All Posts Tagged With: "bankruptcy"
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 [...]
10Jul2009 | Peter G. Miller | 1 comment | Continued
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 [...]
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. [...]
8Mar2009 | Peter G. Miller | 1 comment | Continued
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 [...]
25Feb2009 | Peter G. Miller | 0 comments | Continued
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 [...]
4Oct2008 | Peter G. Miller | 3 comments | Continued
What Is Mortgage Loan 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 [...]
31Aug2008 | Peter G. Miller | 0 comments | Continued
What Happens If The Seller Goes Bankrupt Before Closing?
If you are the buyer or the broker you immediately head to your attorney. The goal of a bankruptcy proceeding will be to satisfy as many creditors as possible, therefore the sale may well be in everyone’s interest. However, the sale will likely require court approval and that could delay closing. As well, one needs [...]
30Aug2008 | Peter G. Miller | 0 comments | Continued
How Long Can Negative Items Stay On A Credit Report?
In general, a bankruptcy can remain on a credit report for 10 years while a late or missing payment or foreclosure can be retained for seven years. Under the Fair Credit Reporting Act (FCRA), federal consumer-protection legislation, you can post a 100-word statement disputing any reported item. (Before posting, ask when and how you can [...]
29Aug2008 | Peter G. Miller | 1 comment | Continued
Can A Gambler Get A Mortgage?
Question: I know that I have no business asking this, however I recently had my home foreclosed and am just now getting back on track. I had a bankruptcy a year ago as well. I can afford a home with my salary, however I am a gambler but have now gotten back on track. I [...]
23Aug2008 | Peter G. Miller | 0 comments | Continued
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