The bankruptcy court in Massachusetts has ruled that a debtor can claim an exemption under the Massachusetts homestead law even when they are actively planning on moving out. Bankruptcy judge Joel B. Rosenthal ruled that since the Massachusetts homestead law is written to protect anyone who occupies a building as a residence, the debtor’s intentions […]
Category Archives: Real estate
Massachusetts homestead exemption is valid even if you plan to move
Also posted in Exemptions
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Massachusetts Bankruptcy Court cracks down on terms of loan modification agreements
The bankruptcy courts in Massachusetts have begun a crackdown on loan modification agreements that seek to reduce the court’s power over lenders. In a standing order issued on March 2nd, the court has nullified any provision in a loan modification agreement that tries to eliminate a debtor’s automatic stay if they default after filing a […]
Also posted in Bankruptcy News
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Foreclosures slowing down in Massachusetts?
The Warren Group, peripatetic observers of the Massachusetts real estate lending scene, report that the number of foreclosure petitions filed in Massachusetts in January was the lowest monthly level in a year. Foreclosure deeds, however, have risen to a four year high. A foreclosure deed is recorded at the end of the foreclosure process, after […]
Also posted in Bankruptcy News, Chapter 13
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Pay the mortgage or just walk away?
As the housing market continues to drag, just walking away from home is becoming a more tempting option for many Americans. Walking away isn’t risk-free. A foreclosure stays on a consumer’s credit record for seven years and can send a credit score (based on a scale of 300 to 850) plunging by as much as […]
Posted in Real estate
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Can we fix the homeowner default trap?
An excessive rate of home foreclosures has bad consequences all the way down the line — the homeowner eventually has to move out, property taxes don’t get paid, so the town or city starts going broke, the banks have excess inventory of homes that can’t be sold, which drives prices down even further. Buildings go […]
Also posted in Chapter 13
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Americans finally catching up on their mortgages
Americans may be finally catching up on their late mortgage payments — or at least may not be falling behind quite so fast. The number of homeowners who have missed a payment but are not yet in foreclosure dropped last month for the first time since 2007. More than 15% of home owners have either […]
Also posted in Bankruptcy News
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Federal mortgage relief program is a complete failure
The U.S. government’s mortgage relief program has helped only 12 percent of the homeowners who have signed up in the year it has been available, according to the Boston Globe. According to Valparaiso University law professor Alan White, “I would say it’s a complete failure at this point.’’ Large banks also have huge volumes of […]
Also posted in Bankruptcy News
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A split decision on avoiding judicial liens in Massachusetts
So you are thinking about filing for bankruptcy, but worried because a creditor has already gone to court to get an attachment against your home (or some other piece of property)? Usually, this does not present much of a problem. Bankruptcy lawyers call these attachments “judicial liens” and by filing a bankruptcy case for you, […]
Posted in Real estate
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The Tug of war between foreclosures and loan modifications
It looks like foreclosures are winning out over loan modifications, as banks remain more likely to seize real estate, in place of bargaining over it. Bloomberg News reports that one house out every 409 in the United States received some sort of foreclosure warning letter in the past month. Michelle Meyer, an economist in New […]
Also posted in Bankruptcy News
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Home price insurance program
Would you be intersted in an insurance plan that would cover you if the price of your house went down? Northeastern University dean Barry Bluestone has come out in favor of an interesting type of proposed stimulus program to jumpstart the real estate market: he wants the federal government to sell insurance to home buyers […]
Also posted in Bankruptcy News
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