Could electronic banking lead you to bankruptcy?
With the increasing advent of electronic banking options, and cards of all kinds, can you really keep up with it all anymore. More importantly, could the proliferation of debit and credit options actually dive comsumers closer to bankruptcy? I think so. In the days when people reconciled their statements, and debited their own accounts with [...]
Couple driven to bankruptcy by snake infested house
Most people don’t just wake up one morning and decide to file a bankruptcy case; there is always some particular catalyst that makes bankruptcy a possible option. I talk to a lot of people who are thinking about it, and a common reason for example is “I lost my job.” There’s a couple in Idaho, [...]
I filed for bankruptcy, now where’s my *?!*%$# mortgage statements
Let’s imagine you own a home, but have just filed for bankruptcy because of astronomical credit card or medical debts that got out of control. But you were always sure to pay the mortgage first each month (a smart move, by the way) so you would be sure of a roof over your head. Now [...]
Is renting out your house a way to save it?
Under the present bankruptcy law, it is very difficult to use a Chapter 13 bankruptcy plan to impose your own mortgage modification on the primary lender for a residential home. There have been near constant efforts to get the Congress to change this, but so far the pleas have fallen mostly on deaf ears. The [...]
Leaning: how quick do banks react to bankruptcies?
If you are not making payments on a mortgage, a second mortgage, or some other type of secured loan, like a car payment, and you file a Chapter 7 bankruptcy case, how long will it take for the bank to request a chance to do a foreclosure? Like most legal questions, the answer can be [...]
What happens if you can’t pay your mortgage?
A common question people ask is what happens if they are simply unable to make regular mortgage payments? First off, if you are able to make the payments, by all means do so. But people who know the end of the rope is near may consider “strategic defaults” — purposely not making payments in order [...]
Massachusetts homestead law changes for the better
Legislators changing laws for the benefit of the average citizen? Before you allow your deep-rooted cynicism to set in, it actually is occurring in Massachusetts today. I wrote back in December that sweeping changes to the Massachusetts homestead laws were slated to take effect in mid-March. Well, March is here, so time for a review [...]
Another take on short sales and bankruptcy
Just a little while ago, I wrote this piece on short sales versus bankruptcy, with the general view that bankruptcy would be a much more preferable option for the majority of homeowners in trouble. But you might also want to consider the other side of the equation. Florida bankruptcy lawyer Chip Parker has posted a [...]
Is Zillow an acceptable way of valuing real estate in bankruptcy court?
The website Zillow.com (and other sites like it) is being used increasingly by people to figure out the value of real estate, whether they are buyers, sellers, or just homeowners, and whether they are professionals or amateurs at the real estate game. Beyond the weird name, (why must all websites have such weird names?), a [...]
Delayed mortgage aid for jobless might show up in March
A new federal program that could help thousands of unemployed homeowners in Massachusetts temporarily cover their mortgages is expected to finally be up and running by mid-March, months after it was scheduled to start. Massachusetts is set to get $61 million of the federal funds. Homeowners should be able to apply on or about March [...]
