Board Certified Specialist in Bankruptcy
This week a WSJ article quoted the head of the NY Federal Reserve Bank addressed, saying “the Federal Reserve actively encourages efforts to find viable alternatives to foreclosure, like loan modifications, or deeds in lieu.” Let's take a look at each of these alternatives. How about a modification? If you CAN get a modification, and if the modification allows you sufficient room to pay … [Read more...]
RealtyTrac is chock full of information about foreclosure trends. Here's a map of Mecklenburg County's foreclosure hot spots based on September 2011 data. The Charlotte region leads the state in the number of foreclosures.We wish more Charlotteans at risk of losing their homes educated themselves and this series we wrote on foreclosure is a good place to start.For answers to your specific … [Read more...]
For struggling homeowners trying to avoid foreclosure, the processing errors admitted to by GMAC and Chase could mean an opportunity to challenge the banks. If you can stomach a bit of crude humor, Jon Stewart sums up the situation rather well.Mon - Thurs 11p / 10cForeclosure CrisisOn a more serious note After 40 years of helping families and businesses … [Read more...]
This week The Charlotte Observer that GMAC's mortgage troubles have spread from the original 23 states reported in early September. In a letter sent to GMAC this week, N.C. Assistant Attorney General Philip Lehman said the state has received information indicating that GMAC Mortgage employees "routinely signed off on large numbers of (foreclosure) affidavits" without properly reviewing them. … [Read more...]
This NYT article reports that GMAC has halted foreclosures in 23 states. For homeowners in North Carolina here's the noteworthy aspect of the article: States where the moratorium is being carried out include New York, Connecticut, New Jersey, Illinois, Florida and 18 others, mostly on the East Coast and in the Midwest. All of the affected states are so-called judicial foreclosure states, where … [Read more...]
We see it every month: homeowners struggle to pay their mortgages and feed their families but fall behind and eventually are served with a foreclosure notice. If they've been making partial payments instead of saving money to re-launch their lives in a rental property, bankruptcy protection might be the only thing between them and a homeless shelter. How bankruptcy helps you buy time Upon filing … [Read more...]
Here are three common questions asked of my partner, Rick Mitchell, and me by homeowners considering defaulting on their mortgages. I can't afford to pay my mortgage and my other bills. The house is under water. I've asked for a modification. How long do I have to decide whether strategic default is an option? I don't want to come home and find the locks have been changed on my house. The lender … [Read more...]
A recent Wall Street Journal article quoted figures estimating that 23% of homes have mortgage balances greater than the value of their homes -- a condition referred to as being "under water" in your home. Mortgage troubles are not limited to the unemployed. About 588,000 borrowers defaulted on mortgages last year even though they could afford to pay -- more than double the number in 2007, … [Read more...]
In our first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales.In the second post, we answered questions on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset.This post addresses questions on short sales and sifting through the confusing … [Read more...]
In our first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales.In this article we cover questions and answers on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset. Q: Can I legally prevent a foreclosure? First, there is very rarely any … [Read more...]