Ever feel like you’re battling your mortgage lender for your life? Or the life of your home? The unfairness and irrationality of mortgage servicing makes it easy to see the fight as one for your self worth. Who is comfortable being a victim of incompetent and indifferent institutions toying with your life? I’m equally indignant. […]
Before You List Your Home For Sale: The Essential First Task
Selling your home? A letter to the servicer of your mortgage. You want full disclosure of what charges, fees, expenses and other “stuff” they want to collect from you when your sale closes. For all you know, they’ve stuffed your loan full of fees, not authorized by law or agreement, that pad their bottom […]
Make Sure Your Mortgage Is Current At Bankruptcy’s End
What do you really owe on your home mortgage when you get to the end of your Chapter 13 case? For years, homeowners couldn’t tell where they were or how to get answers. But with the recent changes to bankruptcy rules, you don’t have to wonder where you stand with your mortgage lender. Starting December […]
No House, No Discharge When Chapter 13 Goes Off Script
Sound the alarm. Chapter 13 bankruptcy cases are getting dismissed right and left when debtors fail to make mortgage payments. What began as a trickle of Chapter 13 cases ending badly has become a torrent. More and more, bankruptcy judges are strictly enforcing the direct pay term of Chapter 13 plans. If your plan says […]
It Takes More Than Bankruptcy To Save Your House
Protecting your house from foreclosure ranks high on the list of reasons people file Chapter 13. The automatic stay stops foreclosures; Chapter 13 gives you time to fix the problem. Powerful stuff. But the stay and more time, alone, aren’t enough to save the day if you run afoul of other rules, written and unwritten, […]
Get real information about what’s happening with your mortgage loan payments
What have they been doing with my payments on mortgage loan? The client has been making a mortgage payment according to the HAMP formula for almost 18 months of her Chapter 13. Yet without a 1098 form, her very capable tax preparer told her she couldn’t deduct mortgage interest on her tax return. Never fear. We have […]
The Thousands That Sat In Mortgage Suspense Account
Sharp eyes on the part of the debtor spotted the unapplied suspense balance, and diligence on the part of his attorney, saved one homeowner $27,000. Mortgage payments during Chapter 13 During his Chapter 13 case, the borrower continued to make monthly payments on his mortgage. But the loan servicer for Bank of America dumped payments […]
Do You Need To Reaffirm Your Home Loan After Bankruptcy?
Banks, most especially Wells Fargo, seem to relish denying refinance applications for debtors who didn’t reaffirm home mortgage in bankruptcy. You didn’t reaffirm your existing home loan, so we can’t refinance that debt, they chortle. Sometimes, the dig is even more painful (to me at least): your attorney didn’t do this right so you are […]
Facing Foreclosure, You Need A Plan B
Bankruptcy stops foreclosures, with certainty. It’s the surefire defense to a scheduled foreclosure sale. Then why do homeowners keep waiting til the day before the sale to find a bankruptcy lawyer? Most of the other ways to stop a foreclosure sale require either gobs of money or an agreement with the existing lender or a […]
What’s After Forbearance
Last spring, the CARES Act entitled everyone with a federally backed home mortgage to a forbearance of 6 months, extendible for another 6 months. 15 USC 9056. The end of the mandated forbearances is approaching for many. But the law provides no clue as to what comes after forbearance. Fannie Mae (the Federal National Mortgage […]
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