When filing for bankruptcy, there is a way to get rid of a mortgage loan. There are two types of bankruptcy; Chapter 7 and Chapter 13 that take into account different types of mortgage debt. What is a mortgage? A mortgage is a loan; it is a legal agreement signed through a bank or other […]
I saw this article on AOL today and thought I would pass it on to anyone who is thinking about filing bankruptcy or has filed bankruptcy. When I first started working with Charlie (not his real name) in 2005, his bankruptcy had just been discharged, meaning his remaining debt was cleared. His credit score was […]
In most states, including Maryland the answer is yes a second mortgage can foreclose if in default. The practical difficulty is that many junior mortgages are partially or wholly under water. This makes foreclosure all but impossible. In the case of a junior mortgage, there is always a senior mortgage with superior rights and first […]
Tax Fact 10-Mortgage Debt Forgiveness: Forms 1099-A and 1099-C By Kent Anderson, Oregon Bankruptcy Attorney on Mar 19, 2010 in Tax Issues If your home is foreclosed, sold at a short sale, or if you give the home back to your lender in satisfaction of your debt, IRS Tax Fact 10 tells us to watch […]
