Tag: mortgage

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The Role of the Mortgage and Note in Foreclosure Actions

Mortgage and Note in Foreclosure Actions Mortgages are “secured transactions.”  Secured Transactions are, essentially, collateralized loans.  In secured transactions, borrowers give lenders an interest in some property (collateral) that will cover the amount borrowed if the borrower defaults.  When someone buys a car, for instance, the car can be repossessed by the lender if the […]

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Bank of America to Reduce Mortgages

Bank of America to Reduce Mortgages According to a recent AFP article: Bank of America has reached a side agreement with US authorities that could reduce the mortgages of some 200,000 borrowers….Bank of America borrowers are expected to receive reductions averaging more than $100,000… This is very interesting! We will be contacting BOA today! Updated […]

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News: Homeowners that Defend Foreclosure Can Recover Attorney’s Fees

Access to justice in lending act Governor Paterson has signed the “access to justice in lending act.” This law makes the right to recover attorneys fees by the lender, contained in mortgage agreements, a reciprocal right. The new law, Real Property Law §282, takes effect 60 days after its signing.  It applies to “residential real […]

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Q & A: How Can I Use My Ch. 7 Bankruptcy to Avoid Foreclosure?

Bank won’t modify my mortgage, how can I use the chapter 7 bankruptcy I just filed to avoid foreclosure? The following are “some” of the things you can do to avoid foreclosure if you just filed a chapter 7 bankruptcy: “Maybe” filing a “chapter 20” bankruptcy, which is a chapter 7 followed by a chapter 13, will help you. […]

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