CoreScore goes in to Effect

CoreLogic implemented its new CoreScore credit scoring model at the end of March. The CoreScore consists of 2 parts: The first is a report consisting of data that may not have appeared in conventional credit reports compiled by the top three credit bureaus (Experian, Equifax, and TransUnion). The second consists of a composite score based on the data in the CoreScore Credit Report combined with traditional credit bureau data and scores.

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Dodgers Bankruptcy Plan to Include Divorce Payments

Dodgers in Bankruptcy

The Los Angeles Dodgers have cleared up last-minute money disputes ahead of a hearing to confirm a bankruptcy reorganization plan that provides for selling the team for $2 billion. Documents were filed on behalf of the Dodgers that sought to convince the judge to approve the plan. They stated that the plan would provide more than sufficient capital to ensure the long-term financial success of the team.

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Auto Maker Saab in Bankruptcy

Saab in Bankruptcy has debts of $1.9 billion

Saab enters Bankruptcy

The value of bankrupt Saab Automobile’s assets covers less than a third of its debts and only some preferential creditors will get money back. Saab’s balance sheet showed the company has debts of $1.9 billion and assets of around $532 million. Saab owes GM 2.2 billion kronor it paid for preferential shares but GM would only be entitled to that if the bankruptcy produced a surplus.

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Fannie Mae & Freddie Mac Considering Principal Reduction Policy

Fannie Mae and Freddie Mac could save $1.7 billion if they forgave principal on some troubled mortgages. The Federal Housing Finance Agency may make a decision in the next few weeks about whether to change its policy barring the two taxpayer-owned companies from performing such loan modifications. The FHFA has come under pressure from the Obama administration and consumer advocates to cut principal for underwater borrowers.

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“Fee Only” Chapter 13 Filings are Not Necessarily Made in Bad Faith

Bankruptcy courts have expressed mixed views on fee-only plans as their experience accumulates. In a recent case, the Chapter 13 debtor proposed a 36-month plan paying $100 per month to the trustee. Out of this money, $2,900 was to go to the debtor’s attorney. The bankruptcy court denied confirmation citing In re Buck , 432 B.R. 13 (Bankr. D. Mass. 2010), which held that “fee only” Chapter 13 plans are per se submitted in bad faith.

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Another Take on Florida’s Wild Card Exemption in Bankruptcy

In the recent case of In re Kehoe, an Objection to a Debtor’s Claim of Exemptions was filed by the Chapter 7 Trustee against the Debtor. The Debtor owns his home as tenants by the entireties (TBE) with his wife and used the TBE exemption to fully exempt the marital house. The Debtor did not claim a homestead exemption for the home.

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More Lenders Offering Plans with Debt Forgiveness

Non-government holders of delinquent mortgages are offering more payment plans with debt forgiveness, even as government controlled Fannie Mae and Freddie Mac resist. Of the 116,153 mortgages modified in the fourth quarter of 2011, debt forgiveness was included in 16 percent of loans held by private investors, 25 percent of loans held in bank portfolios and in none owned by the government run companies.

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Florida Court of Appeal Reverses Foreclosure Ruling on Discovery

A 4th District Court of Appeal reversal of a foreclosure judgment spells a shift by the court toward friendlier decisions for homeowners. The court threw out a judgment granted to Deutsche Bank, finding there were discovery issues pending that were not honored by the trial court. The trial judge ruled prematurely because there were outstanding discovery requests based on a motion to compel that had been granted.

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Any information on this website is not intended to be communicated as legal advice. All information contained on this site is general and intended for information purposes only. For detailed legal advice regarding your loan modification, foreclosure, and/or bankruptcy needs, please schedule an appointment with the attorney. The Law Office of Emil Fleysher, P.A. is a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.