Mortgage Issues In Bankruptcy

Trouble Getting a Mortgage Modification? Get Your Bankruptcy Court to Help!

04/26/13

Homeowners experiencing financial difficulties can avoid losing their homes by getting a mortgage modification. The trouble many people have is getting their mortgage company to agree to grant them an affordable modification.

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Trustee Sells Home If Defective Mortgage

03/27/13

If the mortgage on your home is defective, a chapter 7 trustee can sell the entire home even if you’re current with your payments and despite the absence of a payment default.   You get any equity – and good luck with obtaining a new mortgage – but the mortgage balance goes to your general creditors which now will include the mortgage lender.

Ouch!!  That certainly can hurt.

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Battle of the Experts–What Happens To My Second Mortgage Now?

01/23/13

Here at Bankruptcy Law Network, we have posted extensively about how in a chapter 13 case a second mortgage can be “stripped”, that is, treated as an ordinary unsecured debt.  That is a powerful incentive to choose a chapter 13 if you can “strip” your second mortgage.

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Second Mortgages In Chapter 13 – A Battle Of The Experts

01/23/13

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You can get rid of a second mortgage in a Chapter 13 bankruptcy, but beware the opposing expert.

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Mortgage Liens Declared Invalid in Central Illinois Bankruptcy Court

08/17/12

A Central Illinois Bankruptcy Court Judge ruled the trustee who oversees administration of a bankruptcy case can avoid mortgage liens that do not comply with an Illinois law that requires the mortgage contain notice of the interest rate, loan amount and maturity due date.  See In re Crane [Crane vs. Richardson, CDIL 11-09067], on appeal to US District Court.

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