Bankruptcy Blog Archives

A Recent Personal Bankruptcy Story This recent personal bankruptcy statement was made on a bankruptcy website this past week: “I filed Chapter 7 and it went through and was discharged in May 2010. It took [my home mortgage company] forever to get the property back and they finally took the property back in May 2011. [...]

Question Raised in Personal Bankruptcy Story This personal bankruptcy story was shared in January 2012 by a blogger on a bankruptcy forum site: “I filed Chapter 13 in July 2011, confirmed November 2011. 1st mortgage and HELOC (interest only) are current and paying outside of bankruptcy. Will we ever be able to refinance our mortgages [...]

A Peculiar Quirk in Bankruptcy Law Homeowner association fees causes a very peculiar quirk in bankruptcy law. Past homeowner association fees can be discharged in a Chapter 7, but once the discharged debt has be taken care of and the bankruptcy closed, the fees still follow the property. The newly generated monthly homeowner association fees, [...]

The environment in the mortgage industry is quickly changing. With foreclosures and bankruptcies on the rise these past few years, mortgage banks are not as quickly to cooperate in short sales, quit claims, or a deed in lieu of foreclosure. With houses losing their value at a record pace, especially if it has been abandoned [...]

When you have two or more loans on a home and you are facing foreclosure, one or more of the lending companies may decide to write off their loan and forgive the debt. Many will send the IRS a 1099-C income tax form when they write the loan off of their books. The IRS views [...]

There is some good news trickling out of Washington DC for the new year. According to the Fannie Mae Selling Guide Announcement SLE-2011-12, dated Nov 15, 2011, the federal government’s Housing Affordable Refinance Program (HARP) has been recently revised to make it easier for homeowners who are in foreclosure trouble to get refinancing on their [...]

What happens to your home if you file for bankruptcy? When it comes to declaring bankruptcy, the most common question asked concerns what will happen to someone’s home.  It is not surprising that this question is asked so regularly, as the loss of someone’s home can be a very disruptive event in life, and a [...]

When it comes to declaring bankruptcy, the most common question asked concerns what will happen to someone’s home.  It is not surprising that this question is asked so regularly, as the loss of someone’s home can be a very disruptive event in life, and a majority of people who are considering bankruptcy are having financial [...]

One of the leading causes of bankruptcy is foreclosures on a home. The moment you file a bankruptcy, a judge will order all collecting actions to cease through an automatic stay. The automatic stay, applicable to all types of bankruptcy filings, stops certain lawsuits, foreclosures, utility shut-offs, evictions, repossessions, garnishments, attachments, and debt collection harassment. [...]

Why Would you Need to Negotiate a Lower House Payment? If you bought your home in the beginning part of the 21st century or earlier, recent changes in the housing market may have you, like many other people, in a tough financial situation for a couple of reasons: Higher interest rates Interest rates have generally [...]