Where Has All The Disposable Income Gone?

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People always say that I must be soooo busy with Chapter 13 filings. But, it’s not the case. More and more, it seems that new callers don’t have sufficient income to keep their homes, even with the extra 3 to 5 years catch-up time that they can get with Chapter 13. Read more

Rescue Plan For Fannie And Freddie

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Will the government take over Freddie Mac and Fannie Mae? Here’s the latest.

Foreclosures Reach New Highs

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Bloomberg News has an interesting post on the recent stats.

The Aftermath of 2005 – The Wild West Of Mortgage Lending

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More and more, I am receiving calls from people who have marginal budgets but somehow managed to buy more than one property in 2005. Sometimes they have an ARM, an 80/20, and a non-paying tenant. Some exceed the Chapter 13 secured debt limits which are set too low for the New York region’s higher valued properties. Refinancing is unlikely: most have no equity and their LTV is way too high. Chapter 13’s with the surrender of property is becoming more common. Some have predatory lending claims that may be worth pursuing. Read more

Your Equity Line May Not Be There When You Need It

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According to MSNBC, Morgan Stanley is freezing equity lines. Here’s the link.

Don’t Expect The New Foreclosure Law To Save Your Home

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There’s a new law in NY for those watching the current foreclosure crisis. Will it actually help? I have not read the law yet, but I have read the Governor’s press release summarizing the key points. For those already facing mortgage foreclosure, the law appears to me to take a very conservative and limited approach. Read more