Board Certified Specialist in Bankruptcy
My law partner, Rick Mitchell, and I are disgusted by the false promises and abysmal performance of the nation's mortgage lenders who claim to be participating in the "Making Homes Affordable" program. Homeowners were lured into this program with the expectation that they would get an answer within the "modification period" (usually 3-6 months) and that their credit would not be impacted by … [Read more...]
After ten years the Internal Revenue Service issued 475% more liens last year than it did in 1999. A recent CNNMoney story quoted national taxpayer advocate Nina Olson saying, "Taxpayers are being greatly harmed for very little benefit to the government." In her annual report to Congress, Ms Olson says the IRS must do more to assess whether the benefits of a tax lien outweigh its harm to the … [Read more...]
This month we've run a series for distressed homeowners and published NC foreclosure data. To round out our coverage on the topic I want to discuss a paper written by James E. Rogers of the University of Arizona's College of Law because it runs counter to what people generally believe is happening with people "walking away" from their mortgages. Professor Rogers says most homeowners continue to … [Read more...]
This week's USAToday ran a helpful story analyzing changes in credit scoring in the face of developments in this Great Recession. Highlights: Lenders are closing credit card accounts and lowering credit limits for millions of consumers and business owners who have never paid late. Some lenders are reporting mortgage modifications in a way that dings consumers' scores, dealing a setback to … [Read more...]