DTI is a concept that often comes up in the area of loan modification. But it also relevant in the dead world of new mortgage loans. If your income has dropped you would expect it to be harder to get a new mortgage loan at the best rate – and you’d be right. The NY […]
Here is a post I did 3 years ago that may be of interest to homeowners considering Chapter 13. This is an introduction to Chapter 13. One significant change since I did this post is that the Bankruptcy Courts in the Southern and Eastern Districts (covering most of lower NY State) are now also offering […]
Here is an article from bankrate.com that discusses how credit cards can mess up your new mortgage closing.
Here is a NY Daily News article that explains that there may be nasty tax conseqences from debt settlements. This may be a reason for some to explore bankruptcy as an alternative.
Here is an article in the NY Times about the problems with short sales.
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My law firm in Midtown Manhattan assists clients with mortgage defaults. Many people call us for help with loan modifications. Over the past year, my firm has experienced a new problem with the lenders handling these loan mod apps. They frequently state that they are missing documents. Then they take months to review (or ignore) […]
Suffolk County Acting Supreme Court Justice Jeffrey Arlen Spinner has issued some very pro-homeowner rulings that anyone in foreclosure or loan modification may want to read. Here is an article summarizing the decisions.
In the recent decision in Hamilton v. Lanning, the United States Supreme Court decided to use a forward looking approach and upheld the appellate court’s decision that, when a bankruptcy court calculates a debtor’s projected disposable income for purposes of determining the payment plan requirements, the court may account for changes in the debtor’s income […]
If you are a homeowner and have been approached by a non-attorney who asked for a fee in advance of providing some type of loan mod or rescue service, that person or company is conducting an illegal business and you should exercise extreme caution. If they go further and offer guarantees or promises, something that […]