Reaffirming A Mortgage

Reaffirming A Mortgage Can I Reaffirm My Mortgage In Bankruptcy? We receive this question very frequently, and the general answer is no.  Generally, California Law provides there is no personal liability on mortgages in California except in limited cases.  As a result, reaffirming a mortgage or reaffirmation of mortgage continues to add no personal liability.  […]

High Income and Expensive Real Estate Still Okay for Chapter 7

We often hear the phrases “I make too much money to file bankruptcy,” or “I have too much property to file for bankrutpcy.”  These myths are often untrue.  Recently, the San Diego Bankruptcy Court allowed debtors with income of $14,500 per month and over $8000.00 in housing expenses related to their “McMansion” to receive a […]

Bankruptcy and Short Sales in Southern California

For a period of time, Doan Law Firm rarely recommended Short Sales on homes that would be eventually surrendered in conjunction with a Chapter 7 bankruptcy filing.  This was because in the past, there was rarely any benefit to the client.  In fact, short sales years ago created more problems than advantages. Times have changed now.  […]

Local Bankruptcy Court Denies Relief In Chapter 13 Due to Debt Limits.

In a recent case decided 8/26/09, the Southern District Bankruptcy Court denied relief to debtors who file for chapter 13 relief due to the amount of their unsecured and secured debts.  Although at first blush it appeared they qualified for relief, the Court actually ruled that certain secured real estate loans were actually unsecured as […]

One More Reason to File Chapter 7 and Not Chapter 13

Despite the Trustees, Creditors, and Courts making it very difficult to seek chapter 13 relief, Congress seems to have provided one more reason to seek chapter 7 relief instead of chapter 13 relief: Debt Limits.  Thats right. Unless you qualify within the debt limits, you are prohibited from filing for chapter 13 relief to save […]

San Diego Bankruptcy Court Allows Lien Stripping in Chapter 20 Case.

On June 2, 2009, a decision came out in the Southern District of California Bankruptcy Court in San Diego that allowed a subsequent Chapter 13 Bankruptcy Case to be filed to remove a second mortgage, even though the debtor recently filed for Chapter 7 protection and was no longer entitled to a discharge.  Stay tuned, […]

Another 90 Days Added to Foreclosures

On June 15, 2009, new legislation went into effect that could extend the foreclosure process by an additional 90 days.  Stay tuned, more on this blog to be published soon. Written by Michael G. Doan- Owner of the Carlsbad Bankruptcy office, Michael not only manages his business, but is also a highly skilled San Diego Bankruptcy […]

HOA Dues After Bankruptcy in California

The new bankruptcy laws that passed in October, 2005, have created an exception to discharge of HOA fees that accrue after the bankruptcy case is filed until the title and possession of the property transfers.  While its tough to escape this liability, there are ways to minimize its effects. Stay tuned, more on this blog to be […]

Bankruptcy Mortgage Cramdown Fails

In a crushing blow, the Cramdown legislation advocated by the Obama administration which would allow Bankruptcy Judges to modify mortgages in Bankruptcy has been voted against.  This legislation would have reduced principal balances to fair market value, lowered interest rates, amortized the loan over 40 years, and reduced payments.  Despite the measure failing, the Obama […]

Can You Get Away With Murder Through Foreclosure?

Following the path of recent decisions of California Courts, it would appear that one can now get away with murder provided it takes place in the foreclosure process. Since California Civil Code 2924 through 2924k provides a comprehensive framework for the regulation of nonjudicial foreclosure sales pursuant to a power of sale contained in a deed […]

Great Decision on 2923.6

Great Decision on 2923.6 Recently, a Ventura Judge denied a request to dismiss a lawsuit under 2923.6 which requires lenders to modify mortgages.  The transcript of that ruling can be found Stay tuned, more on this blog to be published soon. Michael G. Doan- Mr. Doan practices on the cutting edge of bankruptcy law, and was […]

New Bankruptcy Laws for San Diego: Mortgage Modification AKA “Cram Down”

New Bankruptcy Laws may soon go into effect to provide much needed and over due relief for San Diegan’s upside down on their residences.  Last week, legislation cleared the House and is on its way to the Senate. Stay tuned, more on this blog to be published soon. Written by Michael G. Doan-Owner of the Carlsbad Bankruptcy […]

San Diego Foreclosure: Deficiency or No Deficiency?

Every day, our firm is bombarded with questions arising over whether the lender has any recourse against the borrower if a foreclosure proceeding takes place.  These questions often bring up tax issues, bankruptcy, and the 580b and 580d statutes of the California Code of Civil Procedure.  Stay tuned, more on this blog to be published […]

Latest News on Bankruptcy Mortgage Modification

Bankruptcy reform to allow modificaion of mortgages is gaining momentum.  Yesterday, legislation was approved 21-15 by a US House Panel.  After stalling in Congress last year, the legislation has gained traction in recent weeks due to the shift in power in Washington and the growing perception that mortgage servicers have not done enough to help […]

What is the Latest News on Cram Down (Mortgage Modification in Bankrutpcy)

It looks like the “Cram Down” Bankruptcy Reform will not be part of the economic stimulas package presently before Congress.  But good news, is that President Obama will push for the Cram Down soon thereafter.  Per a recent email I just received:   I wanted to keep you in the loop on judicial modification, one […]

1099 on Foreclosed Home in San Diego After Bankruptcy

Every January brings a slew of questions from clients and former clients that receive 1099s on real estate they surrendered and other debt discharged in Bankruptcy.  1099s that are received SHOULD NOT BE IGNORED.  Ignoring a 1099 in such a situation will only trigger a tax liability!  Instead, you simply need to fill out IRS […]

Foreclosure and Bankruptcy: Save Your Home in California!

All too often people fail to understand how powerful a chapter 13 is when it comes to saving your home from foreclosure.  Stay tuned, more on this blog to be published soon. Written by Michael G. Doan– Presently, Michael is concentrating his practice solely in Bankruptcy Law and is a Board Certified Specialist in Consumer Bankruptcy Law […]

Helping Families Save Their Homes in Bankruptcy Act of 2009

Congress just recently introduced legislation, which if passed, will allow homeowners to renegotiate their home loans without the consent of the lender.  This new legislation under Title 11 is court ordered and there is very little a lender can do to oppose it.  Essentially, it would allow a mortgage to be rewritten as follows: 1) […]

Got Note? In California, You Simply Can Not Foreclose Unless You Possess the Note!

I am amazed at all the foreclosures taking place in California in complete ignorance of the most basic and fundamental laws of any foreclosure proceeding under California Law.  Everyone seems to just jump straight into the Article 9 security interest issues, entirely skipping its genesis in the Article 3 enforceability issues of the underlying note.  Indeed, […]

Bankruptcy Relief of Stay: What Is Required?

Most courts routinely grant relief of stay with little showing by the moving party.  Nevertheless, all parties requesting relief of stay should be required to meet both the substantive and procedural requirements in moving for relief of stay.  Stay tuned, more on this blog to be published soon. Written by Michael G. Doan– Michael Doan is a […]