Short Sale, Foreclosure and Strategic Default


Tuesday, January 4, 2011

Very few principle reductions have been offered. But this article makes lien stripping seem to easy

Richard Gaudreau: How to Get Rid of a Second Mortgage Without a Loan Modification
Trying to revive HAMP, the administration in December announced new regulations designed to push banks into offering more reductions in principal than they have in the past. Fannie Mae and Freddie Mac immediately proclaimed, however, that they remain opposed to making this option available to struggling homeowners. Protecting the interests of the banking industry over the consumer, the Federal Reserve also blocked new foreclosure regulations that would have reined in foreclosure abuses. Although the economic collapse of 2008 has caused the tide to rush in on everyone, there has been no bailout for the "little guy." Left to fend for themselves, increasing numbers of homeowners are turning to a little-known provision in the federal bankruptcy law, which permits the discharge of a second or even third mortgage in its entirety in a Chapter 13 bankruptcy. The American Bankruptcy Institute recently reported that Chapter 13 bankruptcies have risen by 9 percent in 2010 compared to last year.


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Tom said...

everyone think about there future .......

Ravenshoe Real Estate

foreclosure attorney tampa said...

One thing I like about the post is that they are concerned about the goodness of the property owner. To avoid foreclosure, borrower should think wisely if he is capable to pay his debts within the payment period. Or else, what he toiled will go to another's hand.

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