Stung by the crash of the housing market, some struggling homeowners are using a little known but increasingly popular provision of the bankruptcy code to eliminate second mortgages and avoid foreclosure. Statistics are hard to come by, but bankruptcy lawyers say the provision has been used effectively on hundreds, if not thousands, of cases in the Bay Area during the past two years. “It’s a big thing in our valley,” said James “Ike” Shulman, a San Jose bankruptcy lawyer. “But it’s not widely known.”
Bankrupt Bay Area homeowners shed second mortgages
Most Popular Articles
Latest Articles
6 best places to buy real estate leads in 2024
We recommend the best places to buy real estate leads to give you a shortcut to the closing table.
-
The 9 top real estate lead generation companies for 2024
-
How this week’s Fed meeting could impact inventory
-
FHA increases manufactured home loan limits in affordable housing push
-
Ginnie Mae seeks budget increase to manage sizable reverse mortgage portfolio
-
Panic! at the brokerage: Industry leaders plan next steps after NAR settlement