Why has my mortgage payment increased so much? That’s the question I’m getting from lots of clients recently. Interest rates are creeping up on variable rate loans, but not dramatically. For most of those asking, it’s because the interest-only period of their home loan has run. Loans promised increased mortgage payments Borrowers forgot that lots […]
Don’t Fall For Your Mortgage Lender’s Insurance
If the mortgage company provides your property insurance, you are not in good hands. No matter how much time it saves you. Your lender is not a good neighbor when it comes to insurance. When your insurance lapses Somehow my client let her homeowners insurance lapse. She wasn’t worried about it, she told me, because […]
7 Keys To Keeping Your House: Chapter 13 After You File
Filing Chapter 13 bankruptcy stops the foreclosure. You’ve protected your home, for the moment. Bankruptcy gets you a sheltered legal environment to address the problems with your mortgage. You heave a sigh of relief. But the fight to keep your house isn’t over, just because there’s a stay. You’ve just gotten through the first round. […]
The Foreclosure That Was Longer Than War & Peace
Foreclosure is coming. Whether by choice or circumstances, you know the bank will take the house. Should you start packing immediately? The way banks are currently operating, the answer is: not yet, not soon, not for a long time. For one of my clients, the answer to how long was well more than 735 days. And they did […]
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. Are […]
No Foreclosure If Loan Modification In Process
The cruelest trick played on homeowners trying to modify their mortgage was dual tracking. One side of the bank assured the borrower that their loan modification application was being considered and they didn’t need to worry. All the while, the other side of the bank was conducting a foreclosure sale. The borrower wakes up […]
Is Home Equity A Substitute For Retirement Savings
My house is my retirement plan. If I had a dollar for every time a client said that, I could retire today. But that approach to funding your old age only works if…. Sell your house to retire The value in your house makes your balance sheet strong, but doesn’t put food on the table […]
Bankruptcy Debtors Entitled To Monthly Mortgage Statements
Years of uncertainty and indifference, rooted in the automatic stay and a homeowner’s ongoing obligation on their mortgage after bankruptcy, has ended with a new rule. Mortgage servicers must now send monthly statements to borrowers in bankruptcy under a new CFPB rule effective April, 2018. The earlier version of the rule, adopted in 2014, […]
Getting Rid Of Junior Home Liens In Bankruptcy
One of Chapter 13’s superpowers is its ability to strip off mortgage liens on a home. Ordinarily, liens survive a bankruptcy discharge as a charge on the collateral; it’s the borrower’s personal liability that is wiped out. But Chapter 13 allows the elimination of voluntary liens when the lien isn’t really secured by any value […]
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 lurks in the […]
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