Category Archives: Real estate

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 […]

Also posted in Foreclosure | Comments closed

Is Zillow an acceptable way of valuing real estate in bankruptcy court?

By doug | Published: February 11, 2011

The website Zillow.com (and other sites like it) is being used increasingly by people to figure out the value of real estate, whether they are buyers, sellers, or just homeowners, and whether they are professionals or amateurs at the real estate game. Beyond the weird name, (why must all websites have such weird names?), a […]

Posted in Real estate | Comments closed

Delayed mortgage aid for jobless might show up in March

By doug | Published: February 10, 2011

A new federal program that could help thousands of unemployed homeowners in Massachusetts temporarily cover their mortgages is expected to finally be up and running by mid-March, months after it was scheduled to start. Massachusetts is set to get $61 million of the federal funds. Homeowners should be able to apply on or about March […]

Also posted in Bankruptcy News | Comments closed

Short sales versus bankruptcy

By doug | Published: February 8, 2011

A quick primer on the rules concerning short sales as opposed to filing personal bankruptcy: Homeowners with underwater houses are tempted to look first at a short sale as a way out of their predicament. There are at least three drawbacks to this approach. 1. Short sales can still leave you with a debt that […]

Also posted in Secured loans | Comments closed

Important changes to the Massachusetts Homestead exemption

By doug | Published: December 18, 2010

We briefly interrupt your holiday preparations for breaking news — Massachusetts governor Deval Patrick has signed into law some of the biggest changes in the Massachusetts homestead exemption in many a year. When the new law takes effect in mid-March of 2011, it will no longer be necessary for every homeowner contemplating a bankruptcy case […]

Also posted in Bankruptcy News, Exemptions | Comments closed

Mortgage servicers might really be out to get you!

By doug | Published: December 16, 2010

Following up on a previous post, now even the government agrees that mortgage servicers might not be on the side of the homeowners they collect monthly payments from. The Congressional Oversight Panel for the Troubled Asset Relief Program made public its findings yesterday. Companies that manage mortgage loans can profit from foreclosure-related fees and are […]

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Might your mortgage servicer be your enemy?

By doug | Published: December 15, 2010

Are the people who open up the envelope and cash your mortgage check each month out to get you? Could be, at least according to syndicated finance guru Suze Orman. Her point is that if you are asking for a loan modification, and they agree to arrange for a trial modification period, they could be […]

Posted in Real estate | Comments closed

Nationwide, fewer homes underwater

By doug | Published: December 14, 2010

Bloomberg is reporting that the number of homes in the United States that are “underwater,” that is, worth less than the amount owed on them is decreasing slightly. For the quarter ending September 30th, 22.5% of the homes with mortgages have negative equity. In the prior quarter, that figure was 23%. But what is causing […]

Also posted in Bankruptcy News, Chapter 13 | Comments closed

New Hampshire Chapter 13 faces wide range of real estate estimates

By doug | Published: December 6, 2010

The problem of accurately estimating the value of real estate when fling a bankruptcy case is a long running theme here — its something that keeps cropping up again and again. A good illustration of this is a recent Chapter 13 bankruptcy case decided by Judge Deasy in New Hampshire. The Roy case concerns a […]

Also posted in Chapter 13 | Comments closed

Tax assessments are seldom good real estate valuations

By doug | Published: November 30, 2010

An always tricky area of bankruptcy law involves the method used to value a debtor’s real estate. Typically, one of the worst ways to justify the value of real estate is to just refer to the tax assessor’s valuation on a property tax bill. These values are notoriously out of date and often bear little […]

Posted in Real estate | Comments closed
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