Since 2007, when the housing market crashed, Congress created an exception to the normal rule. The normal rule is that if a mortgage lender forgives some of the debt on your house from a short sale or “deed in lieu of foreclosure”, you, the one
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Archives for Real Estate and Bankruptcy
What to do if you Get at 1099-C From a Mortgage Company After Foreclosure and Bankruptcy?
You did everything right. You needed to give up your house because it was under water, and couldn’t short sell it. So, you filed bankruptcy, and let the house get foreclosed on. So, as a result of the Chapter 7 Bankruptcy, you can’t be sued
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Important Court Ruling Allows Illinois Homeowners to Pay Sold Taxes in Chapter 13
Almost year ago, I wrote about this issue. Homeowners in Illinois who don’t pay real estate taxes on time are given a certain amount of time to pay the taxes. If, at the end of the year, they don’t pay their real estate taxes, the
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House Foreclosure Sale Date Soon! Do I Have Defenses to Foreclosure? Can I stop Foreclosure? I got a Mortgage Settlement.
Here is another very important question: My foreclosure sale date is in January, 2014. What are my defenses to avoid my house from being sold? I am from Illinois. I have not been paying the mortgage for a couple of years now with Bank of
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New Credit Scoring- Help for Borrrowers After Bankruptcy?
Many people are trying to recover from negative, or lack of credit history, from events like Bankruptcy, foreclosure, and divorce. Almost everything in the credit industry, that is, qualifying for home loans and car loans, is geared towards people who “have” lots of credit. That
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As an authorized third party on a home mortgage, can I file a Bankruptcy and include the lender in the schedules?
Here is another question asked on AVVO.com about co-borrowers, mortgages and bankruptcy: As an authorized third party on a home mortgage, can I file a b/k and include the lender in the schedules? The house is in foreclosure, the original borrower is deceased and the
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Are Second Mortgages Discharged in Chapter 7 Bankruptcy?
Here is another important question: Are second mortgages usually discharged in chapter 7 bks? Our bk was discharged in 2011. I was checking our credit report that shows that our two second mortages were discharged at that time. We have been paying both mortgages since
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Is it Necessary to Reaffirm your Mortgage in Chapter 7 Bankruptcy to Refinance Later? No!
Here is a common question: How can we file a reaffirmation for our mortgage? We filed for bankruptcy 7 a couple of years ago, but we did not include our mortgage. We ran our credit and we realized that our Mortgage payments were not appearing
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How Can you Tell if your Property is being Foreclosed on?
Here is the question from Avvo.com Property foreclosed? My mom called me and said she received a phone call from an attorney telling her that her house was being foreclosed on. How can she verify that information if her home is being foreclosed? She said
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How common are deficiency judgments on primary residences in Cook county illinois?
Here is an important question: Our home was sold just a few days ago. We are trying to see whether we should be anticipating a deficiency judgement. From what I’ve gathered deficiency judgments are not being pursued on primary residences. How true is this? and
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