Archive for the 'Bankruptcy' Category

Although the housing market of Phoenix, Arizona has been showing signs of stability, analysts believe that it is still vulnerable, owing to the high number of foreclosed dwellings and bankruptcy homes in the metro area. According to them, the market is still stressed despite the relative stability of residential prices.

Homeowners facing foreclosures, and even those who have homes in bankruptcy, have reportedly become more proactive in terms of fighting to keep their homes. In New Mexico, in an increasing number, property owners are showing up in front of judges even when they do not have representation or cannot afford a lawyer.

Flipping residential properties; where investors buy homes in bankruptcy and from foreclosure auctions, renovate them and sell them for a profit; has made a comeback in California. According to state reports, profits from home flipping are even bigger than those earned by speculators during the strongest years of the residential market.

San Jose foreclosures pushed bankruptcies to a 20-year high record of almost 11,500 business and personal bankruptcy filings in 2009, according to data from the U.S. Northern District Bankruptcy Court based in San Jose.

Bank foreclosure homes sale in Oregon benefits only holders of first mortgages, and not holders of second-mortgages, if distressed homeowners use a certain bankruptcy strategy to reduce or wipe out their total debts.

The developer of the planned community development project in Pierce County, Washington has filed a Chapter 11 bankruptcy in an effort to avoid bank foreclosure sales. The Cascadia planned community, touted as one of the largest development projects in the county with 18 years of planning and building, is the latest victim of the current economic crisis that has been sweeping across the country for several years now.

There is a big possibility that the bankruptcy case involving the $100-million golf and residential property located in southeast of Yakima, Washington would be dismissed, unless something changes in the coming months.

The House of Representatives has passed a bill supported by President Barack Obama aimed at reducing the number of foreclosure homes and stabilizing the housing market.

A good question to be asked by people nowadays in this economic recession is why the Bankruptcy Court is not permitted to be one of the solutions to the foreclosure crisis?

Senators came up with another foreclosure relief in the form of a bankruptcy fix. It hopes to help the bankrupt modify their delinquent loans under court protection. But there seems to be a dispute whether it should be put into a bill with the fear of Republicans delaying or even rejecting the plan.

Efforts to add a stipulation in the economic stimulus bill supported by congressional Democrats that would permit bankruptcy judges to minimize mortgages as a possible solution to the foreclosure problem is being resisted by President-elect Obama and his advisers.

A U.S. House bill that would authorize bankruptcy judges to modify mortgage terms is not a good solution to the foreclosure problem, according to Glenn Boyd, top securities strategist of New York City-based Barclays Capital.

As foreclosure filings soared to about 2.2 million last year, personal bankruptcy filings also soared from 801,840 million in 2007 to 1.06 million in 2008, based on data released by the American Bankruptcy Institute.

For homeowners facing foreclosure, filing for bankruptcy is one of the options that can be explored. But based on the assessment of the Mortgage Bankers Association, choosing to do might have a significant impact on lending in the long run.