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Foreclosures falling slightly in Birmingham

In a report by the mortgage researcher RealtyTrac, metro Birmingham seems to be seeing the beginnings of a decline in foreclosure rates.

In the first six months of 2010, there were 4,857 foreclosure filings- equivalent to one in every 104 housing units.  This is a 27 percent increase from the first six months of 2009, but a nine percent decrease from the second half of 2009.  Currently, Birmingham ranks 95th out of 206 metros in the U.S. for its foreclosure rate.

A report by CoreLogic shows that metro Birmingham’s rate of foreclosures among outstanding mortgage loans was 1.37 percent in June 2010.  This is down from 1.40 percent in May and 1.38 percent in June 2009.

If you or someone you know is facing foreclosure, contact the Birmingham foreclosure defense lawyers of Greenway Bankruptcy Law, LLC at (205) 324-4000 to learn more about your rights.

Nexity's Holding Company Files for Bankruptcy

Bloomberg reports that Nexity Financial Corp. has filed for bankruptcy. According to Bloomberg, “The Birmingham, Alabama-based company listed both assets and debt of as much as $50 million today in Chapter 11 documents in U.S. Bankruptcy Court in Wilmington, Delaware.”

On July 15, the company reached an agreement to restructure their debt with 88 percent of the debt holders. The debt is currently valued at $36 million. The Chapter 11 case would be the final chapter in the restructuring of the company’s debt.

According to Bloomberg, September will mark the absence of the company’s quarterly reports to the SEC at two years. Regulators have already issued a cease and desist order for the bank.

Our economy has fallen on hard times, and sometimes it can seem like there is no way out. If your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Lawyer at Greenway Bankruptcy Law, LLC, by dialing (205) 324-4000.

Properties Abandoned by Owners, Now Lenders

The Wall Street Journal reports that, across the country, home values are falling well below the price of the mortgage. Many of these owners are abandoning the properties. According to The Wall Street Journal, “Now, in the case of one defunct mortgage lender, the property values have fallen so low that the bank doesn’t even want them.”

Taylor Bean & Mortgage Company is, “seeking bankruptcy court permission to walk away from 37 properties that borrowers have long since ditched,” according to The Wall Street Journal. The company, which is based on Ocala, Florida, stopped operations last year. They say the taxes on the properties are much higher than their actual values.

The company has properties in Birmingham, Detroit, Chicago, Jackson, Miss., Milwaukee, and St. Louis, writes the The Wall Street Journal.

If you or your business is facing bankruptcy, contact an experienced Birmingham Bankruptcy Attorney at Greenway Bankruptcy Law, LLC,  for help today.

Bankruptcy Filing Rates for Consumers Reach High Point

According to Emmeline Zhao of The Wall Street Journal, “Consumer bankruptcy filings reached their highest point since 2005 in the first half of this year.” In the first sixth months of 2010, there was a 14 percent increase in filings compared to the same time period in the previous year (2009).

Zhao writes that, “This marks the largest number of filings since the Bankruptcy Abuse Prevention and Consumer Protection Act was enacted to curb the increase in filings five years ago.” The American Bankruptcy Institute is also predicting that there will be yet another 1.6 million filings before the year is over.

The state of Nevada has the highest unemployment rate in the country. Not surprisingly, their bankruptcy filing rates were double the national average, 6,800, at 15,000.

Filing rate changes vary between the states. The Wall Street Journal does report that, “While most states are seeing increased filings, some southern states like Tennessee and Alabama have lower filing rates.”

If you or someone you know faces bankruptcy, contact a Birmingham bankruptcy lawyer at Greenway Bankruptcy Law, LLC, by dialing (205) 324-4000.

Bankrupt Funeral Home Sold

Al.com reports that “bankrupt Bessemer Funeral Home will be sold to a new company that has promised to honor all burial contracts, according to testimony at a court hearing Wednesday.”

The company’s old owner, Elizabeth Anne Modder Wallace, formed a new company to buy the old one. Wallace plans to pay $50,ooo, and possibly another $50,000 later for the bankrupt company. This money will go to the bankruptcy estate, which is riddled with expenses.

The promise to honor the pre-paid funeral contracts is one major reason the judge, Tamara Mitchell, allowed the sale. Previously, another company attempted to buy the funeral home but would not guarantee to honor the contracts. The judge refused to allow the sale.

Bankruptcy is a serious and stressful issue to face. If you or someone you know is facing bankruptcy, call an experienced Birmingham bankruptcy lawyer at Greenway Law, L.L.C, by dialing (205) 324-4000.

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Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

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