One foreclosure solution that some homeowners try is called the sale-leaseback, where they sell the property to an investor and lease it back for a period of time, often with an option to repurchase. This alternative has many ptifalls and is usually only a last resort for someone who cannot qualify for refinancing and for […]
The New York Times is reporting that New Yorkers are having a more difficult time getting new mortgage loans, with stricter document and credit requirements. Read about it here.
South Carolina Bankruptcy Attorney Showell Blades leads a 90-minute seminar on You Tube covering Chapter 7, Chapter 11, and Chapter 13 bankruptcy trends and procedures. [youtube]http://www.youtube.com/watch?v=Af06k4fNFQg[/youtube]
    The NY Times is reporting that the “heads of Fannie Mae and Freddie Mac said Tuesday the mortgage finance giants are developing new types of loans to help distressed borrowers with high-risk mortgages keep their homes at a time of rising foreclosures.” I wouldn’t hold my breath waiting for this if I were a […]
    Chapter 13 bankruptcy. What is it? Basically a repayment plan that consolidates your unsecured debts (like credit cards) and gives you 3 to 5 years to pay them off. Mortgages, however, are not paid in full in Chapter 13. Rather, they are reinstated.  What does this mean? Well, when the mortgagee declares a default […]
I Am Facing Foreclosure.com . An interesting name.  I have seen this website for a while. It comes up when you search foreclosure in Google. At first, I didn’t know what to make of it. Some kid named Casey Serin tried to make millions in real estate investments. He obviously had no clue about what […]
    The Associated Press is reporting that a Civil Rights group is calling for a moratorium on foreclosures because they claim that many subprime lenders made loans to people who really couldn’t afford to make the payments. I don’t expect that there will be any stoppage of foreclosures and would recommend that all clients with mortgage problems take immediate […]
In my March 27, 2007 Part 1 post, I discussed some of the alternatives available to homeowners, including workouts and refinancing. In this Part 2, I will explore other alternatives such as Chapter 13 bankruptcy, litigating in the foreclosure action (i.e., answering the complaint and asserting defenses or counterclaims), and selling your property. Chapter 13 […]
    This is one of the first things I always ask new callers. I need to know if I am dealing with a potential repeat Chapter 13 filing and the whole can of worms that opens up (with unhappy trustees and judges, with restrictions on the automatic stay, etc). What never ceases to amaze me […]
    The New York Court of Appeals (the highest court in the State) recently issued an interesting decision about MERS, an entity that seems to show up in the caption of many clients’ foreclosure actions. Most clients don’t know what MERS is or why it is suing them. Read on – http://www.courts.state.ny.us/reporter/3dseries/2006/2006_09500.htm