It would have been in the spirit of Christmas to pass the Mortgage Cramdown amendment. But apparently Congress is a bigger fan of The Grinch. After the “Mortgage Cramdown” legislation was re-introduced by Barney Frank (D-MA), the House of Representatives rejected it by a vote of 188-241. Just in time for the holidays. Mortgage cramdown
The “mortgage cram down” issue is back in the news this week. Congress is discussing an amendment that would give bankruptcy judges the power to “cram down” or change the basic terms of a mortgage. (See the latest BAPCPA Man vs. Mortgantua cartoon for a good picture of what mortgage cram down looks like.) If
The BAPCPA Man vs. Mortgantua battle rages on. How will BAPCPA Man get out of this jam? Note: This cartoon is posted on the NYBankruptcyNet site with the express permission of the creators of BAPCPA Man. If you’re facing foreclosure in New York, if you’re struggling with mortgage and other financial problems, if you need
There is often talk about how to reduce bankruptcy filings. The credit industry’s oh-so-caring approach was to make it harder to file for bankruptcy by adding various speed bumps and obstacles to the 2005 Bankruptcy Law (aka BAPCPA). That was a very reactionary, not to mention sloppy, approach that was really intended to serve the
How much does a bankruptcy filing affect your FICO score? We now have a better sense of the answer, though in the big picture, it may not be the right question to ask. FICO recently decided to make public some–not all, just some–of the information behind their mysterious, black-box credit scoring system. The answer to
Note: This cartoon is posted on the NYBankruptcyNet site with the express permission of the creators of BAPCPA Man. Click here to see a larger version of BAPCPA Man #15: BAPCPA Man vs Mortgangua #3. If you’re worried about foreclosure and mortgage problems and are contemplating filing bankruptcy in New York along with other options,
Wishing you peace and happiness for the Thanksgiving holiday. May you and your family be well protected from creditors by BAPCPA Man and a good, experienced New York bankruptcy lawyer from Rosenberg Musso & Weiner LLP. Note: This cartoon is posted on the NYBankruptcyNet site with the express permission of the creators of BAPCPA Man.
Just in case you thought things weren’t bad enough, the credit card companies are stepping up to make sure you know that things can get worse according to a recent article in the Denver Post. As holiday season approaches, credit card companies have been raising rates (sometimes double or event triple the previous rate), increasing
There’s a great recent post by Professor Katie Porter on the CreditSlips.org blog about loan modification scams. If you’ve read other posts on NYBankruptcyNet on the topic of loan modifications, hopefully you’re familiar with the basic gist: namely that any non-lawyer loan modification service (and unfortunately, some lawyer loan modification services) are almost always scams.
A song contest might not be the first thing that comes to mind when you think of bankruptcy. But apparently, it is for the folks at the Bankruptcy Bill cartoon site. So if you have any thoughts or feelings about the topic of bankruptcy, whether from personal experience or otherwise, here’s a wonderful opportunity to
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