Filing a personal bankruptcy case will stop a judicial or nonjudicial foreclosure, whether or not the foreclosure was begun before the bankruptcy. See 11 USC § 362 (a). The only notable exception to the automatic stay is for foreclosures brought by the Secretary of HUD on federally insured mortgages for real estate involving five or more units. See 11 USC …
New York Times: Homeowners Still in Foreclosure
Last year, 50 states attorneys general and the federal government entered into an agreement with five of the largest banks over the robo-signing foreclosure scandal. The original settlement involved only $26 billion, but that figure rose to $45.8 billion. Some money would go to victims of wrongful foreclosures ($1,800 to $2,000) on average, and $17 billion would be used for …
12 Ways the New CFPB Rule Can Keep People Out of Foreclosure
Recently, the Consumer Financial Protection Bureau (CFPB) issued a new rule that changes how banks go about lending mortgages to potential homeowners. On January 17, 2013, the CFPB issued a complementary rule addressing how mortgage servicers operate, with a goal of preventing needless, mistaken, or fraudulent foreclosures. Here are twelve things the new rule does that can keep Las Vegas …
7 Potential Drawbacks of Filing Bankruptcy Just to Halt a Foreclosure
Not everyone who files bankruptcy does so to discharge consumer debt, or even to discharge an underwater secondary mortgage. Rather, many people file bankruptcy because the automatic stay that enters into place halts foreclosures. Although this can be a powerful tool, there are drawbacks to using the bankruptcy code this way. Here are seven examples. Because you are not seeking …
Foreclosure Mill Gets its Due
Foreclosure is always ugly business, but public complaints from homeowners alleging sloppy research, unethical filings, and outright lies, have made law firms that focus on foreclosure especially villainous in the public eye. While many foreclosure firms may conduct their work with the honesty and diligence that is expected when practicing law, there are some that are less than, well, “sympathetic” …
Five ways the automatic stay can help with foreclosure in Las Vegas
Can the automatic stay help protect you from foreclosure in Las Vegas? And what are some of the advantages to filing for bankruptcy if you are facing foreclosure? The automatic stay can indeed stop foreclosure. In fact, once you file for bankruptcy, the automatic stay stops any attempt by a creditor to seek repayment of or collect on any debts …
Las Vegas Foreclosure: What about the children?
“The Foreclosure Capital of the U.S.” has unfortunately become common Las Vegas nickname the past few years. We may grit our teeth and accept the realities of foreclosure, but how do children deal with it? And what can you do to help your children get through foreclosure? If you’re a Las Vegas resident with children, you’re well aware of how …
