Category Archives: Foreclosure

Super secret spontaneous mortgage relief?

By doug | Published: July 5, 2011

For several years now, the one thing the big banks have insisted on is that they are in no position to reduce the balances on underwater home mortgages. Now it turns out that some of them are in fact, very quietly doing just that. As reported by David Streitfeld in the New York Times and […]

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Banks ordered to pay for bad foreclosures

By doug | Published: April 14, 2011

The federal government has ordered sixteen large mortgage lenders, including the nations four biggest banks (Citibank, Chase, Wells Fargo, and Bank of America) to reimburse some homeowners who were improperly foreclosed upon since the recession began in 2007. The list also includes lenders active in the Lawrence, Haverhill, and southern New Hampshire markets such as […]

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How to avoid a tax bill following a foreclosure

By doug | Published: April 5, 2011

What could be worse than the foreclosure of your home? How about a whopper tax bill resulting from the “forgiveness” of the unpaid debt! Following a foreclosure that does not recoup the value of the property being seized — pretty typical, in today’s housing market — the foreclosure will generate a 1099 for the difference […]

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Leaning: how quick do banks react to bankruptcies?

By doug | Published: March 21, 2011

If you are not making payments on a mortgage, a second mortgage, or some other type of secured loan, like a car payment, and you file a Chapter 7 bankruptcy case, how long will it take for the bank to request a chance to do a foreclosure? Like most legal questions, the answer can be […]

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What happens if you can’t pay your mortgage?

By doug | Published: March 17, 2011

A common question people ask is what happens if they are simply unable to make regular mortgage payments? First off, if you are able to make the payments, by all means do so. But people who know the end of the rope is near may consider “strategic defaults” — purposely not making payments in order […]

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The real impact of foreclosures

By doug | Published: March 10, 2011

When I was on a trip to Florida last month, I stumbled on an awesome sight: The Ritchie Brothers’ auction facility on I-4 near Orlando. There basking in the warm sun was so much repossessed building equipment awaiting auction that it literally stretched as far as the eye can see: The idea that Florida real […]

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Another take on short sales and bankruptcy

By doug | Published: February 16, 2011

Just a little while ago, I wrote this piece on short sales versus bankruptcy, with the general view that bankruptcy would be a much more preferable option for the majority of homeowners in trouble. But you might also want to consider the other side of the equation. Florida bankruptcy lawyer Chip Parker has posted a […]

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What drives bankruptcy filings: Credit cards or foreclosures?

By doug | Published: January 20, 2011

The final figures for 2010 are in, and the number of residential foreclosures in Massachusetts, no surprise, was sharply higher. All told, 12,233 Massachusetts homeowners lost properties to bank seizure, nearly 32 percent more than in 2009, according to the Warren Group, which tracks real estate trends. As bad as that sounds, do you think […]

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Massachusetts legislature getting proactive on problem foreclosures

By doug | Published: January 19, 2011

Well, 2011 is certainly getting off to a bang in the Massachusetts bankruptcy and foreclosure arena. While bankruptcy is a federal matter, much of the action is on the state government side, as legislators on Beacon Hill are getting ready to introduce a slew of bills that will affect bankruptcy debtors. First up is Secretary […]

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Foreclosure crisis spreads to Massachusetts suburbs, small towns

By doug | Published: January 11, 2011

Rural and suburban Massachusetts is not immune to the ongoing foreclosure crisis. That’s the message of an excellent Boston Globe article today. The piece emphasizes how people in small towns such as Asburnham in Central Mass. have struggled, especially with layoffs peaking. Globe writer Jenifer McKim chronicles the Law family in Ashburnham, where husband Brian […]

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