Forbearance Alternatives

The NY Times has an article in tomorrow’s paper about forbearance agreements. I have helped clients with these for many years. Here’s the article.

Home Affordable Mortgage Program (HAMP) – Postponing The Sale

If your mortgage loan is scheduled for foreclosure soon, what should you do? Under HAMP, many servicers have made a commitment to postpone foreclosure sales on all mortgages that meet the minimum eligibility criteria for a Home Affordable Modification until those loans can be fully evaluated. If you are approaching a sale date and want to try to modify a New York loan, you may want to call our office for legal assistance in preparing and submitting a loan mod request and trying to obtain a postponement of the foreclosure sale. You may also want to review your other options such as Chapter 13 bankruptcy which can automatically stay (stop) the sale, even if the lender does not agree.

Hyde Park Seminar – Bankruptcy Judges Discussed Loan Modification and Foreclosure Crisis

On 9/11/09, I attended the annual bankrutpcy seminar at the FDR Library in Hyde Park New York. A panel of local Bankruptcy Judges discussed many issues that affect my firm’s clients, including loan modification, foreclosure and Chapter 13 bankruptcy. All of these are topics I have written about many times before – readers may want to use the Find It function to search this blog for prior posts.

Bankruptcy Judges Drain (SDNY – Westchester), Glenn (SDNY – Manhattan), Morris (SDNY – Poughkeepsie) and Cygonowski (formerly EDNY – Central Islip) all spoke. Read more

Brooklyn Judge Rejects Foreclosures

The NY Times has an interesting article on Justice Schack who has a reputation for requiring lenders to submit legitimate proof in foreclosure actions. He has tossed out 46 of the 102 foreclosure motions that have come before him in the last two years. Here is the article.

Mortgages Underwater

Its interesting that the NY Times has an article on mortgage debts being underwater just one day after I posted my article on lien stripping in Chapter 13 cases. Here is the NY Times post.