REMEMBER THE INTEREST CHARGES When your Chapter 13 plan proposes to pay delinquent income taxes, be mindful that some income taxes may not be non-dischargeable debts under 11 U.S.C. 507(a)(8)(C) and if the income tax debt is non-dischargeable, then the interest on the income taxes is also non-dischargeable. The First Circuit Bankruptcy Appellate Panel, in… [Continue Reading]
Zillow & HARP Announce a Google+ Hangout for FAQs on HARP Refinancing
The Federal Housing Finance Agency (FHFA), the agency that oversees Fannie Mae and Freddie Mac, as part of its plan to increase public awareness and participation in the benefits of the Home Affordable Refinance Program, will take part in an online Google+ Hangout, on Thursday, Oct. 3 at 11:30 a.m. PDT/2:30 p.m. EDT. The hangout has been… [Continue Reading]
HOME AFFORDABLE REFINANCE PROGRAM (HARP) IS STILL AVAILABLE FOR QUALIFYING HOMEOWNERS
HOME AFFORDABLE REFINANCE PROGRAM (HARP) IS STILL AVAILABLE FOR QUALIFYING HOMEOWNERS The Federal Housing Finance Agency (FHFA) has announced a new publicity push to improve the public knowledge of the Home Affordable Refinance Program (HARP) and to educate homeowners on potential refinancing options that are available to them. FHFA was created in 2008, when the President… [Continue Reading]
Governor Snyder Extends Michigan’s Pre-Foreclosure Mediation Program
During the economic crisis, in an effort to slow the rate of foreclosures, and to ensure that homeowners had a fair opportunity to request and qualify for a modification of their loans or to make arrangements to cure mortgage defaults, Michigan enacted laws that required a mortgage lender to mortgage mediation to homeowners before they… [Continue Reading]
Governor Snyder Signs New Home Foreclosure Law
Michigan Governor Rick Snyder signed a bill that changes Michigan’s foreclosure laws. The Governor signed into law SB 383 which changes the rules of redemption of a property that has been foreclosed. The new law gives greater protection to homeowners with equity, but also grants new protection to lenders and foreclosure purchasers. Michigan foreclosure law allows… [Continue Reading]
Inventory Of Foreclosed Homes Is Falling, But Number Of Foreclosures Remains High
According to CoreLogic, in July, 2013, nationwide there were about 949,000 homes in some stage of foreclosure. The national foreclosure rate is down 32 percent from 2012. Also the Foreclosure inventory, which is the number of foreclosed properties for sale, declined 4.4 percent from June, 2013 and the year-to-date foreclosure inventory is down by 20… [Continue Reading]
The Battle To Fight Blight Gets Underway in Eastern Michigan
In 2010, the United States Department of Treasury, allocated $500 million to Michigan as part of the Troubled Asset Relief Program’s Hardest Hit Fund to help homeowners in states hit hardest by the housing crisis. Michigan announced recently that $100 million will be released to fight blight in Detroit, Flint, Saginaw, Grand Rapids and Pontiac. … [Continue Reading]
New Bill Proposes to Allow States to Set Maximum Interest Rates
We’ve been reading for the longest time about laws that have been enacted to provide bailouts and relief for banks and lenders, but there really hasn’t been many laws enacted that give relief directly to consumer borrowers. There hasn’t been much to cheer for lately, but now, it appears that consumers may have allies in… [Continue Reading]
It’s A Matter of Timing, but … Income Taxes May Be Discharged in Bankruptcy
Everyone wants to know… “Can I discharge my back taxes?” Income tax debts are a source for confusion among bankruptcy professionals and debtors alike. It’s a very important question, but not the only question. In order to determine whether or not your income tax debt, and the penalties and interest on that debt are dischargeable,… [Continue Reading]
Michigan law and Federal Law protects certain types of income and benefits from garnishment, levy or legal process.
Michigan law and Federal Law protects certain types of income and benefits from garnishment, levy or legal process. If your bank accounts have been seized under an order for garnishment, you may not be completely out of luck. You may have legal rights and defenses available to you. If your bank accounts were recently garnished… [Continue Reading]
