| |
|
Mortgage Problems?
- We Have
Your Solutions |
Predatory Lending
Since
1995 The Law Offices of David I. Pankin
has been protecting the legal rights of consumers. As part of
our consumer protection practice we represent victims of
predatory lending. Many of these victims have been defrauded by
mortgage lenders and brokers, placed in mortgage loans that they
can not afford, paid excessive fees and closing costs, and never
received proper disclosures regarding the terms of their loan.
Unfortunately, many of our clients even faced foreclosure as a
result of the predatory lending tactics of the mortgage lender
or broker involved in the transaction.
Predatory lending is a term that is commonly used to describe
the unconscionable lending practices of a mortgage lender or
broker. Typically as a result of predatory lending a borrower is
placed into an unfair loan with abusive lending terms. |
|
 |
Mortgage Modifications
When mortgage payments become unmanageable and
foreclosure seems imminent, you need help finding a way
out. Filing for either
Chapter 7 bankruptcy or
Chapter 13 bankruptcy is one of the most effective
ways of
stopping the foreclosure process. However, if you
are looking to avoid bankruptcy altogether, mortgage
modification may be a viable alternative.
Mortgage modification is an
effective way to lower the interest rate on your home
loan without refinancing. It is especially helpful for
those who may not have significant equity or for those
with low credit scores. Because mortgage modification is
simply adjusting the interest and payment amounts on a
current loan, applying for a new loan via refinancing is
not necessary. |
|
 |
Chapter 13 -Personal Debt Reorganization
Chapter 13
of the U.S. Bankruptcy Code provides a debtor with an
opportunity to pay off its debts through a court approved
payment plan. The Chapter 13 procedure allows a debtor to repay
some or all of its debts (including past due mortgage payments)
over a period of three to five years. Typically, the
Chapter 13 debtor
possesses the ability to repay some or all of their debt but
requires time to do so. The benefit received from filing a
Chapter 13 bankruptcy
petition is that a debtor can keep all of his or her property
(typically their home and car), including those valuable assets,
which are not exempt. One of the additional benefits of chapter
13 bankruptcy is interest and late fees do not accrue in a
chapter 13 payment plan.
A common
scenario in which a debtor will utilize the Chapter 13 option is
when the debtor is behind on its mortgage payments. Chapter 13
bankruptcy will stop a foreclosure proceeding and give the
debtor the right to pay back the past due payments over a period
of up to sixty (60) months. As part of the payment plan, a
debtor is required to pay back a percentage (or all) of the
unsecured debt.
Upon the
completion of the plan, the debtor will receive a discharge of
debts and will be able to keep their property.
|
|
 |
|
|
|
|
 |
