Archive for the ‘Foreclosure’ Category

Hot Off the Press: Loan Servicers Must Make “Good Faith Effort” To Keep Homeowners Out Of Foreclosure

April 30, 2014

While the economic downturn affected everyone, some homeowners had a particularly tough time as they saw their mortgages sold from one company to another and discovered promises made by one lender not being honored by the next.  The result was a large number of foreclosures, many of which could have been avoided. However, that’s about […]

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Feds Announce Even More Problems with Mortgages

August 19, 2013

Cleaning up the home mortgage mess that has harmed so many borrowers in New York and across the country could take years more. The Consumer Financial Protection Bureau (CFPB) found that many banks and nonbanks continue to be sloppy in the handling, organization and transfer of key documents and records. They also have poor procedures […]

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New York Foreclosures Up 66%

July 18, 2013

Ask 10 people how the U.S. economy is doing and you’ll probably get 10 very different answers.  The truth is that no one seems to really know.  One thing we do seem to know is that while foreclosure filings in many states have decreased, states with judicial foreclosures – including New York, are up 66%. […]

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Wells Fargo Hit with Sanction for ‘Egregious’ Mortgage Loan Actions

April 30, 2013

Wells Fargo was recently sanctioned $3.1 million for flagrantly and repeatedly violating court orders related to its mortgage debt collection practices. A federal judge in Louisiana imposed the substantial penalty against the nation’s second largest mortgage loan servicing company for misapplying mortgage loan payments and charging improper fees against individual bankruptcy debtors. Despite ample opportunities […]

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Westchester County Real Estate Sales Remain on Upswing!

April 26, 2013

The Westchester real estate market continues on the road to recovery in the first quarter of 2013, according to the Hudson Gateway Multiple Listing Service, the White Plains Daily Voice reports. First quarter home sale closings were up 7 percent over the same period last year. The transactions so far this year mostly involved properties […]

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Wrongful Foreclosures on Military

March 8, 2013

In January 2013, regulators ordered banks to identify military members and other borrowers who were evicted in violation of federal law, according to nytimes.com. The findings were turned over to regulators in February 2013. The regulators found that banks including the four largest, Bank of America, Citigroup, JPMorgan Chase and Wells Fargo wrongfully foreclosed on […]

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Credit Card Users May Face New Fees

February 19, 2013

Financial planners usually advise clients against running up debt on credit cards. Now there is another reason to be cautious about whipping out the plastic for your next purchase. Since January 27, 2013, merchants who accept MasterCard and Visa are able to add a surcharge to your bill.  The surcharge is the result of a […]

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Celebrities, Too, Turn to Bankruptcy

February 15, 2013

Even successful celebrities face financial problems that lead to bankruptcy. Country singer Willie Nelson, for example, filed bankruptcy in 1990. According to therichest.org, Nelson put money in a tax shelter that was determined to be illegal. With a tax debt amounting to $16.7 million, the federal government seized all of Nelson’s assets. In a creative approach to […]

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Local Real Estate Markets Gaining Strength

February 6, 2013

Real estate sales in Westchester, Putman, Rockland and Orange counties increased in 2012, according to the Hudson Gateway Multiple Listing Service report. The report includes sales of 11,481 residential units consisting of single-family houses, condominiums, and cooperatives – and in Westchester, two- to four-family buildings, as well. It shows a 15 percent increase over 2011’s […]

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Save Your Retirement: 401(K)s, IRAs, 403(b)s, etc. Don’t Borrow From Them.

February 1, 2013

The Washington Post confirmed a disturbing trend that most bankruptcy attorneys already know. Financially strapped workers are cashing out or borrowing from their 401(k)s and other retirement accounts to cover credit cards and other bills. Experts strongly advise workers not to use their retirement accounts to pay current debts. There are already 6 million seniors […]

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