Are you looking to buy a house now? Waiting could cost you as inflationary pressures will likely cause your dollar to decline. Moreover, interest rates will begin to rise in 2022 – 2023 as the Fed begins to normalize the interest rate. If you have student loan debt that has…
The CFPB stated today “[w]e are at really an unusual point in history. I don’t think anybody has ever before seen this many mortgages in forbearance at one time that are expected to exit forbearance all at one time.” No kidding. This may be the calm before the storm type…
Today the American Bar Institute (ABI) Consumer Bankruptcy Committee presented an excellent webinar about the new bankruptcy bill pending in the House. Basically, the House would eliminate the existing Chapter 7 and 13, and replace them with a new Chapter 10 under the Consumer Bankruptcy Reform Act of 2020. While…
Hurricane Irma has caused an interruption in income for many people in Florida and elsewhere. This information may be helpful for those who cannot make their mortgage or student loan payment when due: For those in a rehab agreement on federal student loans to avoid wage garnishment: Payments to Rehabilitate…
With the property market continuing to improve in Florida, we are seeing more lenders delay and place obstacles in front of borrowers trying to modify their home mortgage in an effort to keep their homes. There are certain court rules and CFPB rules regarding modification that an attorney may be…
One item not getting a lot of press but it probably should is the expiration of the Treasury Department’s Making Homes Affordable MHA HAMP program on December 30, 2016. More info can be found here. The good news is that the deadline won’t cancel any pending mod applications. The general…
Consumer debtors routinely have various related difficulties with mortgages following the filing of a Chapter 7 bankruptcy. Unfortunately, the first thought is that the bankruptcy attorney messed up when that really is not the case. They think the attorney put the home into the bankruptcy when it was meant to be…
We are still doing loan mods for our clients – three alone this week – one in a Chapter 13 bankruptcy and two outside of bankruptcy. One has the docs to sign, another was presented with options including a principal reduction, and the other should be finished with underwriting and…
Green Tree to Pay $48 Million in Borrower Restitution and $15 Million Fine for Servicing Failures. See this announcement from the CFPB and the Federal Trade Commission. Locally in Tampa Bay, Florida this is resulting in Greentree seeking continuances for all trials – including one this morning on behalf of…
Fannie Mae and Freddie Mac’s position is that they will not agree to a principal reduction in a mortgage modification. So our Florida foreclosure defense and bankruptcy clients are out of luck when their home is worth a lot less than the balance owed. This is their position even after…