Category Archives: Secured loans

The worst bankruptcy mistake you can make in Massachusetts

Recently I ran across someone who wanted to make just about the worst mistake possible for a Massachusetts resident who has just filed for bankruptcy protection. She wanted to sign a reaffirmation agreement on a leased car. Why is that such a no-no if you live in Mass? First, some terminology: a reaffirmation agreement is […]

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Green Tree Servicing not easy to deal with

Just came across a fantastic quote concerning Green Tree Servicing from Massachusetts based short sale broker Maryann Little, who commented “Greentree is NOT the easiest servicer to work with. They are SLOW…..” when she was discussing a listing in Lowell. I would add that my clients have had problems with this firm as well in […]

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Are casino liens really hardball?

Two front page articles in the Boston Globe in three days has put in the news this fact: Foxwoods and Mohegan Sun, the two massive Connecticut casinos which are now seeking the first gaming licenses ever issued in Massachusetts, have sometimes gotten liens on gambler’s Massachusetts homes for unpaid advances. First, the Sunday Globe “exposed” […]

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Big tax bills for short sellers? Bankruptcy could come to the rescue

It’s the middle of January 2014, and there still has been no movement by Congress in Washington to re-enact the Mortgage Forgiveness Debt Act, which expired at the end of 2013. That’s bad news for people looking to get out of real estate by a short sale (and for people being forced out of it […]

Also posted in Bankruptcy News, Real estate, Taxes | Comments closed

Clarification on property value disputes in Massachusetts bankruptcy court

Disputes over real estate values are becoming a hot topic in bankruptcy court again, after years of dormancy due to the recession. A recent Massachusetts case decided by bankruptcy judge Melvin Hoffman in the Worcester division of the court gives a behind-the scenes look at some of the problems that crop up when debtors and […]

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Does Green Tree Servicing really hold your mortgage?

In a Massachusetts bankruptcy case, a judge has been asked if Green Tree Servicing LLC can prove it really hold the mortgage it wants to foreclose on. In the Martin case (October 9, 2013), the married debtors house was underwater, they hadn’t made a mortgage payment since 2011, and they were perfectly willing to let […]

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Loans stripped in Chapter 13 may not be means test deduction in Massachusetts

Bankruptcy debtors who are looking at Chapter 13 as a way to get rid of an unwanted second (or third) mortgage may have an additional obstacle to overcome if their case lands in Judge Melvin Hoffman’s courtroom. In an opinion released in the Garrepy case (November 6, 2013), Judge Hoffman said that if the married […]

Also posted in Chapter 13, Real estate | Comments closed

Stripping liens in bankruptcy court . . . or maybe avoiding them

If you are a debtor in bankruptcy court, stripping could be a very profitable thing . . . stripping off liens from your property, that is. But it might not be the only bankruptcy strategy to get rid of pesky liens. Avoidance could work well, too. California bankruptcy law guru Cathy Moran has written a […]

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The most useless bankruptcy form

Here’s my nomination for the most useless bankruptcy form that has to be routinely submitted to a court during the course of a bankruptcy case: The “Chapter 7 Statement of Intention.” In a Chapter 7 case, this is where the debtor makes a declaration of what he proposes to do about his secured debts — […]

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Court rules that debtors can strip off liens with a Chapter 7 bankruptcy case

Consumers in Georgia and Florida got a big boost from the Eleventh Circuit Court of Appeals in Atlanta (left) recently, when that court became the first appellate level body to approve — and the first to even discuss — lien-stripping in Chapter 7 bankruptcy. The topic has caused controversy among bankruptcy judges for decades. The […]

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