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Category Archives: Forclosure

Filing Bankruptcy can be a Straightforward Process

There is a lot of misinformation on the internet that makes filing for bankruptcy sound more stressful than it really is. If you are thinking about filing for personal bankruptcy, please call my office to schedule a no-hassle free consultation. I will advise you on the both the draw-backs and benefits of filing bankruptcy without pushing you […]

Top 5 Credit Score Myths

1. Paying Bills on Time Will Improve My Score That’s definitely a good start, but it’s not the only factor. Only 35% of the points on your score are directly tied to whether you’re making your payments on time. That leaves 65% of your score that has nothing to do with missed payments. 2. Carrying […]

Chapter 13 Bankruptcy – How do Creditors get Paid?

Consumer Law Pro 2851 S Parker Rd, Ste 1158 Aurora Co 80014 Phone: 303-297-7729 Consumer Law Pro is designated as a Federal Debt Relief Agency by an Act of Congress and the President of the United States. We proudly assist consumers seeking relief under the U.S. Bankruptcy Code. A Member of the National Association of Consumer […]

HOA Fees and Bankruptcy

A bankruptcy will eliminate the personal obligation to pay the HOA for those assessments which came due PRIOR to the Bankruptcy being filed. The lien for the pre-petition dues remains a valid security interest in the property, despite the filing of the bankruptcy. After the filing date, the debtor will be personally liable for any […]

Why your mortgage servicer will not approve your loan modification request

In the past, a traditional mortgage lender would decide whether to foreclose or restructure a defaulted loan based on a cost-benefit analysis of available options. If the lender stands to make more money by modifying a loan than the lender would make on the home through a foreclosure sale, the lender would generally choose to […]

Is it better to do a Loan Modification Before or After Filing Bankruptcy?

When a bankruptcy is filed, the mortgage servicer will transfer the file from the department it is in to the bankruptcy department. The bankruptcy department NEVER picks up where the other department left off. Therefore, if the modification is not final, then the debtors will need to start over from scratch. In the meantime, if […]

Foreclosure sale validated after bankruptcy

Stay annulled to validate post-petition foreclosure sale In this case the debtor was ineligible to be a debt under section 109(h)(1) of the bankruptcy code. This did not render her bankruptcy a nullity, however, her failure to act in good faith warranted the annulment of the automatic stat and the validation of the post petition […]

Strip-off Your Second Mortgage

Falling Home Prices and resulting increase in Chapter 13 Lien Stripping U.S. homes values have continued to decline in the last two years. As a result, the equity in homes throughout the U.S. (especially Colorado and surrounding states) has continued to decline. Many experts estimate that by 2011 nearly 50% of all homes will be […]

Top Ten Reasons Why People File for Bankruptcy

1. End the Legal Obligation to Pay-off most, if not all, of Your Debt. 2. Stop Foreclosure on a Home and Allow You to Catch up on Missed Mortgage Payments by filing a chapter 13. 3. Prevent repossession of a vehicle or other secured property. 4. Eliminate your Debts Arising from Medical Bills. 5. Loss […]

Significant Changes to Mortgage Loans

The Helping Families Save Their Homes Act of 2009 requires that whenever a mortgage loan securing a consumer’s principal dwelling is transferred to a third party, the new loan owner must, within 30 days, notify the borrower of certian information in writing including: the name, address, and telephone number of the new creditor as well […]

Wages Protected from Ganishment Increased this July

The federal Consumer Credit Protection Act wage garnishment provisions exempt a portion of a consumer’s earning from garnishment, the amount being tied to the federal minimum wage. In July, the minimum wage increased to $7.25 per hour, so that the amount of an employee’s disposable earning totally exempt from ganishment increases to $217.50 for the […]

Can I buy a house after filing bankruptcy?

Several studies reveal that within 18-24 months after a bankruptcy discharge, bankruptcy debtors may qualify for a mortgage loan on the same terms as if they had not filed bankruptcy. Future lenders will be much more interested in the amount of your down payment, the stability of your income, and the relationship between the loan […]

May I keep my home after filing bankruptcy?

In most cases, you may keep your house after filing a Chapter 7 bankruptcy if several conditions are met. The equity in your house must be exempt (most debtor?s are allowed up to $60,000- if you are over 61 you may claim up to $90,000). If there is too much equity in your home or […]

Foreclosures vs. Short sales

If your debt problems result in a foreclosure, your credit may suffer for a long time. If the foreclosure happened during the foreclosure crisis, 2007 to present, you might be able to reestablish your credit sooner than would otherwise be possible. The reason is because so many foreclosures are occurring in this period and for […]

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