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Tag Archives: Home

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 […]

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 […]

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 […]

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 […]

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