The new law that I have written about in earlier posts is continuing to make life miserable for NY homeowners in foreclosure. I have personally seen investors run scared and leave homeowners in a lurch. Many people want to sell their properties to end a foreclosure and potential buyers are terrified of the 2 year […]
Here is an announcement I received as a member of the National Association of Consumer Bankruptcy Attorneys regarding the easing of US Trustee audit document requirements in bankruptcy cases:
High-risk loans are tough to find Tuesday, May 8, 2007 By JANET FRANKSTON LORIN ASSOCIATED PRESS With a second child on the way, Chris Shields and his wife, Michelle, wanted to move from their two-bedroom apartment in Southern California to a house with more space. But because their timing coincided with this year’s shakeout in […]
The Associated Press is reporting on the on-going problem that the Bankruptcy Reform Act presents to those with financial trouble. In my practice, I have seen a decline in bankruptcy filings since the peak in 2005, however, most of the people affected by this were the potential Chapter 7 filers – often those with no […]
Here is a good adobe pdf handout from the New York State Banking Dept. that explains the new Home Equity Theft Prevention Law. I addressed some of the problems with this new law in my last post “The New Home Equity Theft Prevention Law Hurts Those It Was Intended To Protect.”. If you have any […]
The NY Times is reporting the State’s new law – – which is designed to prevent the theft of equity by scammers who prey on desperate homeowners in foreclosure – – is actually hurting homeowners in foreclosure. I have already seen this in action in my practice. Many homeowners in foreclosure decide to sell their […]
Here is a short primer on the steps in the foreclosure process in NewYork. Our state is a judicial foreclosures state, meaning that the lender sues you in court to foreclose. Usually, the suit is in the Supreme Court for the County where the property is located, but it can sometimes be in Federal Court […]
For those clients facing an imminent foreclosure sale date, they must act fast to avoid losing their property forever. I get calls from frantic clients about this daily. Some I can help. Some not. It depends on several factors, including the value of the property, the payoff amount for the mortgage loan, income and expenses, […]
MSNBC is reporting that the FBI arrested nine people who had a scheme in Queens to use fake identities to get bank loans through New Generation Funding, a mortgage broker. The moral of the story for the worried homeowner is to choose your mortgage broker carefully. They are not all the same. Here is the […]
MSNBC.com is reporting that bankruptcies fell drastically in 2006. This is not surprising. It was clearly a result of the new laws that made Chapter 7 more difficult. For the homeowner in foreclosure, this has little relevance since Chapter 7 was (and is) typically filed by someone with few or no assets, often a renter […]