If a foreclosure sale has been scheduled on a property you own, and the auction date is looming, and you are thinking about filing a bankruptcy case to stop the sale, what exactly will it take to get the sale postponed? Maybe not as much as you expected. First, I would need basic information from […]
Category Archives: Foreclosure
Getting a mortgage after bankruptcy just got a little easier
Here’s a little bit of good news for people who have filed for bankruptcy, but are wishing they could buy a property again. As of July 29, 2014, Fannie Mae has relaxed its rules for qualifying for a mortgage with a bankruptcy on your record. While bankruptcy can be listed on your credit record for […]
Also posted in Bankruptcy News, Secured loans
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Wells Fargo in hot water over foreclosure manual
The New York Post reports that one of Wells Fargo’s own foreclosure manuals could be used against the bank in a bankruptcy trial. Or as the Post puts it more bluntly, “Wells Fargo is in a federal judge’s hot seat.” On March 12, The Post broke the news of a bankruptcy lawyer’s allegations in court […]
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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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Homeowner’s mortgage mess spills over into bankruptcy court
If there is one bankruptcy case that sums up the frustrations of homeowners dealing with mortgage firms and banks, it must the the one recently decided by Bankruptcy Judge Hoffman in Massachusetts. This case (In re Perra, from May 22, 2013) seemingly has it all: a homeowner who bought in the early 2000’s and financed […]
Posted in Foreclosure
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Congress extends tax break for foreclosure victims
As part of the settlement of the various fiscal cliff issues, Congress extended the rules for forgiving the tax consequences of foreclosures for homeowners. Briefly, the tax code treats the forgiveness of debt as income for tax purposes — leaving debtors who have had their debt “forgiven” by a foreclosure sale liable for a whopping […]
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What’s up with Massachusetts’ HomeCorps program?
The latest government program for easing out of the foreclosure mess — at least for Massachusetts residents — is called HomeCorps, and it is being run out of the Attorney General’s office, with the funds provided by the state’s share of settlement money from the big banks over their recent lending practices. HomeCorps got up […]
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What’s missing from the new Massachusetts foreclosure law
Massachusetts has another shiny new foreclosure prevention law on the books this month — the second new one in two years, but perhaps the biggest feature of this piece of legislation is what isn’t in it. Mandatory mediation for homeowners seeking mortgage modifications. Under the original proposal of the state Senate, before a residential foreclosure […]
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Yet another new Massachusetts foreclosure prevention law hits the books
Massachusetts governor Deval Patrick signed into law new legislation on foreclosure rules on August 3, 2012. For those of you counting, this is the second major change in Massachusetts foreclosure law in the last two years. The ink isn’t really dry on the new law yet, so its hard to even find the exact wording […]
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Octomom files for bankruptcy — and her case is quickly dismissed
A couple of years ago, I wrote a tongue in cheek post here indicating that the “Octomom” — Nadya Suleman, a California mother of fourteen, including octuplets from fertility treatments, might soon be in bankruptcy court, as she was having trouble staying current on her mortgage. The prophecy came true in April 2012, when, faced […]
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