Yes, you can keep your home if you file for bankruptcy in New York. But it’s not a given. And depending on your circumstances, there are a few different ways to do it. If you file for Chapter 7 bankruptcy, then you can keep your home as long as the remaining equity in your home …
Can I keep my home if I file for bankruptcy in New York? Read More »
Debtors usually point to two reasons for not hiring an experienced Brooklyn bankruptcy lawyer before filing a chapter 7 case: affordability and necessity. Obviously, many people who owe significant debts frequently lack the money for a bankruptcy attorney. (As an aside, there are options for debtors who are too poor for bankruptcy filing fees.) The …
Why Hire an Experienced Chapter 7 Brooklyn Bankruptcy Lawyer Read More »
During the Great Recession, mortgage-modification programs emerged as an alternative to default or filing New York bankruptcy. The federal government created one of the larger ones, the Home Affordable Modification Program (HAMP), but the government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac also introduced their own versions. A new report by the JPMorgan Chase Institute …
Report: Mortgage Modifications That Reduce Payments Work Best Read More »
“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 …
Another great cartoon from BAPCPA Man as he takes on the evil Mortgantua. Really seems to sum up what homeowners must bee feeling if they’re facing foreclosure in New York. To learn more on the topic you can read some of my my previous posts on the topic of Brooklyn NY Foreclosure Attorneys. Note: This …
As bad as the foreclosure problem has been, it’s apparently ready to get worse, according to this article in the New York Times (“Loans that looked easy pose threat to recovery“). All the adjustable rate mortgages (“ARMs” for short) we’ve been hearing about are getting ready to re-set over the next four years, and that …
New York foreclosures likely to continue as ARMs begin to re-set over next 4 years Read More »
Yes, you can keep your home if you file for bankruptcy in New York. But it’s not a given. And depending on your circumstances, there are a few different ways to do it. If you file for Chapter 7 bankruptcy Brooklyn NY, then you can keep your home as long as the remaining equity in …
Can I keep my home if I file for bankruptcy in New York? Read More »
If you’re facing foreclosure in New York or considering seeking a loan modification for your home in New York, then here’s one more reason to stay away from loan modification companies (as if you should need any more convincing). According to a piece in The New York Times, many of the companies offering to help …
“FREE-FALLING: Borough housing prices plummet,” screamed the lead article in the July 10th edition of The Brooklyn Paper. While it may not be quite as dramatic as the headline indicates in the “Brownstone Belt” (as the article refers to Brooklyn), it’s impossible to deny that the housing crisis is also affecting what has been thought …
As New Yorkers and the rest of America brace for more foreclosures, the loan modification option has not helped as much as hoped. As a result, a number of states have been implementing foreclosure mediation programs and other alternative dispute resolution options aimed at nudging more mortgage banks to the negotiating table. The Center for …
Foreclosure mediation and other new ways to encourage loan modification Read More »
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