Foreclosure

Foreclosure Cases – Federal Regulators Will Review Millions

October 6, 2011

Newspapers across our nation have been full of articles detailing bank foreclosure practices that have been abusive.  It now looks like the federal government will attempt to respond to this foreclosure abuse.  The Wall Street Journal has reported that federal regulators will review millions of foreclosure cases to determine whether some consumers should be compensated [...]

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House Foreclosed But Still Owing Money to the Lender

October 4, 2011

When a house gets foreclosed, many consumers fear that they will still owe money to the lender after the foreclosure of their home.  In Georgia, it is usually only the second mortgage companies that pursue a deficiency after a house is foreclosed.  However, the Wall Street Journal reports that many banks are now pursing deficiency [...]

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Banks Lose Foreclosure Case in Massachusetts

January 11, 2011

Bloomberg news has reported that U.S. Bankcorp and Wells Fargo have lost a major foreclosure case in the Supreme Court of Massachusetts (click here to see the full article).  This ruling upholds a decision from a lower court that declared that two foreclosures in Massachusetts were not valid because the banks did not prove they [...]

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Bankruptcy and Second Mortgage Debt on a Vacation Home

November 18, 2010

Second mortgage debt on a vacation home or rental property can be a tricky situation for debtors.  If your vacation home or rental property gets foreclosed, your second mortgage holder can file a 1099c with the IRS and the debt will be counted as income.  For some people, this could result in a huge tax [...]

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Bank of America Announces Halt to Foreclosures

October 11, 2010

The Atlanta Journal and Constitution recently reported that Bank of America will temporarily stop foreclosures so that it has time to make sure all of their documents are in order (Click here to read the AJC article).  This past Friday, I received a call from a Chatsworth GA bankruptcy client who is wondering if this [...]

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Update of Mortgage Aid from the Federal Government

September 6, 2010

The Wall Street Journal recently reported an update on mortgage aid from the federal government (see WSJ article).  The article reports that the Obama administration “will launch its most ambitious effort at reducing mortgage balances for homeowners who owe more than their homes are worth.” Federal government officials estimate that between 500,000 and 1.5 million [...]

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Mortgage Company Regulation Bill Working its way through Congress

June 23, 2010

The Wall Street Journal recently reported on a mortgage company regulation bill that is working its way through Congress (Click here to read the article).  The Journal reports that mortgage companies are lobbying Congress to “soften a series of provisions that reshape how most Americans obtain home loans.” The bill proposes: 1.  To require lenders [...]

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