Reaffirmation Agreements for Multiple Mortgages Approved by Ohio Court
Reaffirmation Agreements in Bankruptcy
Although most consumers file bankruptcy, eliminate their debts and dont look back, some find it more convenient to keep paying on loans that were in place prior to their bankruptcy. Some go as far as to renew their obligation to pay loans that would have been discharged in bankruptcy. This is known as reaffirming a debt. When you reaffirm a debt, youre agreeing to continue to make payments on a car loan or mortgage after your bankruptcy case closes. In most states, car lenders require debtors sign a reaffirmation agreement if they wish to keep the car and will repossess vehicles without one in place.
Mortgage Modification Or Chapter 13 Bankruptcy: Which Comes First?
Some of my bankruptcy clients are considering Chapter 13 bankruptcy to save their homes and strip off a second mortgage. These people are simultaneously investigating a modification of their first mortgage through one of the mortgage modification programs offered by their mortgage lender and the government’s mortgage initiatives. The clients are unsure whether they should file Chapter 13 and negotiate a mortgage modification in Chapter 13 mortgage mediation, or to fully explore a modification program before filing bankruptcy. Many are concerned that filing Chapter 13 bankruptcy will reduce chances of their lender accepting a mortgage modification.
I recommend usually filing Chapter 13 bankruptcy first and then trying to modify the first mortgage within bankruptcy courts’ mortgage mediation programs. The main reason is that a mortgage modification pre bankruptcy which reduces their first mortgage balance may disqualify the clients from stripping the second mortgage.
Chapter 13 bankruptcy can strip a second mortgage on the debtor’s primary residence only if the house is worth less than the first mortgage balance. Some Read more…
Housing in Dubai
Although Dubai’s property boom is definitely over, with Deutsche Bank indicating that prices fell 55% between mid 2008 and mid 2011, the city still has an abundance of extremely attractive property for sale and rent. Property prices have largely stabilised following the emirate’s economic contraction, although rental rates in Dubai remain exceptionally high.
If you base rental rate comparisons with those in London you’ll suffer less of a nasty surprise. Note, you need to have your residency visa in place in order to secure everything in Dubai from a bank account to a long-term rental agreement, which is why newly arrived expats often live short-term in a serviced apartment or apart hotel.
The first thing you need to know about securing rental accommodation in Dubai is that some expats have an accommodation allowance as part of their contract’s remuneration terms. This may include a certain amount being paid towards rent each month, or having your agency fees covered when looking for a place to live for example. These fees are usually 5% of the annual rental fee of the chosen property.
The next thing you need to know is that you must only use agents who are RERA (Real Estate Regulatory Agency) registered. RERA is the land department of the government of Dubai, and if you want any sort of peace of mind when signing a tenancy agreement you need to use a RERA registered agent.
In January 2008 RERA set a rental rate cap on rent increases – this remains at 5% which means that landlords cannot increase your rent by more than 5% of the existing rental agreement for a period of 2 full years starting from the date of the commencement of your lease.
Tenants and landlords are governed by Law No. 206 of 2007 whe
Update: Arizona signs $25 billion foreclosure deal
Last week, the states and the five major banks finally reached a settlement agreement concerning widespread abuses in the mortgage industry and fraudulent foreclosure practices.
According to reports, the attorneys general of more than 40 states and the banks implicated in the scandal — Wells Fargo, JPMorgan Chase & Co., Bank of America, Ally Financial and Citigroup — reached a settlement of at least $25 billion.
- $17 billion to provide mortgage relief for over 1 million U.S. homeowners
- $3 billion for mortgage servicers to help U.S. homeowners refinance into lower-interest mortgages
- $1 billion to the federal government
- Payments — rumored to be between $1,500 to $2,000 — to hundreds of thousands of homeowners who have already fallen victim to fraudulent foreclosure practices between 2008 and 2011
The $25 billion settlement represents the culmination of a 16-month investigation by state attorneys general into whether the aforementioned banks relied upon faulty procedures (i.e., improper document review, falsified signatures and use of “robo-signers”) to foreclosure upon thousands of homes.
Reports indicate that the attorneys general agreed to extend more protection against future legal claims to the banks implicated in the scandal.
Bankruptcy preparer files for bankruptcy
Earlier this month, a non-lawyer bankruptcy preparer who had been banned by a bankruptcy judge from preparing bankruptcy petitions recently sought bankruptcy protection herself. The bankruptcy preparer was fined $46,000 after the judge found out that she was still preparing bankruptcies and often filing documents with errors that caused cases to be thrown out.
The preparer filed for Chapter 13 bankruptcy, but failed to provide certain important documents, putting her case at risk of being thrown out. Missing papers included a disclosure of her monthly income and a statement of financial affairs. After receiving the case, the bankruptcy judge handleing the Chapter 13 filing put in an order for possible future dismissal of case.