Category Archives: Real estate

Should you re-affirm a mortgage or simply stay-and-pay?

By doug | Published: August 31, 2010

Many if not most homeowners who have to file for bankruptcy would like to stay in their homes, if possible. Sometimes staying put is even the primary, or only, reason for filing the case in the first place. If a homeowner is current on their mortgage, keeping the house will not be a problem. One […]

Also posted in Secured loans | Comments closed

“I want to file for bankruptcy, and I WANT to lose my home!”

By doug | Published: July 27, 2010

This is a followup to yesterday’s post, where I reassured debtors that filing a bankruptcy case does not in every instance lead to the loss of a home. Today we deal with those folks who WANT to walk away from their houses. Typically, these debtors are seriously upside-down on their mortages, and often months behind […]

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“If I file for bankruptcy, will I lose my home?”

By doug | Published: July 25, 2010

“If I file for bankruptcy, I’m going to lose my home, right?” No, not necessarily. Most every day I confront some variation on that question, so I thought I would go over it again in some detail. The first question to ask is does the debtor WANT to lose his home. Not so long ago, […]

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Valuing your real estate when you file for bankruptcy

By doug | Published: July 19, 2010

For most people, the real estate they own is the most valuable thing listed on their petitions when they file a bankruptcy case. This is usually the case whether it is a home or an investment, and whether the properties have equity or are underwater. Which means that the business of putting a dollar value […]

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Using bankruptcy to get rid of a second mortgage

By doug | Published: May 12, 2010

Since I recently took a look at the first opinion written by Melvin Hoffman, the new Massachusetts bankruptcy court judge, I thought it might be fair to even the score a bit and take a look at the last opinion issued by the judge Hoffman replaced, retiring Massachusetts bankruptcy judge Joel Rosenthal. Turns out Judge […]

Also posted in Chapter 13 | Comments closed

Divorced debtor loses homestead rights in New Hampshire

By doug | Published: April 19, 2010

A homeowner whose divorce was final before he filed for bankruptcy can’t claim a homestead exemption when the property was sold and he received half the proceeds, according to a recent ruling of the Bankruptcy Court in New Hampshire in the Visconti case. The debtor lived in Hampstead in 2007 when he conveyed his interest […]

Also posted in Bankruptcy News, Exemptions | Comments closed

How to file for bankruptcy — putting a value on real estate

By doug | Published: April 18, 2010

Anyone who files a bankruptcy case has to put a numerical dollar value on all of their assets. For homeowners, their largest asset is usually their house. An accurate value of all real estate held by a debtor is necessary to file, even if the property is “under water” to a large mortgage. You could […]

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Bank bosses refuse to consider modifying mortgages

By doug | Published: April 14, 2010

Just in case you were wondering why there has been a rash of bankruptcy filings in the Merrimack Valley and elsewhere, look no further than the stubborn refusals of the major banks to modify underwater mortgage loans. Just yesterday, the chiefs of Citi, Chase, Wells Fargo and Bank of America testified before Congress, and told […]

Also posted in Bankruptcy News | Comments closed

Home equity loans are a ticking time bomb in the banking sector

By doug | Published: April 13, 2010

Thinking about filing for bankruptcy? If so, you might want to ponder who has it worse off in our current economy — the debtors or the creditors? Ridiculous question, you say? Perhaps, but in law it is always worthwhile to examine cases and situations from your adversary’s point of view. When debtors get pestered with […]

Also posted in Bankruptcy News, Foreclosure | Comments closed

Got mortgage trouble? Stay tuned . . .

By doug | Published: March 26, 2010

Business news outlet CNBC is reporting that the Obama administration will announce important new initiatives to deal with the depressed housing markets later today. There will be changes to the battered-down Home Affordable Modification Program (HAMP), including a new emphasis on writing down the principal on troubled mortgage loans, and financial assistance to unemployed homeowners. […]

Also posted in Bankruptcy News, Chapter 13, Foreclosure | Comments closed
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