Mortgage Modification In Bankruptcy

in Bankruptcy Insights, Bankruptcy Law, Foreclosure Law

Mortgage modifications in bankruptcy at Law Offices of Brian Barta

For several years now, at least since the real estate market downturn in 2006, homeowners have struggled to modify their underwater mortgages. Most homeowners have failed at successfully obtaining a modification because home loan lenders initially weren’t set up to do modifications. Mortgage lenders would represent to borrowers that the various programs were available, but in fact getting a modification was nearly impossible. Borrowers applied through the Keep Your Home California program, the HAMP program, the HARP program, and other government sponsored or instituted modification systems, but the lenders did not have the staff, resources, or desire to actually modify...

30 January

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If I File For Bankruptcy Do I Get To Keep My Property?

Posted by Brian Barta

in Bankruptcy Insights

One of the first and most frequently asked questions I get as a Sonoma County Bankruptcy Attorney is, “If I file for bankruptcy do I get to keep my property?” Clients are understandably anxious about losing their car and not being able to get to work, or even more importantly, they want to make sure their home will be safe. Clients often have substantial retirement accounts that they absolutely cannot lose. Short Answer: Yes The short answer and the good news is, “Yes, you can keep your property if you file for bankruptcy.” In fact, in the most common type of bankruptcy...

17 November

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California Homeowners Should Avoid Zombie Property Ownership

Posted by Brian Barta

in Bankruptcy Law, Foreclosure Law

Many California homeowners do not realize they may still be financially responsible for homes that have been foreclosed or liquidated during bankruptcy. Home foreclosures increased in California during the first quarter of 2014, with almost 20,000 default notices filed, according to KCRA News. Many homeowners who are anticipating foreclosure in Santa Rosa may believe that, if they do receive notice, all they can do is vacate the property and let the bank complete the foreclosure. Unfortunately, homeowners who do this risk being left responsible for a zombie property and all of its associated expenses. Unexpected Burdens Zombie properties are properties in foreclosure that...

Foreclosure Tag

Mortgage Modification In Bankruptcy

If I File For Bankruptcy Do I Get To Keep My Property?

California Homeowners Should Avoid Zombie Property Ownership