- Don't expect your loan servicer to play by the rules...until there is a real consequence of litigation
I can tell you fronm the frontlines of the foreclosure crisis, that the Obama administration's Home Affordable Modification Plan or HAMP is a large scale failure. Consider these facts from the ACORN and the Center for Responsible Lending: -A family ... read more +
28-Jan-2010 9:11p
- Common Bankruptcy Mistake – Maxing out your Credit Cards before filing
When contemplating filing bankruptcy, sometime individuals will max out their credit cards right before filing. This is a mistake, and could jeopardize your entire case. Some debts in bankruptcy are non-dischargeable, meaning you will still be ... read more +
28-Jan-2010 4:24p
- Common Bankruptcy Mistake – Paying off a loan from a relative shortly before filing
Bankruptcy laws, like all laws, attempt to be fair (I admit not all laws actually are fair). In an effort to be fair to all creditors a bankruptcy debtor may not pay off one creditor in favor of another. In other words your relative cannot get all ... read more +
27-Jan-2010 4:41p
- You can still file chapter 13 bankruptcy while on un-employment
Chapter 13 bankruptcy is often called a payment plan. In chapter 13 bankruptcy the debtor will make a monthly payment for either 3 or 5 years. The amount of the payment is reasonable based on the debtor’s income and expenses and not on how much debt ... read more +
25-Jan-2010 9:54p
- I live in Framingham. Where is my §341 meeting?
If you live in or around Framingham your §341 meeting will be at: J.W. McCormack Post Office & Court House 5 Post Office Square, Room 325 Boston, MA 02109 read more +
25-Jan-2010 5:12a
- Your electricity, gas, or other public utility will NOT be shut off if you file bankruptcy
If you file for bankruptcy and are behind on a public utility bill then you can discharge the arrearage and not lose service. What happens is the amount you are behind will be discharged in your bankruptcy. Anything you incur for a charge after the ... read more +
24-Jan-2010 9:36p
- You can file bankruptcy and keep your home
If you file bankruptcy you will keep your home ; unless you want to surrender it to the bank. In order to keep your home you will need to at a minimum be able to make the current monthly payment on the first mortgage. If you are filing chapter 7 ... read more +
24-Jan-2010 10:31a
- Creditors are calling all the time
Bankruptcy can help. As soon as your bankruptcy case is filed the “automatic stay comes into effect. (See 11 U.S.C. §362) The automatic stay is much like the name implies, it happens automatically by the filing of your case, and it stays actions ... read more +
22-Jan-2010 8:01p
- Check your lender's loan mod performance history...
Source: http://financialstability.gov/docs/report.pdf Go this link and fund your loan servicer. The charts on page 5 of the the HAMP Modification Activity by Servicer shows the relative performance of the top 20 loan servicers that have signed up ... read more +
22-Jan-2010 1:49p
- National loan mod results: 6% of trial mods were converted to permanent through Dec. 2009
Through December 2009, out of the 1,164,507 trial mods offered to date, only 6% or 66,465 homeowners received permanent loan mods under the HAMP plan. However, the government claims that an additional 46,000 permanent offers are awaiting borrower ... read more +
21-Jan-2010 9:58a
- I have money in the bank what should I do?
Leave it there. An individual filing a chapter 7 bankruptcy case you may be able to exempt up to $11,200 ($22,400 for a married couple) of cash and bank deposits. If the money is exempt it will not be touched by the bankruptcy court, trustee, or ... read more +
20-Jan-2010 2:43p
- If I file bankruptcy will it be in the newspaper?
No, your bankruptcy filing will not be in the newspaper. Your bankruptcy filing is public record, which means that someone could go down to the Court house and ask if you had filed bankruptcy; the Court would tell whoever asked if you and filed or ... read more +
20-Jan-2010 9:25a
- "Beware of Foreclosure Rescue Scams - Help Is Free!"
When looking for home loan help, please know that help from the Department of Housing and Urban Development is free. Below are some of the warning signs that HUD has put together: " Beware of Foreclosure Rescue Scams - Help Is Free! Beware of anyone ... read more +
19-Jan-2010 7:06p
- Will I Be Able To Keep My Home And Car If I File Bankruptcy?
A lot of our clients have told us that “someone they know” has told them they can’t file a bankruptcy if they own a house or car. Also, they have been told that they will lose their house and car if they file for bankruptcy. So, let’s set the record ... read more +
18-Jan-2010 3:24p
- Area prosecutors are watching sexting case in U.S. Appeals Court
Area prosecutors are watching sexting case in U.S. Appeals Court By MATTHEW KEMENY, The Patriot-News January 15, 2010, 7:22PM Just about all law enforcers agree teen sexting — sending explicit photos via text message — is a growing problem. But how ... read more +
15-Jan-2010 6:55p
- Area prosecutors are watching sexting case in U.S. Appeals Court
Area prosecutors are watching sexting case in U.S. Appeals Court By MATTHEW KEMENY, The Patriot-News January 15, 2010, 7:22PM Just about all law enforcers agree teen sexting — sending explicit photos via text message — is a growing problem. But how ... read more +
15-Jan-2010 6:55p
- Foreclosures ramping up...prices headed down...a huge wave of sales looms in 2010
The article below takes a year end snapshot of the foreclosure situation. However, the California numbers deserve a deeper look. Typically, properties move through the minimum 111 day non-judicial foreclosure process at a steady rate. Moratoriums, ... read more +
14-Jan-2010 8:34p
- Negative equity tops $745Billion; Pressure on lenders for principal reduction or deferment may be growing...
From the front lines: This is a timely and informative article on the likelihood of principal reduction for borowers in distress. Wells Fargo and its subsidiary Wachovia remain the most willing, having cut $2billion of principal in 2009. While ... read more +
7-Jan-2010 10:06a
- Congressional testimony: "Less than 10,000" permanent loan mods
This an informative article that underscores the problems with the government's loan modification program or HAMP. I can confirm this from the front lines. Converting trial loan mods into permanent loan mods remains a challenge. However, my office's ... read more +
6-Jan-2010 11:10a
- Eliminating A 2nd Mortgage
Many of today’s homeowners have more than one mortgage on their home and are struggling to pay multiple mortgages. One good thing to come out of the declining real estate market is if you have a 2nd mortgage on your home, pursuant to Sections 506 ... read more +
5-Jan-2010 3:18p
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