As a consumer lawyer who is actively fighting foreclosures on behalf of my clients, I discuss with my clients the different types of mortgages which they have signed onto with them. If you have an adjustable rate mortgage, the chances are pretty good that your interest rate is tied to LIBOR. The question [...]

The fact that Chapter 13 bankruptcy might stop a foreclosure and save a home is not new news, but it should be in more headlines or at least in more stories about foreclosure problems. If you are facing foreclosure, see an experienced consumer bankruptcy attorney to discuss whether or not Chapter 13 can help [...]

Former black sheep loan servicer, Select Portfolio Services (SPS), is far ahead of the pack on home loan loss mitigation. I previously wrote about the reception I received when I called SPS about a troubled loan. My client was behind on payments by about 12 months and had not paid the property tax for more [...]

For all of the discussion that loan modifications would temper the mortgage crisis and the assertion that  lenders are doing them voluntarily, none of my clients had been offered a modification until last week.  The loan proposal I reviewed did not address falling home values, but did offer modifications to terms that might keep the [...]

Foreclosures are up 47% in Jacksonville, Florida, which has created a challenge for the Duval County Clerk’s Office. Every foreclosure ends with the home being sold on the courthouse steps, and the increased volume often means large crowds and long auctions.
Such sales are often good deals for buyers because there is little competition for the [...]

On June 19, 2008, Connecticut’s Governor, Jodi Rell, executed a Bill passed by the General Assembly establishing a Foreclosure Mediation Program in the Superior Court system.  Effective on July 1st and continuing for a period of two years only, every foreclosure of residential real estate must be accompanied by a proscribed Notice of Availability of [...]

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, [...]

The mortgage industry’s voluntary response to the foreclosure crisis, we will work with the borrowers ourselves, thank you very much, Uncle Sam, ( We don’t want your input unless you are sending us money.) is a smashing success.  So the mortgage industry reports.
Not so fast, my friend!
The comptroller of the currency stated the government statistics [...]

As Congress continues to refuse to act on bankruptcy law reform, which would work, we learn that Senators favored by Countrywide on the terms of their mortgages back mortgage company supported bailout legislation.
Such a shock!  Senator Konrad of North Dakota says he never met Countrywide’s chair, Angelo Mozillo.  Though he later admitted calling him on [...]

The 5th District Appellate Court of Illinois overturned a foreclosure judgment and order of sale on grounds that the plaintiff did not own the mortgage.  In Bayview Loan Servicing L.L.C. vs Jeffrey Eden Nelson, the three judge panel of Justice Stewart, Justice Goldenhersh and Justice Spomer, unanimously ruled that Bayview did not have the [...]