The mortgage mess has now evolved into the foreclosure mess. With Bank of America and other major lenders re-examining the apparently faulty paperwork done in foreclosing on thousands of homes, there surely will be consequences -- for the lenders, servicers, homeowners and the people who are in the process of purchasing foreclosures.
... for $433,000 at a properly noticed foreclosure sale. BFP soon petitioned for bankruptcy and, acti... as a means of avoiding the draconian consequences of strict foreclosure. Id., at 661663; Glenn, supr...
Call it a collision between the best of intentions and the law of unintended consequences. Amid a growing foreclosure crisis, the General Assembly -- at Gov. Martin O'Malley's request -- changed procedural rules in 2008 to require lenders to provide better notice to delinquent homeowners before taking possession of and selling their homes. The goal was to increase protection to homeowners that their homes were being repossessed.
The greatest fear of many families in serious financial trouble is that they will lose their homes. Bankruptcy offers a last chance for families to save their homes by halting a foreclosure and by repaying any default on their mortgage loans over a period of years. This article examines the actual behavior of mortgage companies in consumer bankruptcy cases. Using original data from 1,700 recent Chapter 13 bankruptcy cases, the author concludes that mortgage companies frequently do not comply with bankruptcy law. A majority of mortgage claims are missing one or more of the required pieces of documentation for a bankruptcy claim. The findings of this article are a chilling reminder of the limits of formal law to protect consumers. Misbehavior or mistake by mortgage servicers can have grav...
...This Part explains the serious consequences of mortgage servicing and collects the scattered r...
THERE are millions of sad stories in the collapse of the nation's housing market and the often-heartbreaking foreclosures that continue. But few are as disturbing as those involving America's fighting men and women who have been dispossessed at home. It isn't enough to face death and destruction, particularly those who are part time soldiers called to active duty from the reserves and National Guard units. Now adding to their worries is the threat of coming home to nothing despite a federal law that is designed to prevent that. But guess what? The legendary gnomes of the banking industry, it seems, don't pay much attention to the law, at least when it comes to the Civil Relief Act that states unequivocally that service members on active duty are spared many of the legal consequences of ...
...'s offer to convey by deed in lieu of foreclosure only after the debt is accelerated and when it is ... under 7 CFR part 3550,and the consequences of a conveyance by deed in lieu of foreclosure as ...
State Sen. Bob Dutton, R-Rancho Cucamonga, along with Assembly members John Benoit, Paul Cook, Bill Emmerson and Kevin Jeffries, will host a free workshop to assist present and future homeowners in avoiding the consequences of foreclosure. The workshop will be from 10 a.m. to noon, Saturday, July 14, at California Baptist University, Yeager Center, 8432 Magnolia Ave., in Riverside. The university is co-hosting the free workshop presented by the State and Consumer Services Agency, the Department of Consumer Affairs, and the Department of Transportation and Housing.
The continuing increase in mortgage defaults and foreclosures continues to occupy center stage in any discussion of local housing markets, with much of the debate centering on whether these trends are driven by cut-and-run real estate investors, or the dire consequences of the predatory exploitation of working class families. Furthermore, the counties in California with the highest foreclosure rates have been those with a combination of middle-of-the-pack home prices, but extremely high usage of adjustable rate mortgages (ARMs) - exactly the combination we'd expect when working families stretch beyond their means to buy a home.
... if you enter into a deed in lieu of foreclosure. 3. Consider any other agreements, including oth... tax advisor and consider the tax consequences of a foreclosure or a deed in lieu of foreclosure....
DEAR BRUCE: I am facing foreclosure on a three-family investment property. The lender has suggested I try a short sale. In reading the short-sale package, it states they will issue a 1099 to the IRS for the shortfall. I am now thinking about simply letting it go through the foreclosure process instead, if that would allow me to avoid the tax consequences of the short sale. What are your thoughts? R.
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