http://www.realtytrac.comFinancial Libraryen-usCopyright 2010 RealtyTracdarenb@realtytrac.comseoadmin@realtytrac.comRSS FeedRealtyTrac CMS system60http://www.realtytrac.com00http://www.realtytrac.com/contentmanagement/financialarticles.aspx?channelid=17&itemid=8126A $461,263 mortgage claim erased in a New York bankruptcy case sounds like a big victory for the good guys. But it might be wise to sort out the winners and losers before beginning the celebrations. Peter G. Miller

A $461,263 mortgage claim erased in a New York bankruptcy case sounds like a big victory for the good guys. But it might be wise to sort out the winners and losers before beginning the celebrations.

0Thu, 10 Dec 2009 08:00:00 GMTYou can pretty much bet there was a lot of cheering when Judge Robert D. Drain erased a $461,263 mortgage claim in a New York bankruptcy case. This sounds like a big victory for the good guys — but before the celebrations get out of hand it might be wise to sort out the winners and losers. In basic terms, the PHH Mortgage went into a bankruptcy court to collect an unpaid mortgage debt. This is a natural and normal process and the usual outcome is fairly common: Given the inability of bankruptcy judges to modify residential mortgages the unpaid debt is usually seen as earned, due and payable and the property is instantly foreclosed. http://www.realtytrac.com/contentmanagement/financialarticles.aspx?channelid=17&itemid=8123There's a small association of mortgage brokers out there that you need to know about. With just 80 individual members, the group has a code of ethics that actually means something. Peter G. Miller

There's a small association of mortgage brokers out there that you need to know about. With just 80 individual members, the group has a code of ethics that actually means something.

0Tue, 08 Dec 2009 08:00:00 GMTWhenever I need to finance or refinance a property I call up my friendly mortgage broker and about three weeks later the deal is done. My mortgage broker is a good example of the best you can find in his profession, a profession which is now on the verge of extinction. I know when I deal with him that I'll walk away with the best available financing I can get and that I won't pay a dime to close. Not everyone is so lucky, but a small association of mortgage brokers is out there that you need to know about. With just 80 individual members, the group has a code of ethics that actually means something.http://www.realtytrac.com/contentmanagement/financialarticles.aspx?channelid=17&itemid=7538A federal bankruptcy judge has set a new precedent that could stop huge numbers of foreclosures nationwide. Her demand: Countrywide Home Loans must document every foreclosure claim it submits in Ohio.Peter G. Miller

A federal bankruptcy judge has set a new precedent that could stop huge numbers of foreclosures nationwide. Her demand: Countrywide Home Loans must document every foreclosure claim it submits in Ohio.

0Wed, 16 Sep 2009 08:00:00 GMTA federal bankruptcy judge has set a new precedent that could stop huge numbers of foreclosures nationwide. Her demand: Countrywide Home Loans — now Bank of America — must document every foreclosure claim it submits in Ohio. The decision by Judge Marilyn Shea-Stonum, the chief judge of the U.S. bankruptcy court in northern Ohio, could easily apply in all courts and with all lenders because it gets to a core problem: Large numbers of foreclosures are based on insufficient and sometimes nonexistent paperwork. The result is that lenders are foreclosing homes where they don't actually have a lawful claim, a process which pushes up foreclosure inventories.