Your Equity Line May Not Be There When You Need It
According to MSNBC, Morgan Stanley is freezing equity lines. Here’s the link.
Entries by Scott Lanin
Don’t Expect The New Foreclosure Law To Save Your Home
There’s a new law in NY for those watching the current foreclosure crisis. Will it actually help? I have not read the law yet, but I have read the Governor’s press release summarizing the key points. For those already facing mortgage foreclosure, the law appears to me to take a very conservative and limited approach.
Government Report Confirms That Bankruptcy Reform Cost The US Trustee Program An Extra $72 Million So Far
The 2005 reforms to Bankruptcy Law were right out of George Orwell’s 1984.
Hardship Letters And Adjustable Rates
Many clients have adjustable rates that are about to reset. Many cannot afford the new higher payment. I have found that some lenders are willing to renegotiate these loans to a fixed rate. Sometimes a hardship letter is helpful, explaining the circumstances. It is usually best to have an experienced attorney assist with this. Lender’s […]
Two Other Alternatives To Foreclosure
I have blogged on this before but it’s worth repeating. Since most people won’t qualify for assistance under any new federal legislation, homeowners may want to consider short sales and deeds in lieu transactions. Neither will save your house but they could help you avoid a painful foreclosure process. In a short sale, you sell […]
Debt Collectors’ Tactics
Newseek has an interesting article on the tactics used by debt collectors.
New Rule Requires Additional Appraisals Before Mortgages Are Transferred
Another good idea gone awry? The NY times is reporting that NY Attorney General Cuomo has made an arrangement that will require additional appraisals before mortgages are transferred to investors. Intended to protect homeowners, this could end up costing borrowers more. Someone will be paying for the additional appraisals. Here is the article I have […]
Will A New Law Make It Even Harder To Get Loans? Mortgage Brokers May Have Greater Liability
The NY Times is reporting that a new law about to be approved in New York State may put a greater burden on mortgage brokers to make sure that borrowers can afford to repay new loans. Here is the story.
Countrywide Mortgage Sued For Deceptive Mortgage Practices
Countrywide Mortgage has been sued by several statees for deceptive lending practices.
Repairing Credit
Here is a NY Times article on repairing credit that may be of interest to those in foreclosure.