Archive for January, 2009
Mortgage Relief Versus Bankruptcy
Loan Modification Plans- Also known as mortgage modification options has quickly become the best option for homeowners facing home foreclosure. Loan workouts are not the only mortgage relief solution for homeowners looking for protection from foreclosure because of delinquent home loan payments. However; it is an option that can save your home while putting you in [...]
Automatic Stay
Automatic stay is a significant benefit for homeowners in a chapter 7 bankruptcy. The automatic stay provision protects consumers against creditors from debt collector’s debts from because they are not allowed to call or send you additional collection letters.
The creditors are prevented from continuing any legal action against you, or repossess your car or [...]
Lien Stripping Eliminates Home Equity Loans
Debtors who find themselves in serious financial trouble may have or will soon have several liens placed on them. Lien stripping has become a new trend led by lawyers who negotiate a settlement for the 2nd mortgage. A lien is a recorded document that states that the Debtor owes the creditor a certain amount of [...]
Low Rate Mortgage Relief May Be Temporary
In a recent article, Julie Haviv analyzes the enormous efforts by the Federal Reserve to slash mortgage rates have so far been a success, but homeowners had better refinance fast or seek a loan modification from your lender, because many forecast that the record low interest rates could be gone as soon as this summer. Thirty-year [...]
Bankruptcy Law Update
The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (BAPCPA), also known as the new bankruptcy laws, was signed into law a few years ago by former President George W. Bush. These BK laws were designed make it more difficult for consumers and businesses to file under Chapter 7 bankruptcy, under which most debts [...]
Debt Relief Companies Expand Services With Debt Settlement and Attorney Backed Mortgage Relief Programs
Amid the ongoing housing and credit crises, even as some of the country’s largest mortgage lenders announce a moratorium on foreclosures and unveil various loan modification initiatives meant to help homeowners stay in their homes, the number of foreclosures nationwide has quadrupled since the fall of 2007. Foreclosure rates rose 81% in 2008 from the [...]