loan modification: Bankruptcy Primer - 09/13/10 07:07 PM
1.  The Automatic Stay of a Foreclosure:  The filing of a bankruptcy case, whether Chapter 7, 11 or 13, gives rise to an automatic stay that will put a stop to a pending foreclosure or any other collection efforts, with some exceptions.
2.  Lien Stripping:  This is a commonly used term to describe when a bankruptcy court values real property for the purpose of determining if the first is partially undersecured and the second or third wholly undersecured.  If the value of the residential property is less than the amount owing on the first, any other liens recorded against the … (0 comments)

loan modification: House of Representatives Fails to Pass Loan Modification Bankruptcy Legislation - 12/11/09 06:23 PM
Although the House of Representatives passed legislation earlier in 2009 to allow Bankruptcy Judges to modify loans secured only by a debtor's principal residence, 50 Democrats reversed themselves and rejected similar legislation recently introduced into the House.  When questioned, some stated with passage of sweeping banking reform earlier in the day they could not vote against the banking industry twice in one day.
This vote was taken notwithstanding Congressional reports that evidence the banking industry is not modifying loans to preserve home ownership.  And, when there is closer scrutiny of loans modified, research points to the inevitable default on such … (2 comments)

loan modification: Participate in Poll - Should Bankruptcy Judges Be Allowed to Modify Home Loans? - 10/05/09 11:59 PM
I have created a Poll on LinkedIn <>

loan modification: Is the Recession Over or Is That Just What Orwell Would Have Us Believe? - 08/29/09 11:15 AM
Check out the article that I wrote and just posted to my website I attempt to discuss what led us to the current economic situation and why bankruptcy reform defeated in the Senate would have been good for all of us. Please let me know your thoughts once you have read the article, even if you do not agree with me. The First Amendment is alive and well, and site such as this prove it's so daily. … (3 comments)

loan modification: What Makes Sense - A Simple Solution - 08/13/09 02:03 AM
The solution to the current and prospective ongoing foreclosure crisis and failure of the banks to effectively modify loans lies, quite simply, in an ability of the Bankruptcy Courts to do the following with respect to home mortgages when an individual or couple files for relief under Chapter 13 or Chapter 11 of the Bankruptcy Code for the purpose of saving their home residence: (1) Value the real property that is claimed as the principle residence of the debtor to an amount based upon not only a customary appraised valuation, but valuation based upon affordability – the amount after regular household … (0 comments)

loan modification: STUDIES SHOW BANKS ARE NOT MODIFYING MORTGAGES - 08/04/09 05:21 PM
MSNBC is reporting that Banks are not modifying mortgages and therefore not assisting homeowners who need assistance. Allowing Bankruptcy Court judges to modify loans secured by a debtor's principle residence s the only fair and equitable way to instill stability into the marketplace. Studies are finally beginning to shed light on what you have read from me that "the fox cannot be left to mind the hen house," or "the inmates cannot be left in control of the insane asylum." … (0 comments)

loan modification: Bankruptcy Practice - Relief for Homeowners - 12/27/08 05:16 AM
Loan Modification companies are springing up faster than weeds in a summer meadow!  Many are merely out to capitalize on the despair of others; similar to the lenders who dealt out mortgages to home owners looking to bridge the gap between wanting and affording.  The loan modification companies' promises are often empty, but their pockets are full with credit card advances taken from unknowing home owners in despair.  In the even to bankruptcy, those advances, ironically or sadly, may not be dischargeable!
California has a Foreclosure Consultants Statutes that strictly regulates such marketeers.  But only through the guidance of experienced counsel … (8 comments)


Louis Esbin

Santa Clarita, CA

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