Secured Debt has 2 Parts 1. Debtor’s Personal Obligation to Pay Back the Loan 2. The Lender’s Security Interest, the Lien What is the actual meaning of property ownership after bankruptcy surrender? The bankruptcy discharge removes a debtor’s obligation to pay the debt, assuming the debtor has not signed a reaffirmation agreement (agreeing to be… Read more »
MARYLAND AND D.C. FORECLOSURE MEDIATION
Are you facing foreclosure in Maryland or Washington, D.C? If you act timely and do not ignore the situation, you can request a foreclosure mediation with your lender prior to a foreclosure sale. Both Maryland and D.C. Foreclosure Mediation involves the property owner, the lender, who usually participates via telephone, attorneys for both sides, and… Read more »
D.C.’s New Progressive Judicial-Foreclosure Approach
D.C.’s New Progressive Judicial-Foreclosure Approach Involves Court Oversight And Early Mediation If you are a troubled homeowner in D.C. facing foreclosure today, you have a much better chance of resolving the issue early in the process. D.C. now has a new progressive, judicial-foreclosure approach, where there is court oversight and early mediation. Prior to 2014,… Read more »
HOW MUCH TIME IN HOME AFTER MARYLAND FORECLOSURE MEDIATION?
The answer to the question of “How Much Time in Home After Maryland Foreclosure Mediation” is not exact. However, there are applicable Maryland laws that can give you a general idea as to how long the process takes. I raise this question because recently, I have represented an increased number of anxious Maryland homeowners… Read more »
NEW STREAMLINED LOAN MODIFICATION INITIATIVE “SMI”
The Federal Housing Finance Agency “FHFA” has recently announced that effective July 1, 2013, Fannie Mae and Freddie Mac will offer a new streamlined loan modification initiative to help certain eligible homeowners to participate in a new loan modification program referred to as the Streamlined Modification Initiative “SMI”. There are a multitude of benefits for… Read more »
FINANCIAL CLIFF DEAL OF 2013 CONTAINS TAX BENEFITS FOR ADOPTIVE FAMILIES
The financial cliff deal of 2013 signed by President Obama contains tax benefits for adoptive families. The adoption tax credit was set to expire at the end of 2012. However, as part of the financial cliff deal of 2013, the adoption tax credit was made permanent starting with 2012 tax filings. For the year 2012,… Read more »
Financial Crisis; Acceptance; Release; Action; Hope.
Too often, I see people coming into my office that are mired in debt and denial, and weighed down with guilt over a financial crisis. Remember we are in the midst of a global financial crisis; therefore, you are not alone. There are a lot of people out there just like you who share either… Read more »
Eviction Protection for Tenants Living in Foreclosed Homes Extended Until 2014
Eviction protection for tenants living in foreclosed homes extended as a result of the recently signed Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank Act). This protection stems from the Protecting Tenants at Foreclosure Act of 2009 which originally protected tenants from eviction because of a pending foreclosure on the property they occupied until December… Read more »
Timing in Debt Collection is Everything. Don’t Wait. Call a Lawyer.
Timing in debt collection is everything. I cannot emphasize the importance of timing and being proactive when you are contacted by a debt collector. Too often, I receive frantic calls or emails from people days before they have to appear in court pursuant to a court summons in a debt collection case. In each instance, I… Read more »
Pre-Foreclosure Workouts, Loan Modification Agreements and 1099-C Tax Consequences of Debt Forgiveness
In this recent era of mortgage lenders being increasingly open to pre-foreclosure workouts and loan modification agreements, it is imperative that property homeowners understand the potential for taxable income consequences that could arise as a result of the loan modification agreement. In the past when a homeowner was behind on their mortgage, the primary solution… Read more »