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 …
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 …
When the topic of the underwater house comes up in New York bankruptcy, a few options are regularly (and rightly) listed: short-sales, offering the deed in lieu of foreclosure, staying and paying, foreclosure (the worst option), and bankruptcy. One that doesn’t come up often is moving out and renting the residence. It’s an intriguing idea …
The Risks and Benefits of Renting Out the Underwater Home Read More »
It is possible for an insurance policy to force someone into New York foreclosure. These would be “forced-place” insurance policies. As the name suggests, the policy is forced into place onto the homeowner by another party. Before going into how this can lead to or aggravate a foreclosure, it’s necessary to explain why a party …
A reverse mortgage is when a homeowner who owns a property free of any other mortgages and is at least 62 years old borrows money against the home’s equity. It’s “reverse” in the sense that the home’s equity decreases as the money is paid out to the homeowner instead of rising with each mortgage payment. …
You may have heard stories of underwater homeowners walking away from their homes and allowing the banks to foreclose on them without a contest. This might not sound so awful if you think you have no hope of catching up on mortgage payments, but it’s a very bad idea for multiple reasons. (1) Until the …
4 Reasons ‘Walking Away’ From an Underwater Home Is a Bad Idea Read More »
So there’s research showing that filing chapter 13 New York bankruptcy may reduce mortality rates and delay or prevent foreclosure. How exactly does it accomplish this, and how can it best be used to debtors’ advantages? First of all, like other chapters, upon filing chapter 13 bankruptcy, a debtor is immediately protected by the automatic …
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