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Foreclosure

Saving Your Home and the Georgia Bankruptcy Homestead Exemption

Some debtors in need of filing bankruptcy are hesitant to do so because of one reason: they don’t want to lose their home. This can lead to serious debt issues and stress they might have been able to avoid if they had instead asked a knowledgeable bankruptcy attorney what can happen to a person’s home after they have filed bankruptcy.Numerous factors can come into play and help determine whether the home is safe from seizure in a bankruptcy. It is imperative that the debtor research their situation, whether by consulting with an attorney or finding out themselves, prior to making...

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Bank of America Cheats On Loan Modifications

The cracks are starting to appear in the National Mortgage Settlement. The cracks indicate a blatant cheating of loan modifications and practices through Bank of America.The Miami Herald has reported that Florida's Attorney General, Pam Bondi believes that Bank of America has failed "to follow the rules of a national mortgage settlement reached last year over the practice of robo-signing during the height of the foreclosure crisis."In her letter to Bank of America, Attorney General Bondi says that the bank may have violated the settlement by:"failing to assign a single point of contact to the borrower 'throughout the loss...

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Spanish Foreclosure Crisis Leads to Two Suicides

The Wall Street Journal recently reported that the foreclosure crisis that has gripped Spain has led to two high profile suicides.  Spain's twenty five percent unemployment rate has left many people unable to make their mortgage payments.A former politician from Barakaldo, Spain, threw herself out of a fourth floor window because of her distress over being evicted from her home.  In Granada, a newsstand owner hung himself just before his eviction.  In Valencia, a homeowner survived a jump from a balcony. public backlash against banks in Spain These tragedies have led to a public outcry against banks and a call for foreclosure...

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Could Chapter 13 Have Saved Holyfield’s House From Foreclosure?

Do you remember when Mike Tyson bit off a chunk of Evander Holyfield's ear?  That was a bad day for Mr. Holyfield but this week might have been worse.Evander Holyfield said that he always thought he would be able to save his 54,000 square feet mansion on 235 acres in Fayette County, Georgia with 11 bedrooms, 17 bathrooms, three kitchens, two lane bowling alley and a 135 seat theater.  Earlier this week, he was evicted.How could a rich and famous person like Evander Holyfield lose his house in foreclosure?  During his career, Holyfield has earned over $250 million dollars. Could he...

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Georgia Senate Approves Foreclosure Notification Bill

[caption id="attachment_2939" align="alignleft" width="225"] Can you imagine having your house foreclosed without any notice?[/caption]Can you imagine living in a state where a mortgage company could take your house away from you through foreclosure without you ever knowing about it?  Welcome to Georgia!Your mortgage company currently has no legal obligation to notify you of their intent to foreclose on your home.  However, in a recent online edition of the  Atlanta Journal and Constitution, the paper has reported that the Georgia State Senate has approved a bill requiring mortgage companies to notify Georgia consumers before they start a foreclosure action.Even though there...

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Foreclosure Cases – Federal Regulators Will Review Millions

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 for mistakes made by banks (click here read the entire article).The Journal reports that this review process could be unveiled in the next few weeks.  The Office of the comptroller of the Currency estimates that 4.5 million borrowers coul be eligible for review.The federal government...

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House Foreclosed But Still Owing Money to the Lender

When a house gets foreclosed, many consumers fear that they are still owing 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 judgments on the first mortgages as well (click here to read the full article).In the article, the Journal details how mortgage companies are becoming more aggressive in Florida in pursuing these deficiency judgments after foreclosure sales.I doubt that we will see first mortgage holders start...

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Banks Lose Foreclosure Case in Massachusetts

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 owned the mortgage.In the conclusion of the decision, the Court states, "...

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Bankruptcy and Second Mortgage Debt on a Vacation Home

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 bill.  However, if you file bankruptcy before the property is foreclosed, you cannot be taxed in a 1099c situation.I've met with clients from Dallas, Douglasville, Hiram, Cartersville, Calhoun, Rome and Dalton who have had vacation homes or rental properties that they need to unload.  Many...

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Bank of America Announces Halt to Foreclosures

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.  This past Friday, I received a call from a Chatsworth GA bankruptcy client who is wondering if this means their foreclosure scheduled for the first Tuesday of November 2010 will be stopped.  I told them to call their mortgage company and the attorneys who are conducting the foreclosures and ask for something in writing that their specific foreclosure has been stopped.In the past, I've had potential bankruptcy clients call me...

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