Many of today’s Bankruptcy Filings are much different than just 2 years ago.  Many are now strategically being filed to deal with today’s housing collapse, to either save their homes, or walk away without being pursued by junior mortgages.  Indeed, no one is immune.  Recently, Stephen Baldwin filed for bankruptcy protection to save his home, and the number of celebrities caught in the housing crisis continues to rise.  Yet a strategic bankruptcy can also provide incredible relief as well.  To read how a Chapter 7 may eliminate all your debt and provide you with a home free and clear 6 years from now, please click my National Blog Here.

Written by Michael G. Doan

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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 a result in the drop of housing values.   To read more about such clauses and what you can do about them, please click my National Blog Here.

Written by Michael G. Doan

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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 your home and should seek chapter 7 relief instead. Ironically, Bankruptcy Laws are now promoting foreclosure rather than saving homes like they use to.  To read more, please click my National Blog Here.

Written by Michael G. Doan 

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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 chapter 7 discharge. To read more about this amazing result and see if you qualify, please visit my National Blog here.

Written by Michael G. Doan 

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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.  To read more about this “Chapter 20 Lien Stripping Case” please click my National Blog here.

Written by Michael G. Doan 

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On June 15, 2009, new legislation went into effect that could extend the foreclosure process by an additional 90 days.  To see if you qualify, please see my National Blog here.

Written by Michael G. Doan 

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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.  To read more, please click my National Blog here.

Written by Michael G. Doan 

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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 administration has been silent.  Indeed, it was also silent and stopped advocating for bankruptcy legislation in the days leading up to the vote when it appeared likely of not passing.  To read more about the failed legislation, click here. Debtors from here on out will either need to walk from their homes or obtain modification of their loans at their lenders’ discretion.  Alternatively, they might try to sue their lenders, but California Courts have been very hostile to most lawsuits in this regard.

Written by Michael G. Doan 

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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 of trust, many California Courts are simply looking to whether the mechanical framework of 2924 has been complied with, and ignoring the fraud and falsities of the allegations taking place therein.

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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 here.  To read more about 2923.6, please click my National Blog here.

Written by Michael G. Doan 

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If you are filing for bankruptcy protection, it generally never makes any sense to proceed with a short sale on your real estate for at least 5 reason. To read more, please click my National Blog here.

Written by Michael G. Doan 

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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. To read more about this and how it may play out for a typical homeowner in San Diego, please click my National Blog here.

Written by Michael G. Doan 

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While most foreclosures result in the inability to pursue the borrower due to the creation of a non-recourse debt, there are some exceptions and issues that arise. For more information on whether you can be sued for any deficiency, please click my National Blog here. (more…)

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.  To fully understand whether you might be subject to a later lawsuit or tax liability as a result of a foreclosure proceeding in California, pleas click my National Blog here.

Written by Michael G. Doan 

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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 strapped borrowers. House Speaker Nancy Pelosi (D, Calif.) said Thursday the measure was a “very high priority” that could move soon, possible as part of the economic stimulus legislation. More likely, it will be attached to other fast-moving legislation, such as a spending bill.

To read more, follow this Wall Street Journal Link. 

 Written by Michael G. Doan 

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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 of our legislative priorities.  As some of you may already know, the judicial modification of mortgages legislation (S. 61 by Durbin, HR 200 by Conyers et al, and HR 225 by Brad Miller et al.) will NOT be part of the economic recovery package now under consideration in the House and Senate.  My understanding, confirmed by  reporting on the same, is that President Obama in a meeting on Friday specifically asked Democratic leaders not to include it in the package as he seeks to build Republican support for the recovery package.  The good news is that in the same meeting President Obama reaffirmed his support for the legislation and said that the Administration will look for a quick moving vehicle to which the legislation would be attached.  Among other possibilities is the 2009 omnibus appropriations bill, which congressional leaders hope to pass in the short term.  We will keep you posted on new developments in this regard.

In the meantime, the House Judiciary Committee is marking up H.R. 200 at 1 p.m. today.  Chairman Conyers will offer a manager’s amendment at that time that will include language reflecting the agreement reached with Citi.

Written by Michael G. Doan 

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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 form 982.  Technically, sending a 1099 after discharge may also be unlawful and subject the creditor to damages.  In the past, we have sued and recovered against creditors for this very conduct, so if you receive other correspondance (phone calls, bills, etc) in addition to the 1099 after your bankruptcy, let us know immediately, as you may possibly have a case!  For more information on 1099s on debt forgiveness, please click here.

Finally, a word of caution.  If the debt was forgiven and 1099 issued prior to filing bankruptcy, your ability to use IRS form 982 then becomes limited to the ”insolvency” or “principal residence” exceptions on IRS form 982.  So its very important to file your case PRIOR TO FORECLOSURE, CHARGE OFF, etc, so that you can simply claim the bankruptcy exemption under 1(a) of the form, instead of relying on insolvency under 1(b) or principal residence under 1(e).

Written by Michael G. Doan 

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All too often people fail to understand how powerful a chapter 13 is when it comes to saving your home from foreclosure.  To read more on how you can save your home with this powerful chapter of the Bankruptcy Code, please click my National Blog here.

Written by Michael G. Doan 

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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) Principal balance reduced to fair market value of the property; 2) Interest rates reduced to a reasonable rate; and 3) Term of loan spread over up to 40 years. 

SO, HERE’S WHAT YOU CAN DO TO HELP TODAY - contact your Congressperson and tell them that you support S. 61 and HR 200.  Together, we can make a difference!

To read more about this sweeping new legislation which may soon be law, please click here.

Written by Michael G. Doan 

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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, a local federal judge even said recently to our firm, “Counsel, this is an article 9 issue, not an article 3 issue.”  Huh?  YOU CANT GET TO ARTICLE 9 UNTIL YOU FIRST PASS ARTICLE 3!!!!!!

This just goes to show the ignorance of well educated individuals when it comes to the enforceability of foreclosure proceedings under California Law in the wake of the recent global securitization of mortgages.  Perhaps this is why government is failing and has no clue on how to stop the current economic downturn we are all facing.  Perhaps this is why Congress chooses to simply throw trillions of taxpayer dollars towards failing businesses in an attempt to stave off the inevitable financial armageddon.  Perhaps throwing money away is all they know and what they do best, and simply do not understand the balloon effects of securitization and creation of money from nothing.  Regardless, to read more about the basics of California Foreclosure Law, please click my National Blog here.

Written by Michael G. Doan 

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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.  To read more about these requirements, please click my National Blog here.

Written by Michael G. Doan 

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Over the past two weeks, new legislation has been introduced into both the Senate and House which would allow mortgages to be modified on personal residences.  Such new sweeping bankruptcy reform would drastically change current laws which presently only provide for modification of junior mortgages.  To read more about this new legislation, please click my National Blog here.

Written by Michael G. Doan 

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I get this question all the time from clients.  ”I received my discharge 3 months ago and am still getting billing statements from my lender. Why?”

Well, the answer lies in new 11 USC 524(j).  To read more, please click my National Blog here.

Written by Michael G. Doan 

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Countrywide refused to obey a Bankruptcy Court Order and abused clients of Doan Law Firm.  Despite repeated requests by Doan Law to have Countrywide Cease and Desist the unlawful conduct, Countrywide refused. Michael Doan then filed suit against Countrywide and Shawn Doan argued the case.  Judge Meyers awarded over $55,000.00 against Countrywide. Additionally, the Judge ordered an additional $500 per month sanction against Countrywide for compliance.  It will remain to be seen whether Countrywide will comply.  To read more, please click my National Blog here.

Written by Michael G. Doan

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While Doan Law Firm primarily concentrates its practice in Bankruptcy and Personal Injury, we also handle other cases outside of Bankruptcy.  In addition to Criminal law, Lemon Law, Employment law, suing creditors in state and federal courts, etc., we have also began modifying mortgages in light of recent economic conditions, in an attempt to save Californian’s from losing their homes.  Generally, we are selective in the loans we attempt to modify.  Our Mortgage Modification Program is generally available for individuals that have already decided to allow foreclosure and have nothing to lose.  If you absolutely do not want to take any risks on losing your home, this program may not be for you. (more…)

Facing foreclosure?  About to go into default?  Has the value of your house plummeted?  Unfortunately, many Californians are now answering yes to these questions.  Luckily, the California Legislature is well aware of this dilemna and has passed new laws to help homeowners remain in their homes and enter alternative repayment arrangements with their lenders.  To read more about these new laws, please click my national blog here.

Written by Michael G. Doan

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The Local Bankruptcy Court recently confirmed in one its tentative rulings that Orders stripping off wholly unsecured junior liens from residential real estate can take place as early as the confirmation date, and that waiting until discharge or plan completion is not necessary.

To read more about this topic, please click my National Blog here.

Written by Michael G. Doan

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In one of our cases last week, the local Bankruptcy Court ruled that 506 valuation can not take place in a Chapter 13 plan unless it satisfies three things: 1) Clear and Conspicuous Language, 2) Valuation hearing is set, and 3) Service is made on the creditor just like an Adversary Proceeding under Rule 7004.  To read more, please click my National Blog here.

Written by Michael G. Doan

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In our clients’ case, Judge Adler recently ruled that lien stripping may now take place by plan confirmation.  This decision will save debtors thousands of dollars and tons of time!  To read more, please click my National Blog here.

Written by Michael G. Doan

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If so, then you may eventually need to move.  Nevertheless, new laws in California now require that you receive at least 60 days notice prior to any eviction proceedings.  To read more about this new law, please click my national blog here.

Written by Michael G. Doan

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A non-judicial foreclosure will now require an additional step for most foreclosures in the State of California commencing September 6, 2008.  This new requirement, under California Civil Code 2923.5, lengthens the foreclosure process by 30 to 45 days, and may even invalidate many foreclosures unless the lender strictly complies. To read more about it, please click my National Blog here.

Written by Michael G. Doan

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CREDITORS BEWARE:  If you file an unlawful proof of claim against our clients, you will receive an objection and possibly be subject to attorney fees, sanctions, other damages, and a separate lawsuit.  Doan Law Firm simply does not tolerate creditor abuse.  Period.  And whether we get paid for it or not, it does not matter.  Win or Lose, Paid or not Paid, unlawful conduct will be dealt with to the fullest extent of the law, and appealed to higher courts if necessary if justice is not served. (more…)

Click here to read my blog on the amazing effects of chapter 13 under Title 11 in today’s Economy! Written by Michael G. Doan 

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To see if you qualify to remove your second mortgage from your house, answer the following questions:  

1) Is the value of your house less than or equal to the amount you owe on the first mortgage?

2) Is your total secured debt(mortgages and auto liens) less than $1,010,650.00?

3) Is the total of all your other unsecured debt less than $336,900.00?

4) Do you have income?  

If you answered yes to all four, you can remove your second mortgage!  To read more, please click my other blog here. 

Written by Michael G. Doan 

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Dont walk from your house yet!  Did you know that you can reduce and remove some mortgages in Chapter 13?  To read more, please click my other blog here. Written by Michael G. Doan

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Its still a problem.  Lenders trying to foreclosure must prove they have the ability to foreclose.   They must have the rights to foreclose.  But who really is the lender and has these rights? (more…)

In California, its not uncommon to stay in a home for up to a year that is being surrendured in bankruptcy.  Additionally, by employing state law litigation this time period may be extended substantially longer!  For more information, please see my post on the Bankruptcy Law Network.Written by Michael Doan

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Central to the mortgage bailout plan is the refinance of adjustable rate mortgages to fixed rate mortgages.  There is even a plan to nearly double the “conforming” loan limit to help jumbo mortgages refinance.  But before you jump in, make sure you are not making the California Refinance mistake.  (more…)