Bankruptcy, Foreclosure & Loan Modification Posts in September, 2012

Alternatives to Foreclosure (continued)

Today we will further elaborate on short sales, a viable alternative to foreclosure that many people choose. Simply put, a short sale is selling your house “short” of what you owe the bank. First, you must list the property for sale with a realtor or by independently finding a buyer. Generally one will notify the bank in order to receive a reasonable amount of time to find a buyer and receive an offer. After receiving an offer, this is then submitted to the bank who will decide to accept or reject the offer....
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Proposed Law to Help Homeowners

Good news could be on the way for cash-strapped American homeowners residing in states teetering on bankruptcy, such as Illinois. In mid-September, Representative John Campbell (R–CA) introduced The Defending American Taxpayers from Abusive Government Takings Act, legislation meant “to stop reckless city and county governments from enacting profiteering schemes that seek to cash in on the plight of underwater homeowners through the arbitrary seizure of private home loans.” ...
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Alternatives to Foreclosure

Today, we will discuss an alternative to foreclosure that may not be available to everyone, but is nonetheless an excellent option if you qualify for it. Refinancing your home requires good credit to qualify and your lender will also consider aspects such as income, assets, debts, and current value of the property. Refinancing can be considered for a number of reasons. These include lowering your interest rate, adjusting the length of your mortgage, changing from an adjustable rate mortgage to a fixed rate mortgage or to get an adjustable rate mortgage with better terms....
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Major Multimedia Corporation Struggling to Emerge from Bankruptcy

The second-largest newspaper publisher in America, Tribune Co., filed for bankruptcy in December 2008. It was the biggest bankruptcy ever in the history of the American media industry. The company has been in the process of emerging from a Chapter 11 bankruptcy protection and was granted approval of a reorganization plan that would enable this emergence. However, some creditors have opposed the settlement of legal claims stemming from the company’s 2007 buyout and the way some bondholders are treated in the reorganization plan....
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U.S. Trustee Latest to Object to Solyndra Bankruptcy Debacle

The U.S. Trustee became the latest government agency to criticize Solyndra LLC’s plan to repay its debts, saying the bankrupt solar panel maker should disclose whether it is favoring venture capital investors over creditors. The U.S. Trustee for Delaware, New Jersey and Pennsylvania, an agent of the Department of Justice, said in a court filing that Solyndra should provide more information about the repayment plan, which preserves potential tax benefits for the two investment funds that are sponsoring the bankruptcy plan....
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  • Newland & Newland LLP, Attorneys, Arlington Heights, IL