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Judicial Lien Avoidance in Bankruptcy A money judgment is a court ruling that makes an individual debtor liable for the payment of a debt. A judgment is effective as a lien against all of the judgment debtor’s real property in the county of the judgment or any other county where the judgment has been transcribed into the official records.
If you are having a difficult time paying your monthly bills and are considering the filing of a bankruptcy petition, it is important to gain a general understanding of how attorneys fee are charged, paid and disclosed in a Long Island bankruptcy case. The answers to these questions depend, in part on whether you intend to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
With presidential candidates calling for an end to the crushing burden of student debt, some higher education experts have again questioned the federal policy that makes it nearly impossible to discharge student loans in bankruptcy. In order to understand how student debt became a 2016 presidential campaign issue, it is important to analyze New York student loan statistics as w ...
Recently, we have been discussing various aspects of the sweeping legislative changes regarding foreclosure law in New York. Here, we will examine the new changes to the 90-day notice that must be provided to homeowners before a mortgage lender can take further legal action. This pre-foreclosure notice (“RPAPL 1304 notice”)1 is provided with specific language by the New York ...
Options If Your Modification Application Was Denied Obtaining a modification of your mortgage loan’s interest rate, loan term, or principal balance can provide substantial relief for homeowners struggling to make their mortgage payments. The application process can be complicated and can require many supporting documents.
When Is the Right Time to Call a Foreclosure Defense Attorney? It is only natural to feel devastated to receive a legally-required notice in the mail telling you that you have 90 days to correct your mortgage delinquency or you may face a foreclosure action in New York civil court. If you do not have the funds to cure your delinquency or default, you may feel completely helpless.
For years, the Home Affordable Modification Program (HAMP) provided a potential for relief for struggling homeowners to cure a default and to prevent the foreclosure of their home by their mortgage lender. HAMP was first enacted in 2009 as part of the Making Home Affordable (MHA) program in reaction to the subprime mortgage crisis.
When the foreclosure crisis hit in 2008-09, New York legislators aimed to protect the rights of homeowners and help find alternative solutions to foreclosure losses by enacting a requirement for mandatory mediation and settlement conferences between mortgage lenders and property owners. Through these conferences required under Civil Practice Law & Rules 3408 (CPLR 3408), ma ...
When the New York Knicks granted Latrell Sprewell a five-year contract extension for $62 million in 2000, he settled into a home in Purchase, NY with his own basketball court and outdoor pool, as well as a $2.3 million mortgage. The value of the home increased at one point to $5.4 million though Sprewell had no more need for the property when he was traded away from New York in 2004.
Overview of Foreclosure Bill of Rights for New York Homeowners Reports indicate that in the third quarter of 2016, the average foreclosure case in New York took an average of 1,070 days to resolve. Homeowners are dragged through the wringer and subjected to delays and unproductive settlement conferences as they ride the emotional roller coaster of not knowing whether they wi ...
Too many homeowners in New York believe that if they default on their mortgage, they will inevitably lose their homes to foreclosure. However, this is far from the experience of many homeowners who have actually been in this situation. There are many different complications that may arise before or during a foreclosure case, many which will affect homeowners.
Before the subprime mortgage crisis, neither courts nor mortgage lenders had a significant backlog of foreclosure cases through which they were forced to wade. However, once the crisis hit, mortgage lenders were inundated with defaulting homeowners and courts became overwhelmed with a shocking number of foreclosure cases being filed seemingly all at once.
Many homeowners who are behind on their mortgages live in fear of receiving notice of a foreclosure action for months. Once they receive notice, they may imagine the bankers at their door taking away their keys immediately. However, this does not have to be such an immediate fear because many foreclosure cases take months or even years to resolve in New York.
Like any type of legal claim, homeowners have the opportunity to defend against an action against them to foreclose on their homes. The specific legal defenses that may be available are dictated by New York law and the court interpretations of those laws. One potential defense is that the mortgage lender used predatory tactics in originated or servicing the loan and, therefor ...
If you have a foreclosure case initiated against you, it is not guaranteed that your mortgage lender will take your home. Instead, there are different solutions that may be able to assist you in catching up and staying current on your mortgage payments. However, in order for any of these solutions to be feasible, your mortgage lender must agree to them.
While the median income in Islip, New York is around $94,000 per year for a household,1 many residents of this town on the South Shore of Long Island are still struggling to make ends meet. Thanks to ever-rising housing prices and a cost of living well above the national average,2 many households are living below the poverty line, especially with the still not-so-stable job mar ...
Many homeowners who were delinquent or in default on their mortgages have obtained relief by securing a modification of various terms of their loans. Over a four-year period from 2007 to 2001, the U.S. Treasury reports that more than 2.1 million property owners obtained modifications throughout the United States, and millions more have obtained modifications in the years since.
When a property owner defaults on a mortgage in New York, the lender that owns that mortgage has the right to file an action for foreclosure against the borrower to seize the property due to non-payment. However, as in any type of legal action, the borrower has the right to assert certain defenses and simply because a request for a foreclosure was filed does not mean the borr ...