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My Mortgage Company Won’t Discharge My Mortgage. What Can I Do?

6/30/2009 10:02 AM

Once you have paid off your mortgage in full, the mortgage company is under an obligation, at least in New York State, to discharge your mortgage within thirty days. Unless you request otherwise, the mortgage company should present a satisfaction of mortgage to the county clerk’s office for recording within thirty days. Your mortgage co...Read More

What Is A Short Sale?

6/30/2009 6:47 AM

When your home is not worth as much as you owe on it, and you sell it for less than the amount that would pay the mortgage, or mortgages, that is a short sale. Last month, the Obama Administration announced changes in the making homes affordable program related to short sales. You are short of the funds [......Read More

Seriously Delinquent Mortgages NOT Facing Foreclosure More Than Doubles

6/25/2009 10:24 AM

Mortgages in default are taking longer to go to foreclosure. In yesterday’s Washington Post it was reported that “During the first quarter of this year, the share of all homeowners seriously delinquent on their mortgage but not yet facing foreclosure more than doubled to 3.04 percent, or about $227 billion in loans.” I...Read More

What is the Truth About Mortgage Loan Modification?

6/21/2009 1:37 PM

There is so much information out there about mortgage loan modification? How can you find the truth about mortgage loan modification programs? American’s consumer law experts, the National Consumer Law Center, have assembled the information about the various programs to help home loan borrowers in financial distress into one website. Th...Read More

New California Law Extends Time Periods For Foreclosures

6/16/2009 9:12 AM

An additional 90 days has been added, is some cases, to the length of time for a California homeowner to cure a default in mortgage payments. The California Foreclosure Prevention Act went into effect on June 15, 2009. This bill extends the current 90 day period in California’s non-judicial foreclosure process between notice of default ...Read More

Can I Owe Tax If I Lose My Home to Foreclosure?

6/12/2009 10:13 PM

Strange as it may seem, you can end up with a tax bill if you settle a debt for less than the full amount due or if your home, or other property, is foreclosed or sold without full payment of the loans against it. Federal tax law provides for tax on debt that is canceled or [......Read More

Threatened With Foreclosure? Hire a Lawyer!

6/10/2009 5:38 PM

A homeowner threatened with foreclosure should talk to a lawyer, and do it right away. Talking to a experienced foreclosure defense lawyer immediately after receiving the first notice may pay large dividends. Despite a default in payment homeowners often have defenses under state or federal law. There are a numbe...Read More

Foreclosure Mediation Becomes Mandatory in Connecticut

6/10/2009 12:08 AM

Effective July 1, 2009 and continuing at least until June 30, 2010, all new foreclosure actions filed in the State of Connecticut must pass through the foreclosure mediation program. Initially established last year by the General Assembly, the mediation process was voluntary and slowly gained success as the program matured. Until July 1...Read More

Can Obama’s Mortgage Modification Program Save Your Home?

6/9/2009 6:05 PM

The Home Affordable Mortgage Modification Program called HAMP, and the companion home refinance program (HARP) applicable to loans held or securitized through Fannie Mae and Freddie Mac, are touted by the Obama Administration as having the potential to help up to nine million homeowners. On paper at least, both programs seem to have features p...Read More

Investigation of Foreclosure Law Firms Continues

6/9/2009 12:08 AM

Connecticut’s Attorney General, Richard Blumenthal, is continuing to press his investigation of three law firms who appear to file more than 90% of all the foreclosures in the state. Together, the law firms file more than 2,000 foreclosures per month in Connecticut. Last year, the Hartford Courant reported that one state marhsall who se...Read More