Tag Archives: real property law

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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Bankrupt MIchiganders Eligible For Mortgage Assistance?

  There may be some for Michigan homeowners caught in the foreclosure crisis.  And filing bankruptcy does not disqualify your, automatically, from the program. I am not sure why government bureaucrats like long names for programs, perhaps, it makes them feel more important.  This is about Michigan’s Helping Hardest Hit Homeowners program, otherwise known asContinue ReadingContinue Reading

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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.

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Michigan Foreclosure: The Big Picture

What do the statistics tell us about the big picture for our economy now? That there will be more bankruptcies in Detroit, and everywhere else in Michigan, and the U.S. The foreclosure crisis continues, if you want chapter and verse, read “Reckless Endangerment.” Foreclosure sales are declining, but in judicial foreclosure states, which Michigan isContinue Reading

3 Responses to Michigan Foreclosure: The Big Picture

  1. More foreclosure issue, more foreclosure attorneys needed. Thank you for this article.

  2. I can see in the future how foreclosure will be if we don’t have expert foreclosure attorney.

The MERS Decision Story

Fallout from the Michigan Court of Appeals decision tossing out two foreclosures by MERS is sweeping the state of Michigan. Had a call yesterday from someone whose closing was canceled at the last minute, because, MERS had done the foreclosure and quit claimed the property to the bank, which had agreed to sell the homeContinue Reading

One Response to The MERS Decision Story

  1. I heard on the news and read your article about the mers forclosurer ruling. My home is going to the county sheriff sale this month. My question is how do i find out it my forcloser will de delayed because of the ruling? Also i found that it to be quiet strange that my servers name is on my mortgage documents but the server tells me that I borrowed money from the investers. I dont no who the investers are and upon getting approved for the loan I contacted the credit union. I assume the credit union provided the funds for me. Since this time the credit union is closed and now coop credit union. I contacted coop and first they told me they didnt have my mortgage. After speaking to several people the manager tells me that yes coop does have the mortgage but its not in their computer its in their books. Should the credit union contacted me upon recieving my mortgage, do the server have a right to be listed as the leinholder on my mortgage even if they didnt loan me the funds, and do I have some type of claim?

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The Truth About The Foreclosure Crisis

Detroit

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

The Foreclosure Scam Story

Wreckage in Barrie

False advertising fills the airwaves: “the secret credit card companies don’t want you to know.” The secret? They don’t tell you is, you pay, and get no guarantee of anything. The State of Ohio busted a foreclosure scam outfit operated with attorneys. Check with your state’s Attorney General’s office. Better Business Bureau, not so much.Continue Reading

One Response to The Foreclosure Scam Story

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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