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Home Affordable Modification Program (HAMP) Ending Soon!

The End of HAMP What does the end of the Home Affordable Modification Program (HAMP) mean for Loan Modifications? The future of loan modifications. The Home affordable Modification Program was set to end in 2015 but was extended through the end of 2016. So what does this mean for borrowers and homeowners who still need […]

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Foreclosed Homes in Minority Neighborhoods More Prone to House Decay

Fair-housing Advocates Find a Racial Divide In Home Maintenance Provided By Fannie ae A recent federal district court lawsuit filed by nonprofit housing advocacy groups alleges that government-sponsored Fannie Mae (The Federal National Mortgage Association) allowed more houses in non-white neighborhoods to deteriorate. These groups, which were led by the National Fair Housing Alliance, studied […]

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Congress Will Not Renew Mortgage Debt Forgiveness Act Through 2017

114th Congress Adjourns Without Passing Tax-Extenders Some Background on the Mortgage Debt Relief Act The 2007 Mortgage Forgiveness Debt Relief Act allowed taxpayers to not include, as income, the discharge or forgiveness of debt on their principal residence. The debt that was forgiven or discharged through foreclosure, mortgage modification, a short sale or a deed […]

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The Statute of Limitations & Residential Mortgage Foreclosures

  Defeating A New York Foreclosure Case Past The Statute of Limitations Recent Court Cases Show That You May Be Able To Defeat a Foreclosure Case If Your Complaint Was Filed More Than Six Years After Your Loan Balance Was Accelerated. Since the financial crisis in 2008, reports of foreclosures on residential properties have become commonplace. […]

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Cash For Keys After a Foreclosure Sale or Auction

  What is Cash for Keys? I receive a lot of phone calls now asking what is Cash for Keys and how do I go about finding out how to apply for Cash for Keys? With the recent increase in foreclosure auctions of homes that have long since defaulted on their mortgages and have languished […]

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2015 Update on Foreclosures in Westchester County New York

2015 Foreclosure Judgments Increase to Highest Since 2008 New foreclosure actions are still be filed at a significant rate in Westchester county I just received a call from a reporter at the Westchester Business Journal this week asking about foreclosures and specifically the large surge in Foreclosure Judgments in Westchester this year. While the foreclosure […]

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Short Sales in New York and Westchester County

Why Is a Short Sale Better Than Losing Your Home in Foreclosure? To begin, a little background on short sales. A short sale is where a borrower or homeowner owes the bank more than the value of their home. There are still many areas where home prices have never rebounded from their 2005 and 2006 […]

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short-sale-decrease

Short Sales In Decline

SHORT SALES ARE GETTING WORSE Over the last six months short sales have become much more difficult to close. I have been doing short sales for years and have never seen so many fall through over such a short period of time. While they have always been difficult, this has gone to a new level. […]

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Loan Modifications and HAMP

HAMP – HOME AFFORDABLE MODIFICATION PROGRAM So loan modifications are still alive and well. The process can still be difficult and take 3-6 months but is still much better than it was years ago. A basic rule is that if you have enough income you will generally qualify for a loan modification. You can still […]

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2007 Mortgage Debt Relief Act and Tax Implications in a Short Sale and Foreclosure

2007 Mortgage Debt Relief Made Retroactive The Mortgage Debt Relief Act of 2007 was put in place to assist homeowners who had debt forgiven, cancelled or discharged in regards to a short sale or foreclosure or who had their mortgage reduced through some kind of restructuring (loan modification) on their PRINCIPAL RESIDENCE. So this Act […]

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