Tag Archives: mortgage

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.

Continue Reading

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Hope And Change Two??

   (I am an Amazon affiliate, so click on the link if you want to buy the album or book) Foreclosure crisis continues, the election produces:  another Republican House, another Democrat Senate, and the same president. Meet the new boss.  Same as the old boss. I have been railing against the mortgage villains, industry, organizedContinue ReadingContinue Reading

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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

How Much Is Your Home Worth?

Letter H

H is for home value, in the Alphabet Game, bankruptcy experts across the country blog on different topics. I always ask potential clients this question, how much is your home worth?, I mean, really, and the response frequently is something like:  well, it is worth $200,000, but right now, I can only get maybe $160,000Continue Reading

12 Responses to How Much Is Your Home Worth?

  1. Kurt,

    Nice job. You are spot on. I have had many similar discussions with my clients about the financial impact of retaining their home when it is currently upside down. Does not make sense to modify a loan by extending the term another 10 years. Those who have refinanced within the past 10 years are still looking at a 30 year mortgage on an overvalued piece of real estate. It will take more than 20 years at regular payments to probably break even. That is a long time.

    I hate to disregard “hope” but these are major investments. You need to be very realistic. If you are filing bankruptcy why not take advantage of its many benefits – like discharge of mortgage debt.

  2. The other piece of the puzzle is how the cost of living in the home compares to renting. If the cost of living in the home is not significantly more than the cost of renting, then there is no harm in staying put. Just so long as the “homeowner” understands that the real estate is housing, not an investment on which they can retire.

  3. And no doubt you get the same sort of dialogue:

    It’s worth $200K.

    I see, could you sell it today for that?

    Oh no, today I could only get $125K. But it’s “worth” more…

    oh…..

  4. Thought about selling our house over a year ago. The realtor advised a private appraiser of old homes look at our 1800 century farmhouse. The appraiser loved the property, house, charm, couldn’t stop talking about the beauty of it. We were shocked when we received the appraisal and the low figure on it. We thought the house was worth $100,000s more
    : ( It was a real wake up call to how far the market has fallen in NY.

  5. Here at Arizona Bankruptcy Now, we specialize in Arizona chapter 13 and chapter 11. Being Arizona bankruptcy lawyers, we are to assist you in Arizona bank foreclosure and Arizona judgments.

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Mortgage Balance Not Reaffirmed?

  Had a different question last week, from someone who did not reaffirm her mortgage in her Chapter 7 case, kept current on the  payments, but wanted to pay off the balance for less than what was owed on the mortgage balance. REAFFIRMATION Just to review, reaffirmation is the process for you to obligate yourselfContinue Reading

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5 Worst Insurance Bets

I have selected my five worst insurance bets. What are yours? 1.  Credit Life You are already in the hole, you owe money, and they tell you, hey, you want your spouse and kids saddled with this debt? Oh no, me?  I am a nice guy, I don’t want to do that. Most likely, checkContinue Reading

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3 Responses to MERS Says No Mas! To Michigan Foreclosures

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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? 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. YouContinue Reading

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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