It is being reported that a Suffolk County Judge has sanctioned One West Bank and wiped out its mortgage on an East Patchogue property. Here is the NY Post’s story. The mortgage lender states that it will appeal the decision. I’d be very surprised if the Appellate Division allows this decision to stand.
Mortgage Delinquencies Hit Record High, MSNBC reports
MSNBC.com is reporting on the delays people encounter when they try to get a loan modification for their home mortgage. The lenders are overwhelmed and understaffed. My firm has routinely experienced lenders
I appeared before US Bankruptcy Judge Glenn this week in New York’s Southern District at the confirmation hearing of a Chapter 13 plan. The plan was confirmed (approved). It provided for at least 9% to be paid to unsecured creditors over 36 months, which was more than they would have received in a “hypothetical chapter […]
It looks like hard money lending is alive and well and has gone mainstream. Here is an article in this weekend’s Parade Magazine: “More Americans Bypass Banks.”
The NY Times has an interesting article about homeowners abandoning their mortgages. My firm has encountered this more and more recently. Many homeowners do not realize that they actually can turn their bad situation into a good one.
Here’s an article by MSNBC.com on the “double bubble” and commercial real estate problems that lie ahead. For individuals who own commercial property through corporate entities, I recommend going back to review your loan agreements to see if you signed a guaranty of any business debt tied to commercial property.
Here is the link to part 2 to yesterday’s post, as reported by MSNBC.com: 41 People Charged in Mortgage Rip-Offs – Part 2
Federal authorities have charged 41 people in a mortgage fraud involving tens of millions of dollars across New York state . . .
MSNBC.com is reporting that foreclosures are up.