Fighting Foreclosure on Staten Island
The New York Times is reporting on how the foreclosure crisis affects Staten Island.
Entries by Scott Lanin
NY courts create program to try to save foreclosed homes
The New York Daily News reported that the Courts are launching a program to try to help workout foreclosures. Here is the article. Remember, the mortgage companies will have lawyers in these courts. So should the property owners.
The Mortgage Mess
MSNBC.com has a full report on the Mortgage Mess.
Foreclosures and The Election
The NY Times has an interesting op-ed piece today on foreclosures.
Home Equity Theft Prevention Act Seriously Hurt Homeowners In Foreclosure By Scaring Away Investors – The Law Of Unintended Consequences
In the current foreclosure crisis, I am reminded of this article regarding the Home Equity Theft Prevention Act. I knew the New York Legislature had good intentions but they very badly hurt the people they were trying to protect. Most investors have been hesitant to buy property as part of a foreclosure bailout because of […]
More Foreclosures Than Ever Before
MSNBC.com is reporting that the first quarter of 2008 set a record for the number of foreclosures. Here is the link.
Billions In Home Equity Lines Suspended
The NY Times is reporting that home equity lines of credit are being suspended by major lenders nationwide. This is a continuing trend resulting from lenders’ fears about declining home values. Here is the article.
Resetting Rates and No Equity
I’m getting calls daily from people in foreclosure. They all seem to have similar situations – very little or no equity in their property and adjustable rate loans that are difficult to pay. For almost all, refinancing, even with hard money lenders, does not seem possible. I have been focusing primarly on forbearance agreement and […]
Mortgage and Equity Line Money Harder To Find
For those in foreclosure, one traditional solution has been to find a new lender and refinance – to start all over again with a brand new loan. In today’s market, this has become extremely unlikely. The NY Times has a report on this in tomorrow’s paper: Mortgage Lenders Raise The Bar, 5/18/08 NY Times. To […]
NYC Protesters Demand Freeze On Foreclosures
Here is a youtube video from the The Real News of a December 2007 protest in New York City. If you click on the link, a new window will open with the video. This blog window will still be open after you close out the video page.