NY Times Reports That ARMs Are Still Popular Despite Being At Heart Of Mortgage Crisis
The NY Times has an interesting article on ARMs today . . .
Entries by Scott Lanin
Mortgage Principal Reductions Unlikely
It is being reported today that the Federal Reserve Chairman is calling on lenders to help homeowners facing foreclosure by having them agree to more favorable loan modifications, including reductions in principal. While lenders have sometimes agreed to rate modifications or to revised payment terms, reductions in principal are very rare. I would not expect […]
The Chapter 13 Wave Is Coming – Choose The Right Lawyer To Save Your Home
I suspect that there are going to be more Chapter 13 bankruptcy filings soon. This posting explains why and what you can do if you are considering Chapter 13 as a way to save your property or resolve debt problems
Senate Considers New Foreclosure Bill
As a member of NACBA (National Association of Consumer Bankruptcy Attorneys), I just received an interesting email concerning the attempts in Congress to deal with the foreclosure crisis. The main issue is whether modification of residential mortgages will be permitted under Chapter 13 of the Bankruptcy Code.
More Window Dressing: New Project Lifeline Initiative Will Help Very Few
A new government initiative called Project Lifeline was announced this week. It is supposed to put foreclosures on hold for 30 days while lenders look for ways to make the mortgages more affordable. For most people this will be a useless program that will only create false hopes. There are several reasons why.
Home Foreclosure and Debt Cancellation
The IRS has an informational page on the new debt forgiveness relief law. For those interested in short sales, it makes sense to read this and discuss it with your accountant.
Foreclosures At All Time High
Recent reports say that mortgage foreclosure rates were at an all time high last year, mostly due to subprime adjustable rate mortgages. No surprise there. I am seeing this every day “in the trenches.” Many of the callers to my firm are homeowners who bought a property around 2005 or 2006 with 100% or close […]
When Banks Mess Up Accounting Make A Qualified Written Request
As the mortgage foreclosure mess grows, banks are complaining that they cannot properly comply with accounting rules on modified loans because they never developed systems to deal with so many restructurings. Some attorneys may be able to take advantage of lender’s mistakes and convince courts to block foreclosures. One strategy is to start with a […]
Help For The Property Owner After The Mortgage Default – Steps To Take Before You Meet With A Lawyer
If you have defaulted on your mortgage, time is not your friend. Each month that passes puts you deeper in the hole, with accumulating arrears and late charges. Meanwhile, the bank’s lawyers are running up a bill that will be added to your principal balance. You need to stop this soon to give yourself the […]
Vanishing Subprime Lenders
I have read that more than 210 subprime lenders have closed shop since 2006. For the homeowner in foreclosure this means that refinancing options are very limited. Conventional lenders will usually not refinance a foreclosure “bailout.” Historically, subprime lenders have been the ones to take these riskier loans. There are still hard money private lenders […]