In recent news, homeowners are set to experience another financial hurdle that could make all the difference between staying in their homes - and living life out on the street. According to a report released by RealtyTrac Inc and reported by MSN, the number of U.S. homes that received a first-time default notice on their [...]

Home Equity Default After Bankruptcy Many homeowners in bankruptcy have underwater mortgages along with home equity lines of credit (HELOCs) which may be dischargeable.  But what happens if after exiting bankruptcy a debtor fails to pay his/her HELOC? Let's take a look at a few facts: Legal Responsibility A debtor's legal responsibility for HELOCs after [...]

Mortgage Modifications and Bankruptcy The foreclosure prevention programs created by the government and nearly ignored by the mortgage industry were supposed to save millions of Americans' homes.  But several years later we are in the same foreclosure mess we started with.  A matter of fact, a disproportionate number of homeowners with mortgage modifications end up [...]

The number of homeowners facing foreclosure remains elevated despite hopes that the housing market was recovering. Many homeowners who are months or even more than a year delinquent on their mortgage payments fear an eviction could come any day. But many of the homeowners facing foreclosure wonder if they should walk away from their mortgage, [...]

The 14 largest U.S. mortgage servicers have reached an initial settlement with attorney generals saying, amongst other things, that they must pay back homeowners for losses from foreclosures or loans that were mishandled in the wake of the housing collapse. Officials from the Justice department, the Department of Housing and Urban Development and 10 state [...]

When a Debtor Files Chapter 13 Bankruptcy When a debtor files Chapter 13 bankruptcy , they need to figure out how much they will pay every month for the next five years if they want to keep their home. But figuring out that bottom-line figure requires the bankruptcy debtor to factor in more than the [...]

Rep. Marcy Kaptur has submitted a resolution to the House Financial Services Committee asking President Barack Obama to declare a national state of emergency for the foreclosure crisis. The resolution sites a variety of issues troubling the housing market stating, "Whereas the United States finds its housing market in a precarious and unstable state, where [...]

 The Impact of a Home Equity Loan After Bankruptcy How a home equity loan (HELOC) impacts a debtor's post-bankruptcy life, is mostly determined by which type of bankruptcy the debtor filed and whether they signed a reaffirmation agreement. If a debtor has defaulted on their home equity loan, then the lender has a lien against [...]

Well, its official, the foreclosure prevention program HAMP is a dismal failure and government officials are considering closing down the program. But is closing the HAMP foreclosure prevention program the answer, or would a makeover be a better solution?  Observers of the foreclosure crisis disagree on whether or not HAMP is a program worth saving. [...]

There's a foreclosure backlog and it is huge, so huge that in some states it would take as many as 62 years to process all of the foreclosures on books of banks. In states such as Texas, it is taking as much as 2 years to for a homeowner to go from default to foreclosure [...]