With a bankruptcy filing, you can stop a foreclosure. For a time. However, before you file, you have to determine if you are going to use the bankruptcy to prevent the foreclosure and keep your home, or merely to prevent the lender from collecting the deficiency...
Foreclosure
Chapter 13 and preventing foreclosure, pt. 1
While job market has begun to show some signs of life and home values have improved, the mortgage crisis and the resulting foreclosure debacle, has caused tremendous damage for workers and homeowners. While foreclosures have fallen from the crisis levels, they have...
Fewer seriously underwater homes in 2014
The collapse of the real estate market a decade ago did more than make it difficult for homeowners to sell their property. In addition to causing a crash in home values and helping propel the U.S. and world economy into the most severe recession in generations, it...
The song remains the same, part 2
We all know in cities like Goodlettsville and most of the U.S., a car is essential to anyone who needs to work. Lenders prey on this need, based on the premise that, "You can sleep in your car, but you can't drive your house to work."And the exorbitant interest rates...
The song remains the same, part 1
The real estate bubble, and the resulting mortgage crisis and financial crash that followed, was driven, to a great extent, by lending institutions that needed product to sell. With the fail of interest rates on investments like Treasury bonds, investors worldwide...
Can foreclosure be prevented by negotiating with a loan provider?
Tennessee homeowners who have fallen to difficult times may be struggling to make regular mortgage payments. If the circumstances are anticipated to be temporary in nature, there may be ways to remedy the situation. Homeowners may benefit from consulting with an...
Should Chapter 13 plans allow mortgage strip-downs? Pt.4
The securitization of mortgages was a very profitable business for many financial institutions. This created a massive demand for mortgages that could be bundled together and sold as a security on the investment market.This is what drove the invention of the "No...
Should Chapter 13 plans allow mortgage strip-downs? Pt.3
By the time the lender has completed all of the necessary steps required to foreclose and sell a property, they are likely to have lost a substantial portion of their loan value. This means, in reality, if they had accepted a principal reduction from a borrower in a...
Should Chapter 13 plans allow mortgage strip-downs? Pt.2
The working paper from Federal Reserve Bank of Philadelphia suggests that the bad effects of allowing mortgage strip-downs or cram-downs in Chapter 13 would not be as significant or adverse as the banking industry suggests.In the 1980s, some Circuit Courts of Appeal...
Should Chapter 13 plans allow mortgage strip-downs?
One of the most troubling aspects of the housing bubble was the way in which it affected home valuations. Because homes were seen as a "can't lose" proposition, banks, other lenders and even those securitizing bundled mortgages cared little for the true value of the...
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