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WHAT OUR CLIENTS HAVE TO SAY

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GEOFF MORRIS

 

Will bankruptcy stop my eviction?

Wednesday, May 22nd, 2013

Bankruptcy may or may not stop an eviction, it just depends on your circumstances.  The automatic stay that bankruptcy provides will protect you in many circumstances, but there are exceptions.  Under section 362(b)(22) of the Bankruptcy Code the eviction of a debtor from a residential property in which the debtor resides as a tenant under a lease or rental agreement is not stayed if the lessor has obtained a judgement for possession prior to the filing of the bankruptcy petition, unless certain conditions are met.  The debtor needs to list the name and address of the lessor in the bankruptcy petition. Additionally the debtor needs to file a certificate with the petition stating the debtor has a right to cure the monetary default under applicable non bankruptcy law and the debtor needs to deposit all rent coming due after the filing of the bankruptcy petition.  This will extent the stay for 30 days.  From a practicable stand point these requirements will be too burdensome for most debtors and as such the bankruptcy will not stop the eviction.  If you find yourself facing eviction as a renter it is important that you file bankruptcy before your landlord obtains a judgment for possession.

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California foreclosure relief offered to more homeowners

Wednesday, May 22nd, 2013

Starting yesterday the California Housing Finance Agency (CalHFA) expanded their 2 billion federally funded program that is aimed at assisting low to moderate income homeowner avoid foreclosure.   Now homeowners who refinanced their properties for cash or took out home equity loans are eligible.  Under the program homeowners can obtain up to $3000 per month mortgage assistance if they are unemployed, up to $15,000 to reinstate their mortgage if they are facing foreclosure,  relocation funds for those that have initiated a short sale or deed in lieu of foreclosure, and principal reduction. http://www.keepyourhomecalifornia.org/

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Federal Reserve penalizes lenders for improper foreclosure practices – what does this mean to you?

Wednesday, May 22nd, 2013

On April 13, 2011 the Federal Reserve published their findings after conducting on site reviews of foreclosure processing of the 14 largest mortgage servicers, including Bank of America, Chase, GMAC, Wells Fargo and Citibank  http://www.federalreserve.gov/newsevents/press/enforcement/20110413a.htm

I have read the report and it does not say anything that anyone who has ever applied for a loan modification or whose home has faced foreclosure does not already know. It is a shame that now we are three years into this mortgage crisis and the Federal Reserve finally takes some action to hold the banks accountable.  The Feds review discovered that the banks loss mitigation departments were understaffed, under trained and under supervised.  Additionally, it was discovered that third party vendors i.e. loan services and attorneys lacked oversight from the banks. This lack of supervision resulted in short cuts being taken with respect proper preparation of documentation during the foreclosure process,  which led some homeowners to wrongfully lose their homes. There was also found to be some circumstances where homeowners lost their home to foreclosure while they in the middle of trial plans with their lenders.

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Can I discharge taxes in bankruptcy?

Wednesday, May 22nd, 2013

Yes you can discharge your taxes in Chapter 7 and Chapter 13 bankruptcy if you meet the following criteria:

1. If the return was due (including extensions) less than 3 years prior to filing;

2. The return was actually filed less than 3 years before filing;

3. Taxes were assessed within 240 days of the filing date, with exclusions for pending offers of compromise, and stays of proceedings.

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How to raise credit scores

Wednesday, May 22nd, 2013

By improving your credit scores, you will qualify for better loans and credit cards. Improving your scored requires time and patience, but it is possible.

FREE CREDIT REPORT– Your first step in the process should be getting your free copies of your three major credit reports at www.annualcreditreport.com.

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