In bankruptcy, you are allowed to protect various assets, such as cash or cash equivalent assets such as the right to receive a tax refund. This is called exempt property or exemptions. When the exemption laws were overhauled in New York in January 2011, it proved to be a major benefit to homeowners and renters…Read more
Short Sales May Not Be Best Bet for “Underwater” Homeowners
The Street reported on August 5, 2011 that banks are stepping up their efforts to facilitate short sales of properties in which the outstanding balance on the mortgage exceeds the present market value of the property (also known as being “Upside Down” or “Underwater”). Basically, the banks have finally realized that they have to get…Read more
Is the Mortgage Modification Process simply a prelude to a Chapter 7 or Chapter 13 Bankruptcy Filing?
In one of my recent posts, I listed a series of myths that you may encounter regarding the mortgage loan modification process. Upon further reflection, I may have discovered a major flaw in the entire mortgage modification process. On September 13, 2009, Newsday reported that the number of Long Island homeowners that had mortgages that…Read more