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Blog Posts in September, 2011

  • Second Mortgages

    || 20-Sep-2011

    Many people have taken out home equity loans or second mortgages. Second mortgages can be modified the same way first mortgages. Hamp has a provision for second mortgage modifications. In a Chapter 13 bankruptcy it is possible to strip the second mortgage from the house and make it like unsecured debt. It is conceivable that the client would only have to repay 5 to 10% of the second mortgage in a ...
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  • The Likelihood of Success of Loan Modification or Loss Mitigation.

    || 19-Sep-2011

    While the banks put homeowners through many hurdles on the way to obtaining a loan modification, if one is persistent enough and has the wherewithal to make the modified loan payment, eventually loan modifications are granted. When dealing directly with the clients the lenders provide very little guidance as to how to complete the forms. Most clients want to be honest so they just give the bank ...
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  • Types of Loan Modifications

    || 17-Sep-2011

    There are two basic types of loan modifications- Hamp (the government modification plan) and traditional modifications. The government HAMP program works very well once you qualify. Basically to qualify for HAMP the lender will have had to have borrowed from the government, which is most of the major banks with the exception of HSBC. There are many rules and limitations that can be seen on the ...
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  • Is the Housing Crisis over?

    || 16-Sep-2011

    We believe that the housing crisis has not reached its peak as of yet. While foreclosures and foreclosure sales have slowed in recent months they will increase once the legal hurdles that have been encountered are straightened out. For instance the Robo-signing was unnecessary and the banks attorneys have figured out how to avoid the problems they were having. There are issues with MERS, but it is ...
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  • How Does Bankruptcy Help Home Owners?

    || 14-Sep-2011

    Bankruptcy stops foreclosure, pure and simple. Prior to a sale a bankruptcy filing causes the automatic stay to be implemented and no sale or foreclosure can take place for a period of time. During this period we work with the client to modify their mortgages so that they can capitalize any amounts owed and reduce the monthly payments. In a Chapter 13 bankruptcy the Southern and Eastern Districts ...
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  • Do People Have to Give up Their Cars, Houses and Other Assets in a Bankruptcy?

    || 13-Sep-2011

    In most cases, there is no reason why you need to give up your personal assets when it comes to filing for bankrutpcy. We would not recommend bankruptcy if our clients had to give up substantial assets; we would recommend a Chapter 13 where they can keep their assets and repay a portion of their debts. In New York, since the beginning of the year, we have had these great exemptions that allow ...
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  • Does Bankruptcy Impose a Stigma?

    || 12-Sep-2011

    Bankruptcy should be viewed as a legal right where people undergoing financial stress have an outlet to fix their problems. Businesses utilize bankruptcy to better their position and end up being even more profitable. Bankruptcy is a tool and if you can benefit from it, you should utilize it. At least you should know your options. What I tell clients is that the government gave billions of dollars ...
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  • Help For a Client in Foreclosure?

    || 9-Sep-2011

    Our Westchester County bankruptcy attorney s have a number of different strategies that we utilize based on the clients goals. If the client has realistic goals sometimes we are merely trying to keep the client in the home for as long as possible. Other times we can actually design a strategy to modify the loan or repay the past due mortgage amount. We can help a client defend the foreclosure and ...
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  • How Are We Different From Other Attorneys?

    || 6-Sep-2011

    We believe we can be distinguished from other attorneys practicing in this area because we enjoy what we do. Our Westchester County bankruptcy lawyers love to educate our clients and spend a considerable amount of time trying to figure out strategies for them even before we are hired. Our legal team spends a generous amount of time during the free consultation and even when we can't help a ...
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  • What are the Main Areas in Which the Firm Practices?

    || 6-Sep-2011

    Bankruptcy is our primary focus. Our Westchester County bankruptcy lawyers counsel people regarding their financial situation to determine if bankruptcy is right for them. We then prepare the proper documents and walk our clients through the bankruptcy process. We are very good at making our clients feel comfortable during what they perceive as a very nerve racking experience. Chapter 7 bankruptcy ...
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