Part 3 in a series of how to save your house When a person who is behind on their mortgage payments calls me, I go through a hierarchy of questions: A. Do you want to save your house? B. Can you afford your mortgage payments? C. Have you tried a loan modification? D....
When Legal Matters Become Personal
Foreclosure
Extension of Sheriff’s Sale of Foreclosure Under State Law
The first thing I ask people when they are facing foreclosure, is whether they’ve tried to get a loan modification. A prior blog entry suggests how to go about that. Often, people have assumed that loan modifications are handed out on a silver platter, but it’s not...
How to get a loan modification
It seems that every time I read the paper, there’s a new program to help homeowners, or a new lawsuit against mortgage companies that was settled, and they talk about how it helps, but there are never details on how to go about it. And few people actually get the help...
Lawyer sanctioned for challenging mortgages without legal basis
A Minneapolis federal court recently sanctioned a Minneapolis lawyer $50,000 for trying to invalidate mortgages without a legal basis under Minnesota. While some courts in other states have been quick to nullify mortgages when the foreclosing mortgagee cannot prove...
1099-C after bankruptcy
It seems every February, I get two or three calls from former clients, whose houses have gone into foreclosure, and they received a 1099-C from their mortgage company. The IRS does consider canceled or forgiven debt to be a form of income. However, if you have filed...
I am facing foreclosure. What should I do?
When a person is facing foreclosure, most of the time they have already tried to modify their loan, and were turned down. But if you have not done that, you should try — I can virtually assure you that it will be a long and cumbersome and frustrating process, and in...
What’s better – short sale or foreclosure?
A realtor will definitely tell you a short sale is better. But keep in mind that a realtor makes money by getting clients and selling houses. While there is nothing wrong with that, and I have nothing against realtors, realtors are trained to tell you this. And there...