Category Archives: Real estate

Massachusetts homestead exemption is valid even if you plan to move

By doug | Published: March 23, 2010

The bankruptcy court in Massachusetts has ruled that a debtor can claim an exemption under the Massachusetts homestead law even when they are actively planning on moving out. Bankruptcy judge Joel B. Rosenthal  ruled that since the Massachusetts homestead law is written to protect anyone who occupies a building as a residence, the debtor’s intentions […]

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Massachusetts Bankruptcy Court cracks down on terms of loan modification agreements

By doug | Published: March 3, 2010

The bankruptcy courts in Massachusetts have begun a crackdown on loan modification agreements that seek to reduce the court’s power over lenders. In a standing order issued on March 2nd, the court has nullified any provision in a loan modification agreement that tries to eliminate a debtor’s automatic stay if they default after filing a […]

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Foreclosures slowing down in Massachusetts?

By doug | Published: March 3, 2010

The Warren Group, peripatetic observers of the Massachusetts real estate lending scene, report that the number of foreclosure petitions filed in Massachusetts in January was the lowest monthly level in a year. Foreclosure deeds, however, have risen to a four year high. A foreclosure deed is recorded at the end of the foreclosure process, after […]

Also posted in Bankruptcy News, Chapter 13 | Comments closed

Pay the mortgage or just walk away?

By doug | Published: March 1, 2010

As the housing market continues to drag, just walking away from home is becoming a more tempting option for many Americans. Walking away isn’t risk-free. A foreclosure stays on a consumer’s credit record for seven years and can send a credit score (based on a scale of 300 to 850) plunging by as much as […]

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Can we fix the homeowner default trap?

By doug | Published: March 1, 2010

An excessive rate of home foreclosures has bad consequences all the way down the line — the homeowner eventually has to move out, property taxes don’t get paid, so the town or city starts going broke, the banks have excess inventory of homes that can’t be sold, which drives prices down even further. Buildings go […]

Also posted in Chapter 13 | Comments closed

Americans finally catching up on their mortgages

By doug | Published: February 20, 2010

Americans may be finally catching up on their late mortgage payments — or at least may not be falling behind quite so fast. The number of homeowners who have missed a payment but are not yet in foreclosure dropped last month for the first time since 2007. More than 15% of home owners have either […]

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Federal mortgage relief program is a complete failure

By doug | Published: February 18, 2010

The U.S. government’s mortgage relief program has helped only 12 percent of the homeowners who have signed up in the year it has been available, according to the Boston Globe. According to Valparaiso University law professor Alan White, “I would say it’s a complete failure at this point.’’ Large banks also have huge volumes of […]

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A split decision on avoiding judicial liens in Massachusetts

By doug | Published: February 16, 2010

So you are thinking about filing for bankruptcy, but worried because a creditor has already gone to court to get an attachment against your home (or some other piece of property)? Usually, this does not present much of a problem. Bankruptcy lawyers call these attachments “judicial liens” and by filing a bankruptcy case for you, […]

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The Tug of war between foreclosures and loan modifications

By doug | Published: February 12, 2010

It looks like foreclosures are winning out over loan modifications, as banks remain more likely to seize real estate, in place of bargaining over it. Bloomberg News reports that one house out every 409 in the United States received some sort of foreclosure warning letter in the past month. Michelle Meyer, an economist in New […]

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Home price insurance program

By doug | Published: February 3, 2010

Would you be intersted in an insurance plan that would cover you if the price of your house went down? Northeastern University dean Barry Bluestone has come out in favor of an interesting type of proposed stimulus program to jumpstart the real estate market: he wants the federal government to sell insurance to home buyers […]

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