On September 1, 2007, special new rules were added to the steps required for Texas foreclosures.  The new rules cover procedures that must occur if the courthouse or county clerk’s office are closed because of inclement weather or other “acts of God.”  Now the required postings and filings may occur within 48 hours of the [...]

“So What Happens If I Let My California House Go Back To The Bank?”
We get this question a lot. The answer is, IT DEPENDS.  Generally, one of the following happens:
1. You still owe the bank a big slug of money;
2. You have a big income tax bill with no cash to pay it;
3. You owe the [...]

The Truth in Lending Act, often referred to as TILA (15 USC 1601 et seq.), can provide a defense to foreclosure when other options have failed. The regulations governing home refinance can be complicated, particularly when the loan terms trigger HOEPA, a provision of the Truth in Lending Act governing high interest or high cost [...]

Governor Schwartzenegger and the four largest mortgage servicers have announced a plan to help homeowners with adjustable rate mortgages avoid foreclosure of California homes. Four servicers, Litton, GMAC, Countrywide, and Homeq , will offer modification to homeowners who live in the home; are not behind on their payments; and prove they can’t afford the [...]

The government is hoping Fannie Mae and Freddie Mac will come to the rescue of subprime lenders and borrowers by buying up more of those loans and working with consumers to save their homes. But both companies are showing rapid declines in their assets — neither look like they are in a position to [...]

A recent editorial in a Connecticut newspaper blamed the sub-prime mess on the nation’s inner cities and their mayors who clamored for money to finance homes for low-income families. While it is true that lenders largely ignore the deteriorating inner cities, lending is always driven by profit, not social policies. If the two [...]

The automatic stay in bankruptcy halts a foreclosure proceeding. But to provide meaningful relief, the homeowner has to have a plan for what happens next. The stay may be automatic, but it isn’t forever.
Bankruptcy can provide an opportunity to sell property and preserve some value for the homeowner. Chapter 13 can provide [...]

As part of the sub-prime mortgage mess, renters are also losing their homes to foreclosure. The fact that a tenant has been paying rent on time every month will not preserve their right to stay in their home. As banks and other lenders begin to take title to foreclosed homes, they are seeking to [...]

So your adjustable rate, interest only mortgage is now so high you can’t afford the payments?
Don’t worry!  The mortgage industry has just the answer:  The 50 Year Mortgage!
If you liked that post, then try these…Service Release Premium – Your bank’s dirty little secretWhat Is The Right of Rescission?Should I Use An Estate Planning Service To Get [...]

I got a real thrill this week when a mortgage lender’s attorney who had objected to my client’s Chapter 13 plan on the grounds it had the wrong amount for the mortgage payment going forward, had to admit before the court that he had the wrong number for the monthly payment.
Apart from the satisfaction of [...]