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Loan modification

Co-ops in Foreclosure and New York Bankruptcy

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

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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Chapter 13 Bankruptcy the Best Option for Keeping Your Home

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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Mortgage Settlement Ends as Drop in Bucket for Underwater Homeowners

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 …

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

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?

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

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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Bankruptcy Man vs. Mortgantua – Mortgage Note Request!

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 …

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Pre-bankruptcy planning in New York and the continuing foreclosure crisis and economic recession

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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