The U. S. Senate today voted to cut off debate on its bailout bill.
It would spend hundreds of millions of taxpayer dollars for re-financing mortgages that are underwater now, that is,  more is owed on the house than it is worth.  This part of the program would be run by Fannie Mae and Freddie Mac.
And, [...]

cleveland-bankruptcy-court

Judge Pat E. Morganstern-Clarren of the U.S. Bankruptcy Court for the Northern District of Ohio, fed up with the shenanigans of law firm Brice, Vander Linden & Wernick, P.C., ordered the firm to review over 1,200 claims filed in pending bankruptcy cases. The edict arose from the judge’s concern that Brice Vander Linden had [...]

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 [...]

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 [...]

On my way to the National Association of Consumer Bankruptcy Convention in California last week, I read a disturbing article in the USA Today, which discussed people who have committed suicide as a result of their pending foreclosure.
According to the story, last October 23rd, Raymond and Deanna Donacas closed all their home’s doors except the [...]

When shopping for a mortgage loan, most consumers are concerned with the interest rate of the loan. Within the past five years, interest rates on mortgages have hit historical lows and many home loans have been made. But there is more to a mortgage loan than the interest rate and a careful shopper [...]

According to the New York Times, the Federal Bureau of Investigation and the criminal division of the Internal Revenue Service have formed a task force to examine mortgages that were made with little or no proof of the earnings or assets of borrowers. Federal prosecutors in New York, Los Angeles, Philadelphia, Dallas and Atlanta [...]

More and more consumers are working with their mortgage companies (or mortgage service companies) to arrange modifications or their loans.
If you are going to seek a modification of your mortgage, do yourself two favors. First, keep a written log of who you were talking and their phone number. Second, make sure any agreements [...]

Yes, the government has passed pages and pages of legislation and they have talked this problem to death, but they cannot seem to grasp the basic communication problems going on here. Nowadays, a person cannot speak with their mortgage company, they usually have to speak with a mortgage servicer.
Before we speak about mortgage servicers, [...]

Recently, I’ve seen several cases where the mortgagor is relaxing their heretofore steadfast position against re-structuring mortgages. This is indeed, good news for homeowners trying to keep their home. Some lenders will add arrearages on to the end of the loan, extending your obligation from thirty to thirty one or more years. [...]