There’s quite a bit to say to homeowners who are underwater on their mortgages: short sale, offering the deed in lieu of foreclosure, refinancing, obtaining a mortgage modification, staying and paying, surrendering the home in New York bankruptcy, or even walking away. By contrast there isn’t much advice for homeowners who are barely above water. …
A couple years ago I wrote about the rental housing crisis in New York City. The New York Times investigated apartment rents throughout the country and found that for NYC, the median rent as a share of median income was 39.5 percent. The recommended ratio for tenants is 30 percent. This didn’t mean the median …
Bankruptcy and the NYT’s Bleak Perspective on Renting Read More »
It’s one thing to consider filing New York bankruptcy when you run into financial problems, but it’s another thing entirely when a co-signer of a debt files bankruptcy. The co-signer who is doing fine might suddenly find himself or herself in serious trouble. Here are some things for co-signers to consider should a co-debtor file …
Options for Debtors Whose Co-Signers File Bankruptcy Read More »
There are times when filing New York bankruptcy isn’t a good idea, like when debtors only owe a couple thousand dollars, but it’s a much more difficult proposition advising debtors who can’t file. The Bankruptcy Code doesn’t offer relief for everyone in all circumstances, so it can help to discuss alternatives. But first, here are …
Financial reformers have consistently criticized payday lending. For example, several months back the Consumer Financial Protection Bureau (CFPB) proposed new rules to prevent “death-trap” payday loans, and New York State is also taking steps to regulate the lenders. New research, though, might provide additional motivation to scrutinize the industry: A paper produced by two academics …
It’s more common for tenants to file New York bankruptcy than their landlords—especially with rents as high as they are now. Landlords do, however, run into financial difficulties sometimes, so anxious tenants might want to know what they should do. If this is a problem on your horizon, here are a few points: (1) Pay …
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 …
Home Affordable Modification Program a Dismal Failure Read More »
Most of the time, a New York bankruptcy will involve at most only one property, but it’s not unusual for debtors to own more. I’ve touched on the topic of investment properties before, but the topic of second homes or vacation homes is a little different because it’s more personal. So, what happens to them? …
Elsewhere in the country there have been stories about foreclosure lawsuits filed by lenders against homeowners and … themselves. It sounds like a robo-signed document. What’s going on here? The homeowners owed the same bank two mortgages, and the lender has to sue itself to proceed with the foreclosure. It’s a bizarre—but not uncommon—situation, particularly …
In New York bankruptcy it’s possible, but not common, for debtors to unsuccessfully surrender their homes or other real estate. They receive their discharges, exit bankruptcy, and find that they still own the property with a mortgage lien still attached to it. How can something so bizarre happen? Answer: Just because you say you want …
Surrendering Real Estate Might Not Work in Bankruptcy Read More »
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