Mortgage Archives - Page 9 of 14 - Bankruptcy Attorney in Brooklyn, New York

Save Money in Chapter 13 by Ferreting Out Tax Deductions From Payments

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

Usually debtors in chapter 13 New York bankruptcy concern themselves with what happens to their tax refunds, which trustees will keep for the creditors, but there’s another way the tax code intersects with bankruptcy—but this time to the advantage of debtors: deductions. The reason tax deductions can make a difference for debtors in chapter 13 …

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5 Advantages Chapter 13 Provides to Homeowners

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

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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CFPB Finds That Few Americans ‘Shop’ for Mortgages

Bankruptcy, Debt, Mortgage / By Matt Leichter

One reason people find themselves in New York bankruptcy is that the interest rates on their debts are too high, which raises their monthly payments needlessly.Hopefully this is common sense, but according to the Consumer Financial Protection Bureau (CFPB) many Americans don’t consider interest rates when buying homes. Specifically, they don’t “shop” for mortgages, often …

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Alternatives to Chapter 13 After Discharging an Underwater Mortgage

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Creditors, Debt, Mortgage / By Matt Leichter

Liens on underwater junior mortgages survive chapter 7 New York bankruptcy, which means homeowners will need to keep paying them to prevent foreclosure. Often, the response is to file a chapter 13 case after the chapter 7 one to strip the lien, but there are reasons to be cautious about taking that course of action. …

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Report Finds Refinancing an Underused Option

Creditors, Debt, Mortgage / By Matt Leichter

For homeowners struggling with high mortgage payments, there are alternatives to filing New York bankruptcy. One of them, refinancing, is underused by homeowners, according to a report that was recently published by National Bureau of Economic Research (NBER). (The NBER is best known for setting the official start and end dates of U.S. recessions.) The …

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‘Avoiding’ Liens in New York Bankruptcy

Bankruptcy, Chapter 13 Bankruptcy, Creditors, Debt, Exemptions, Mortgage / By Matt Leichter

Most of the time when the term “avoid” comes up in New York bankruptcy it’s used in the context of preferential transfers to creditors. That is, the debtor transfers money to a creditor he or she likes more than the others, such as a relative, and the trustee chooses to nullify (“avoid”) the transfer. The …

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Supreme Court to Decide Whether Denied Chapter 13 Plans Can Be Appealed

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

Make that two cases the U.S. Supreme Court will decide next year that might affect people filing New York bankruptcy. On December 12, 2014, the Court granted certiorari to petitioner Louis B. Bullard, whose chapter 13 repayment plan was denied confirmation. The other case the Court will hear is Bank of America v. Toledo-Cardona, which …

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Supreme Court to Decide Underwater Junior Mortgage Lien-Stripping Case

Bankruptcy, Chapter 13 Bankruptcy, Chapter 7 Bankruptcy, Debt, Mortgage / By Matt Leichter

Usually when bankruptcy lawyers discuss the benefits of successive New York bankruptcy filings, the “chapter 20” strategy comes up (less so the “reverse chapter 20“). Debtors who discharge an underwater junior mortgage in chapter 7 must continue to make the mortgage payments if they wish to avoid foreclosure. They can file a chapter 13 case …

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Beware Deficiency Judgments From Fannie Mae

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

The New York Times tells us that the robo-signed foreclosure documents are rearing their ugly heads again. Back in 2010, it came to light that banks were trying to foreclose on houses without verifying the information on the loan documents. The result was a slew of wrongful foreclosures on homeowners who were good on their …

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St. Louis Fed Sees Little Improvement for Underwater Homeowners

Bankruptcy, Debt, Foreclosure, Mortgage / By Matt Leichter

If the Federal Reserve Bank of New York found that money and debt problems are causing a “bottleneck” in homeownership, then the Fed’s Saint Louis branch has made its own unpleasant discovery using the same data: In the last three years the percentage of households with negative equity has barely budged. An analysis of the …

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