Category Archives: Foreclosure

Why Reaffirming Mortgages Is a Very Bad Idea

Guest Post by Michael Goldstein, attorney in Massachusetts.

You are in a Chapter 7 bankruptcy to eliminate your overwhelming debt, not to put yourself back on the hook for it.

Click here to read more about why reaffirming mortgages is a very bad idea in a guest post by Massachusetts Attorney Michael Goldstein on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

 

 

The Mortgage Meltdown: What Really Happened?

As a bankruptcy attorney routinely filing Chapter 7 and Chapter 13 bankruptcies in an economically hard-pressed state, Michigan, I am daily confronted with the real-world consequences of what the news media talking-heads have come to refer to as “The Mortgage Meltdown” or “The Housing Bubble Burst.”

Everyone is familiar with the long and short of this economic crisis—namely, that property values were quite high for some period of time, during which many folks purchased homes at high prices thinking that they were investing in their future, and then, suddenly, those homes were not worth nearly as much, leaving homeowners with negative equity, massively high monthly mortgage payments relative to the value of their homes, and no real way to sell or move away from the home in the case of job-loss in their geographic areas.

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What Are the Tax Consequences of a Short Sale?

There can be serious tax liabilities arising from a short sale, or the sale of real estate for less than is owed on the balances of the mortgage notes attached to the property.

Click here to read more about the tax consequences of a short sale on the new Michigan Bankruptcy Blog of Michigan Bankruptcy Attorneys The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please feel free to contact us at john@hillalaw.com or (866) 674-2317 to schedule a free, initial consultation.

What Is My Redemption Period in Michigan if I Have More Than 3 Acres of Land?

The length of the redemption period in Michigan is no longer simply 6 months if you have less than 3 acres of land and 12 months if you have more. In December, 2011, the Michigan legislature made a change to the statute governing the redemption period in Michigan.

Read more about the new rules concerning the redemption period in Michigan here on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC, Michigan bankruptcy attorneys.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact me at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

How Can I Save My Home with a Chapter 13 Bankruptcy?

While Bankruptcy is one of the most cost-effective and efficient legal means of walking away from an underwater or foreclosed home available, it is also, under the right circumstances, a better means of saving a home in danger of foreclosure than other non-bankruptcy strategies, such as mortgage modification.

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Home Short Sale After Chapter 7 Bankruptcy: Why They Often Don’t Go Together

Guest Post by Atlanta Bankruptcy Attorney Peter Bricks.

Guest poster Atlanta Bankruptcy Attorney Peter Bricks has serious concerns about the efficacy of attempting a short sale of a home after a Chapter 7 bankruptcy.

To read more, click here to access Attorney Bricks’ full article on this subject on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact attorney John Hilla at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.

Can a Chapter 7 Bankruptcy Trustee Sell My House after My Case Discharge?

A Chapter 7 bankruptcy Trustee may indeed attempt to short-sell or sell your foreclosed or surrendered home in your Chapter 7 Bankruptcy. However, there are steps that an experienced bankruptcy attorney can take to limit the Trustee’s reach.

To read more about this topic, click here to read our full article on bankruptcy Trustee short sales and real estate sales on the new Michigan Bankruptcy Blog of The Hilla Law Firm, PLLC.

If you are a southeast Michigan resident and are considering filing for bankruptcy, please contact us at (866) 674-2317 or john@hillalaw.com to schedule a free, initial consultation.