Foreclosures Are Increasing
According to the Wall Street Journal, there are a rising number of troubled mortgages. http://online.wsj.com/article/SB122848957359182795.html?mod=googlenews_wsj
Entries by Scott Lanin
Borrowers Be Careful Of Misleading Rescue And Modification Sites
As I near the close of my second full year of blogging on New York’s foreclosure laws, I thought back to my first post. I discussed the misleading nature of the many foreclosure rescue websites out there. Since my readership has grown, and continues to grow as the country experiences the worst foreclosure crisis in […]
A Win-Win Bankruptcy Reform – Modification Of Mortgages In Chapter 13
Here is an interesting and well-written op-ed piece by US Bankruptcy Judge Rich Leonard who sits in the Eastern District of North Carolina. http://www.washingtonpost.com/wp-dyn/content/article/2008/11/27/AR2008112702051.html
Illegal Loan Modification Schemes?
Apparently, California is now the hotbed for foreclosure rescue and loan modification scams. Clients and new callers tell me often how they were contacted by various scammers, or, worse yet, how they sent money to retain a scammer, only to find out later that calls are not returned and the loan modifcation is not processed. […]
How To Use Loan Modifications To Stop Foreclosure
More and more clients are seeking loan modifications to change their loan payment terms as their ARMs reset or simply because of changed circumstances that make paying their regular mortgage payment too difficult.
Mortgage Aid Programs Flop
So far the government’s attempts to help hundreds of thousands of homeowners avoid foreclosure is having little effect. Read about it here.
Foreclosures Spike 25%
Foreclosures spike 25 per cent year-on-year – Real estate- msnbc.com
New York State Banking Law High Cost Loans Clause May Help Homeowners Turn The Tables On Mortgage Lenders With Predatory Lending Claims
In my 10/22/08 post I discussed the recent case of Lasalle v Shearon and the application of the New York State Banking Law to protect consumers against predatory lending. For those who may want to read the Banking Law on “High Cost Loans” I have copied the entire section here.
A Blueprint For Predatory Lending Claims Under New York Law
Early this year the Richmond County Supreme Court issued an important decision for consumers dealing with foreclosure. LaSalle Bank, N.A. v Shearon, 2008 NY Slip Op 28032 [19 Misc 3d 433] January 28, 2008. The decision is almost a blueprint of the claims that some homeowners can assert for predatory lending where the lender approved […]
Another Predatory Lending Case And It’s A Doozy
It never ceases to amaze me but this latest one is a doozy. My new client has told me his story – and I believe him – about predatory lending. I won’t name names because this is an on-going confidential matter, but here are the facts. Client borrows funds to buy a 3 family investment […]