Bankruptcy, Foreclosure & Loan Modification Posts in July, 2012

Examiner For Bankruptcy Case Wants To Issue Subpoenas

Reuters reported a story about mortgage lender Residential Capital Llc’s bankruptcy case and the examination around it. Examiner for the bankruptcy case, Arthur Gonzalez, has asked for the authority to issue subpoenas regarding the case and says his review will take 6 months....
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Past Baseball Great Dykstra Pleads Guilty to Bankruptcy Fraud

Lenny Dykstra had a career in baseball that spanned more than a decade with the Philadelphia Phillies and the New York Mets.  He was named to multiple all-star games and served as a catalyst for the Mets winning the World Series in 1986.  Yet his personal life has not seen the same amount of success.  The 49 year old Dykstra has served time for grand theft auto and exposing himself to a woman...
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Number of New Bankruptcies Getting Lower

Reuters reports that U.S. businesses and consumers might end the year with the lowest number of bankruptcies since before the 2008 financial crisis. According to data released on July 5, the amount of businesses and consumers filing for bakruptcy fell 14 percent in the first half of 2012....
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Octomom’s Bankruptcy Case Thrown out of Court

A judge threw out a declaration of bankruptcy from Nadia “Octomom” Suleman after she failed to file the proper paperwork with the court. Suleman failed to file a dozen financial statements to proving that she is unable to pay creditors.  Without the protection of filing for bankruptcy, she is now subject to a home foreclosure on the house she shares with her fourteen children....
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Tips for Negotiating a Loan Modification

If you’re a typical homeowner, you probably feel like David facing up at Goliath when you speak with your lender about modification of your home mortgage.  Despite efforts to put the odds more in the consumer’s favor, most aspects of modification are in the bank’s hands.  But there are some ways to make easier.  ...
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL