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Topic: bankruptcy
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.”
Chapter 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 mortgage first time home buyer tax credit Loan to Value unemployment Upside Down Real Life Stories Uncategorized Obama Financial Reform Obama Housing Plan Falling Home Value Refinance Lenders home value Mortgage Revision Credit economic news Loan Modification Foreclosure Help
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