Board Certified Specialist in Bankruptcy
Mortgage modifications are rare. Modifications for second mortgages present challenges of their own. Clients who are in financial difficulty are well advised to consider a Chapter 13 bankruptcy case as an option when they are current on their first mortgage but are not paying, in full and on time each month, their second mortgage (including a home equity loan or other debt secured by the … [Read more...]
After several years of speaking with our clients about loan modifications to save homes and hearing a sad litany of misinformation and outright deceptions, it has become painfully obvious that loan modifications are more smoke and mirrors than reality.Does this mean that there is nothing that homeowners can do to try to save their homes? Unfortunately, in most instances the answer is … [Read more...]
You probably landed on this page after a search engine brought our firm to your attention. Most people begin their search for a Chapter 13 bankruptcy lawyer in this exact way. Now you must narrow your search.When hiring a law firm or lawyer to represent you in the courts, we suggest that you ask prospective firms whether you will be dealing with a partner or an associate throughout your … [Read more...]
Most of our clients would like to pay all their creditors in full. Even if it takes a long time.The problem is that creditors aren't willing to wait as long as necessary to receive payment in full. This is where Chapter 13 bankruptcy comes in. Those who file for Chapter 13 protection will end up paying all or part of their debts in a court-approved and -monitored process. Consider the … [Read more...]
This opinion piece by economist Paul Krugman about mortgage company shenanigans garnered 463 comments before the NYT closed the comment section. If you are trying to get your mortgage refinance or modified, you'll find plenty of company among the disgruntled commenters but not much in the way of advice. You need a bankruptcy attorney for that.Dr. Krugman endorses the Oscar-winning film … [Read more...]
I saw an interesting article about a Pennsylvania judge who forces the mortgage companies trying to foreclose on homes in his jurisdiction to first try and work out a modification with the homeowner. Mortgage companies cannot proceed until they have proven a good faith effort to the court.Even that's not enough to help most people save their homes. 20% of borrowers (or more) with permanent … [Read more...]
Although the Home Affordable Modification Program (HAMP) has been widely reported as under-serving those in need, and hat has been our clients' experience here, if you are considering filing for bankruptcy protection or have already done so, and you have also applied for HAMP, this guide explains policies and procedures related to borrower outreach and communication. Chapter 13 bankruptcy must … [Read more...]
Chapter 13 is a repayment bankruptcy. It is utilized by individuals, and owners of sole proprietorships or other “mom and pop” businesses, not only to obtain a fresh start, but also to retain their assets and reorganize their financial affairs.For most individuals with debt problems, the major decision is whether to file for protection under Chapter 7 or Chapter 13 of the Bankruptcy … [Read more...]