Last month, I met several times with a potential Chapter 13 client who was facing a mortgage foreclosure. Over the course of the past few months he has been juggling his creditors and bills trying to stay afloat and during that time he fell behind to his mortgage company by more than four months, and found himself in the foreclosure process.
More on Can You Rely on a Verbal Promise that Your Foreclosure Will be Delayed?
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With the news full of foreclosure statistics showing huge increases along with stories of self-righteous Members of Congress asserting their heartfelt concern for "struggling homeowners" little attention is paid to the question of whether a homeowner ought to fight to save his home. My friend and colleague, Charleston bankruptcy lawyer Russ DeMott were recently discussing this issue and I invited him to prepare a guest post about this very topic:
More on Should You Save Your Home from Foreclosure, or Should You Let it Go
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In the Northern District of Georgia, the "standard" Chapter 13 plan that is used provides that on-going mortgage payments are to be made directly to the mortgage company during the pendency of your Chapter 13 plan. In other words, if you file Chapter 13 because you are three payments delinquent, your missed payments (the mortgage "arrearage") will be paid in your plan. However your ongoing mortgage payments are sent directly to the mortgage company.
More on Missed Mortgage Payments in Your Chapter 13 – An Expensive Problem
Filed under Automatic stay issues, Foreclosure issues, Georgia Bankruptcy by
This past Sunday, the AJC published a fascinating article entitled "Foreclosures Reach Renters." The article reports on several very sad cases in which a hardworking rental home tenant finds himself literally out on the street following the foreclosure of his rental home and an eviction filed by the new owner (usually a mortgage lender eager to put the foreclosure property back on the market).
Filed under Automatic stay issues, Consumer protection, Foreclosure issues by
CNN.Money.com is reporting that Bank of America has announced a plan to cut mortgage payments on loans held by its Countrywide division. The program targets holders of subprime adjustable rate mortgage (ARMs), subprime fixed rate loans and option ARMs, but prime and Alt-A borrowers, who did not document their income, will be eligible as well.
More on Countrywide Customers: Mortgage Help is on the Way for Many
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We have all heard about the "sub-prime" mortgage crisis, but do you really understand what it is all about and why the collapse of the sub-prime market has lead to a decline in your local real estate market as well as a decline in the American economy in general.
More on Sub-Prime Mortgage Fiasco Explained…Using Stick Figures
Filed under Consumer protection, Foreclosure issues, General consumer bankruptcy info by
I received a call today from a reporter at the Atlanta Journal/Constitution. He is looking to speak with homebuilders (small or large) who are struggling financially. He is preparing a feature on the local real estate market and the struggles of local homebuilders and developers. You would not have your name published if you prefer. If you would like to speak with this reporter, please contact me offline and I'll put you in touch.
Filed under Foreclosure issues by
The New York Times published an investigative report on March 30, 2007 entitled Foreclosure Machine Thrives on Woes. The article addresses what has become a growing problem in bankruptcy cases:
- out of control fees and costs added to mortgage loan balances
More on Foreclosure Practices in North Georgia Come Under Scrutiny
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A lot has been written about the housing and mortgage finance crisis in the United States. You may be wondering how and why you would be affected by the failure of a mortgage company that issued high interest loans to borrowers who were not credit worthy. Although it may not be obvious, a rising delinquency rate among sub-prime borrowers can and has impacted:
More on CNN and Fortune Magazine Explain The Many Repurcussions of the Sub-Prime Meltdown
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Today's Atlanta Journal-Constitution reports that the Georgia state Senate has approved two bills designed to help stuggling homeowners avoid foreclosure. Senate Bill 519 would increase the pre-foreclosure notice to homeowners from the current 15 days to as much as 60 days.
More on Georgia Legislature Considers Home Foreclosure Relief Bills
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