Archive for mortgage relief

Most Mortgage Servicing Giants Agree To Foreclosure Prevention Plan

Two-thirds of mortgage servicers have agreed to implement the foreclosure-mitigation policies outlined by Treasury Secretary Timothy Geithner last week, a top Senate Democrat said Wednesday. According to a senior financial-industry lobbyist, this includes the four-largest national mortgage servicers: Bank of America Corp., Citigroup Inc., J.P. Morgan Chase & Co. and Wells Fargo & Co.
Senator Charles [...]

San Jose Bankruptcy Attorney Discusses Automatic Stays

When you file for bankruptcy you receive an “Automatic Stay.” An automatic stay is an injunction where creditors have to stop trying to collect debts from you. The automatic stay is to protect and buy you time against pressing debts, while you are awaiting the finalization of your bankruptcy discharge. This means, that upon filing [...]

Bankruptcy Judges Can Modify Mortgage Loans

You know you’re in a tight spot when Bankruptcy Court begins to look like the least bad solution to a pressing economic problem. But the housing foreclosure situation is pretty ugly, so there we are.  Unfortunately, U.S. Bankruptcy Court isn’t allowed to be part of the solution to rising foreclosures, thanks largely to the mortgage [...]

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 [...]