In the bankruptcy case of O'Brien, Patrick S. and Denise L.; In re (Jensen v. O'Brien), a land buyer may lose his investment because of failing to practice due diligence before buying the land. The details of the bankruptcy case: The plaintiff agreed to buy real estate that the debtors listed for sale on the [...]
David Bagwell, a Colleyville luxury home developer has placed the partnerships that own three of his subdivisions into Chapter 7 bankruptcy so that he can avoid foreclosure on the undeveloped land. The group of creditors who hold the debt for the partnerships called Old Grove Ltd, Broughton Ltd. and Broadland Ltd., demanded payment from Bagwell, [...]
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 [...]
In the Chapter 7 bankruptcy case of Boliaux, Edward F.; In re, the bankruptcy court overruled an objection to a reaffirmation agreement saying that the objection, which was based on the hardship presumption, was moot because the presumption had expired. The details of the bankruptcy case: The Chapter 7 debtor reaffirmed a debt owed to [...]
In a bill that is suppose to address the current health care issues facing the country there are a few surprises for debtors struggling under the weight of student loans. As of July 2010, all new federal student loans will be issued directly from the U.S. Department of Education, cutting out banks as middle-men. This [...]
While in most cases filing for Chapter 7 bankruptcy will not impact your mortgage, Chapter 13 bankruptcy in another matter. When a debtor files for Chapter 13 bankruptcy and has a second mortgage he/she just may be able to win a bankruptcy discharge for the second mortgage on their home if it is considered unsecured [...]
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 [...]
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 [...]