Tax Consequences of Foreclosure
Foreclosure is one of the most frightening and demoralizing occurrences in a person’s life. At best, it is a massive setback to one’s credit; at worst, it can make your family homeless. On top of the emotional and mental toll, there can also be tax consequences after foreclosure, and there are also consequences if you […]
Foreclosures lead to bankruptcies in NYC
When you can’t pay your mortgage, the lender will put your home into foreclosure, usually for reasons beyond your control. In some New York City boroughs, such as Queens, Super Storm Sandy caused many of the foreclosures because people could not keep up with paying their mortgage, temporary housing and repairs. According to Christie Peale, […]
Should I sign a mortgage Modification agreement?
Since the Helping Families Save Their Homes Act of 2009 was signed into law by President Barak Obama in May of 2009, thousands of homeowners became eligible to modify their loans. While the process is frustrating and often confusing, one question that many homeowners ask is whether they should sign modification agreements if they are offered by […]
What Is Robo-Signing?
In 2010, robo-signing exploded onto the real estate and legal scene. Mortgage companies and foreclosure attorneys were taking illegal shortcuts. Mortgage service providers were filing documents that were falsified, incorrectly signed and executed. Robo-signing is the process where mortgage companies and foreclosure attorneys sign a host of documents without verifying the facts attested to in […]
Buying Property at a Foreclosure Sale
What happens when a buyer purchases investment property at a foreclosure sale, and the owner of the property files for bankruptcy? There is much press on foreclosures. With unemployment striking almost every household, people are not able to pay their mortgages, and their homes end up going up for sale. Some of the buyers are […]
