Posts Tagged ‘bankruptcy’

Foreclosure is Preferred Choice for Banks to Quiet Title

February 21, 2010

In the Page entitled “Foreclosure Profits Deter Loan Mod” last week I suggested three possible motivators for banks to foreclose in preference to short sale or loan modification.  Then I went to a seminar by attorney Michael T. Pines and another light bulb lit up brightly.  Given the muddled situation with respect to rights and interests in loans that have undergone the securitization process, foreclosure is the quickest way to clean up the mess and consolidate profits with clear title to the asset underlying the mountain of paperwork.  After all, the home is the only thing of real value in all this.  In addition, the trail back to ill begotten profits that were pocketed during the course of previous loan cycling is erased and there’s a clear slate for renewed pillaging of the home when it gets back into the marketplace.

Advertisements

Early Planning Guides for Loan Modification and Bankruptcy

November 15, 2009

What you should know during loan modification and before you file for bankruptcy – follow these steps:

(1)  Collect your financial information.  What is your income and expense?  What are your assets and liabilities?

(2)  Consider the alternatives.  Get a free attorney consultation (widely available).  If you’re a homeowner, determine whether loan modification is feasible, or whether other measures are necessary.

(3)  If bankrtupcy is the only choice, familiarize yourself with the various types.  Chapter 7 to eliminate debts, Chapter 13 to pay all or part of your debts over time (often used to enable you to keep your home) and when Chapter 11 is required.

(4)  Develop a plan with an event timeline.

Is Loan Modification Working for You?

August 20, 2009
Loan Modification is a complex procedure yet consumers like you are expected to go through the process without representation. We recommended getting legal advice at the earliest possible stage. Please share your experience with loan mod. Is it dragged out? Has the lender taken your information and/or money without fully resolving your case?