Warehouse lenders stung by FGMC’s bankruptcy

Housing Wire

Recent pleadings filed in the bankruptcy case of First Guaranty Mortgage Corp. FGMC and its affiliate, Maverick II Holdings LLC , on June 30 filed to reorganize under Chapter 11 bankruptcy protection. Bankruptcy Court for the District of Delaware.

After implosion, FGMC files for bankruptcy

Housing Wire

FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection late Wednesday. . The company said the bankruptcy action has no impact on closed mortgages, which are already serviced by third parties.

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FGMC owes Customers Bank $25M, bankruptcy filing shows

Housing Wire

FGMC) and its holding company, Maverick II Holdings LLC, filed for Chapter 11 bankruptcy protection Thursday, June 30, leaving one of the country’s major warehouse lenders as its largest unsecured creditor, according to court filings. FGMC’s Chapter 11 bankruptcy case is filed with the U.S.

Buying a House After Bankruptcy? How Long to Wait and What to Do

Realtor.com

Minerva Studio/iStock Securing a home loan and buying a house after bankruptcy may sound like an impossible feat. Blame it on all those Monopoly games, but bankruptcy has a very bad rap, painting the filer as someone who should never be loaned money.

Home buying with Chapter 13 bankruptcy: What are your options?

The Mortgage Report

You can qualify for a mortgage with a Chapter 13 bankruptcy in your recent past. About Mortgages FICO & Credit Scores Bankruptcy Housing Mark Cappel Mortgage mortgage rates Real EstateYou could even buy a house while in Chapter 13 in some cases. Here's how.

Buying a House While in Chapter 13 Bankruptcy

Realty Biz

One of the frequently asked questions during today’s booming housing market is can I qualify for a mortgage during Chapter 13 Bankruptcy. Chapter 13 Bankruptcy is a court-approved debt repayment plan where their debts are restructured over a period of three to five years.

Can I buy a house 1 year after Chapter 7 bankruptcy?

The Mortgage Report

Buying a house after Chapter 7 bankruptcy is possible, but most buyers have to wait at least 2 years after the bankruptcy is discharged to get a home loan.

Will Bankruptcy Give You A Fresh Start?

I Am 1 Percent

The post Will Bankruptcy Give You A Fresh Start? Do your bills keep piling up and your income just can’t keep up? Do you have a huge debt load that dwarfs your income? Have you gotten laid off and have tons of debt? If you answered yes to any. Read more.

Brooklyn Roasting Company Returns After Bankruptcy Filing and Cafe Closings

Brownstoner

Latte-loving Brooklynites looking for local caffeine will soon have more options, as the Brooklyn Roasting Company is back from bankruptcy and better than ever, said the head black bean brewer. “We

Despite Recent Progress, Bankruptcy Threatens Long-Anticipated Nassau Brewery Restoration

Brownstoner

The long-anticipated restoration and adaptation of the historic Nassau Brewery at 945 Bergen Street could be scrapped by a bankruptcy sale just as it inches toward completion.

Dumbo Cafe Closes as Brooklyn Roasting Company Files For Bankruptcy

Brownstoner

Brooklyn’s namesake roasting company is another casualty of the coronavirus pandemic after filing for Chapter 11 bankruptcy protection on October 21.

Key Tips to Rally Back from COVID-19 Bankruptcy in 2020

C4D Crew

Previously successful people have had to declare bankruptcy, and gotten bankruptcy loans, recently because of COVID-19. Cheese to name a few have had to invoke bankruptcy protection with bankruptcy loans. . Bankruptcy Code. No Scarlet Letter for Bankruptcy Loans.

Mr. Cooper, U.S. Bank and PNC Bank settle DOJ servicing case

Housing Wire

In all, the Justice Department said the three lenders didn’t comply with federal bankruptcy procedures, which affected a total of 76,000 accounts beginning in 2011.

Banks 317

Daily Links: Stalled Hotel Tower Site Next to Weylin in ‘Burg to Be Auctioned in Bankruptcy Sale

Brownstoner

The City] First Responders Ready to Work as Lifeguards, But City Says No [The City] BPL Honors Jon Batiste, Other Notables… Read More > The post Daily Links: Stalled Hotel Tower Site Next to Weylin in ‘Burg to Be Auctioned in Bankruptcy Sale appeared first on Brownstoner.

7 Facts Realtors Need to Know about Divorce, Bankruptcy and Selling or Buying Real Property

Agent Fire

Take a look at 7 facts about divorce and bankruptcy you need to know. 7 Facts Realtors Need to Know about Divorce, Bankruptcy and Selling or Buying Real Property is just one of many great real estate strategies on The Spark

Daily Links: Alamo Drafthouse Files for Bankruptcy, Fate of Downtown Brooklyn Theater Unclear

Brownstoner

Dumbo Cafe Closes as Brooklyn Roasting Company Files for Bankruptcy (Updated)

Brownstoner

Brooklyn’s namesake roasting company filed for Chapter 11 bankruptcy on October 21, but its founder said the company is only adjusting its operations and has no plans to go anywhere. “In

How can a Past Bankruptcy Affect Your Ability to get Preapproved for a Home Loan?

RIS Media

If you have declared bankruptcy in the past, that can complicate things, but you may still be able to get preapproved. How Can a Bankruptcy Affect Your Credit? The type of bankruptcy filing will determine its effect on your credit.

Daily Links: Clothing Retailer Century 21 Files for Bankruptcy, Will Close Stores in Brooklyn

Brownstoner

5 Ways First-Time Homebuyers Ruin Their Credit Score—and Their Odds of Buying a House

Realtor.com

Some of the items that stay on your credit report for years include the following: Bankruptcy: seven to 10 years. Finance bad credit bankruptcy credit credit repair credit score debt-to-income ratio first-time home buyer loans

Canadian Business Insolvencies See The Biggest Increase In 36 Years, Off Lows: CAIRP

Better Dwelling

According to Office of the Superintendent of Bankruptcy (OSB) data, business insolvencies remain lower than pre-pandemic levels. Canada CAIRP Canadian Bankruptcies Canadian Economy Canadian Real Estate Prices

Redfin to acquire RentPath for its apartment listings

Realty Biz

Redfin said it will pay $608 million in cash to acquire RentPath, which filed for bankruptcy in February 2020. RentPath has remained in business while its bankruptcy proceedings are still ongoing, and the company’s owners have been searching far and wide for a solution during this time.

Manhattan Crisis: What Does Our Housing Past Tell Us About Our Housing Future?

Miller Samuel

Manhattan New York Times Charts, Maps, Images, Infographics, Video Distressed Housing Historical, Landmark, Milestone Weather & Natural Disasters 9/11 financial crisis Lehman Brothers Bankruptcy NYT Real Estate Michael Kolomatsky

The One Foreclosure

BubbleInfo

The mega-mansion known as “The One” sold Thursday for $126 million at a bankruptcy auction. Even if this 12% ‘auction premium’ (commission) gets cut in half, every home seller and agent should take note of the commission structure at auctions – paid by the buyer!

Americans’ mortgage debt looks great again

Housing Wire

As you can see below, when you lend to the capacity to own the debt, you should never see a rise in foreclosures or bankruptcies unless a job loss recession happens on a massive scale.

Successful Auctions

BubbleInfo

million for the Hearst estate in Beverly Hills, winning the prized property in a bankruptcy auction that was more competitive than some expected.

Canadian Businesses Are Going Broke At An Unusually Fast Rate Due To Inflation

Better Dwelling

Data from the Office of the Superintendent of Bankruptcy Canada (OSB) shows business insolvencies jumped in Q1 2022. Canadian business insolvencies are back after being quiet over the past few years.

Toronto and Vancouver Insolvencies Make The Biggest Jump In Years

Better Dwelling

Office of the Superintendent of Bankruptcy Canada (OSB) filings show a huge jump in March. Insolvencies, both bankruptcies, and consumer proposals, hit the highest level since the pandemic. Toronto and Vancouver are both seeing an unusual surge of insolvency filings.

New American Funding eliminates hundreds of jobs

Housing Wire

New American Funding has laid off hundreds of employees across multiple rounds of workforce reductions this year, multiple former employees told HousingWire.

Ontario Consumer Insolvencies Jump Higher With The Lion’s Share In Toronto

Better Dwelling

Office of the Superintendent of Bankruptcy Canada (OSB) data shows a sharp uptick for consumer insolvencies in Q2 2022. Canada’s debt problem hit the pause button on consequences for the past couple years, but it’s back.

Ex-workers sue Sprout Mortgage over unpaid salaries

Housing Wire

FGMC) and its affiliate Maverick II Holdings filed for Chapter 11 bankruptcy protection in late June after suddenly cutting hundreds of jobs. Just two days after it abruptly shut down its operations, non-QM lender Sprout Mortgage became the target of a class-action-seeking lawsuit.

HUD OIG warns of COVID-19 fraud schemes

Housing Wire

In one of the bulletins, the watchdog listed seven potential schemes that a borrower in financial distress could fall victim to, including a fake government modification scheme, rent-to-own scheme, and foreclosure and bankruptcy schemes.

Foreclosure Sale of Bay Ridge Building Paused After Alleged Landlord Fraud

Brownstoner

bankruptcy claim has temporarily paused a foreclosure sale that would put dozens of occupants of a Bay Ridge apartment building at risk of eviction after their landlord allegedly defrauded them out of hundreds of thousands of dollars.

Ask Brian: Should I Make a Mortgage Loan to My Boyfriend?

Realty Biz

Another serious problem is that he cannot get the loan renewed with his current lender because he has filed preliminary bankruptcy paperwork. Number 1 is the bankruptcy paperwork. Personally, I would talk with a bankruptcy attorney that is not representing James.

How A Credit Card Can Help You Become A 1 %er

I Am 1 Percent

Most people have heard horror stories about how credit cards lead many people into serious debt, that can take years to get out of, or lead even lead you into bankruptcy. However, there are two sides to every story and. Read more. The post How A Credit Card Can Help You Become A 1 %er appeared first on I Am 1 Percent. Credit Cards rewards