Tag Archives: mortgage modification

More Michigan Bankruptcy And Foreclosure News

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 money and yours, even though these are the companies that caused the crisis.

Sloppy paperwork went hand in hand with sloppy lending practices, which are being unraveled by attorneys representing homeowner victims, like Suzie Homeowner, our other new fictional character..

One of the seven deadly sins, GREED, drove our banker buddies in their race for more money, they cut corners, to grossly understate the case.

In states that require judicial foreclosure, the mortgage industry use of robo-signers first came to light.

They hired people just to sit at a desk and sign papers all day.

Of course, they were not hired to, like, actually READ the affidavits they were signing, verifying that necessary stages of the mortgage process were done

Now that they are called on it, our mortgage friends just come up with:  more affidavit, with supposedly correct information to justify their foreclosure suits.

Reminds me of the Iraqi government spokesman, who claimed there had been no invasion, AMerica was losing the war, just before Baghdad fell.

Though some of our banker buddies face the music, apologize, promise it will never happen again, all the foreclosures from now on will be legitimate.

The best alternative to the current, continuing mess remains, judicial mortgage modification..

Any chapter of bankruptcy stops foreclosure, but the terms of a first mortgage on your principal residence still cannot be changed.

A second mortgage lien can be stripped off in a Chapter 13 bankruptcy, if your house is worth less than what is owed on the first mortgage.

Suzie homeowner and Joe Inhoch are underwater on their homes.

HAMP is another failed government program that has lowered the principal balance for very few..

More Michigan Bankruptcy And Foreclosure News

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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

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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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Judicial Mortgage Modification Will Work!

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 favoriteContinue Reading

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One Response to Avoid Foreclosure With Non-Bankruptcy Cramdown?

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

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Chapter 13 Bankruptcy Reform – Bankers Oppose

Stunning news, the bailed out, whose appetite, and need, for our money knows no bounds, oppose Chapter 13 bankruptcy reform that would let homeowners avoid foreclosure and keep their homes by allowing bankruptcy courts to re-write the terms of their mortgages. It is time to yell (OK, maybe speak) to our representatives, that they haveContinue Reading

Summers Endorses Bankruptcy Court Mortgage Modification

DATELINE: WASHINGTON The following is the letter released Monday by Lawrence Summers, director-designate of the National Economic Council for the Office of President-Elect Obama: sent to the leadership of both parties in the House and Senate 3. Launch a Sweeping Effort to Address the Foreclosure Crisis: The President-elect has directed his White House and CabinetContinue Reading

Mortgage Modifications Failing

The voluntary mortgage modifications announced with much fanfare by various mortgage companies are failing, according to paper by Alan M. White of Valpairaso Law School. Not only are most borrowers unable to make the required payments, many end up owing more than before the modification agreement.

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