The New York Times tells us that the robo-signed foreclosure documents are rearing their ugly heads again. Back in 2010, it came to light that banks were trying to foreclose on houses without verifying the information on the loan documents. The result was a slew of wrongful foreclosures on homeowners who were good on their …
It’s an important question for people considering filing New York bankruptcy. Put differently, how much do people typically expect to gain from bankruptcy? In a similar context, many times debtors will also want to know how common their situation is compared to other debtors’. If it’s more common, they might not feel that filing bankruptcy …
How Much Do People Benefit (Financially) From Bankruptcy? Read More »
If the Federal Reserve Bank of New York found that money and debt problems are causing a “bottleneck” in homeownership, then the Fed’s Saint Louis branch has made its own unpleasant discovery using the same data: In the last three years the percentage of households with negative equity has barely budged. An analysis of the …
St. Louis Fed Sees Little Improvement for Underwater Homeowners Read More »
Partner and Brooklyn bankruptcy attorney Bruce Weiner successfully won yet another “complex” case involving claims and counterclaims, which was cited in Bankruptcy Reporter. Read the judge’s decision here: In re Merhi, 518 B.R. 705 (Bankr. E.D.N.Y. 2014). His client, the creditor, sold a house to the debtor with a balloon mortgage. When it came time …
Bruce Weiner Successfully Defends Creditor In Another Complicated Bankruptcy Proceeding Read More »
One reason people file New York bankruptcy is to avail themselves of the automatic stay to halt a foreclosure. Indeed, a well-timed filing can save a house, particularly if debtors are willing to commit to a chapter 13 plan that can allow them to cure defaults and resume their regular payments. However, for debtors who …
Filing Bankruptcy Just to Halt a Foreclosure Can Have Drawbacks Read More »
You might hear in the news that skittishness on future home prices is what’s keeping people out of the housing market. Many people don’t want to end up with an underwater house that can require a short sale or New York bankruptcy to resolve. Indeed, many New York homeowners are supposedly in pre-foreclosure and median …
New York Fed Finds Large Debts Causing a Bottleneck in Homeownership Read More »
Many homeowners file New York bankruptcy to prevent a foreclosure. However, sometimes the terminology can confuse homeowners as to their rights, particularly the terms “judicial” and “non-judicial” foreclosure. Some states allow only one type of foreclosure, but some allow both. Adding to the confusion is that New York used to allow both types, but it …
What Is ‘Judicial’ and ‘Non-Judicial’ Foreclosure in New York? Read More »
People in dire financial straits will often see New York bankruptcy as an unacceptable last resort. Instead, they may try to hire any number of outfits promising to help them get on top of their debts but instead charging high prices for little benefit, if any. One species of this kind of fraud—and it is …
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 homeowners who …
Chapter 13 Bankruptcy the Best Option for Keeping Your Home Read More »
The $50 billion National Mortgage Settlement (NMS) between the U.S. government and 49 states and five large banks was good news for some homeowners who were erroneously foreclosed on and evicted from their homes. Although homeowners only received $20 billion out of the agreement, some of the money was applied to principal reductions on underwater …
Mortgage Settlement Ends as Drop in Bucket for Underwater Homeowners Read More »
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