Michigan Bankruptcy Blog

Who Owns My Mortgage? The Qualified Written Request (QWR)

Who Owns My Mortgage? The Qualified Written Request (QWR)

Fannie Mae, Freddie Mac, or Some Private Mortgage-Backed Security Trust? Almost Never the Bank To Which You Send Your Monthly Payment One of the biggest difficulties confronting homeowners facing potential foreclosure is the difficulty of identifying who or what exactly is the current owner of the mortgage and, thus, the entity with the actual right to foreclose. Nearly always, the bank or other entity to which you mail your monthly payment check is not actually the holder or owner ...

Posted on October 4th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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How Do I Cramdown a Rental Property in Chapter 13 Bankruptcy?

Pay Its Fair-Market Value in 60 or Fewer Months through the Chapter 13 Payment Plan A Chapter 13 bankruptcy is a highly useful form of bankruptcy if you own real estate that may be underwater due to the burden of a second mortgage or home equity line of credit or if you own real estate in addition to the home you actually live in. Rental properties which bring in income each month but for which you owe ...

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

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When Does Chapter 7 Trustee Abandonment of Property Occur?

  Chapter 7 Trustee Abandonment: It Ain't Over Till the Fat Lady Sings ... Your Property and the Bankruptcy Estate When you file a petition for bankruptcy, either Chapter 7 or Chapter 13, all property you own or partially own, no matter where it is located or whether it has any real fair-market value, becomes an "asset" of a legal "bankruptcy estate." In a Chapter 13 bankruptcy, in which no assets are liquidated by the bankruptcy court, you remain ...

Posted on September 6th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Happens if I Have Property Liquidated in Chapter 7 Bankruptcy?

Let Non-Exempt Property Go or Make a Deal The question of what happens in the Chapter 7 Bankruptcy process when a filing debtor's property is NOT fully protected by the available bankruptcy exemptions is a very basic question, the complete answer to which will be come from the advice of an experienced bankruptcy attorney and not from the text of the Bankruptcy Code statute you may find here and there on the internet. The Bankruptcy Code says that ...

Posted on August 12th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Will I Lose My Home in Chapter 7 Bankruptcy If Own It Free & Clear?

It Depends On What It's Worth!   Although it is rare these days,  we do occasionally meet and discuss a Chapter 7 bankruptcy filing with a Michigan homeowner who actually owns their home free and clear of any mortgage or other lien. Unlike many, in that case, the home or a mortgage or multiple mortgages is not the reason that they are considering bankruptcy: it is simply overwhelming credit card debt, medical bills, or other obligations of ...

Posted on July 22nd, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Is My Mortgage Payment Too High for Chapter 7 Bankruptcy?

Good Faith, the Mortgage Payment, and the Chapter 7 Bankruptcy The question, "Is my mortgage payment too high for Chapter 7 bankruptcy?" is really a question of something that the Bankruptcy Code calls "good faith" in the filing of a Chapter 7 petition—and the answer is very location-specific. A fellow bankruptcy lawyer recently joked that, if your mortgage payment is higher than the judge's in your bankruptcy case, it's too much. He was kidding—sort of—but the joke underscores ...

Posted on July 3rd, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Will Bankruptcy Discharge Condominium Association Dues?

Past-Due Condo Association Dues & Fees Are Dischargeable Will bankruptcy discharge condominium association dues? Condominium association fees pose a special difficulty in Chapter 7 or Chapter 13 bankruptcy, given the deflated values of many condos in this real estate market, the intent of many condo owners to surrender and safely walk away from terribly underwater condominium properties through the tax-free and collection-free bankruptcy process, and the slowness of mortgage-holding banks in foreclosing on surrender condominium properties ...

Posted on June 4th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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What Are the Tax Consequences of a Short Sale?

Don't Find Out After the Short Sale Is Concluded!   The tax consequences of a short sale are usually not the first thing that a realtor wishing to earn a commission off of a property transaction wants to talk to you about. It may be something that anyone assisting you with such a sale never bothers to talk to you about at all. But there can be serious tax liabilities arising from a sale of your home for less ...

Posted on May 30th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Keep Paying Homeowners Insurance after Surrender in Bankruptcy?

Insure Real Estate Until You Are No Longer Its Titled Owner Keep Yourself Protected! Bankruptcy is in nearly all cases a vastly more cost-effective and time-efficient means of walking away from a home than is a short sale in which homeowners must negotiate with and often pay off lenders to get their agreement on the sale and potentially suffer massive tax liabilities. It is certainly more effective than simply letting a house go to foreclosure, which, here ...

Posted on May 27th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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Property Taxes in Chapter 13 Bankruptcy in Michigan

Property Taxes in Chapter 13 Bankruptcy: Paid or Not, and at What Priority if So? Are Property Taxes "Priority Unsecured Debts" in Chapter 13 Bankruptcy? Property taxes in Chapter 13 bankruptcy in Michigan are classified according to certain categorizations established by the Federal Bankruptcy Code: administrative, secured, priority unsecured, and unsecured. These classifications are especially important in Chapter 13 bankruptcies, in which the class of a debt determines in what order and to what extent the debt ...

Posted on May 9th, 2013 by John Hilla - Michigan Bankruptcy Attorney in Michigan Bankruptcy

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