Bankruptcy Articles & Blog: Bankruptcy

Home -> Law Blog Directory -> Bankruptcy Blogs

Bankruptcy

Bankruptcy Articles & Blog

Bankruptcy and debtor issues
By Goldstein & Clegg, LLC

Post Frequency: 8.3/day

Last Entry: November 19, 2009 at 19:39:15

How the HAMP loan modifications effect your credit score

Posted on November 19, 2009
This post discusses (1) how they are being reported, (2) how they should be reported, (3) what you can do to get your HAMP-modified mortgage reported correctly, and (4) possible effects even the ?correct? reporting might have on your credit score. How HAMP-modified loans are being reported now Many servicers are reporting the modified mortgages to the [...

Banks’s must Produce the Note to foreclose

Posted on November 08, 2009
I recently came across a great article drafted by a former paralegal of our firm, Rick D. Misitano regarding foreclosure defense. Below are the pertinent parts of that article. When a lender can't produce the original note, allowing a foreclosure to proceed puts the homeowner at risk of owing that debt again to another party in [...

How to Remove a Judgment Lien from your property

Posted on November 05, 2009
Many homeowners have found themselves in the position of owing money on a debt which they simply can not pay back, or have been sued by someone and failed to respond to the law suit. When this happens, the Plaintiff often will attempt to collect on their judgment by putting a lien on the homeowner?s [...

Will you loose an investment property in a Chapter 7 bankruptcy?

Posted on October 12, 2009
Before a Debtor files a Chapter 7 bankruptcy, there are certain considerations to take into account. One of the most significant considerations is whether the Debtor will loose any property. The general rule is that no Debtor in a Chapter 7 case should have more then one home with equity...

To access blog feed reader register for free. (You will also learn about new ways to read and access the freshest law blogs.)

THEY CHANGED THE LOCKS!! NOW WHAT??

Posted on September 11, 2009
Agents and brokers have been asking us what happens when a lender winterizes a home and changes the locks on a homeowner while they are in the process of doing a short sale. First of all, let me make it perfectly clear: A homeowner remains the homeowner until they no longer own their home...

Attorney Michael Goldstein inteviewed on Money Matters

Posted on August 19, 2009
Michael Goldstein, a Bankrutpcy Attorney for the Law Office of Goldstein and Clegg was recently interviewed along with Jill Phillips, owner of Legal Administrative Answers on the popular financial radio talk show. You can view the first part of the interview by going to: http://www...

The Top Bankruptcy Questions

Posted on August 12, 2009
As a practicing bankruptcy attorney in Massachusetts, I been asked many questions about certain debts and assets, which people have and are concerned with prior to filing bankruptcy. I have determined the top bankruptcy questions that I receive below: Q: What income do I need to disclose on my bankruptcy petition? A: The following types of income [...

Press Release on the HAMP Program

Posted on July 26, 2009
The United States Treasury Deptartment published a press release in March of this year that details the new Home Affordable Modification Program (”HAMP”). I have written many blog posts with respect to this program and have personally been able to use this program to help many clients...

Tips on how to defend against complaints to dismiss your bankruptcy

Posted on July 17, 2009
If you have filed for bankruptcy and one of your creditors or the Trustee has filed a complaint alleging you are not entitled to a discharge of your debts, there are certain defenses that you want to raise. The two most basic defenses with respect to an adversary proceeding (the name of the proceeding to [...

Ripple Effects of Bankruptcy

Posted on July 06, 2009
In our current economy, there is a lot of talk about how your personal finances can permeate into your personal and professional lives. When you file bankruptcy, it is well known that your credit report will be severely impacted and that negative information will last for years...

Repairing Your Credit After Bankruptcy

Posted on June 26, 2009
Once you?ve filed for bankruptcy, the best thing you can do to repair your credit is to keep your debt low and always be sure to pay your bills on time, and whenever possible, in full. The best way to do this is to assure smart budgeting.You may also have legal options available to you [...

Recovering After Bankruptcy ? Getting a Mortgage Again

Posted on June 11, 2009
After you?ve filed for bankruptcy, securing a loan may be challenging as many lenders will be very hesitant to offer a new secured loan. In some situations, there may be a few lenders who are willing to give you a fresh start but they?ll usually require income verification and specific down payments...

Preservation of records prior to filing for bankruptcy

Posted on June 05, 2009
There are certain things any business owner must do in preparation for bankruptcy. You must make sure you know how much money you have spent and on what; you must know how much income your company has brought in over the past two years; you must know what accounts payable and receivable are still outstanding...

Loan Modifications can be done even inside a bankruptcy

Posted on May 29, 2009
For Debtor?s in Massachusetts, a new standing order of the Bankruptcy court may provide for significant mortgage relief even when the automatic stay is in place. The benefit f mortgage workouts or loan modifications as they are commonly referred to has not been an option for many Debtors who have filed for protection under the [...

What is the Home Affordable Modification Program Guidelines?

Posted on April 26, 2009
As many homeowners have found it increasingly difficult to make ends meat and afford their home mortgage payments, mortgage defaults and foreclosure proceedings have risen. These homeowners have several options that may put them in a position to bring their accounts current and allow them to make their subsequent mortgage payments...

Banks who buy mortgages may not be able to foreclose

Posted on April 17, 2009
A common practice in the mortgage industry is to buy and sell mortgages. This practice has a specific legal term, ?assignment?. What many lenders have tried to do though is to buy mortgages that have a foreclosure order already on record. The new lender then buys the loan at a very deep discount and tries [...

Foreclosure or Bankruptcy ? Which is the lesser of two evils

Posted on April 10, 2009
In the past, ?Foreclosure? and ?Bankruptcy? were considered two of society?s dirty words. Today these terms are viewed by many as relief from Financial Black holes that can not otherwise be escaped. In the current economy, inundated with bad mortgages, many of which stem from predatory lending practices, coupled with credit card debt spinning [...

Loan Modification Calculator

Posted on April 02, 2009
As a bankruptcy attorney and a lawyer who represents clients with loan modifications, I am often faced with a client who owes more money on their home then the house is worth. This negative equity situation is often referred to as being “upside down”...

Mortgage Crisis: Will Loan Mods Bring Relief?

Posted on April 01, 2009
I recently came across a very interesting article regarding relief for homeowners through loan modifications (or as I like to call it, renegotiation of your mortgage terms) on Business Week Online. The growing urgency to implement an effective fix for the deepening U...

Why Mortgage Modifications may be better then Refinancing

Posted on January 30, 2009
Homeowners who can’t afford their mortgage payments can get a better deal from their lender. Loan modifications or mortgage modifications are designed to keep the homeowner in their homes though changing the terms of their existing mortgages to something more affordable for the homeowner...

Loan Mortgage Modifications Advice

Posted on January 03, 2009
If you are behind on your mortgage payments or are struggling to stay current on your loan payments, you may have considered refinancing your loan. However, if you have been turned down for a refinancing, and your home is worth less then you owe on it, you may be able to [...

PROBLEMS WITH LIEN STRIPPING IN A CHAPTER 7 BANKRUPTCY

Posted on December 20, 2008
As discussed previously on this blog, Debtors in a Chapter 13 Bankruptcy, have the ability to strip a lien which is not secured by property, where the fair market value is extinguished by a first mortgage. However, the question that must be asked is whether those Debtors who do not have the disposable income [...

The Difference between Loan Modifications and Refinancing

Posted on December 06, 2008
If you are behind on your mortgage payments, or simply are having difficulty staying current with your payments, you may have either considered refinancing your payment plan in lieu of short selling or letting your house go to foreclosure. What many homeowners do not realize is how difficult it is in this economy to [...

Short Refinancing

Posted on November 22, 2008
Listen to a Podcast on Short Refinancing A hybrid tool that is generally used to avoid foreclosure is a called a short finance. This term refers to both refinancing and modifying a loan, while discharging the value of debt, which makes a homeowner ?upside down?...

Mortgage Loan Modifications

Posted on November 15, 2008
What should owners of homes know about dealing with today?s economy? The new words of ?Short Sale? or ?Loan Mortgage Modification? are new terms that homeowners never thought they would need to hear or understand what they mean in order to possibly save their homes or their credit...