Mortgage Archives - Page 6 of 15 - 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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What Is a Conduit Mortgage Provision and Is It Worthwhile?

Bankruptcy, Chapter 13 Bankruptcy, Debt, Mortgage, Trustee / By Matt Leichter

In a typical chapter 13 New York bankruptcy repayment plan, the debtor pays any prepetition mortgage arrearages in the regular plan payments to the trustee in full and any post-petition mortgage payments directly to the lender as though the bankruptcy had not occurred. Two separate payments might be cumbersome to debtors, so the question is …

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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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Bankruptcy With or Against Reverse Mortgages

Bankruptcy, Foreclosure, Mortgage / By Matt Leichter

Last year I wrote about reverse mortgages and New York bankruptcy, but a recent article in the American Bankruptcy Law Journal adds more depth to the “intersection” between reverse mortgages and bankruptcy. It has a handful of lessons that New York homeowners (and their heirs) might want to know. First, though, is a reminder as …

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At Last, a Principal Reduction Opportunity for Underwater Homeowners

Bankruptcy, Creditors, Debt, Foreclosure, Mortgage / By Matt Leichter

In addition to mortgage modifications, deed-in-lieu of foreclosure offers, New York bankruptcy, and other options, the federal government has finally created the effective solution that until now has been off the table for underwater homeowners: mortgage principal reductions. On April 14, the Federal Housing Finance Agency (FHFA) announced the Principal Reduction Modification program, which would …

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More on Bankruptcy Reform’s Legacy: Repeat Filing Continues

Bankruptcy, Creditors, Foreclosure, Mortgage / By Matt Leichter

I have one more point of the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) of 2005 to analyze: changes to the automatic stay to repeat filings. In the time leading up to its passage, many in Congress (and certainly creditors) believed debtors filed successive, strategic bankruptcies in a manner to avoid paying debts they …

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Is Debt or Income Preventing Young Americans From Buying Homes?

Bankruptcy, Foreclosure, Mortgage / By Matt Leichter

It’s understandable that young Americans would not want to take out even more debt to purchase a home after the housing bust led to a wave of New York bankruptcy filings and foreclosures. Indeed, according to a 2014 Federal Reserve Bank of New York study, the number one reason a group of renters gave for …

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Downsizing Can Benefit Above-Water Homeowners

Bankruptcy, Debt, Foreclosure, Mortgage / By Matt Leichter

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. …

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New York Fed: Consumer Debtors Getting Older

Bankruptcy, Credit cards, Debt, Mortgage / By Matt Leichter

The Federal Reserve Bank of New York regularly produces interesting analyses of consumer credit, and recently it’s blogged about how patterns in consumer debt behavior have shifted for both younger and older demographics between 2003 and 2015. Its findings have some implications for economic growth, young student-loan borrowers specifically, and possible trends in New York …

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