Category Archives: Secured loans

Bankrupts beware! Lenders are increasingly claiming security interests

By doug | Published: January 16, 2012

The purpose of filing a consumer bankruptcy case is pretty obvious; to eliminate debts that can’t be paid, so that the debtor can receive a financial “fresh start.” That ideal is compromised, however, when debts don’t go away despite filing the case. Sometimes this is a matter of public policy (e.g. the current law on […]

Also posted in Practical tips | Comments closed

Do underwater mortgage liens survive Chapter 7 bankruptcy?

By doug | Published: November 22, 2011

Here is a good simple explanation from well – known bankruptcy attorney Cathy Moran on the status of underwater liens after a Chapter 7 case is filed: http://www.bankruptcymastery.com/how-long-can-underwater-lien-hold-its-breathe/ As she explains, the lien itself is still on the books after you file a bankruptcy case. Debtors may need to take additional action to deal with […]

Also posted in Real estate | Comments closed

Lien Stripping and cramdown

By doug | Published: October 21, 2011

Here’s a little primer on Lien Stripping and Cramdown by a Massachusetts bankruptcy lawyer who has done many of these cases. If you are a homeowner and wish to restructure your debt repayment under Chapter 13 bankruptcy it may be possible to have the court discharge the second mortgage on your home through a process […]

Also posted in Chapter 13 | Comments closed

Could mortgage modifications use a dose of bankruptcy court mediation?

By doug | Published: October 20, 2011

You are probably aware just how difficult it can be for a homeowner to get a mortgage modification when he or she needs one. Perhaps you have had a personal experince trying to get your mortgage modified, only to be told “no” after submitting reams of paperwork. Is it possible that a bankruptcy court mediation […]

Also posted in Bankruptcy News, Foreclosure | Comments closed

With tax break for short sales set to expire, bankruptcy cases offer a way out

By doug | Published: September 26, 2011

Home values in the Lawrence, Methuen and Haverhill areas have been hit hard. Even Andover and North Andover homeowners have seen big drops in value and lots of negative equity. Many have turned to short sales and deeds-in-lieu of foreclosure to get out of their “problem house” when they need to move. Soon many more […]

Also posted in Real estate, Taxes | Comments closed

For the true procrastinator: trying to get your foreclosed house back through bankruptcy court

By doug | Published: August 11, 2011

Some folks just love to wait until the last minute to get improtant things done. And then there are those folks who wait until after the last minute . . . In the world of bankruptcy law, it has long been thought that there is nothing that can be done to recover a house that […]

Also posted in Foreclosure | Comments closed

Attorney general enters the debate over MERS; efforts may help bankrupt homeowners

By doug | Published: July 28, 2011

The Boston Globe recently reported that Massachusetts Attorney General Martha Coakley is not backing off her invetigation into the practices of the Mortgage Electronic Registration System known as MERS. Recently, a Massachusetts bankruptcy judge found no fault in the use of MERS to record mortages in dummy names at the registry of deeds statewide and […]

Also posted in Foreclosure, Real estate | Comments closed

In bankruptcy, auto leases do not need to be reaffirmed

By doug | Published: July 21, 2011

A few years ago, the bankruptcy code was amended to “encourage” debtors to reaffirm thier auto and truck loans; if no reaffirmation agreement was signed within a specified time after filing the bankruptcy case, lenders got back their repossession rights without having to go to court and ask permission. But what happens if you lease […]

Posted in Secured loans | Comments closed

Is renting out your house a way to save it?

By doug | Published: April 4, 2011

Under the present bankruptcy law, it is very difficult to use a Chapter 13 bankruptcy plan to impose your own mortgage modification on the primary lender for a residential home. There have been near constant efforts to get the Congress to change this, but so far the pleas have fallen mostly on deaf ears. The […]

Also posted in Chapter 13, Real estate | 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 Real estate | Comments closed
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