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Why File Chapter 7 to Delay an Inevitable Foreclosure?

Chapter 7 New York bankruptcy is often offered as an option for stopping a foreclosure. However, debtors should ask why it’s worth the trouble if they think they will lose their homes anyway. It’s a fair point: Debtors who are behind on their mortgages might not keep their homes in chapter 7. Ultimately, the answer . . . → Read More: Why File Chapter 7 to Delay an Inevitable Foreclosure?

Study: Unemployment Bigger Cause of Mortgage Default Than Previously Thought

Many mortgage lenders probably believe that homeowners default on their mortgages because they have negative equity, i.e. they’re underwater. In other words, these homeowners can afford to repay their mortgages but simply choose not to, and there’s a surprising amount of academic literature to that effect. Why “strategic default” is a bad idea for debtors . . . → Read More: Study: Unemployment Bigger Cause of Mortgage Default Than Previously Thought

What Is a Mortgage Forbearance Agreement?

Now that it’s 2017, the federal government’s Home Affordable Modification Program (HAMP) has expired. Maybe that’s a bad thing for struggling homeowners, but investigative reporting found that HAMP was a dismal failure. It rejected millions of applications, and only several hundred thousand made it past that stage. Thus homeowners might want to know about other . . . → Read More: What Is a Mortgage Forbearance Agreement?

Mortgage Modifications Can Stymie Chapter 7 Bankruptcies Too

I recently explained why a mortgage modification might be an inferior choice to a chapter 13 bankruptcy. As it turns out, mortgage modifications can stymie a chapter 7 New York bankruptcy as well. Why? Two reasons: the means test and exemptions.

I’ve discussed the chapter 7 means test in detail before, but debtors whose household . . . → Read More: Mortgage Modifications Can Stymie Chapter 7 Bankruptcies Too

A Mortgage Modification Can Stymie a Chapter 13 Bankruptcy

Negotiating a mortgage modification is an alternative to New York bankruptcy that frequently pops up, even though the Home Affordable Mortgage Program was not so successful. Nevertheless, modifications are perfectly reasonable. Debtor-homeowners can reduce their interest rates and monthly payments to align their mortgage costs with their incomes, particularly when they’ve lost substantial equity in . . . → Read More: A Mortgage Modification Can Stymie a Chapter 13 Bankruptcy

What Is New York Bankruptcy Loss Mitigation?

“Loss Mitigation” sounds like an intimidating term, but it’s really just a mechanism within New York bankruptcy to help parties resolve foreclosure issues to debtors’ and creditors’ benefits. That is, its objective is to keep debtors’ principal residences out of foreclosure or reduce needless costs to creditors. It involves negotiations between the parties, possibly including . . . → Read More: What Is New York Bankruptcy Loss Mitigation?

Co-ops in Foreclosure and New York Bankruptcy

I recently wrote about what happens to condo or homeowners fees in New York bankruptcy, but I left out the prominent alternative, non-renting urban residence: co-ops. That wasn’t an accident; the reason is co-op maintenance fees are paid before mortgage payments, so a debtor would default on a mortgage before co-op fees. The result is . . . → Read More: Co-ops in Foreclosure and New York Bankruptcy

Home Affordable Modification Program a Dismal Failure

Last year I wrote an article about how to spot loan modification scams. Some credit rehabilitation companies were offering to help people sign up for loan modifications, specifically through the Home Affordable Modification Program (HAMP). Like most scams, the telltale whiff of wrongdoing was that the companies were asking for upfront fees before they did . . . → Read More: Home Affordable Modification Program a Dismal Failure

How Do Loan Modification Scams Work?

Most of the time, people in debt are warned about debt settlement or credit rehabilitation scams, both of which can cost force them to file New York bankruptcy. However, there are many other ways con artists try to get honest people, one of which is especially troublesome since the housing bubble burst several . . . → Read More: How Do Loan Modification Scams Work?

Chapter 13 Bankruptcy the Best Option for Keeping Your Home

When New York homeowners fall on hard times, and there’s some evidence that the market might go south again in the near future, they have a few options to handle the situation and keep their homes. They can try to get a mortgage modification or file chapter 13 bankruptcy. The big question for . . . → Read More: Chapter 13 Bankruptcy the Best Option for Keeping Your Home