We call these Zombie homes. This is the home you move out of when you can no longer afford the payment or the home is in terrible disrepair. These homes typically have no equity–they are worth far less than what is owed on the mortgage–and it may not seem possible to sell the home. Real
According to affidavits signed by former Bank of America employees in a class action lawsuit filed in a Boston federal court, the bank regularly lied to customers seeking home loan modifications to deny their application. The affidavits were filed last week in a multi-state class action lawsuit filed on behalf of homeowners who claim
Owning a home can be a burden, especially for those who wish to surrender a property the bank does not want. Frequently the homeowner has vacated the premises and the property sits unoccupied for months or even years. These “Zombie” homes impose significant burdens for debtors, even after a bankruptcy is completed and the underlying
Over the past few years we have been hearing stories of phony legal documents used by foreclosure firms. As a bankruptcy attorney I receive a lot of literature about how banks have “lost” thousands of mortgage documents and that many of the foreclosures conducted in the country are illegal since there is no written proof
One of the most common questions asked is whether it is better to file Chapter 7 or Chapter 13. Our firm’s position is that if you qualify for Chapter 7 and if there is little risk of your property being liquidated, then Chapter 7 is the better way to go. The goal is to complete