Monthly Archives: May 2013

Making Home Affordable Programs Extended Through 2015

This morning Treasury Secretary Jack Lew announced that the deadline to apply for federal Making Home Affordable (MHA) programs designed to assist struggling homeowners will be extended another two years, to December 31, 2015. MHA Program Extensions The extension will apply to all of the MHA programs. Some of those include: • Home Affordable Modification Program (HAMP) • Second Lien Modification Program (2MP) • Home Affordable Refinance Program (HARP 2) • Principal Reduction Alternative (PRA) • Home Affordable Unemployment Program (UP) • Home Affordable Foreclosure Alternatives Program (HAFA) The department was emphatic, however, that these extensions should not lull homeowners into waiting to apply for relief. The government urged eligible homeowners to apply for these programs right away. Extension of Tax Relief for Forgiven Mortgage Debt Is Top Legislative Priority Mark McArdle, Chief of Treasury’s Homeownership Preservation Office also made clear that a top legislative priority this year will be to extend the Mortgage Forgiveness Debt Relief Act to December 31, 2015, so that it matches...
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Changes to the Official Bankruptcy Forms

Recently the Judicial Conference made automatic adjustments to the dollar amounts that are included in various provisions of the Bankruptcy Code. Those adjustments went into effect on April 1, 2103. Because of the adjustments, a number or the Official Bankruptcy Forms also changed. Revised Bankruptcy Forms The forms that have been revised include: • Voluntary Petition • Schedule C — Property Claimed as Exempt • Schedule E — Creditors Holding Unsecured Priority Claims • Statement of Financial Affairs • Proof of Claim • Statement of Currently Monthly Income and Means Test Calculator (the Chapter 7 Means Test) • Statement of Current Monthly Income and Calculation of Commitment Period and Disposable Income (the Means Test for Chapter 13) There are a few others that changed as well. You can find all of the revised forms on the website of the United States Courts at www.uscourts.gov/FormsAndFees/Forms/BankruptcyForms.aspx. ...
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Top Five States With the Longest Foreclosure Timelines

Although the foreclosure crisis is no longer at its peak, there is still a backlog of foreclosures in some states. If you are facing foreclosure, it’s helpful to know if the process will be relatively quick, or if it will drag on for years. (To learn more about the time it takes for a foreclosure to complete, visit our Foreclosure Timelines topic page.) The Top Five According to recent data from RealtyTrac, the five states in which foreclosure takes the longest period of time to complete are: • New York — foreclosures take an average of 1,049 days (just under three years) • New Jersey — foreclosures take an average of 1,002 days • Florida — it takes 893 days on average to complete a foreclosure • Hawaii — the foreclosure process in Hawaii takes on average 824 days • Illinois — foreclosures take an average of 720 days to complete Why the Long Timelines? In addition to banks wading through a backlog...
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