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Chapter 13: Fight the banks, eliminate your creditors, restore your equity

Thursday, December 10th, 2009

Today I heard about a couple’s predicament:  They just had their second child.  Mom is staying home.  So the couple went from a two-income household to a one income household.  However, they did not go from a two-mortgage home to a one-mortgage home at the same time! As a result of the blessed event, they also faced big credit card and medical debts.  What to do?

Well, they could file a chapter 7 bankruptcy – if they qualify through the means test.  Their previous six-months income was still high, but that would change within a short period of time.  They could also try to defeat the presumption they are abusing the system by showing the permanent change in their income since Mom is staying home with the kids.

This would eliminate a lot of debt, but not the debt that’s giving them the most headaches:  Their second mortgage.  It’s a high interest home equity loan.  And the house is worth even less than the first mortgage. So we discussed Chapter 13 as an option.

Despite the huge influence banks have over Congress, the bankruptcy laws still allow a couple to eliminate the second mortgage in the Chapter 13 if the house is worth even less than the first mortgage.  This is fantastic news for our couple because they can stop paying their second mortgage, and pay their chapter 13 Plan instead.  That plan will mean that those creditors will be old news in 5 years, and so will that pesky second mortgage.    It may seem counterintuitive – paying more money saves you more money?  But sometimes that’s just the way it works out. 

For financial relief in Kenosha, Racine, Walworth or Milwaukee, call Lakelaw today at 262.694.7300 and ask for Attorney Ryan Blay or David Leibowitz. 

This post was written by Ryan Blay, Supervising Attorney in Lakelaw’s Kenosha office.

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Written by David Leibowitz

What is Lakelaw doing in Wisconsin? Consumer Bankruptcy and Mortgage Foreclosure Defense

Sunday, October 11th, 2009

Lakelaw represents people in Wisconsin in Consumer Bankruptcy Cases and in defending against mortgage foreclosures.  Our office is in Kenosha.  However, we can help you just about anywhere in the State.  In Wisconsin, lawyers frequently appear in court by telephone and remote access.  We find it saves us a lot of time driving around the state.  We think that if this is good enough for us in working with the courts, it’s good enough for you in working with us.  If you would like to work with an outstanding, Board Certified, bankruptcy lawyer, recognized throughout
Wisconsin for expertise in mortgage foreclosures, Lakelaw is the place for you – from Eau Claire to Kenosha and from Monroe to Green Bay.  If you are reading this blog, you have demonstrated that you are techologically advanced.  We use technology to project our practice throughout the state.  Call 1 – 866- LAKELAW (525 – 5359) for bankruptcy and mortgage foreclosure help now.

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Written by David Leibowitz

Mortgage Modification Bill Fails in the Senate – Why?

Wednesday, June 3rd, 2009

The Senate voted decisively against allowing residential mortgages to be modified in Chapter 13 bankruptcy cases.  It was a decisive vote.  Only 41 Senators voted in favor – we know that 60 senators would have had to be in favor to get past a filibuster. 

Why is it that a shopping center developer like General Growth can cram down their mortgages but ordinary American homeowners can’t?  Why is it that bankruptcy is OK for Chrysler or GM to cram-down their reluctant hedge-fund bondholders but it’s not OK for an American homeowner who can’t even get a mortgage lender to talk to her?

Senator Durbin tells us exactly why – and we should be angry about this!  We should be furious.  People should be marching on Washington.  Yet we seem not to care.  We seem to think our neighbor should suffer, not realizing that in so doing, we are hurting ourselves.

                The banks — hard to believe in a time when we’re facing a banking crisis -
                many of the banks created –  are still the most powerful lobby on Capitol Hill.
                And they frankly own the place!

You would think that We, the People own the Senate.  But we don’t.  Unless We, the People, tell Senators that we won’t condone them acting as lackeys for the banks, the Senate will continue to take the banks’ money and stick it to you.

Why do banks care so much?  The answer is in three little words – “Mark to Market.”  This means that if  lenders have to realistically value their assets – like their residential mortgages – to what they are really worth – they would have less assets than liabilities.  In other words they would be broke – bankrupt – insolvent – closed – in receivership – taken over by the FDIC.  Moreover, bank chairmen, directors, officers and their ilk would be unemployed, lose stock options, perks, private jets and their rich and famous lifestyle in general.  This, dear readers, is what the Senate now stands for.  

Henry Sommers, past president of the National Association of Consumer Bankruptcy Attorneys put it well when he said:

“In terms of what this was really about, my opinion is that the insolvent banks do not want to reveal the emperor’s lack of clothes, because if their assets were marked to market, their true value, the insolvency would be obvious. Fighting cramdown is part of that, as is the Obama mortgage plan, which does not require any principal reductions. The negotiations about the bill left me very doubtful that many people will even get the Obama plan modifications. When  there are more foreclosures threatening banks’ balance sheets (and further dragging down the economy) they will want more bailouts.

Unfortunately, Summers and Geithner can’t escape the bank culture whence they came. They cannot contemplate shutting down the insolvent banks and are therefore over a barrel. If you have not done so yet, you should definitely listen to the  This American Life’s show on the topic.”

If you’re mad as hell and won’t take it anymore, then gear up to support whoever will oppose any incumbent Senator who failed to stand up for you when they next run for election.  This is still a democracy, right?

If you are trying to get a mortgage modification or mortgage finance plan under the Obama Home Affordable Plan and can’t, please tell us about your experience.  We may be able to publicize your plight in the press or in Congress.

For bankruptcy help in Chicagoland, call Lakelaw now at 847 249 9100 or toll free at 1-866-LAKELAW (1 866 525-5359)

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Written by David Leibowitz

How do I contact my mortgage company to get a loan modification agreement?

Tuesday, April 7th, 2009

It’s not easy to contact a mortgage servicer.  They say they want to help you get a loan modification agreement.  But first, you have to find them.  Here’s a handy list of phone numbers.  Hopefully, this will help you on your way.  And if you need more help, call Lakelaw at 1 866 LAKELAW instead of the mortgage modification company scammers that the United States Department of Justice and Attorneys General around the company are trying to shut down

HOW TO REACH YOUR MORTGAGE COMPANY

  • ABN Amro Mortgage Loss Mitigation:
    Customer Service: 800-793-8900
    Web: http://www.mortgage.com
  • Accredited Home Lenders          (877) 683-4446
  • AMC Mortgage Services (Ameriquest and Argent)          (800) 211-6926
  • America’s Servicing Company     800-662-3806
    866-674-1430
    866-567-8439
    800-842-7654
    866-567-8440
    866-426-5569
    800-304-3100
  • American General       770-614-6005
  • American Home Mortgage Servicing. (877) 304-3100
  • Aurora Loan Services Home Retention Dept.: 866-519-1456 – 800-550-0508
  • AmTrust (888) 696-4444
  • Avelo Mortgage LLC 866 992 8356
  • Bank of America:
     Loss Mitigation: 800-846-2222 or 716-635-2000
    Authorization Fax: 716-635-7265
    Short Sale Package Fax: 716-635-7255
  • Bank of New York Loss Mitigation:
    Phone: 212-495-1784
    Fax: 212-415-2035
  • BB&T  Mortgage  800-827 3722
  • Benefical (800) 333-5848
  • Carrington Mortgage Services – 800 477 0192 (option 2) or 800 561 4567
  • Cendant Loss Mitigation:
    Phone: 800-750-2518
    Fax: 856-917-8334 
  • Central Pacific Bank (800) 342-8422
  • Charter One
    CCO Mortgage
    Citizens Bank      (800) 234-6002 0r 877 745 7355
  • Chase (800) 446-8939
    Homeowners Assistance Department (foreclosure)
     800-446-8939
    Fax: 614-422-7259
    Additional numbers
    Phone: 800-981-3792
    Fax: 858-605-3006
    Phone: 800-526-0072
    Phone: 800-527-3040 ext. 533 

    Phone: 800-848-9136 (Mortgage)
    Phone: 800-836-5656 (Home Equity)
    Phone: 510-652-0401
    Web: https://chaseonline.chase.com 

  • Chevy Chase  Bank   866 391 8688
  • Citi Financial Mortgage (800) 753-3673
    Foreclosure: 800-424-3562
     800-423-8158
    800-848-7491
    Dial by extension: 800-888-600 
  • Citimortgage (800) 283-7918
    Loss Mitigation: 800-682-2286
    Foreclosure: 877-202-3846
    Loss Mitigation: 866-357-6015
    Loss Mitigation Fax: 248-488-7727
    Workout Fax: 248-488-8357
    Loss Mitigation: 866-357-0614
    First American: 800-511-1278
    Workout Fax: 636-256-2884 
  • Citi – all entities – Loss Mitigation:  800-422-1498
  • Countrywide (800) 262-4218 or 800 669 6607
  • Ditech (800) 852-0656
  • Downey Financial Corp. (800) 824-6902
  • EMC (800) 723-3004 0r 888 577 4011 (Loss mitigation)
  • Equity One (866) 361-3460|
  • Fairbanks Loss Mitigation:
    Phone: 888-818-6032
    801-270-7713
    Fax: 904-232-4607 
  • Fifth/Third Bank  800-375-1745 (option 3) Loss Mitigation
  • First Franklin (Home Loan Services/NationPoint) 800 622 5035 (Loss mitigation)
  • First Horizon Home Loans  – Loss Mitigation 1st Mortgage – 800 707-9988 x 33805
    Loss Mitigation:
    Phone: 800-707-0139 — ext. 17305 
  • First Horizon Home Loans -
    Loss Mitigation 2nd Mortgage - 800 396 6184     
  • Flagstar Bank    800 968 7700 ext 9780
  • Fremont Investment & Loan  866 484 2901
  • GMAC Mortgage  (800) 850-4622
  • GMAC ResCAp (GMAC Mortgage,
    Homecomings, GMAC Bank)   800 799 9240 option 5 ext 8743285
    Phone 1: 800-206-2901
    Phone 2: 858-874-7417 
  • GreenPoint Mortgage (Serviced by Countrywide) 800 669 6650
  • Green Tree    (877) 816-9125
  • HSBC all entities -  800 395 3489
    Collection Counselors (if short term problem)
     Phone: 800-338-6441
    Default Resolution Team (if long term problem)
     Phone: 888-648-3124
     Fax: 732-352-7519
    Web: http://www.us.hsbc.com 
  • Home Loan Services, Inc (First Franklin
    Nation Point, National City Bank) 800-622-5035 ext 24267
  • HomEq    877 -867 -7378
  • Home Side Loss Mitigation:
    Phone: 904-281-3900
  • Household Finance (800) 333-4489
  • Huntington National Bank (800) 323-4695
  • Huntington Mortgage Group – 800-323-9865
  • Indymac Federal Bank (877) 736-5556
  • Irwin Mortgage Corporation
    Phone: 888-444-6446
    Pre-Foreclosure: 888-218-1988
    Web: http://www.irwinmortgage.com
  • JP Morgan Chase   800-446-8939
  • Litton Loan Servicing (800) 247-9727 – default counseling  (800) 999-8501
    Phone 1: 800-548-8665
    Phone 2: 713-966-8803
    Fax: 713-966-8820
    Web: http://www.littonloan.com 
  • MERS (not really a servicer but you may need to contact them) (800) 646-6377 – fax (703) 748-0183
  • National City (800) 367-9305 or 800 622 5035
    Phone 1: 800-523-8654
    Phone 2: 937-910-3563
    Web: http://www.nationalcitymortgage.com 
  • Nation Star Mortgage   888-850-9398
  • Nationwide Advantage Mortgage Company (800) 3563442
  • New Century Financial (800) 790-9502|
    Phone: 877.206.9904
    Web: http://www.newcentury.com 
  • Ocwen Federal Bank (800) 746-2936 or loss mitigation 877-596-8580
  • Ohio Savings Bank (Now Amtrust) 800 860 2025 ext 8917
  • Option One Mortgage Company  888-275-2648
    Web: http://www.oomc.com 
  • PHH Mortgage (Delinquency ) 800 330 0423 (Foreclosure) 800-750-2518
    Phone: 800-257-0460
    Web: http://www.phhmortgage.com 
  • Popular Mortgage Servicing 800 383 2292
  • Prodovis Mortgage Company 888-878-0522 option 5home retention department
  • ResMae Mortgage Corp.   866 794 80444 ext 5944
  • Saxon Mortgage Services  – 888-325-3502 (Delinquent) 800-594-8422 (not delinquent)
    Phone 1: 262-502-6724
    Phone 2: 817-665-6537
    Phone 3: 414-278-8068  

     

  • Select Portfolio Services  888-349-8968
    Loan Resolution Department: 888-818-6032
    Fax: 801-293-3936
    Web: http://www.spservicing.com 
  • Sun Trust Mortgage (800) 634-7928
  • US Bank (800) 365-7900
  • Wachovia Bank (866) 642-8608
  • Washington Mutual (JP Morgan Chase) (866) 926-8937
  • Washington Mutual Bank – loss mitigation – prime 888 926 8937
  • Washington Mutual Bank – loss mitigation – subprime – 888-708-4696 option 2
  • Wells Fargo (800) 766-0987 – loss mitigation 800-275-9254 05 800 416 1472
    Wells Fargo – Loss Mitigation
    Phone: 888-231-0757
    Loss Mitigation: 877-216-8448
    Borrower Assistance: 800-551-9808
    Homeowners in Foreclosure: 800-868-0043 or800-352-7654
     
  • Wendover Financial Services Loss Mitigation:
    Phone: 888-934-1081
    Phone: 800-436-1022
    Web: http://www.wendover.com
  • Wilshire Credit Corporation 888-917-1050 
  • Whitney National Bank – Loss Mitigation. Phone: 800-347-7272

These numbers and the identities of the banks and mortgage companies are changing every day.  If you find out any updates, please let us know and we will post them here.

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Written by David Leibowitz

Great Collection of Resources for Mortgage Modification

Sunday, March 22nd, 2009

This will be a very short blog entry.  That’s because the meat is in the link you’re about to see.  The National Consumer Law Center is one of the finest consumer advocacy organizations in the nation.  I’ve learned so much there.  Hat’s off to them.  They are terrific!

Here’s a link to their website with a very wide array of contacts about loan modification resources, both public and private.  Please click here to check it out.

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Written by David Leibowitz