In the bankruptcy case of Lewis, Kevin L. and Kathy A.; In re (Lewis v. State Street Bank), the bankruptcy court ruled that the value of a home was only what buyers were willing to pay for it despite what an appraiser may claim. The details of the bankruptcy case: The Chapter 13 bankruptcy debtors [...]
Former Detroit Piston Derrick Coleman filed for Chapter 7 bankruptcy with $4.7 million in debts and a little over $1 million in assets. Coleman, whose 15-year NBA career ended with the Pistons in 2005, had interests in a wide range of real estate, retail and restaurant companies. His interests included a stake in Detroit's Sweet [...]
Just when financial pundits claim that the economy is improving many rich and famous individuals are losing their homes to foreclosure. Just this week, a Tudor mansion in Bel-Air belonging to film star Nicolas Cage was in foreclosure auction and reverted to the lender. On Wednesday, Richard Fuscone, a former top Wall Street executive, declared [...]
Bank of America Corp. has announced that it may forgive a part of the mortgage balance for borrowers who are facing foreclosure The bank, the largest mortgage servicer in the country, said Wednesday that it will forgive up to 30 percent of some customers' total mortgage balance. The homeowners must have missed at least two [...]
Many analyst watching Texas unemployment had shown a glimmer of hope when job gains were posted in January. However, a loss of 13,000 jobs in February erased January's meager gains. Currently, many of Texas' employers are implementing job losses and Texas' unemployment rate remains stagnant at 8.2 percent as of February. "The Texas unemployment rate [...]
The government has announced that the HAMP foreclosure prevention plan will now provided unemployed homeowners facing foreclosure to apply for three to six months of financial aid. The new measures come on the heels of a stiff criticism of the foreclosure prevention plan which is being described as a failure in many circles. One of [...]
New guidelines for the HAMP foreclosure prevention program: Borrowers who are being evaluated for HAMP suitability will not face a foreclosure sale during that evaluation period. However, they may still receive eviction notices and letters regarding their pending foreclosure. Borrowers who in an active bankruptcy case may still be able to apply for and participate [...]
Many homeowners facing foreclosure who sign up for the HAMP foreclosure prevention program are often faced with a lower credit score afterwards. And in many cases the credit score can drop as much as 100 points especially for homeowners who had not become delinquent on their mortgage despite financial difficulties. To enroll in the Obama [...]
In a report issued by Neil Barofsky, the special inspector general for the Troubled Asset Relief Program, the Obama administration is measuring the performance of the foreclosure prevention program by a questionable standard. At the program's launch in February 2009, Obama officials said it would help 3 million to 4 million homeowners. But with only [...]
Starting April 5, 2010, homeowners facing foreclosure will have an additional program to access that is designed to prevent foreclosure. Then newest foreclosure prevention program designed by the Obama administration, homeowners facing foreclosure will be encouraged to sell their home their home for less than what they owe on the mortgage (short sale). Under the [...]