Upside Down Mortgage

Archive for November, 2007

Mortgage Relief 2009

Question: Can you still owe money to the mortgage company attorneys, if the mortgage debt was forgiven in a Chapter 7?

My chapter 7 was discharged in May 2009 and my mortgage was included. This brought me to owe nothing to my mortgage company. Obviously, they started the foreclosure process and my Summary of Final Judgement is less than a month away. I know that I will not owed anything on the mortgage, since it that debt was forgiven in the bankruptcy, however - will I owe the mortgage company attorneys, etc for anything? I'm asking because I noticed on the county clerk's website, the mortgage company is asking for relief for attorney fees, etc...

Answer: Let's face the facts. An economy can't function if people just skip out on all their bills and then expect someone else to pay. You will have to pay these bills, that's just life. But you seem to be a good and honest person and thus I hope everything goes well for you. Please work harder and spend less. Peace.

Adrian Cafuentes Merry Christmas Video Blog 2009.wmv

If you're new around here, you might want to subscribe to our Upside-Down Mortgage RSS feed. It's quite likely the only feed of it's type on the internet!

Obama Loan Modification Deadline

Are you burdened with a load of medical bills? Is paying your home mortgage impossible? You may even be in arrears and fearing foreclosure. You may qualify for a Federal Loan Modification.

Battling an illness is hard enough, and then you bounce back to find yourself strapped with medical bills for the rest of your life, or so it seems. This is considered a textbook case of Financial Hardship. You more than likely meet the hardship requirement for assistance under President Obama's Stimulus Bill.

What exactly is required to apply for this federal assistance in avoiding foreclosure? The following are some of the guidelines:

· The home must be a primary dwelling; you must live there more than 50% of the time.

· The loan must be owned or serviced by Fannie Mae or Freddie Mac, written originally before January 1, 2009.

· The loan amount cannot be over $729,750 and the monthly payment, plus taxes, insurance and association dues, must be OVER 31% of your gross monthly income. This signifies that the payment is more than you can afford.

· To qualify to apply for a Federal Loan Modification, you must be experiencing financial hardship. This entails increased expenses or decreased income through circumstances over which you had no control. This could be: medical bills, job loss, divorce, death of a spouse, military service, etc... You will need to present documentation of this.

· You will also need to show a budget work-up that proves you can make the new payment with considerable ease. You also need to convince them that you are committed to do so.

The deadline for applying for a Federal Loan Modification is December 31, 2012.

About the Author:

To save your home,click here to get the help you need to qualify for a mortgage modification loan.

Article Source: ArticlesBase.com - Massive Medical Bills May Qualify You For A Federal Loan Modification

Mortgage Fraud Arrests New York

With more people in charge of their investment portfolios than ever before, state securities officials are warning investors of the increasing sophistication of investment advisers who steal money from unsuspecting clients. Victims of investment fraud include retired couples who lose their nest egg and young executives trying to make the fast buck on Wall Street.

State and federal securities agencies are trying to catch the swindlers and thieves and urge investors to be hyper-vigilant of the activity of their broker and their account.

Although most financial advisers, stockbrokers, and money managers are honest, hard-working people just like you, those who are not find many ways of lining their pockets with your hard-earned money. The danger is compounded by the investor’s desire for maximum return, the concern of most retirees of outliving their savings, the increase in investment opportunities, and the number of people claiming to be qualified investment advisers.

There is legal help available if you feel you may be the victim of investment fraud.

The following are just a few examples of how “brokers” have taken advantage of their “clients.”

• In Illinois, Howard and John Bozovich were not properly registered as investment advisers. Nevertheless, this father-and-son accounting firm told its clients that it would pool investor funds and purchase various securities. Twelve investors ultimately provided $1.7 million. The Illinois Securities Department uncovered massive diversion of investor funds for the personal benefit of the Bozovichs. Howard and John were found guilty in state and federal courts and were sentenced to 15 and 11 years, respectively.

• The Colorado Division of Securities reported that Murleen K. Kunzman swindled $1.8 million from 80 individuals she recruited from her income tax preparation service. In league with her husband and son, the Greeley, Colorado woman convinced her carefully selected clients that they would receive returns higher than certificates of deposit from nine separate limited partnerships in residential mortgage loans that she offered. After pleading guilty, she was convicted of securities fraud and money laundering and sentenced to 57 months in federal prison. Her former clients lost everything they invested.

• A former NFL player with a history of being disciplined for securities violations by the New York Stock Exchange, the National Association of Securities Dealers, as well as New Hampshire and Vermont, this self-proclaimed investment adviser was arrested after a joint investigation by the Vermont Securities Division and the FBI. The accused allegedly ran a Ponzi scheme in which early investors were paid with money provided by later ones, then encouraged to invest ever larger sums. Residents of Vermont, New Hampshire, Massachusetts, and Florida may have been bilked out of as much as $30 million.

About the Author:

If you or someone you love has been the victim of investment fraud in Beaumont, Texas, the Golden Triangle or anywhere in Texas, please visit the website of The Coffman Law Firm today to schedule your initial consultation.

Article Source: ArticlesBase.com - Protecting Your Money From Dishonest Financial Advisers