Loan modification Archives - Page 2 of 4 - Bankruptcy Attorney in Brooklyn, New York

A Mortgage Modification Can Stymie a Chapter 13 Bankruptcy

Bankruptcy, Chapter 13 Bankruptcy, Debt, Loan modification, Mortgage / By Matt Leichter

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 …

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What Is New York Bankruptcy Loss Mitigation?

Bankruptcy, Chapter 13 Bankruptcy, Creditors, Foreclosure, Foreclosure mediation, Loan modification, Mortgage / By Matt Leichter

“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 …

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Co-ops in Foreclosure and New York Bankruptcy

Bankruptcy, Chapter 13 Bankruptcy, Creditors, Debt, Foreclosure, Loan modification, Mortgage / By Matt Leichter

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 …

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Home Affordable Modification Program a Dismal Failure

Bankruptcy, Debt, Foreclosure, Loan modification, Mortgage / By Matt Leichter

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 …

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How Do Loan Modification Scams Work?

Bankruptcy, Loan modification, Mortgage, Scams / By Matt Leichter

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 years ago: …

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Chapter 13 Bankruptcy the Best Option for Keeping Your Home

Bankruptcy, Chapter 13 Bankruptcy, Foreclosure, Loan modification, Mortgage / By Matt Leichter

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 …

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Lessons Learned from Comparing the U.S. Mortgage System to Spain’s

Leave a Comment / Bankruptcy, Foreclosure, Loan modification, Mortgage / By Matt Leichter

You know the story: real estate prices rose through the 2000s, businesses prospered, and home ownership grew with the houses. Houses that the owners financed with low-interest mortgages that they thought they could easily pay off. Then the bubble burst. Unemployment soared, and the homeowners who could not afford to pay down their mortgages also …

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Will the automatic stay protect me from foreclosure in New York?

Leave a Comment / Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Foreclosure, Loan modification, Mortgage / By Matt Leichter

If you are facing foreclosure on your home in New York and you file for bankruptcy, will the automatic stay protect your home from foreclosure? The answer: Yes and no. Once you file for bankruptcy, the automatic stay goes into effect and prohibits any creditors from taking any actions to collect money or assets from …

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5 common mortgage scams for New Yorkers to beware of

Leave a Comment / Bankruptcy, Foreclosure, Loan modification, Mortgage, Scams / By Matt Leichter

Being under financial stress makes people extremely vulnerable to scams, whether in New York or elsewhere. The key is being aware, being educated and being skeptical. And of course, it never hurts to have an experienced New York bankruptcy attorney to check in with. Here are five common mortgage scams that every New Yorker should …

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Last minute foreclosure help

Leave a Comment / Foreclosure, Loan modification / By Matt Leichter

NPR has a good piece this morning on WNYC about a real estate agent in Springfield, MO who goes door to door helping homeowners facing foreclosure. She and her partner literally knock on doors and offer their services for free. As a result, they’ve helped a number of homeowners at least temporarily stave off foreclosure …

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