Judge Elizabeth Magner, a United States Bankruptcy Judge for the Eastern District of Louisiana, has set out parameters for the calculation of escrow amounts due as of the petition date and how they should be reflected on proofs of claim.  The issue arose in the Irby Fitch case, case number 07-11319, pending in the Eastern [...]

When you borrow money against a home you already own, the Federal government is there trying to help you avoid making a serious or costly mistake.  The Federal Truth In Lending Act (in effect since 1979) requires that you receive a three business day “cooling off” period after you sign the mortgage papers to decide [...]

A bankruptcy judge stunned the mortgage industry this week by discharging a stated income HELOC mortgage deficiency, even though the borrowers lied about their income on the loan application.
A false loan application is fraud and usually grounds to deny a bankruptcy discharge, but this lender did not verify the income and did not rely on [...]

The foreclosure process in New York is a long one, requiring a case to wind through the court system before reaching conclusion. The case can take anywhere from 8 months to nearly a full year, depending upon the individual court. Some courts are quicker, some are slower.
It is important to remember, however, that [...]

The concept of recording mortgage documents in a central place should be pretty obvious.  By recording the mortgage, the world at large will known if there is lien against a certain piece of property.  This guards against the risk that the borrower might sell the property without paying the mortgage and it guards against other [...]

Mortgage brokers tend to charge more to place a loan than you would have to pay if you went directly to the lender, according to a recent HUD Study. This is not a surprise to consumer advocates but it tends to contradict the story told by mortgage brokers and their lobbyists. There’s a [...]

There is no doubt that the current economy is lackluster at best. There seems to be no shortage of finger-pointing for the blame and there are as many ideas to fix the problem as there are fingers pointing. Some will even deny that there is a problem. Many of the programs and [...]

Private statistics show that foreclosure filings continue to increase nationally. In April 2008, the number of homes facing foreclosure rose 65% over the same period last year. Nearly a quarter million homeowners received a foreclosure notice last month according to RealtyTrac, a company based in Irvine, California. Nonetheless, has the calm come [...]

First, understand one thing. Every state is different. Some states have court involvement in foreclosure and other states don’t involve the courts. The first is called judicial foreclosure; the second is called non-judicial foreclosure. Where your house is located makes the difference. And every state [...]

I live in Lee County, Florida. It is a wonderful community where the people are nice and the weather is great. It is truly a remarkable place to live. It is also recognized as one of the foreclosure capitals in the United States right now.
I am receiving more phone calls these days [...]