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Posts Tagged ‘mortgage foreclosure’

Court Halts Foreclosure Sales

Wednesday, May 6th, 2009

A court in South California has issued an order halting certain home foreclosure sales.  The injunction - which I believe to be the first of its kind for a broad class of borrowers — prevents stops foreclosure sales on properties guaranteed by Freddie Mac, Fannie Mae or any other mortgage company that is participating in federal mortgage foreclosure assistance programs.  The court reasoned that it was necessary to give homeowners an opportunity to determine if they qualify for assistance.  This is an encouraging development and it will be interesting to see if other states follow suit.

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No Comments » | Posted in Bankruptcy & Debt Relief |

Cramdown Possible With Second Mortgage

Sunday, April 26th, 2009

Many homeowners unfortuneately owe more on their mortgage than their home is worth.  There has been quite a debate in Congress about whether or not to amend the Bankruptcy Code to allow homeowners to “cramdown” the amount of thier mortgage to the value of their home.  Unfortuneately, it appears the financial industry lobby will defeat this legislation.  The good news is that if you have a second mortgage and the value of your home is less than what you owe on your first mortgage, you may be able to cramdown the second mortgage in a Chapter 13 bankruptcy.  The effect is to make the second mortgage an “unsecured” debt which is dischargeable.  This could be just the strategy you need to stay in your home and avoid foreclosure.  Please contact us if you would like more information.

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No Comments » | Posted in Bankruptcy & Debt Relief |

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