Banks win out after the Supreme Court ruled on Monday that 云南福彩网app官方下载owners cannot rid themselves of a second mortgage by filing for bankruptcy protection. All nine Supreme Court justices unanimously agreed that filing for Chapter 7 bankruptcy will not void a junior mortgage lien when the amount owed by the senior lien surpasses the current amount of the collateral if the 云南福彩网app官方下载owner’s claim is both allowed under the bankruptcy code and is secured by a lien.
Personal bankruptcy filings have dropped 16 percent between February and March throughout South Florida. This is according to the Sun Sentinel with data that was released in Miami by the U.S. Bankruptcy Court. There were 2,389 new bankruptcy petitions filed by South Florida residents in February but only 2,008 files in March. Personal bankruptcies have lowered by 32 percent, dropping from the 2,969 filed in March 2010.
As interest-only periods expire on loans begun during the housing bubble era, 3.3 million 云南福彩网app官方下载owners will be facing higher payments during the next four years on 云南福彩网app官方下载-equity lines of credit, according to RealtyTrac. The Heloc loans that totaled at $158 billion are requiring principal paydowns beginning this 2015 through 2018. There is rising threat over the amount of new defaults due to the new monthly bills increasing an average of $146.
The 64-year-old former teen idol pop star David Cassidy has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court in Fort Lauderdale where he owns a waterfront property. Mr. Cassidy reported debts included credit cards bills of almost $40,000, a mortgage of nearly $300,000, and a substantial amount in accountant and attorney fees. Judge Raymond Ray is assigned to the case.
In a report provided by the U.S. Census Bureau in Washington, D.C. the amount of properties that are inhabited by renters grew by 2 million last year. The number of available properties to rent has fallen 7 percent in the fourth quarter; the lowest is has been since 1993. Since the job market has picked up more young people are about to leave their parent’s 云南福彩网app官方下载 and start their lives.
The biggest bankruptcy attorney in Pennsylvania is now being accused of overcharging hundreds of his clients and misspending thousands of dollars. One victim, Sharon Kaluzny, had to file a Chapter 13 bankruptcy after a tough divorce and caring for sick parents forced her to close down her hair salon in 2006. Ms. Kaluzny paid Mr. Mazzei a $1,000 up front when they met at his Tarentum office in Pennsylvania.
A cast member of the Real Housewives of New Jersey, Teresa Giudice, has begun serving her 15 month sentence for bankruptcy fraud. Mr. and Mrs. Giudice plead guilty to hiding assets from bankruptcy creditors and submitting fraudulent loan applications to retrieve $5 million in mortgages and construction loans. Mr. Giudice also pleaded guilty to failing to pay taxes of well over $200,000 and unlawful use of identification in a state court case which involved a forged driver’s license.
In a new report of compiled data provided by the Consumer Financial Protection Bureau, close to 20 percent of U.S. shoppers are in debt due to unpaid medical bills. Many Americans seem to be confused by the bills that insurance companies and hospitals are providing for the cost of their treatments. This confusion is causing lower credit scores and making it much harder for Americans to get loans for 云南福彩网app官方下载s or automobiles.
In a few days the Supreme Court will make a determination of whether 云南福彩网app官方下载owners who have filed bankruptcy are eligible to nullify a second mortgage assuming that the property’s market value is lower than the amount owned on the first mortgage. Bank of America appealed twice to the Supreme Court proclaiming that the second loans should not be “stripped off” when a 云南福彩网app官方下载owner files bankruptcy even though the primary loan is well underwater.
During the recession property values were so high and obtaining credit was almost as simple as getting something out of a vending machine that many owners took out two and even three mortgages. However, when the market crashed and the surplus ended many were left swimming upstream without a paddle. With such a large amount of debt hanging over their heads, an abundance of people were and continue to seek after financial freedom via bankruptcy.