Herrin Law | foreclosure
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foreclosure

Delinquent on your home mortgage payments? You may be in luck. For borrowers whose loans are owned or guaranteed by Fannie Mae or Freddy Mac, the Federal Housing Finance Agency (or FHFA) will soon offer a Principal Reduction Modification Program to borrowers that meet certain eligibility requirements. The program was implemented with the goal to “maximize assistance for homeowners” and “minimize foreclosures.” (See Emergency Economic Stabilization Act of 2008). The modification will be available to “owner-occupant...

There are many reasons why someone might choose to file for bankruptcy; however, two of the most prevalent reasons are (1) a debtor’s need for relief, and (2) a desire to preserve one’s assets. For some people, the reasons might be as sentimental as they are financial, such as trying to hold on to a home with a mortgage the debtor is struggling to pay. While on the other hand, for businesses, filing for bankruptcy...