Many seniors no longer have sufficient assets to maintain their lifestyles. There is a tendency in these situations to go into debt. Seniors use credit cards to finance routine purchases with the hope that they will be able to pay their credit cards back at some point in the future. In some instances, they are unable to accomplish this goal. … [Read more...]
Mortgage Mediation, Nevada Style
Several years ago, Nevada was a state where home prices skyrocketed. Today, Nevada suffers from one of the highest foreclosure rates of any state in the country. RealtyTrac.com claims that one out of every eighty-four households in the state of Nevada has received a foreclosure notice. This is 4.5 times more than the national average. To deal … [Read more...]
Judge Punishes Bank For Unfair Mortgage Agreement
Justice Spinner of Suffolk County New York has taken Immigrant Savings Bank to task for refusing to engage in good faith settlement conferences required by a 2008 amendment to the New York Banking Law. Judge Spinner has ordered Immigrant Mortgage Company to pay a Huntington New York couple a $100,000 as compensation for the banks "deplorable" … [Read more...]
Congress Should Help Homeowners
The federal government has bailed Wall Street firms out to the tune of $700,000,000.00. This is a form of corporate welfare. The restructuring was done to prevent large Wall Street firms from going bankrupt. Instead of amending the Bankruptcy Law to help these Wall Street firms, the government simply gave them $700,000,000.00 in loans. Recently, … [Read more...]
Foreclosure Rates Going Up in 2010
Projections have been made that there will be as many as 3,000,000 foreclosures in the United States in 2010. This will surpass the foreclosure rate for 2009. The United States Treasury Department has been in negotiations with many of the country's largest financial institutions regarding their participation in a new second mortgage program … [Read more...]
Foreclosure Dismissed- Mortgage Cancelled Due to Bank’s Bad Behavior
Justice Jeffrey A. Spinner, sitting in a Supreme Court Part in Riverhead, New York (Suffolk County), has recently ordered that a $292,500 mortgage be deemed "cancelled, voided, avoided, nullified and set aside". He took this action due to the fact that IndyMac Mortgage Services, a division of One West Bank FSB and its representor were engaged in … [Read more...]
