Loan modification in California can be an unusual and tricky process. A California loan modification really works no differently than loan modification anywhere else, but California borrowers tend to have unique challenges including: larger loan amounts, second mortgages, other properties and greater amounts of other debt. Loan Modification California Issue 1: Larger Loan Amounts California homeowners are concentrated largely in its many urban centers including San Diego, Orange County, Los Angeles, San Jose, Oakland, San Francisco and Sacramento. Most states have one or two large urban areas or cities, California consists of many of these running together with home prices within [...]

You may have been one of those to receive an “offer letter” to settle your second mortgage recently.  These typically go out to homeowners when they are substantially behind on payments (over 6 months).  Alternatively, you may just be curious to know if your second mortgage can be settled for a lump sum, as so many have been recently. Why Do Lenders Settle Second Mortgages? For most homeowners, their second mortgage is not attached to any real equity.  This common situation results when the value of the property has declined in value.  The common scenario is that the home value [...]

Falling behind on your payments or having a delinquent account can be a very stressful situation for most people. The majority of people want to pay their bills on time, pay their credit cards off, and maintain a good credit score. However, sometimes things that are out of our control leave us financially unable to make our payments. The loss of a job, or a medical emergency might be the reasons behind your late or absent payments, but the debt collectors don’t care about what your reasons are. All the creditors want to know is when you will be making [...]

The Grubb & Ellis Company, one of the nation’s largest commercial real estate services firms, has filed for bankruptcy protection as part of a deal to sell the majority of its assets to commercial real estate services company Newmark Knight Frank’s parent company, who happens to be their rival. Grubb & Ellis has experienced operating losses for the past several years, and they have been negatively affected by the real estate downturn. As part of Grubb & Ellis’ Chapter 11 bankruptcy process, the proposed sale to BGC Partners Inc. will require approval by the bankruptcy court. “We are pleased to [...]

The Fuller Brush Company has filed for bankruptcy protection. This filing comes as a bit of a surprise to many, coming just two months after the company had “completely rebooted itself.” The Fuller Brush company salesmen made a name for themselves by popularizing door-to-door selling of personal care, and household cleaning products. In 1906, 21-year-old entrepreneur Alfred C. Fuller, established The Fuller Brush Company, and set out to make, “the best products of their kind in the world.” Fuller followed three basic rules that he felt would ensure success: make it work, make it last, and guarantee it no matter [...]

Actor and reality show star Gary Busey has filed for Chapter 7 bankruptcy in California. Aside from listing more than $500,000 in estimated personal debts, and a dozen creditors Busey’s bankruptcy filing leaves few details. Gary is known for his roles in movies such as; “Point Break” and “Lethal Weapon,” but in recent years he has appeared on several reality shows including “Celebrity Apprentice” and “Celebrity Wife Swap.” Although Busey did not state the specific reason for his bankruptcy filing, the 67-year-old is said to have less than $50,000 in assets. Busey’s manager Ron Sampson wrote in a statement that [...]

Big Boy Restaurant Chain Possibly the most well known restaurant chain on our list is Big Boy restaurants. The chain is famous for the double-decker hamburgers they specialize in, and the little boy on their logo. The owner of the chain, the Elias Bros. Corp., filed for bankruptcy after experiencing financial difficulties, and money issues with their expansions. The company closed 43 restaurants just a month before their bankruptcy filing. From 2001, to 2010 the number of Big Boy locations dropped from to 405 to 141. Change in sales (2001-2010): -68.6% Sales 2001: $580 million Sales 2010: $182.25 million Change [...]

In the past decade, many of America’s most loved restaurant chains have closed. There is a saying that states that in the restaurant business you always have customers, because people need to eat. However, with the poor economical climate a lot of restaurant chains in America, are filing for bankruptcy, and closing many of their locations. In this 2 part blog post, we’ll look at the top 10 restaurant chains in the United States that have experienced the greatest decline in sales from 2001 to 2010. Sadly, the sales of each restaurant chain we discuss have fallen 60% or more [...]

Hostess Brands, the manufacturer of tasty treats, such as Twinkies, Wonderbread, Ding Dongs, Ho hos, Sno Balls, and more has filed for Chapter 11 bankruptcy protection in the Southern District of New York. Old-fashioned union agreements, legacy obligations, and work rules, have been listed as the main culprits responsible for the Texas company’s bankruptcy filing. Unionized workers make up 83% of their 19,000 workers. Some experts expect the unionized workers collective bargaining agreements to be the first to be dismissed in their bankruptcy proceedings. The new health conscious society has also been blamed for Hostess’ decline. Hostess came out of [...]

The Rochester, N.Y.-based company, Eastman Kodak Co. filed for Chapter 11 bankruptcy on Thursday. The company is known for being a pioneer in film and camera development. The 132-year-old company’s bankruptcy filing will effect hundreds of local Kodak employees, contractors, suppliers and retirees. Their Chapter 11 bankruptcy filing, will offer the company protection from their creditors as they move forward with a plan to reorganize their debts, and hopefully improve their financial future. Kodak has obtained $950 million in funding from Citigroup to continue operations during the reorganization. Kodak considers their commercial inkjet printer development the key to the company’s  [...]