Susanne Robicsek’s post on the futility of keeping a home through bankruptcy brought to mind Professor Brent White’s paper on the use by government and financial counselors of fear and shame to keep people paying on mortgages on underwater homes. White cites a litany of messages from apparently credible sources who chant that a foreclosure […]
Loan modification resources
The good folks at the National Consumer Law Center have put together a page of links to various programs and procedures for troubled home loans. My colleague John Mlnarik has begun a discussion of the Obama Treasury programs announced earlier in March on www.norcalmortgagemods.com. Now, we need the Senate to move on S. 61 and […]
Take that, and that, you mortgage lender
It was a good day at my desk, if one has to work on Saturdays. I gave notice that one client was rescinding a $180,000 mortgage for Truth in Lending violations. I found three clients whose second deeds of trust can be eliminated as liens on homes because they are completely underwater. I sent out […]
Case of the vanishing home equity
My friend Kurt O’Keefe writes about the 6 trillion dollars in home equity than has evaporated in the mortgage meltdown. When I look around me in the Silicon Valley and environs, I question just how real that equity really was. Reckless lending practices made a vast pool of people potential buyers for a limited quantity […]
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