Warning: virulent outbreak of do-it-yourself bankruptcies all around. Symptoms: panic over prospect of foreclosure Supposed remedy: file your own skeleton Chapter 13 bankruptcy Prognosis: enjoy the stay for about 2 weeks, followed by foreclosure relapse Homeowners facing foreclosure Three different would-be clients called in a 10 day period this month, facing foreclosure. And all three […]
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 […]
Before You List Your Home For Sale: The Essential First Task
Selling your home? Before you list your home, before you interview a realtor, before you lift a paint brush, or clean a closet, you need to write a letter. 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 […]
Your Right To Credit Reporting After Bankruptcy
You’ve finished your Chapter 13 and emerged from bankruptcy with your home loan current. But your credit report is a blank page as to your mortgage. The mortgage servicer isn’t reporting your payments to the credit reporting agencies [CRA’s]. Nothing. Nada. Crickets. So, even though you’re making regular payments, you’re not visibly rebuilding your credit. […]
Know What You Really Owe: Your Mortgage Loan Rights
You’ve got a lot to keep an eye on. You probably regularly check Your blood pressure. Your credit report. Your stock portfolio. Your bank balance. Your team’s standings. Yet chances are, your home is your biggest investment and perhaps even the cornerstone of your retirement plan. But you have no idea what you really owe […]
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 […]
How To Save Your House With Chapter 13 Bankruptcy
Saving 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, […]
Bankruptcy Debtors Entitled To Monthly Mortgage Statements
Servicers must now send monthly mortgage statements to borrowers in bankruptcy under a new CFPB rule effective April, 2018. Thus ends, we hope, years of uncertainty and indifference, rooted in the automatic stay and a homeowner’s ongoing obligation on their mortgage after bankruptcy. The earlier version of the rule, adopted in 2014, allowed servicers […]
5 Essential Tips To Understand Your Mortgage Loan
Figuring out what your home loan balance is can be harder than a calculus exam. For most people, their mortgage is their biggest debt. And their home is their most important asset. Yet, the people accounting for your payments are increasingly incapable of the very basics of their job. And that makes your job, as […]
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