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Topic: bankruptcy
“The study finds that Blacks and Latinos were two to nine more likely to have high cost mortgages than whites,” according to WCVI President Antonio Gonzalez. “These predatory banking practices have directly led to the loss of homes.”
Yesterday CIT Group, a century old small to mid capitalization business lender, filed Chapter 11. CIT had operated in 50 countries and 30 industries. Today CIT was removed from its listing on the NY Stock Exchange.
“We are in uncharted territory…a house that has no discernible debt on it, yet… We cannot in theory just go out and sell this house because the title company won’t give a clear title on it.”
By Paul M. J. Suchecki
Tags: bankruptcy, foreclosure prevention, homeowner help, mortgage advice...
No CommentsChapter 7 will ultimately cancel all the mortgage debt secured by your home, but you won’t be able to keep it, unless you make arrangements through a loan modification to pay off your mortgage. The good news is that with your unsecured debt gone, you’ll now be able to better make those house payments.
mortgage fraud reverse mortgage personal finance Deficiency Judgment Default Nationwide Mortgage Licensing System credit cards Short-Fi Jumbo Loan second mortgage Loan Default Short Sale bankruptcy Loss Mitigation Conforming Loan Uncategorized mortgage first time home buyer tax credit Loan to Value Real Life Stories unemployment Upside Down Obama Financial Reform Obama Housing Plan Refinance Falling Home Value Lenders home value Mortgage Revision Credit economic news Loan Modification Foreclosure Help
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