A recent case from Massachusetts may be worth a look for New York attorneys and homeowners. In the case of Commonwealth v. Fremont Inv. & Loan, 452 Mass 733 (2008), the Massachusetts Supreme Court upheld an injunction restricting foreclosure and considered certain factors that would render a mortgage loan presumptively unfair under that state’s laws, […]
Apparently, the real estate market and foreclosure crisis are worse than the statistics would actually indicate according to this cnbc.com story. The implication of this story is that lenders may be more willing to do loan modifications now because they can’t possibly handle more foreclosed properties in their inventory.
CNBC.com is reporting that illegal California loan modification companies are now under investigation. In my view, homeowners should never, never, never hire a California company to attempt a loan modification in New York.
The New York Times has an interesting article on my latest pet peeve – all the rescue scammers that are blatantly and openly violating the laws online. None of this is being done in secret. Just go online and google will take you there. These are the companies that are practicing law without a license […]
It is being reported that the American Bankers Association is opposing the Citigroup deal I blogged about yesterday. Here is the report.
I got this very important email today from the President of NACBA advising that Citigroup is supporting residential mortgage modification bankruptcy legislation. This could be a very good thing for homeowners. Business Week is also reporting this also. Here is the email
There is only one way that a loan modification should be handled – by a local attorney licensed in the state where the real estate is. In the midst of the worst foreclosure crisis in history, there seems to be a subcrisis developing. An entire market of loan mod scammers has risen to the surface.
Today’s NY Times has an interesting article about a key issue facing bankruptcy and loan modification attorneys: who holds their client’s mortgage? This is not always so easily answered as Wells Fargo and its borrower discovered. Wells Fargo now finds itself subject to possible sanctions from a Bankruptcy Judge as a result of the confusion […]
Do pro se debtors ever confirm Chapter 13 plans to save their homes?
The US Bankruptcy Court for the Southern District of New York has adopted a new form Chapter 13 plan for 2009. The plan is very long – almost like a mini-Chapter 11 plan – and it appears that a lot of careful thought was put into it but it is terribly detailed and time-consuming. The […]