A group of Senate Democrats, apparently opposed to passage of the “Helping Families Save their Homes in Bankruptcy Act of 2009,” are likely to push the bill to a vote this week on the Senate floor.
This is, unfortunately, bad news for those of us hoping to give bankruptcy judges the power to work out mortgage modifications [...]
Posts from ‘April, 2009’
Vote on Modification May be This Week
Foreclosure Discussion in Chico on April 30
A discussion of foreclosures and possible alternatives will take place at the Chico Council Chambers on Thursday evening, April 30 at 6:00 pm. This is a free event open to anyone interested.
The program is being sponsored by the Butte County Bar Association and Legal Services of Northern California.
A panel of three professionals, knowledgeable about foreclosures [...]
If My Mortgage Is Modified Will I Have To Pay Tax On The “Forgiven” Amount?
Generally, the IRS will assess a tax on debt you owed that was “forgiven.” This includes mortgage payments that have been modified or have been eliminated by short sale or foreclosure.
But in 2007, Congress passed the “Mortgage Forgiveness Debt Relief Act of 2007.” That law says that should all or part of your first mortgage [...]
Oakland foreclosure prevention workshop April 29
Foreclosure prevention and coping with foreclosure, either as a homeowner or a tenant, will be the focus of a workshop in Oakland Wednesday April 29th.
The workshop will be held at the West Oakland Teen Center from 3 p.m. to 5 p.m.
More details when I can find them.
Meantime, it appears that the mortgage modification bill [...]
Bay Area foreclosure help fair Thursday
Foreclosure prevention counseling, credit counseling, and loan modification help will be available at the Santa Clara County Fairgrounds noon to five p.m. April 23rd.
The event is sponsored by the City of San Jose’s housing department and other local housing organizations. Homeowners are asked to bring their original loan documents, bank statements, mortgage statements, tax returns [...]
Incentives We Have: Motivation We NEED!
Yesterday the Obama Administration released the names of 6 mortgage companies participating in its Making Home Affordable. Today it was announced that the number of American households threatened with losing their homes grew 24%. While the Administration’s plan provides incentives to those involved in a refinance, modification, short sale or deed in lieu, it has to be clear to the American public that the plan is worth little absent a real motivating factor.
Faces of those facing foreclosure
The elderly, the unsophisticated, and non English speakers are a significant part of my clients who need access to mortgage modification in bankruptcy. The Wall Street Journal reported on a number of victims of unscrupulous mortgage brokers, sold loans by means of false representations. The facts all rang true to me.
My two lawyer firm has [...]
Who Needs A Mortgage Modification?
Mortgage modifications save homes. They allow honest, hard working families to keep their houses.
The foreclosure crisis is all around us. Too many families are losing their homes because they can’t afford to keep making the payments. These families are struggling primarily because of a couple of different factors: either they have a catastrophic event occur [...]
Housing crisis continues in face of Congressional inaction
One in eight US homes is at risk of foreclosure, and the mortgage bankers continue to block a remedy that costs the tax payers nothing. I continue to marvel that the very folks who created this crisis by making utterly foolish loans have any credibility on Capitol Hill. Maybe their money continues to talk persuasively.
Conservatives [...]
Freddie Mac and Fannie Mae Lift Moratorium on Foreclosures
Several months ago, Freddie Mac and Fannie stopped foreclosing on residential property. They stated, at that time, that the ban on foreclosures was being done to help families over the holidays.
Well, I guess it’s not the holidays anymore, because they have quietly ended their ban and are beginning to send notices of default and sale [...]