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mortgage lenders bankruptcy - News

Bankruptcy May Not Be Best Option for Unsecured Mortgage Lenders
Many times in cases of mortgage lenders, bankruptcies can end in lieu of a short sale. Short sales can save the lender the time and expense of foreclosing, as well as the cost of maintaining and marketing the property once it is owned by the lender. In

Family with €600000 debt first to get write-off deal
Family with €600000 debt first to get write-off deal Mr O'Brien would not say how much of the buy-to-let mortgage debt was written off but he indicated that most of the unsecured loans will be wiped if the family sticks to the six-year agreement. He said he charged €5,000, plus VAT of 23pc, for the deal.

The Tale of the $8 Million 'Bargain' House in Greenwich
He was forced to declare bankruptcy in 2010, unable to afford his $66,000 a month mortgage or the $25,000 monthly upkeep. According to his filing, Mr. Fuscone Some houses move, real estate brokers say, others do not. But given that Mr. Fuscone is

Ally CEO Sees IPO Road Show in the First Half of This Year (1)
Ally Financial Inc., the auto lender bailed out by the U.S. government, may start a road show for an initial public offering as soon as this quarter as the U.S. Treasury looks to shed its ownership, according to its chief executive officer. The

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Ninth Circ. Reviews Whether Claims Purchased in Good Faith to Block Chapter 11 Plan

. In that case, the court examined an issue that has been the subject of dozens of decisions for decades: whether a bankruptcy case should be dismissed for lack of good faith when filed to gain a tactical litigation advantage in a two-party dispute.

Today we report on another one. In the 1980s and early 1990s, debtors filed single asset real estate cases and proposed plans that provided for payment of the defaulted mortgage loan over a period of years over the lenders’ objections. Hundreds of these cases were filed, including many that were essentially a two-party dispute between the lender and borrower, usually supplemented with a relatively insignificant number of unsecured claims in an aggregate amount of a small percentage of the mortgage debt. In many cases, the mortgage lenders purchased these trade claims to ensure the debtors could not obtain the vote of a class of creditors in favor of their Chapter 11 plans, which was required to confirm the plans over the lenders’ objections.

Questions to expect from mortgage lenders

What works in your favor

Your monthly debt payments account for 36 percent or less of pretax income, and you haven’t made a major purchase (like a car) recently.

What complicates an application*

Your credit cards are maxed out or your monthly debt payments account for more than 36 percent of your pretax income. Savings and assets

How much money do you have in the bank?

How much do you have saved in 401(k), stocks, bonds, mutual funds and other investment accounts? (You will be asked to provide copies of brokerage statements.)

What works in your favor

You can show that, after closing, you will have at least two months’ worth of mortgage payments in the bank.

What complicates an application*

You will have little cash in the bank after the down payment and closing costs. Down payment

What is the size of the down payment?

Where does the down payment money come from — is it all from your savings, or did some of it come as a gift from family or a grant from a nonprofit? (You will have to document the source of your down payment by providing copies of several months of bank and brokerage statements, and letters from any gift-givers and grant makers.)

if you file bankruptcy, are mortgage lenders more or less likely to work with you for a modification?

in filing chapter 13 bankruptcy, are mortage lenders more or less likely to work with you to get a home modification.

I am a bankruptcy legal assistant and within the past year this issue has come up almost daily. We always tell clients to apply for a loan modification. At most mortgage companies, they require you to be at least 3 months behind on your mortgage.