1st mortgage is CURRENT , never late , taxes are
    current , never late, etc.,etc.

    I’m in a catch 22 situation !! I don’t owe the loan – but the say they are going to foreclose !! AS a 63 year old widow, under the circumstances , in which he died , and being on a fixed income ( VERY fixed ) , no income , living on his & my S.S. , but managing to “JUST MAKE IT ” !!

    CAN , they do this ?? I STOPPED paying this in May, 2011 – after they said – “it isn’t your loan”. NOW, the threats have started.
    Sincerely ,
    Loretta

  2. my second mortagage co filed ins. claim for fraud title cloudy property reported stolen by owner rep. 3/08. 6/08 detroit law dept assign case by authority of city council k. cockrell j. terry request nez cert issued by state be revoked (only by city council) and return tax money paid and property roll for assessment be adjusted
    attorney adjusted roll much more to follow we have 2 trillion dollar law suit approved please settle claim j. terry is not an attorney con. j. terry 313 433-2370 or 313 332- 0662

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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

One Response to Scams On Saving Your House From Foreclosure

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Chapter 13 Bankruptcy Reform Passes House Judiciary Committee

Per the American Bankruptcy Institute web site: As the House Judiciary Committee approved mortgage cramdown legislation yesterday by a vote of 21-15, Democratic leaders are preparing to wrap it into the omnibus spending package slated to come to the House floor next week, CongressDaily reported today. House Judiciary Chairman John Conyers (D-Mich.) made three changesContinue Reading

One Response to Chapter 13 Bankruptcy Reform Passes House Judiciary Committee

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Cram Down Reform Deleted From Stimulus Bill by White House Action

Chapter 13 reform maybe dropped from stimulus package in the Senate. will check source for below, for now, here it is: Posted: 01/22/09 05:23 PM [ET] Liberal Democratic lawmakers railed Thursday against the tactical decision of President Obama and House leaders to leave a bankruptcy “cram-down” provision out of the economic stimulus package. The provisionContinue Reading

One Response to Cram Down Reform Deleted From Stimulus Bill by White House Action