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Mortgage
The Federal Reserve and Government forecasters agree: the Great Recession is over. But not for millions of Americans whose homes remain underwater thanks to the sub-prime mortgage scandal. Nor is it over for the millions more who lost their jobs and have only been able to secure part-time work with less pay and no benefits.
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Freddie Mac and Freddie Mae made guideline changes to the prevailing short-sale guidelines that unified and clarified them. Those changes featured examples of eligible hardships that would permit homeowners to sell their homes even if they were then current on their mortgage. Ultimately that new guidelines enabled lenders and servicers to quickly and easily qualify...
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This piece from the Wall Street Journal’s Real Time Economics site answers the question with charts galore! The short answer comes in 3 parts: 1) For working people, 2013 was more of the same slow, jobless recovery; 2) For high net-worth individuals and corporations it was a bonanza; and; 3) The housing sector underwent a...
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Priority disputes can be played out in Bankruptcy court. Take the case of In re Jones, in which Chapter 11 Debtors owned several pieces of property encumbered with mortgages cross-collateralized with other property of the Estate. That's when the trouble started...
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Chances are that any equity you had in your home disappeared between 2008 and 2011 and hasn't been seen since. What will happen in 2013? One thing for sure though: if a write-down is not an option many people will find themselves looking to programs like HAMP and HARP to manage their payments, and others...
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Yes Virginia, it is possible to both discharge unsecured debts forever (Chapter 7) and strip down secondary mortgages (Chapter 13). But why would a Debtor file two cases when it's hard enough to put themselves through one? Read on and find out.
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What happens when the property taxes of a Chapter 13 Debtor, protected by the Automatic Stay, are sold at auction? Here the Bankruptcy Court for the Northern District of Illinois, Eastern Division, had to decide whether a Chapter 13 Plan of Reorganization affects the deadline for the Debtor to redeem sold taxes. The answer is,...
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The Automatic Stay in Bankruptcy prevents creditors from taking action against debtors so they can get a fresh start without fighting the same battles over again. This post looks at how the Stay works in practice.
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