According to a new report from the Consumer Financial Protection Bureau (CFPB), older Americans (65 and up) tend to have more mortgage debt than their cohort did in the past. Because they often live on fixed incomes, in times of economic stress older Americans can fall behind on payments, lose their houses in foreclosure, or …
CFPB Report: Older Americans’ Debts Pose Risks to Their Finances Read More »
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 …
Chapter 13 Bankruptcy the Best Option for Keeping Your Home Read More »
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 …
Mortgage Settlement Ends as Drop in Bucket for Underwater Homeowners Read More »
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 »
It’s December, and one thing that often happens this time of year is temporary tax code provisions that are designed to benefit homeowners expire. What’s more is that many homeowners’ mortgage payments are going to start to rise soon too, possibly creating financial difficulties. Both developments might force New York homeowners to consider filing bankruptcy. …
There’s plenty of advice out there for dealing with an underwater house via New York bankruptcy, but it’s another question entirely when you inherit one. Given that so many underwater homeowners are older Americans, it’s not as unusual a situation as one might think. So the question arises: What do you do if you inherit …
Many people aspire to homeownership, but if they have filed bankruptcy they often believe it’s an unreachable goal. This isn’t true. There are several other ways bankruptcy can help someone become a homeowner. (1) Bankruptcy can improve credit scores and other creditworthiness metrics. It’s avoiding bills and creditors that causes problems. In this sense, filing …
How Bankruptcy Can Lead the Way to Homeownership Read More »
On October 29, 2012, tropical storm Sandy made landfall in the Mid-Atlantic states, causing storm surges in New York City and wreaking devastation in New Jersey and elsewhere. Many New Yorkers’ homes were destroyed, but as one might expect their mortgages were not. It’s been documented that natural disasters lead people to file bankruptcy, so …
Many people believe that once they file bankruptcy it can be years before they can obtain the credit necessary to live in a home again. Fortunately, that’s not true. For many petitioners, the amount of time between bankruptcy and homeownership can be a matter of mere months. The U.S. Department of Housing and Urban Development …
How to Purchase a Home After Bankruptcy Through an FHA Loan Read More »
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