This is the conclusion of a two part series, part one on bankruptcy mortgage options can be found here. Now, you cannot force the mortgage company to foreclose, or take your house back. They might agree to a short sale, but, as with a modification, you cannot force it on them. They might accept a…
Less than two years ago, Michigan foreclosure law was changed in the face of the greatest foreclosure crisis since the Great Depression. Mortgage companies were required to send an initial foreclosure notice that gave the homeowner the opportunity to request a modification. If he did so, the house went off the foreclosure track for 90…
I love reading the Christian Finance blog, but have to vociferously disagree with part of a recent post there, the Home Financing part of which reads as follows: Enough can be determined by what the bank will loan us. Thus, we buy as much house as the bank is willing to lend us. According to…
This has been the most common question I get for a long time, so I will periodically post on the possible answers. If you are current, and can afford to continue paying, there is really no bankruptcy alternative. You can stop paying, the so-called “strategic default“. Unfortunately, there is no accurate prediction as to what…
The bailout cost for the “too big to fail” banks and mortgage companies has not even peaked. Taxpayers, like Joe Inhoch, our new fictional blog character, are on the hook hundreds of billions more, counting only the Fannie Mae and Freddie Mac loans that go south. Our politicians already already bailed out those companies, with Joe’s…
Foreclosure is the legal process for mortgage companies taking your house. It is much in the news these days, with mortgage companies being questioned on the legal documents they produce in courts, in cases of judicial foreclosure. Mortgage simply means: debt secured by real estate; pledging your home as collateral, or security, for a loan….
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…
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 favorite…
Is your home worth less than what you owe on the mortgage, or mortgages? That is called: underwater. This encourages people to stop paying and let mortgage foreclosure happen, even if they can afford the payments. In Michigan now, for homes that have a mortgage more than half are underwater. Tune I have been singing…
Bill passes House Judiciary Committee, you can read it here. What is now happening in Detroit, Michigan, is that foreclosed homes are being given away by New Century, which sold 60 homes for $60.00. That is right, 1$ per home. Someone studied the records, came in and said I will take them off your hands….
