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We’re pleased to share that Bankruptcy Man vs. Mortgantua – Part 6 recently appeared in the March 2010 issue of Maxinars Newsletter.

BLT (Bankruptcy Lawyer Topics) is a periodic review and comparison of  consumer bankruptcy topics being covered on bankruptcy lawyer blogs.

Holding a J.D. and an International Affairs M.A. from Marquette University, Matt Leichter is a licensed attorney in Wisconsin and soon in New York (January 13, 2010!).  He speaks Japanese and focuses on comparative and international law, as well as international business.

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog or know a good blog post you think should be included? Or a suggestion for a future BLT theme?  Send an e-mail to BLT [at] bankruptcybill [dot] us with the link.
• Suggestion to bankruptcy lawyers with blogs: Make sure to include a “Search” function somewhere on your blog.  It makes it easier to find topical posts on your blog and increases the likelihood that a post from your blog will be included in BLT.

GENERAL

National Bankruptcy Forum

• Why Chapter 13 Bankruptcy Has Your Second Mortgage Lender Feeling “Undersecured”

Bankruptcy Law Network

• No Modification for You!

Consumer Law & Policy Blog

• HAMP Homeowners Stuck in Limbo

ALABAMA

Watts Law Group, P.C. and M. Stan Herring, P.C. – Alabama Consumer Law Blog (Birmingham, AL)

• Washington Post Article about DC Lawyer Writes about Foreclosure Defenses
• A Tragic Tale of a Mortgage Loan That Should Never Have Been And the Devastation It Caused a Family

***SEE MORE BLOG POSTS FROM BANKRUPTCY LAWYERS AROUND THE U.S.*** (more…)

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*In case you missed it, here are the previous BAPCPA Man vs Mortgantua cartoons:  Part 1, Part 2, Part 3 and Part 4.

*For additional information on mortgage cramdown, foreclosure and related mortgage and bankruptcy issues, have a look at the following blog posts:

Haines & Krieger (Las Vegas, NV)

• No Mortgage Cramdown Help from Congress for Las Vegas Homeowners
• Haines & Krieger Las Vegas Foreclosure Round-up 12.4.09

Bruce Weiner (Rosenberg Musso & Weiner) – NYBankruptcyNet (Brooklyn, NY)

• No Mortgage Cramdown Bill for Christmas
• Brooklyn Judge gives New York homeowners a fighting chance against foreclosure

Special thanks to the following bankruptcy attorneys for their help with the technical aspects of the cartoon:

• Christine Wilton, Esq. – Los Angeles Bankrkuptcy Law Monitor (Los Angeles, CA)
• Law Office of Gregory A. Holbus, Esq. – Wisconsin Bankruptcy Blog (Green Bay, WI)

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*WE DO CUSTOMIZED CARTOONS… Click here for more info.*

*Get your BAPCPA Man and Mortgantua T-shirts, Mugs, Cards and More!*

*To see more of Gideon Kendall’s work go to www.gideonkendall.com or http://www.gideonkendall.com/blog.  Or order yourself a copy of Dino Pets, the wonderfully illustrated children’s book written by Lynn Plourde and illustrated by BAPCPA Man’s favorite illustrator, Gideon Kendall.

Note:  This site is best viewed using a Mozilla Firefox or Safari browser.  If you are viewing this site using Internet Explorer, you may not be able to view items in the sidebar.  Clicking on any page or post will cause sidebar items to appear.

*In case you missed it, here are the previous BAPCPA Man vs Mortgantua cartoons:  Part 1, Part 2 and Part 3.

*For additional information on mortgage cramdown, foreclosure and related mortgage and bankruptcy issues, have a look at the following blog posts:

Haines & Krieger (Las Vegas, NV)

• Fear of possible mortgage “cramdown” legislation overblown?
• Will the “Cramdown Bill” Pass the Senate?
• Possible mortgage and foreclosure help from the federal government?

Bruce Weiner (Rosenberg Musso & Weiner) – NYBankruptcyNet (Brooklyn, NY)

• Foreclosure increase + jobless recovery = Trouble
• New York foreclosures likely to continue as ARMs begin to re-set over next 4 years

Special thanks to the following bankruptcy attorneys for their help with the technical aspects of the cartoon:

• Christine Wilton, Esq. – Los Angeles Bankrkuptcy Law Monitor (Los Angeles, CA)
• Law Office of Gregory A. Holbus, Esq. – Wisconsin Bankruptcy Blog (Green Bay, WI)

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Get your BAPCPA Man and Mortgantua T-shirts, Mugs, Cards and More!

*To see more of Gideon Kendall’s work go to www.gideonkendall.com or http://gideonkendall.com/blog.  Or order yourself a copy of Dino Pets, the wonderfully illustrated children’s book written by Lynn Plourde and illustrated by BAPCPA Man’s favorite illustrator, Gideon Kendall.

"So I says to Russ..."

Friends of Bankruptcy Bill (FOBB) are experienced consumer bankruptcy lawyers willing to share their thoughts and answer bankruptcy questions on this site. Feel free to get in touch if interested in contributing as a FOBB.

Russell A. DeMott, Esq. is a Charleston, SC-based bankruptcy attorney with over 14 years of experience representing debtors in wide range of bankruptcy matters.  Originally from Michigan, he is licensed to practice in both South Carolina and Michigan.  To learn more about Russ, you can visit his website (www.scbankruptcyattorney.com) or his blog (www.scbankruptcyattorney.com/blog) and also find him on Facebook and Twitter.

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Russell A. DeMott, Esq.

Filing Bankruptcy to Surrender Assets (Sometimes it’s best)

When evaluating your financial situation, don’t let your emotions get in the way.  Chapter 7 or Chapter 13 bankruptcy may be the right solution, especially if you have assets with no equity.

I recently met a very distressed client.  He had three houses that he had been trying to keep for over two years.  Two of the properties were worth over $400,000 each.  One was worth about $200,000.   However, on each of the properties, the mortgage balances far exceeded the value.  The client had over a million dollars in property, but he owed far more than that.

As we discussed his financial goals and ability to pay his debts, I explained to him that the calculator on my desk was worth more than all three of these properties combined.  He looked puzzled.  After I explained that the calculator was worth something–at least a dollar–and that I owned it free and clear of any liens, I could see that he finally understood.  He also understood that the house payments he’d been paying were nothing more than rent.  It would be years and years before he even got to the break even point with the properties.

Photo by Michael Mulligan

He had been struggling for years to keep the properties.  He’d tried the HAMP (“Home Affordable Modification Program”), he’d tried negotiating, and he’d written letters.  All this was to no avail.  He was emotionally exhausted.  My recommendation was that he file a Chapter 7 bankruptcy and surrender the properties.

He left relieved.  He looked like a weight had been lifted from his shoulders.  He understood that he couldn’t go on like this and was glad he took time to learn that the bankruptcy laws could give him a fresh start.

Keep in mind that the value of your property is in the equity (fair market value less what you owe on it in mortgages and other liens).  If you have no equity and you can’t afford the monthly payments, you need to take a hard look at just why you are trying to keep these properties.  Think with your head and not your heart.  And keep focused on what’s really important in life.

• Click here to tell the ABA Journal if you think the Bankruptcy Bill site (including the Bankruptcy Bill and BAPCPA Man cartoons, bankruptcy haiku and the “Bankruptcy Lover” song) should be included in the Top 100 law blogs:  http://www.abajournal.com/blawgs/blawg100_submit Deadline is October 2.
  

Note:  If you are viewing this site using Internet Explorer, you may not be able to view items in the sidebar.  Clicking on any page or post will cause sidebar items to appear.

*Click here to see BAPCPA Man #7 – BAPCPA Man vs. Mortgantua – Part 1, and here for all previous BAPCPA Man cartoons, or here for all cartoons on the site relating to consumer bankruptcy.

More information on MORTGAGES, FORECLOSURE and LOAN/MORTGAGE MODIFICATION:

Here’s a nice “infographic” on the steps in the Foreclosure Process in Nevada made available in PDF format by the Legal Aid Center of Southern Nevada.  And if you’re just looking for bankruptcy information, here’s a helpful bankruptcy link.

Below are some useful posts from bankruptcy lawyer blogs on the topics of mortgages, foreclosure, loan modification and the Making Homes Affordable Program.  (Go to the BK Lawyer Blogs page on this site to see a full state-by-state list of bankruptcy lawyer blogs. And get in touch if you have a blog and don’t see it listed.)

George Haines, Esq. and David Krieger, Esq. (Haines & Krieger) (Las Vegas, NV)

• Do you qualify for a loan modification?
• Should I intentionally miss mortgage payments to qualify for loan modification?
• Loan Modification: The NOT Making Homes Affordable Program
• Nevada has highest foreclosure rate in the U.S. for 31st straight month
• What’s so great about foreclosure mediation?

Bruce Weiner (Rosenberg Musso & Weiner) – NYBankruptcyNet (Brooklyn, NY)

• Brooklyn Judge gives New York homeowners a fighting chance against foreclosure
• New York foreclosures likely to continue as ARMs begin to re-set over next 4 years
• Can I keep my home if I file for bankruptcy in New York?
• Subprime loan modification companies

Craig D. Robins, Esq. – Long Island Bankruptcy Blog (Woodbury, NY)

• Why I Won’t Negotiate Loan Modifications
• Many New York Foreclosure Suits Are Dismissed Because They Are Defective
• Is a Short Sale a Reasonable Alternative to Foreclosure on Long Island?

Jonathan Ginsberg, Esq. – theBKLaw (Atlanta, GA)

• Loan Modification Myths Busted
• If I Do Not Reaffirm My Mortgage in Chapter 7, Do I Automatically Lose Title to my House?

Reed Allmand, Esq. (Allmand & Lee) – Reed’s Bankruptcy Attorney Blog (Dallas and Ft. Worth, TX)

• Mortgage Modification in Chapter 13 Bankruptcy
• Selling Your Home When You’re Broke
• Congress Passes Anti-Foreclosure Bill

*To see more of Gideon Kendall’s work go to www.gideonkendall.com and gideonkendall.squarespace.com/journal.  Or order yourself a copy of Dino Pets, the wonderfully illustrated children’s book written by Lynn Plourde and illustrated by BAPCPA Man’s favorite illustrator, Gideon Kendall.

Note:  If you are viewing this site using Internet Explorer, you may not be able to view items in the sidebar.  Clicking on any page or post will cause sidebar items to appear.

*Click here for previous BAPCPA Man cartoons, or here for all cartoons on the site relating to consumer bankruptcy.

Below are some helpful posts from bankruptcy lawyer blogs on the topics of mortgages, foreclosure, loan modification and the Making Homes Affordable Program.  Go to the BK Lawyer Blogs page on this site to see a full state-by-state list of bankruptcy lawyer blogs.  (And get in touch if you have a blog and don’t see it listed.)

Update 9.10.09: There’s a great piece on NPR about foreclosures and the black-box decision making process regarding loan modifications (”Major Banks Still Grappling with Foreclosure“).  At one point, there’s a clip of reporter Chris Arnold in the Bank of America call center, listening over the shoulder of a call center rep who tells a homeowner they’re not eligible for a loan modification.  Arnold questions the rep and receives a not so satisfying explanation.  The issue is raised with the supervisors and it turns out the homeowner was in fact eligible for a loan modification.  How frequently is this scenario replaying itself?

George Haines, Esq. and David Krieger, Esq. (Haines & Krieger) (Las Vegas, NV)

• Do you qualify for a loan modification?
• Should I intentionally miss mortgage payments to qualify for loan modification?
• Loan Modification: The NOT Making Homes Affordable Program
• Nevada has highest foreclosure rate in the U.S. for 31st straight month
• What’s so great about foreclosure mediation?

Bruce Weiner (Rosenberg Musso & Weiner) – NYBankruptcyNet (Brooklyn, NY)

• Brooklyn Judge gives New York homeowners a fighting chance against foreclosure
• New York foreclosures likely to continue as ARMs begin to re-set over next 4 years
• Can I keep my home if I file for bankruptcy in New York?
• Subprime loan modification companies

Craig D. Robins, Esq. – Long Island Bankruptcy Blog (Woodbury, NY)

• Why I Won’t Negotiate Loan Modifications
• Many New York Foreclosure Suits Are Dismissed Because They Are Defective
• Is a Short Sale a Reasonable Alternative to Foreclosure on Long Island?

Jonathan Ginsberg, Esq. – theBKLaw (Atlanta, GA)

• Loan Modification Myths Busted
• If I Do Not Reaffirm My Mortgage in Chapter 7, Do I Automatically Lose Title to my House?

Reed Allmand, Esq. (Allmand & Lee) – Reed’s Bankruptcy Attorney Blog (Dallas and Ft. Worth, TX)

• Mortgage Modification in Chapter 13 Bankruptcy
• Selling Your Home When You’re Broke
• Congress Passes Anti-Foreclosure Bill

*To see more of Gideon Kendall’s work go to www.gideonkendall.com and gideonkendall.squarespace.com/journal.  Or order yourself a copy of Dino Pets, the wonderfully illustrated children’s book written by Lynn Plourde and illustrated by BAPCPA Man’s favorite illustrator, Gideon Kendall.

BLT (Bankruptcy Lawyer Topics) is a periodic review and comparison of  consumer bankruptcy topics being covered on bankruptcy lawyer blogs.

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog post you think should be included?  Send an e-mail to bill [at] bankruptcybill [dot] us.

On the heels of today’s article in the New York Times (”Online Scammers Prey on Jobless“), it seemed appropriate to see what various bankruptcy lawyer blogs have to say on the topic of scams in world of bankruptcy, debt, mortgages and foreclosure.

WISCONSIN

Law Office of Gregory A. Holbus, Esq. – Wisconsin Bankruptcy Blog (Green Bay, WI)

• Can I max out my credit cards before I file bankruptcy?

TEXAS

BLT (Bankruptcy Lawyer Topics) is a review of  consumer bankruptcy topics being covered on bankruptcy lawyer blogs.

• Click on BK Lawyer Blogs for a state-by-state list of bankruptcy lawyers with their own blogs.
• Have a blog post you think should be included?  Send an e-mail to bill [at] bankruptcybill [dot] us.

Loan modification (also sometimes referred to as mortgage modification) is a very hot topic these days.  It’s helping a lot of homeowners avoid foreclosure.  Though it’s also fertile ground for scams.  And in in the big picture it may only be putting a dent in the problem.  As the New York Times pointed out yesterday (”Lucrative Fees May Deter Efforts to Alter Loans“), it’s a complicated situation.

If you’re facing foreclosure and considering loan modification, or if you’re just interested in the topic, here are some bankruptcy lawyer blog posts that may be helpful:

California

• Hale Antico, Esq. covers California: New Foreclosure Changes on his Los Angeles Bankruptcy Blog (Los Angeles, CA).

• Howard Nassiri (consisting of Vincent D. Howard and Damian J. Nassiri)  in Anaheim, CA gives good coverage to the loan modification in California with the following posts:

• Howard | Nassiri Supports California Bills That Would Forbid Lawyers and Others From Taking Advance Fees
• and
• Study Finds That Mortgage Lenders Won’t Grant Meaningful Loan Modifications Because They Lose Profit
• Mortgage Loan Modification Scams Continue Their Rise in California
• Federal Trade Commission and State Attorneys General Sue Companies for Loan Modification Fraud
• Lenders Face Lawsuits From Spanish-Speakers Illegally Provided English-Only Loan Documents
• State of California Sues Loan Modification Lawyer for Stealing From More than 2,000 Homeowners
• Mortgage Brokers Responsible for Subprime Loans Find New Work as Loan Modification Consultants
• ‘Paper Avalanche’ Delays and Denies Loan Modifications to Struggling Homeowners
• Lender Bureaucracy Continues to Slow Mortgage Loan Modifications Under Obama Housing Plan

New York

• David S. Hamilton of Dwyer & Associates (New York, NY) writes on the topics of:

• Mortgage Modification – Where to begin?
• Foreclosure or Short Sale in NYC?
• Suing your Lender when Mortgage Modification isn’t an option

(more…)