Category Archives: foreclosure
What Happens in a Foreclosure
See my website at /CM/Bankruptcy/Chapter-13-Bankruptcy.asp for information on how a chapter 13 bankruptcy can help you avoid foreclosure and catch up on any arrearages. Chapter 7 bankruptcy, unfortunately, does not allow you to do this; however, it will delay the foreclosure through the date of discharge or if the creditor motions to lift the… Read More »
Mortgage Loans Discharged In Chapter 7 Bankruptcy
Mortgage loans can be discharged in Chapter 7 bankruptcy proceedings so that homeowners no longer have to worry about paying an expensive loan when their income has dropped. But with a discharge, the owners will not be able to keep their house, as the bank will receive the collateral back as a result of… Read More »
Are people who file for bankruptcy “using the system”?
As a bankruptcy attorney, I was asked by a criminal law attorney whether I thought people were acquiring debt with the intention of discharging it in bankruptcy. I assured this attorney that this was NOT the case. The overwhelming majority of clients we have had and have are devastated by having to file for… Read More »
Beware of Foreclosure Rescue Scams. Help is Free!
There is never a fee to get assistance or information about the Making Home Affordable program from your lender or a HUD-approved housing counselor. For a HUD-approved counselor, visit: http://www.hud.gov/offices/hsq/sfh/hcc/fc Beware of any person or organization that asks you to pay a fee in exchange for housing counseling services or modification of a delinquent… Read More »
Reasons to Delay or Speed Up Your Bankruptcy Filing
There are many factors to consider when deciding when you should file for bankruptcy. Here are a few common reasons for delaying or speeding up a bankruptcy filing. Reasons to Delay a Bankruptcy Filing Your income recently decreased. One good reason to delay a filing is if your income over the last six months… Read More »
Bank of America Halts Foreclosures in 50 States
WASHINGTON – Potential flaws in foreclosure documents are threatening to throw the real estate industry into a full-blown crisis, as Bank of America on Friday became the first bank to stop sales of foreclosed homes in all 50 states. The move, along with another decision on foreclosures by PNC Financial Services Inc., adds to… Read More »
