Loan Mod Companies – Be Careful Who You Trust

Beware of commercials for loan mods that promise the world and have a “specialist” doing all the talking. There is no such thing as a loan modification “specialist” in New York.

Ask yourself this: Read more

Feds Are Cracking Down On Mortgage Scams

Good loan modification lawyers spend at least 4 years in college, then 3 more in law school, then pass the bar exam, gain experience for maybe another 20 years or so practicing foreclosure and bankruptcy law and learning litigation skills, and are heavily regulated by their State Bar’s ethical rules. Bad loan modification consultants have a nice web page.

Why on earth would anyone trust their home to a “loan modification consultant?” There isn’t even such a thing in New York. And anyone who calls themselves a “loan modification consultant” in New York is breaking several laws. I’ve blogged on this before. Read more

Lanin Law P.C. Successful With Mortgage Loan Modification!

I just helped a client obtain a loan modification with Wachovia that will help him save his Brooklyn home. About two months ago, Wachoiva denied our request for a loan modification. Then, about three weeks ago the government came out with a new program to encourage lenders to work with borrowers. I blogged about this on March 7, 2009. After that, Wachovia had a change of heart and just agreed to an excellent loan mod. Now, is the optimal time for borrowers and homeowners to call my office for help with a loan modification. Don’t make the mistake of trying this without legal help.

Here is what we were able to achieve with Wachovia: Read more

Cash Out Refinancing Very Hard To Find

Forget about cashing out. Mortgage loans are hard enough. Many people won’t qualify. Many lenders have closed. The remaining ones want better credit scores and larger down payments. A declining real estate market has decreased the equity in real estate for nearly everyone. Very few are able to refinance, let alone refinance and walk away with cash. Here is the NY Times take on this recent trend. Read more

You Can Modify Or Lien Strip Your Wholly Unsecured Second Mortgage In Chapter 13 Under The Current Law

There is a powerful tool in Chapter 13 that is not widely reported. A second mortgage that is completely unsecured can be stripped in Chapter 13 and, in some cases, paid pennies on the dollar, while the homeowner keeps the home! Read more

You Need 60 Days Of Paystubs Or Proof Of Income In Chapter 13

Here is a good post on the risks that Chapter 13 debtors run if they do not maintain good records and produce copies of their paystubs for the last 60 days:

http://www.bankruptcylawnetwork.com/2008/12/23/do-i-really-need-to-file-60-days-of-pay-stubs-when-i-file-bankruptcy/