Forgotten Second Mortgage

During the height of the great recession six or seven years ago, many of my clients with upside down mortgages opted to simply do what I referred to as the unofficial lien strip, whereby they simply did not make the second mortgage payments,…
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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…
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Can I get an eviction expunged from my record?

Question: I had a house foreclosed upon, I moved out at the end of the six month redemption, and then the mortgage company apparently evicted me. The foreclosure isn’t so bad on my record, but the eviction is making it hard for me to find…

My mortgage company won’t foreclose. What can I do?

Surprisingly, this happens with some fair frequency. Probably 80-90% of the time, a homeowner who stops making their mortgage payment can expect to receive a sheriff’s sale notice within 3-6 months of when they stop making payments. There…
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How long after a bankruptcy does it take to qualify for a mortgage?

The answer is “it depends”.  It depends on what type of mortgage you are seeking, which chapter of bankruptcy, and perhaps most importantly, it depends on what the underwriting requirements are at the time you are actually seeking a mortgage. …
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Minnesota Requires Strict Compliance in Foreclosure Proceedings

In a decision issued last month, the Minnesota Supreme Court invalidated a foreclosure, on the grounds that “substantial compliance” is insufficient to proceed by foreclosure by advertisement (which is not supervised by the court).  Rather,…
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How to Maximize Your Time in a House That is Going into Foreclosure by Filing Chapter 7 Bankruptcy

Part 4 in a series on how we help people in underwater homes When I talk to someone who is going into foreclosure, I ask them if they want to save their house, and 9 out of 10 people say “yes.” So usually the best way to do that is by way…
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How to save your house with a chapter 13 bankruptcy

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…
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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…
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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…