All Posts Tagged With: "bankruptcy"
What’s A “Deed In Lieu” Of Foreclosure?
There were more than 3.5 million foreclosure notices sent out last year, a total which does not include homes lost with something called a deed in lieu of foreclosure.
What is a “deed in lieu” of foreclosure and is it good or bad?
Good & Bad
In basic terms, a deed in lieu of foreclosure works like this: [...]
Can A Condo or Co-op Go Bankrupt?
Can a condo or co-op go bankrupt or be foreclosed? The answer is you bet — but the good news is that such financial disasters are rare.
In general terms a condominium is a property where there are units with individual title and financing as well as common areas which are owned by the condo association. [...]
What If Mortgage Walk-Aways Become Socially Acceptable?
There’s a certain glue that holds societies together and in the U.S. one of those unwritten standards is the idea that you don’t walk away from your home.
Such community standards actually have a financial value. If walking away from a mortgage becomes socially acceptable then lenders will have more risk, interest rates will rise, monthly [...]
22Nov2009 | Peter G. Miller | 1 comment | Continued
Is A Commercial Foreclosure Crisis Next?
Go to any major metro area and you can always find a slew of downtown high-rise apartment buildings, office parks, shopping malls, and warehouses. Just like single-family homes and condos, these commercial properties are “real estate” too — and often real estate with a mortgage.
Writing in the Dallas Morning News, Steve Brown notes that “commercial [...]
Bankruptcy Numbers Soar — Foreclosures To Follow
Bankruptcy filings were up 33.3 percent during the past year according to the Administrative Office of the U.S. Courts. Between March 2008 and March 2009 there were 1.2 million bankruptcies compared with 902,000 during the prior year. Of this year’s bankruptcy filings only 49,000 involved businesses, the rest were all personal bankruptcies.
The rising bankruptcy numbers are remarkable [...]
9Jun2009 | Peter G. Miller | 0 comments | Continued
Homeowners Lose as Bankruptcy Reform Fails In Senate
Efforts in Congress which would allow bankruptcy judges to change the terms of residential mortgages came to a halt yesterday by a vote of a 51-45. Of the 51 votes against the measure, S. 899 The Helping Families Save Their Homes Act of 2009, 12 were from Democrats, 39 from Republicans. Not one Republican voted [...]
1May2009 | Peter G. Miller | 0 comments | Continued
Facing Foreclosure? How The Obama Plan Can Help
It was in February that the Obama Administration first announced it would create a mortgage relief program for millions of distressed borrowers. The details of the plan are now out, so it’s possible to see who can be helped — and who can’t.
To start, we’re talking about help from Fannie Mae and Freddie Mac. Between [...]
Should Criminals Make Mortgages?
Will you get your next FHA loan from a convicted criminal?
If that sounds like a loopy idea, consider this: There is currently no rule which says a convicted criminal cannot act as an FHA mortgage lender.
Alternatively, consider this: If someone has been in jail, served their time and completed their obligation, how can they [...]
Is It Time To Take The Tilt Out Of Bankruptcy?
Almost 30 years have passed since the Bankruptcy Reform Act of 1978, a time when mortgages typically had a fixed-rate and unchanging monthly costs. Back then — and until 2005 — if you ran into financial trouble bankruptcy provided a way out and a fresh start.
But in 2005 declaring bankruptcy — something that was never [...]
4Oct2008 | Peter G. Miller | 3 comments | Continued
What Is Negative Amortization?
We usually think of mortgages as debts that are paid off over time. This happens because monthly payments usually cover interest costs and a reduction of principal. Loans that are re-paid over their terms are called “amortizing” or “self-amortizing.”
With some adjustable-rate mortgages (ARMs), however, we can have a situation where monthly payment increases are limited. [...]
© Copyright 