Wells Fargo admitted last week that a calculation error involving a mortgage underwriting tool caused over 620 customers to being incorrectly refused modifications to make their loans more affordable. In the majority of these cases, the customers were forced into foreclosure and/or bankruptcy. The flaw in the underwriting tool was found in an internal [...]
Chapter 13 Bankruptcy tools gives you options to help you manage your home mortgage. Chapter 13 involves a flexible payment plan that’s especially helpful with debts you can’t write off, or “discharge.” It can be much better if you own income taxes, child or spousal support, or student loans, for example. Chapter 13 can [...]
Foreclosure in Salem, Oregon is a process where your lender eliminates your ownership interest in your real property. The lender does this through a foreclosure sale that is held at a published place, (usually in front of the Marion County Courthouse) and time,. Once the foreclosure sale has taken place, you no longer own [...]
Chapter 13 is famous for two things. Saving Your Home and Being Complicated. Saving Your Home With a Chapter 13 Bankruptcy can be a very tedious process and here are some of the situations below. In the short term, Chapter 13 can stop foreclosures and other creditor actions (much like a Chapter 7). However, unlike [...]
Foreclosures have been on the rise since 2008. From 2007 to 2009 around 3 million homeowners were facing foreclosure. That number has tripled in size. This housing collapse combined with economic hardships and millions of homeowners being “upside down” or “underwater” in their homes has led to a housing crisis in the United States. Stop a [...]
Good news for current and former Oregon and Washington Chapter 13 Bankruptcy filers who saw their mortgage payments rise with little or no notice during the pendency of their Chapter 13 Bankruptcy cases. The U.S. Trustee Program has now entered into a national settlement agreement with Wells Fargo Bank which will require the lender [...]
In a big victory for mortgage lenders and an even bigger loss for Oregonians struggling to carry two mortgages, the U.S. Supreme Court has just ruled that underwater homeowners can’t get rid of a second mortgage by filing for chapter 7 bankruptcy. Where a home is worth less than the amount owed on the first [...]
Once you opt to surrender you home in your Oregon Bankruptcy, you will probably want to stay in the house for as long as you can. All too often we have seen Oregon Bankruptcy clients move out of homes in bankruptcy, thinking the foreclosure would soon follow. But lenders often change course. The rapid [...]
You never want to put all your eggs in one basket, but for many Oregonians behind on their mortgages, it sometimes feels like they don’t have any choice. Do they put all my effort into modifying their mortgages, or do they file Chapter 13 bankruptcy to stop the lender from either initiating or completing the [...]
Seattle area consumers who are now attempting to evaluate whether to keep their homes through either bankruptcy or modification or let the house go and take their chances on the rental market should keep in mind that rents will be rising in the Seattle area. A recent report shows that apartment rents will rise almost [...]
