The NY Times is reporting today that the FHA Secure Program has helped very few people solve foreclosure because of the eligibility requirements. Here is the link to the article. I’ve blogged about this in the past. Most of the talk about foreclosure assistance from the Federal Government is just window dressing intended to give […]
Congress decided in 2005 to revise the Bankruptcy Law and make credit counseling a requirement. In my nearly 20 years of working in the legal field, I have never seen nor heard of a single case of any person who has ever saved their home because of a credit counselor. While untrained counselors who work […]
There is an on-going debate about who is to blame for the current mortgage foreclosure crisis. The NY Times has just reported on the issue, stating that a lot of the blame is being placed on mortgage brokers. Mortgage brokers, in turn, say that lenders’ loose lending requirements in 2005 is responsible. From what I […]
Foreclosure filings are up more than 57% from a year ago and it is expected that many people will continue to face trouble as adjustable rates re-set. I have clients calling me daily who say that their payments have increased to the point where they cannot afford their own house. Some payments have doubled. The […]
It’s hard enough now to get a new home equity credit line. Lenders have restricted their underwriting guidelines, subprime lenders have closed, and real estate values have declined. But surprise, surprise, even those who already have an equity line may find that is has suddently disappeared. The NY Times is reporting that major lenders are […]
Here are what I’d consider to be the four main reasons why someone might file Chapter 13 bankruptcy instead of Chapter 7: 1. You need a repayment plan to reinstate mortgage arrears. 2. You have non-exempt assets that would be liquidated (sold) by a Chapter 7 trustee. 3. You don’t qualify for Chapter 7 under […]
I just received this email from the President of the National Association of Consumer Bankruptcy Attorneys. Although modification of home mortgages in Chapter 13 is still prohibited, those who need an extra 3 to 5 years to reinstate their mortgage (catch up on arrears) with monthly payments should still consider Chapter 13 as a very […]
Yesterday, a nice client was supposed to come in and meet with me. He had contacted me over one year ago for help in trying to refinance his home in the Bronx. At that point, he didn’t qualify for financing and mortgage brokers were unable to help him. We discussed his other alternatives and I […]
MSNBC.com is reporting that the White House mortgage relief plan will fall short of being helpful. No surprise there. The administration’s approach is being debated and is unlikely to help solve the immediate mortgage foreclosure crisis. Here’s the story . . .
It’s being reported that the Congress is still hotly contesting the suggested new Bankruptcy Law that would allow borrowers to modify interest rates and terms on residential mortgages. Chapter 13 bankruptcy presently allows homeowners to reinstate their loans with monthly plan payments made to a trustee, effectively curing a loan default over a 3 to […]