Posts

COVID-19 Mortgage Relief Options

https://youtu.be/XhAWpLFJejg You may have heard that one of the provisions of the CARES Act, is that there is currently a moratorium on foreclosures of federal loans, and in fact, upon request, you can request that all payments stop for six…

Options for Chapter 13 Debtors 

Many people in an existing, confirmed chapter 13 plan have suffered a change of income, and have inquired about their options. Even debtors whose income has not been impacted have a few new options to consider.  When a chapter 13 debtor’s…

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,…

Underwater House Becomes Cash Cow

I have to share an awesome story that I just heard from a former client of mine. When I first met them in October 2014, they were hoping to save their house. But it was worth $310,000, and they had a $394,000 adjustable-rate mortgage on it,…

It now takes only two years to get a mortgage after a bankruptcy or foreclosure

Fannie Mae, a quasi-governmental authority which backs a significant portion of mortgages in today’s market, has recently reduced the waiting period for getting a new mortgage following a bankruptcy or foreclosure, from four years to two years.…

Can I refinance or get a mortgage after bankruptcy?

Can I refinance or get a mortgage after bankruptcy? In general, it takes two to four years after a bankruptcy to qualify for another mortgage or refinance (although HAMP loan modifications can usually take place even while you are in bankruptcy).…
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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,…