Bank of America bought up subprime mortgage monolith, Countrywide Financial, back in 2008. Life hasn't been easy for the banking giant since then. And now the headache associated with the effort to recover from Countrywide's bad mortgage bundles appears to be getting worse.
Texans who bank with Wells Fargo & Co. may be interested to know recent litigation the bank has been involved with. The bank is accused of reneging on their mortgage modification agreements. Homeowners who are struggling to keep their homes in light of the recent financial difficulties, brought a case against the bank as a result of "pick-a-pay" loans which were written during the so-called 'housing bubble.' Since then, the bank has failed to keep the promises made to these borrowers per the national class-action settlement.
When the national mortgage-foreclosure settlement against the biggest mortgage companies yielded $135 million for Texas, housing advocates and distressed homeowners were glad to hear that the state would have money to help it prevent future foreclosures.
If you are considering a short sale, now is the time to speak with a bankruptcy lawyer. The Mortgage Forgiveness Debt Relief Act of 2007 is set to expire on December 31st of this year.
Last week, there was a piece in the New York Time's real estate section about "Life After Bankruptcy." The piece offered valuable information about bankruptcy and mortgages to people considering whether to file bankruptcy.
Finding the right bankruptcy attorney to file your case is an important process. You have to feel comfortable with your lawyer because it is critical that you make full disclosure of all of your assets, liabilities and financial transactions over the past few years in order for your representative to best assist you.
The Obama home loan modification plan turned out to be a disaster. Far too often, the banks told people that they needed certain documentation in order to qualify for a home loan modification. However, once the homeowner would send that documentation off to the bank or credit union, they would only be told in the upcoming days that they needed to send off documentation.
North Texans have had a real struggle in many cases in keeping up with their mortgage payments after the recession resulted in thousands of lost jobs. Many Texans were forced to file for unemployment with Texas Workforce Commission. Sometimes that just wasn't enough to juggle all of the bills, and keep up on the mortgage.
Chapter 13 bankruptcy has helped many McKinney citizens save their homes when they thought all hope was lost. The benefit of a Chapter 13 bankruptcy is that even when you do not have a lump sum of money to become current on your mortgage, Chapter 13 can buy you five years (60 months) to pay back the arrears. Of course, you still have to make your regular monthly payments, but the arrears do not have to be found immediately.