The NY Times is reporting that BOA will be forgiving some mortgage debt by invitation only. You can expect that this will not be out of any sense of altruism or generosity. They will assess the markets and determine which properties they absolutely do not want to take back into inventory after a foreclosure sale […]
If you haven’t heard of the woman who turned her bad foreclosure situation into a new career baking apple cakes, here is the story below. They say that the Chinese symbol for crisis also means opportunity. This is a real life example.
Alana Semuels wrote an interesting piece in the LA Times business section about post-foreclosure eviction: “Many borrowers in default stay put as lenders delay evictions.”
The NY Times is reporting about short sales and deeds in lieu: “Another Foreclosure Alternative.” If you would like to discuss your mortgage concerns with me, please call, email or fill out our Free Consult form.
The Associated Press is reporting that an Ohio man apparently bulldozed his home which was in foreclosure. The first thing I thought when I first heard this story being reported on New York radio was that the man made a mistake by letting his anger and frustration get the better of him. He will still […]
The general rule in mortgage and tax lien foreclosure proceedings is that the property owner must unconditionally tender the full amount due during the proceeding (before the sale) to redeem. NYCTL 1999-1 Trust v. 573 Jackson Avenue Realty Corp., 13 N.Y.3d 573, …. N.Y.S.2d …. (Dec. 15, 2009). Of course, this doesn’t alter the possibility […]
MSNBC.com has a timely article on the lack of equity in homes: Report: 1 in 5 U.S. homeowners underwater.
The NY Times reported in September that a Phoenix Bankruptcy Judge summoned a Wells Fargo executive to testify in court about the lender’s loan modification procedures. Since this is an issue that affects many New Yorkers, and since many New Yorkers have mortgage loans with Wells Fargo, I have included the link.
Ilyce Glink has written a very interesting article for CBS moneywatch.com on the use by lenders of Net Present Value calculations in loan modifications. Here is the article. Again, this highlights the need for homeowners to get professional assistance from a local attorney with loan modification or foreclosure and related matters.
Here is a link to some instructional videos on Bankruptcy Law: Bankruptcy Law and Procedure Videos From US Courts These are not a substitute for good legal counsel. A local trustee once commented that he has never seen a pro se debtor (without an attorney) succeed in Chapter 13 bankruptcy because the rules and procedures […]