Beware of Temporary Mortgage Modifications
On December 1, 2010, Chris Dodd’s final Senate hearing featured testimony from senior Fannie Mae and Freddie Mac executives. These execs blame mortgage servicers for triggering the mortgage meltdown. As a bankruptcy lawyer practicing in Washington, D.C. and Virginia, I have had several clients report the following scenario to me about temporary mortgage modifications. The homeowner […]
Homeowners Association Fees in Bankruptcy
Even if you file bankruptcy and surrender your home, in some cases, your homeowners association can still pursue you for unpaid dues. In Washington, D.C., Maryland and Virginia, homeowners associations have a “superpriority” for unpaid dues. Up until title to the home is actually transferred, you will still owe HOA or condo fees. So what […]
File Chapter 13 Bankruptcy to Delay Foreclosure
If you are behind on your mortgage payments, your mortgage company will take legal action to foreclose on your home. Many homeowners are willing to take whatever measures necessary to keep their homes, even for an indefinite time. Chapter 13 bankruptcy is often the only way to fend off a foreclosure in the event that […]
What is the Statement of Intention?
When a homeowner files for Chapter 7 bankruptcy protection, the very first page of the bankruptcy filing that the mortgage company turns to is the Statement of Intention. The Statement of Intention (or Statement of Intent) discloses the debtor’s intention toward secured property, like cars and homes. In the Statement of Intention, the debtor states […]