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Loan Modification

Mortgage Law Network

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Last Entry: February 15, 2011 at 19:26:59

Mortgage Deficiencies after Foreclsoure

Posted on February 03, 2010
Mortgage deficiencies after foreclosure. Related posts:Short Sales: Problems and Pitfalls What Is A “Short Sale”? Short Sales and Bank of America

Qualifying for a Mortgage Is Getting Tougher

Posted on February 01, 2010
Borrowing for a home has been tough ever since the subprime securitized loan market collapsed a couple years ago. Without government help through the FHA, many such loans would not be made right now. But although the government is backing FHA, Fannie Mae and Freddie Mac and shoring up the mortgage market by backing many of [...

Will the Chapter 13 Trustee Allow Me to Modify My Mortgage If I Can Get the Mortgage Company to Offer One?

Posted on February 01, 2010
If you are lucky enough to get your mortgage company to offer a meaningful modification of your mortgage while you are in a Chapter 13, you probably can get the Trustee and the Court to agree to allow it. There are a number of issues, however, that need to be addressed...

Chapter 13 Debtors Beware: Recurring Problems with Mortgage Companies ? Part 5 Failure to Discharge of Mortgage

Posted on January 31, 2010
Mortgage companies often fail to discharge a mortgage, even in the face of a Court order directing them to do so. When you file a Chapter 13 bankruptcy, you often can get rid of your second mortgage if the balance of the first mortgage is greater than your home?s value...

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New Formality for HAMP Trial Periods

Posted on January 31, 2010
New trial period rules for HAMP modifications. Related posts:TARP and HAMP Require That Foreclosure Be Suspended Propping The Door Open: Treasury Orders That Trial Modifications Won’t Expire HAMP Helping, But Too Few, Too Slow

I Lost My House, Can The Bank Still Sue Me?

Posted on January 31, 2010
In some states, once bank forecloses and gets your house back, you do not owe them any money. But not everywhere. Check with an attorney in your state. In Michigan, we have foreclosure by publication, an auction process, or through a court. If the mortgage company bids the amount you owe at the foreclosure auction, you owe them nothing...

The Dumbest Floridian Award Nominee ? Alex Sanchez

Posted on January 31, 2010
Author’s note – Although not publicized, I am absolutely convinced there is a race in the State of Florida to prove who is the dumbest Floridian. Given recent actions by some bankers, lawyers and public servants, my guess is that the prize for first place must be pretty awesome...

Selecting the Right Lawyer

Posted on January 30, 2010
Take a breath. Slow down. You know better. Don’t act from panic, act from common sense. You select an attorney the same way you make any other important decisions. Ask questions, lots and lots of questions. How many cases have you worked on? What were the outcomes? How long have you been working in the specific [...

Chapter 13 Debtors Beware: Recurring Problems with Mortgage Companies ? Part 4 Forced Escrow

Posted on January 29, 2010
In parts 1, 2 and 3 we discussed how mortgage companies often engage in “double dipping”, how they often fail to send you monthly statements, and they ways in which they misapply monthly mortgage payments during your Chapter 13 case. Part 4 discusses how a mortgage company can force a homeowner to add escrow to [...

Chapter 13 Debtors Beware: Recurring Problems with Mortgage Companies ? Part 3 Misapplied Monthly Payments

Posted on January 28, 2010
In Part 1, we discussed how mortgage companies often engage in ?double dipping? when you are in a Chapter 13. Part 2 dealt with how mortgage companies commonly fail to send you a monthly statement while you are in a Chapter 13 bankruptcy. Part 3 addresses the ways in which mortgage companies often misapply monthly [...

Chapter 13 Debtors Beware: Recurring Problems with Mortgage Companies ? Part 2 Failure to Send a Monthly Statement

Posted on January 27, 2010
In Part 1 we discussed how mortgage companies often engage in “double dipping” when you are in a Chapter 13. Part 2 deals with how mortgage companies commonly fail to send you a monthly statement while you are in a chapter 13 bankruptcy. In many parts of the country, when you file a Chapter 13, you continue to make your [...

Mortgage modifications & institutional memory

Posted on January 26, 2010
Given the difficulty that the lenders and servicers have in keeping track of the endless documents they request of homeowners seeking loan modifications, I’ve wondered about what would happen if a loan modification was really granted. How would institutions who can’t keep track of the payments you make or the papers you submit keep [...

300 California law firms investigated for mortgage modification scams

Posted on January 25, 2010
As a Florida foreclosure defense attorney who personally meets with 25 new distressed homeowners every week, I am often the second lawyer consulted about the foreclosure. The first lawyer is usually a California lawyer promising a mortgage modification, and the outcome is always the same: My clients complain that they got absolutely nothing for their [...

Too Big To Fail Meets Too Small To Worry About

Posted on January 25, 2010
One thing you can say about the latest financial meltdown, it has brought a new lingo to everyday usage. The “too big to fail” concept has been around a long time in banking regulation but not many had heard the term until the last couple years...

Massachusetts Foreclosures

Posted on January 25, 2010
A Google search for” Massachusetts foreclosures” won’t easily get you to the information you need, such as what defenses do you have, how long is the foreclosure process, and how long can you stay after the foreclosure sale. I know. I’ve just tried it...

Chapter 13 Debtor?s Beware: Recurring Problems With Mortgage Companies ? Part 1 ?Double Dipping?

Posted on January 25, 2010
Mortgage companies are well known for having numerous and continuous problems keeping a proper accounting of the mortgages they hold. This is particularly true in the context of a Chapter 13 case where the mortgage company is paid by the Chapter 13 Trustee for the pre-petition arrears, and by the homeowner for the ongoing post-petition monthly mortgage payments...

Top 4 Reasons To Call A Foreclosure Defense Attorney

Posted on January 24, 2010
Don't wait until it is too late, contact a foreclosure defense lawyer as soon as you fall behind in your mortgage payment. Related posts:The frustration of being a foreclosure defense attorney Loan Modification: Who Ya Gonna Call? Part II Texas Attorney General Proposes Mortgage Deferment Legislation

Foreclosure Litigation is No Miracle

Posted on January 24, 2010
There are realistic hopes with foreclosure litigation. It can stall a foreclosure and lead to an affordable resolution. There are also unrealistic hopes. A deceptive adjustable rate mortgage doesn’t hurt you if you can’t pay the original payment...

Get Rid of a Second Mortgage

Posted on January 23, 2010
A Chapter 13 bankruptcy filing can get rid of a second mortgage if the balance of the first mortgage is greater than your home’s value. So can a Chapter 7 filing, in some places. You’re having trouble paying the mortgage, especially for a home that has fallen in value, but you can’t think about moving because [...

Fighting Foreclosure ? Keep Meticulous Notes Of Conversations

Posted on January 19, 2010
As a mortgage foreclosure defense attorney, I get asked quite a few questions about the foreclosure process. Fighting Foreclosure is one of the hottest topics in the legal world today. The best part of fighting foreclosure is the great facts that we hear from our clients...

Home Equity Line of Credit not guaranteed after Bankruptcy

Posted on January 15, 2010
When you file a bankruptcy case, you might want to keep your mortgages intact. You have the choice of reaffirming a mortgage or not. If you reaffirm, the mortgage remains a lien on your property and you remain personally liable for the debt. The contract is unchanged...

Mortgage Foreclosure Crisis Continues

Posted on January 14, 2010
2.8 million properties foreclosed in 2009. And the trend? Bound to get even worse. Record high default rate now, as over 13% of homeowners are behind on their mortgage payments. American homeowners now $745 billion underwater on their mortgages, according to First American CoreLogic...

Killing Two Birds With One Stone: Attack The Consumer Attorney While Benefiting Creditors

Posted on January 11, 2010
A recent ABI article promotes the use of anti-consumer attorney litigation to prevent homeowners from being able to obtain representation in foreclosure cases by threatening consumer attorneys with possible litigation for "deepening insolvency". Related posts:Texas Attorney General Proposes Mortgage Deferment Legislation Massachusetts Foreclosures Under Attack Here’s Who Supports Lifting the Ban on Judicial Modification of Home Mortgages

Home Affordable Modification Program ? a Deception

Posted on January 07, 2010
Many of our clients facing foreclosure in Illinois and Wisconsin speak only Spanish. So when I tell them that the Obama Mortgage Modification Program has been a great disappointment, it comes out “gran decepción”. And after explaining to my clients how disappointed I have been with the mortgage “modification” program, I couldn’t help thinking that [...

Obama Did Not Keep His Promise To Home Owners

Posted on January 07, 2010
In his presidential campaign Obama promised to support judicial modification of home loans. This promise remained on his campaign website until he was inaugurated as president. When the new president?s Obama White House website went up, the promise of support for judicial modification of home loans went down and was nowhere to be found...

More Thoughts On The Hope For Homeowners Act of 2008, Economy & Unemployment in Florida

Posted on January 06, 2010
The other day I wrote a blog containing my thoughts on the recently enacted “Hope for Homeowners Act of 2008″. After giving the new law more thought and listening to some recent news clips, I decided to detail more problems with the legislation...

New Year?s Resolution?Don?t Be Financially Illiterate

Posted on December 31, 2009
Anyone who works with consumers these days–attorneys, housing counselors, lenders, and brokers and, for that matter, anyone who reads media reports on the mortgage crisis–has no doubt reacted to some tale of financial woe like this: “How could anyone be that dumb!” We’ve all heard some version of the exploding ARM, the payments which are [...

You signed the mortgage but not the note. So what?

Posted on December 31, 2009
As a foreclosure defense attorney, I am often asked about the difference between a note and mortgage in the context of a foreclosure. If you think back to the day you closed on your home loan, you can probably recall signing a bunch of papers, none of which you read or understood...

Does Fannie Mae or Freddie Mac own my loan?

Posted on December 30, 2009
As a Florida foreclosure defense attorney, one thing I?ve learned is that mortgage servicers don?t want homeowners to know who owns their loan. In about half of all foreclosure complaints I see, the servicer is the plaintiff, and the identity of the owner is not revealed in the pleadings...

Foreclosure Rescue Scams Deluge Homeowners

Posted on December 30, 2009
If your property goes into foreclosure, you will find your mailbox (and sometimes even your phone, e-mail, and front oor) full of offers to “help” you. You may wonder how they know to contact you. The answer is simple–they data-mine the court files or any other public record created when a foreclosure is begun...

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