Michigan Bankruptcy Blog

Can I Strip a Lien in Chapter 13 Bankruptcy without my Spouse?

Can I Strip a Lien in Chapter 13 Bankruptcy without my Spouse?

When You're Both on the Mortgage & Deed But Only One of You Wants to File the Chapter 13 ... What Is a Lien Strip? A lien strip is a process that may be undertaken in a Chapter 13 bankruptcy that allows you to "strip" or remove a second mortgage, home equity line of credit (HELOC) lien, or other sort of lien from your primary residence—if your home is worth less in fair-market value than you owe ...

Posted on March 4th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , ,

Foreclosure & Short Sale Mortgage Tax Break Expires

Bankruptcy Now the Only Sure Way to Avoid Taxable Penalties for Walking Away from Real Estate Short Sales Now a Worse Deal than Ever As reported by the Los Angeles Times here, the tax break extended to homeowners who have experienced a foreclosure or conducted a short sale of their primary residence under the Mortgage Forgiveness Debt Relief Act expired on December 31, 2o13, thanks to the inaction of the US Congress. As a result, a surrender of foreclosing, ...

Posted on January 20th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , ,

Paying Balloon Payments through Chapter 13 Bankruptcy

Chapter 13 Bankruptcy Can Modify a Required Balloon Payment Force a Lender Accelerating your Balloon Payment to Accept Installments Over Time A balloon payment is a large lump sum payment required upon the termination of monthly installment payments, which may have been "interest-only" payments, in some sorts of longer term loans, such as home equity loans or other "second" mortgages. A balloon at the end of a term of payments often allows the preliminary monthly installment payments to ...

Posted on January 14th, 2014 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , ,

Changes to Michigan’s Foreclosure Redemption Period

Kiss Your Privacy Goodbye   Michigan's Foreclosure Redemption Period: New Duty to Allow Inspections It used to be the case under Michigan law that you were entitled to a 6-month "redemption period" following a foreclosure sheriff's sale, during which period of time you could continue to reside in your house as you always had. It was a period of time that Michigan law granted foreclosed homeowners in order that they might be able to obtain the financing necessary to ...

Posted on October 7th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , , , ,

What Is the Redemption Period in Michigan?

How Many Acres Are Involved, and What Are They Used For?   The Redemption Period in Michigan: The Laws Have Changed As of December, 2011, the amount of acreage owned is no longer a factor in determining the length of the post-foreclosure sheriff's sale redemption period in Michigan. Prior to December, 2011, foreclosure of land more than 3 acres required a "redemption period" of 12 months as opposed to the 6 months required for non-abandoned property of less than 3 ...

Posted on April 24th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

Read More

Tags: , , , , , ,