Do Black Americans Face Bias in Bankruptcy?

A study has found that black debtors are twice as likely as white debtors to wind up in Chapter 13 Bankruptcy. This disparity persisted even when adjusted for income, home ownership, assets, and education. Chapter 7 typically allows debtors to erase most debts in a matter of months. Chapter 13 has a lower success rate, is more expensive than Chapter 7, and requires debtors to dedicate their disposable income to paying back their debts.

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Florida Supreme Court to Addresses Requirements for Voiding a Foreclosure Sale

A Florida state appeals court has asked the Florida Supreme Court to clarify what is required to void a foreclosure sale. The 4th District Court of Appeal said the state Supreme Court needs to decide if a foreclosure sale can be set aside if the adequacy of the bid price is not at issue.

The opinion was prompted by a Palm Beach Circuit case.

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The Debate Over Mortgage Principal Reduction

Reducing mortgage balances is an idea that could be helpful to or cause more default among borrowers. Some experts feel that widespread principal reductions may drive defaults much higher. Also, taking this step may tighten lending by forcing banks to offer “price protection” to borrowers. The data shows there is essentially no difference in re-default rates among delinquent borrowers given only payment reductions and those also offered smaller mortgages.

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States Close to Settlement with Mortgage Servicers over Foreclosure Shenanigans

A draft settlement between the nation’s major banks and U.S. states over deceptive foreclosure practices has been sent to state officials for review. Those who lost their home to foreclosure are unlikely to get their homes back or benefit much financially from the settlement. About 750,000 Americans could receive checks for about $1,800 under the deal. However, the agreement could reshape mortgage lending guidelines and make it easier for those at risk of foreclosure to restructure their loans.

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NFL Star Santana Moss’ Lighthouse Point Home in Foreclosure

Washington Redskins and former Miami Hurricane wide receiver, Santana Moss, is in foreclosure for not paying the mortgage on his Lighthouse Point home according to Duetsche Bank. He was signed to a three-year $15 million contract with the Redskins in July that also included a $5 million signing bonus. So it is surprising the Deutsche Bank would allege that Moss has gone into default on a mortgage issued for $3.64 million in 2006.

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2012 Expected to Bring a Modest Decrease in Housing Prices

The good news about the current housing market is that there is an abundance of inventory and affordability. However, the most recent numbers show prices steadily declined from October 2010 to October 2011. Overall, prices are lower than they were in October 2001 and in some cities, prices are at their lowest level in 20 years.

Real Estate tracking experts are suggesting that 2012 will see neither a big housing rebound nor a second crash.

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Government Proposes Renting Homes Seized in Foreclosure

Hundreds of firms responded to a U.S. government request for proposals to rent out foreclosed homes. Fannie Mae and Freddie Mac seek to reduce losses, stabilize neighborhoods and support housing values by turning into rentals a portion of the more than 180,000 repossessed homes in their inventory. Plans for a foreclosure-to-rental program are significant because Fannie Mae and Freddie Mac service more than half of U.S.

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Beware the Impacts of the New “CoreScore” Credit Report

CoreScore is a new type of credit report developed by a data company called CoreLogic. CoreScore looks at financial records such as credit card borrowing, bank transactions, and mortgage information, much like a traditional credit score. The new rating also examines the kinds of transactions likely to occur at the lower end of the income scale. These include car payments, rental payments, and payday loans.

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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.