When an underwater rental property is involved in a New York bankruptcy case, the trustee usually won’t try to sell it, particularly if the debtor is current on the payments. However, some trustees might actually try to sell an underwater rental to the lender under certain circumstances. This can be a disappointment to some debtors …
Why Trustees Might Sell Underwater Rental Properties to Creditors Read More »
In the last few weeks, two interesting pieces of news appeared for those interested in America’s housing debt situation. Taken together the articles might affect people who are considering filing New York bankruptcy. One, the Census Bureau’s Housing Vacancy Survey published its fourth quarter 2013 numbers (PDF) as well as its annual estimate of households …
Is Another Mortgage Crash Coming for New York Homeowners? Read More »
A few months ago, the New York Times ran a piece on “mass joinder foreclosure lawsuits.” This is a type of scam that is designed to ensnare underwater homeowners and rob them of what little they have left. What is this? A mass joinder lawsuit is a type of class action lawsuit. In the foreclosure …
How New Yorkers can Avoid a Mass Joinder Foreclosure Lawsuit Scam Read More »
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 …
Will the automatic stay protect me from foreclosure in New York? Read More »
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 …
5 common mortgage scams for New Yorkers to beware of Read More »
What is an “emergency bankruptcy filing” and why would someone in Brooklyn or elsewhere in New York ever need one? In a nutshell, if you absolutely positively have to file right away with no time to lose, then there’s a procedure in the bankruptcy process that lets you do so even if you don’t have …
Time for another edition of Brooklyn Bankruptcy Update, a look at the latest Bankruptcy news and happenings out of the County of Kings (aka Brooklyn). 1. Mayor Bloomberg Announces New NYC Service Initiative to Provide Free Legal Services to Homeowners in Danger of Foreclosure (RealEstateRama.com) “A new NYC Service initiative to provide free legal support …
Bankruptcy Man (f/k/a BAPCPA Man) fights through a classic mortgage industry trick by Mortgantua. Note: This cartoon is posted on the NYBankruptcyNet site with the express permission of the creators of Bankruptcy Man. If you’re concerned about foreclosure in New York and dealing with mortgage and other financial problems, if you’re in search of your …
Bankruptcy Man vs. Mortgantua – Mortgage Note Request! Read More »
Bankruptcy Man (f/k/a BAPCPA Man) remembers his training for fighting the mortgage industry (a/k/a Mortgantua). The cartoon also features a cameo by North Carolina-based foreclosure fighting guru, O. Max Gardner. Note: This cartoon is posted on the NYBankruptcyNet site with the express permission of the creators of Bankruptcy Man. If you’re concerned about foreclosure in …
Bankruptcy Man learns how to fight the mortgage industry (aka Mortgantua) Read More »
Grim economic news continues to pour forth. CBS News’ website has an articled titled “The Coming Foreclosure and Commercial Real Estate Storms.” You thought we were already in the middle of the foreclosure crisis? Well apparently there’s more to come. From the banks’ point of view, the longer they keep you on the hook, the …
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