Reference Materials for Home Affordable Modification Program (HAMP)

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 [...]

Cash for Keys, Neither Simple nor Straightforward

As my partner, Rick Mitchell, outlined in “Cash for Keys?” walking away from a mortgage obligation is neither simple nor straightforward. As with short sales, 90%+ of our clients have other debts in addition to the mortgage debt that’s addressed in a deed in lieu/cash for keys offer and those debts remain after a deed [...]

Strategic Default: Part 2 of 3

The term “strategic default” has been in the news. With 25% of American homes valued at less than the balance of the mortgage, and some of those “underwater” mortgage holders out of work it’s no wonder. For those who can’t stay up late enough to watch Stephen Colbert, here’s a video clip on this subject. [...]

Strategic Default: Part 1 of 3

“Strategic default” is a conscious decision by a borrower to stop paying the mortgage(s) on a real property even though the borrower can afford the payment(s). It can happen for a number of reasons and is not a decision to be made lightly or without education about the legal, tax and credit consequences. We have counseled [...]

Chapter 13 Bankruptcy: Individuals

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 [...]

Loan Modification News

USAToday reported on the impact of loan modifications on credit scores this week. Selected paragraphs: A growing number of cash-strapped consumers are working with lenders to modify their mortgages so they can stay in their homes. But these modifications could wreck consumers’ credit. A modification is typically a change in loan terms. Usually, the interest [...]

The Importance of Paperwork

This story from New York brings a lesson to both debtors and creditors: sometimes the lack of proper paperwork stops a collections process/foreclosure.

Better Business Bureau Alert: Get Home Solutions

As a member of the Better Business Bureau, we review the organization’s activity updates regularly.  If they affect our clients and prospective clients directly, we highlight them on our blog. What follows is a quote from the BBB on one of the many fraudulent schemes targeting homeowners at risk of foreclosure: The “we buy houses” [...]

Asset Protection Basics

Many people want to come in and talk about asset protection are surprised to learn that they have no assets to protect. “How can this be? “I own a car and a house!” Asset protection comes in to play if you own non-exempt property — property that creditors can reach; or if you anticipate that [...]