Foreclosure

Update of Mortgage Aid from the Federal Government

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

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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Consumer Bankruptcy News Reports on Foreclosure Crisis

The foreclosure crisis was supposed to end with help from the federal government. Consumer Bankruptcy News reports in the May 6, 2010 issue that the response of the federal government to the mortgage crisis is too slow.  The article reports that is has “been more than one year since President Obama announced the establishment of …

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Bankruptcy – Can I Quit Chapter 13 in Georgia if I Don’t Like The Way Things Are Going?

If you are in a Chapter 13 case in the Northern District of Georgia, you can dismiss your case at any time.  Your attorney will file a document with the court called a voluntary dismissal. Personally, I think it is a terrible idea in most cases to voluntarily dismiss a Chapter 13 bankruptcy.  First, you …

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Bankruptcy and the Taxation of My House by By The IRS After Foreclosure in Georgia

I recently spoke with a client in my Rome GA office who surrendered their house in Chapter 13  bankruptcy last year.  About six months into their Chapter 13 bankruptcy, they converted to a Chapter 7 bankruptcy.  This past week, they received a 1099A from their mortgage company showing that the debt was forgiven and suggested …

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Quit making my house payments to get a loan modification?

In my opinion, this is a bad idea.  If you are able to make your mortgage payments, do so.  I recently spoke with a person who quit making mortgage payments so that his mortgage company would consider him for a loan modification.  They filled out all the papers as requested by the bank for the …

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