Oliveros & O'Brien, P.C. - Bankruptcy Blog

Foreclosures Continue to Rise As Owners 'Give Up'

Thu, 06 Mar 2008 19:49:48 GMT

As adjustable rates continue to rise, more subprime and prime borrowers are choosing to simply walk away from their homes. The biggest U.S. mortgage companies have posted their worst losses to date as rising defaults boosted credit costs. Both the Bush administration and Congress are urging mortgage companies to modify loan terms to slow the tide of foreclosures, and the Federal Reserve continues to slash rates to avoid recession.

Read the full story here.

Oliveros & O'Brien, P.C. has seen a steady in rise bankruptcy filers in recent months. Chapter 13 bankruptcy remains a viable way to protect homes from foreclosure by allowing the homeowner to cure arrearages over a period of 3 to 5 years without additional interest or penalties.

Keep reading Post a comment

New Senate Bill Seeks to Makeover Chapter 13

Tue, 19 Feb 2008 20:40:10 GMT

A legislative proposal named the "The Helping Families Save Their Homes Act" is scheduled to be debated next week and is backed by House and Senate by Democrats. The "Act" purportedly allows families file for Chapter 13 bankruptcy to save their homes, and gives judges the ability to modify mortgages to keep homeowners in their properties. Critics believe such a bill will make mortgages more difficult to obtain and send interest rates higher.

Click here to read the story.

Keep reading Post a comment

Bankruptcy Tweak can Ease Subrime Woes

Thu, 07 Feb 2008 23:59:03 GMT

A former U.S. housing secretary on Tuesday urged allowing bankruptcy judges to erase some mortgage debt, saying it would save several hundred thousand borrowers from foreclosure as a nationwide housing crisis tightens its grip.

Stuck In a Mortgage You Can't Afford? You're Not Alone

Fri, 11 Jan 2008 16:45:58 GMT

The mortgage crisis came about because our society did not think to intervene at a juncture where it could have limited the effects of thoughtlessness and greed, according to author William F. Buckley. Government action is needed because it has been nearly impossible to identify the guilty parties for the crisis. What the market would do, facing that situation, is to impose punishment on the disorderly mortgage brokers and lenders, he said. However, they are almost universally out of sight as they passed these troubled mortgages on to buyers who have been waking up during the past six months bereft of assets they thought they had. If we could start from scratch, he added, we might have managed a federal regulation that forbade giving mortgages to people without an adequate credit history.

Read the Article

Keep reading Post a comment

Bankruptcy Filings Jump 40% in 2007

Wed, 09 Jan 2008 18:08:01 GMT

Newly released data from the American Bankruptcy Institute show bankruptcy filings increased 40% in 2007. The Institute believes the mortgage crisis is largely to blame, and that increasing heavy debt loads will likely lead to even more bankruptcy filings for 2008.

Click to read CNN article.

Keep reading Post a comment

Mortgage Rates may Freeze

Thu, 06 Dec 2007 23:43:17 GMT

The Bush administration is ironing out details that will freeze the interest rate on only a very limited number of subprime mortgages. This freeze would keep the interest rates from rising for just a few years, then they will most likely shoot right up to where they are going. The wave of mortgage foreclosures threatens to worsen the severe slump in housing by dumping more foreclosed properties onto a glutted market, further depressing home prices and shaking consumer confidence.

Call our office for a free consultation to see if your mortgage will be affected and how bankruptcy may help you keep your home in this tumultuous real estate market.

The Oregonian Article

Keep reading Post a comment

Nationally Certified Bankruptcy Attorney

Mon, 12 Nov 2007 22:37:09 GMT

Michael D. O'Brien, partner and manager of the Bankruptcy Practice group at Oliveros & O'Brien, P.C. has been nationally recognized by the American Board of Certification and is now a Board Certified Consumer Bankruptcy Specialist. Mr. O'Brien is one of only four attorneys in Oregon who have achieved this certification. Mr. O'Brien continues to represent individuals and small business owners in Oregon who require bankruptcy solutions. Mr. O'Brien can be reached via e-mail at mike@orbankruptcy.com.

Keep reading Post a comment

Creditors Ignore Bankruptcy - Get Slapped

Thu, 01 Nov 2007 23:02:31 GMT

Very interesting article in Business Week online today. Follow the link below for the full article. In short, creditors don't respect the "fresh start" of a bankruptcy and are finding new ways to collect old debt. With the right bankruptcy attorney these creditors are getting slapped hard!

Business Week Online Story Link

Keep reading Post a comment

Our new website

Tue, 16 Oct 2007 17:05:54 GMT

We are pleased to announce the launching of our new website. In the coming months we will adding exciting new content and functionality to better assist the current and prospective clients of Oliveros & O'Brien PC.

Comments and/or questions can be posted here and we will reply to them as soon as possible. Thank you for your interest!

Keep reading Post a comment