A note to the loyal readers of this blog (all three of you): the following post is rated PG-13. We all have not-so-fond memories of the mortgage crisis. Home values collapsed, the investors who bought these mortgage-backed securities blamed one another, and Uncle Sam wrote a big check to fix everything. The crisis, like most [...]
Bank of America recently announced that it would be forgiving the second mortgages of some 150,000 “pre-qualified” homeowners. Of course, this is fantastic news if you are one of the bank’s hand-picked distressed borrowers. But what if you were not lucky enough to be selected by the bank’s bean-counters? Or what if you are one [...]
“[D]on’t try and stop the foreclosure process. Let it run its course and hit the bottom, allow investors to buy up homes, put renters in them, fix the homes up, and let it turn around and come back up." -Mitt Romney, Presidential candidate, October 2011, Las Vegas, Nevada “Social Darwinism” is the idea that only [...]
1. You are more than 1 month behind on your rent To take full advantage of bankruptcy laws and the automatic stay, you need to file for bankruptcy (either Chapter 7 or Chapter 13) before the landlord files an eviction suit. If a lawsuit is filed, the landlord may be allowed to maintain his suit [...]