In-Court Foreclosure Settlement Conferences Are Not Very Useful
The NYLJ has an interesting article on the new foreclosure conference program.
Entries by Scott Lanin
Administration Expands Housing Aid Plan
MSNBC.com is resporting this useful article on loan mods – Administration expands housing aid plan: Incentives for mortgage lenders to lower bills on second mortgages.
When A Loan Modification Is Recommended
For those with ARM loans, high monthly payments, balloon mortgages that cannot be refinanced, or mortgage arrears, loan modification may be an option. When should someone try this?
The Obama Loan Mod Plan: 7 Things to Know
Since I am getting calls every day from clients we are helping with loan modifications, I thought it would be a good idea to link to this Yahoo Finance summary of the government’s program: The Obama Loan Mod Plan: 7 Things to Know. If you are looking for help to lower payments, avoid foreclosure or […]
Loan Mod Companies – Be Careful Who You Trust
Beware of commercials for loan mods that promise the world and have a “specialist” doing all the talking. There is no such thing as a loan modification “specialist” in New York. Ask yourself this:
Feds Are Cracking Down On Mortgage Scams
Good loan modification lawyers spend at least 4 years in college, then 3 more in law school, then pass the bar exam, gain experience for maybe another 20 years or so practicing foreclosure and bankruptcy law and learning litigation skills, and are heavily regulated by their State Bar’s ethical rules. Bad loan modification consultants have […]
Lanin Law P.C. Successful With Mortgage Loan Modification!
I just helped a client obtain a loan modification with Wachovia that will help him save his Brooklyn home. About two months ago, Wachoiva denied our request for a loan modification. Then, about three weeks ago the government came out with a new program to encourage lenders to work with borrowers. I blogged about this […]
Cash Out Refinancing Very Hard To Find
Forget about cashing out. Mortgage loans are hard enough. Many people won’t qualify. Many lenders have closed. The remaining ones want better credit scores and larger down payments. A declining real estate market has decreased the equity in real estate for nearly everyone. Very few are able to refinance, let alone refinance and walk away […]
You Can Modify Or Lien Strip Your Wholly Unsecured Second Mortgage In Chapter 13 Under The Current Law
There is a powerful tool in Chapter 13 that is not widely reported. A second mortgage that is completely unsecured can be stripped in Chapter 13 and, in some cases, paid pennies on the dollar, while the homeowner keeps the home!
You Need 60 Days Of Paystubs Or Proof Of Income In Chapter 13
Here is a good post on the risks that Chapter 13 debtors run if they do not maintain good records and produce copies of their paystubs for the last 60 days: http://www.bankruptcylawnetwork.com/2008/12/23/do-i-really-need-to-file-60-days-of-pay-stubs-when-i-file-bankruptcy/