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When should you talk to a Bankruptcy Attorney?
What does a bankruptcy attorney do? Or, what can a bankruptcy attorney do? Many of our clients ask these questions and are often surprised by the answer. To answer that question, we’ve put together a list of things that we at The Law Offices of Neil Crane, as...
What Happens When My Mortgage Changes Hands with Mortgage Modification?
The new Bank needs to honor your Mortgage Modification. Does my mortgage modification control future banks or servicing companies if my mortgage changes hands or is sold or assigned? The simple answer is YES. New holders or servicers are legally bound by the terms and...
Paying on Missed Payments: Second Mortgage vs. First Mortgage
Should I Pay My Second Mortgage if I’m Not Paying My First Mortgage? If you’re not paying your first mortgage or have missed payments, there really is no logic to paying a second mortgage. There is also no reason to pay on credit card debt if it is overwhelming your...
Financial Hardship
How is a Financial Hardship determined? A hardship determination is made to ascertain whether you have had a change in circumstances that caused financial problems. Banks want to see certain “kinds of hardships”. Common financial hardships include: illness of a...
Principal Reduction During Mortgage Modification
Principal reduction is the process wherein the Lender agrees to take less than the borrower's full obligation to the Lender on a permanent basis. Principal reduction is extremely rare. Lenders rarely if ever forgive principal on first mortgages in Connecticut....
Trial Mortgage Modification (Forbearance): Good or Bad?
“Trial modification” or Forbearance has become a very common and often short temporary mortgage solution. While the government has encouraged banks to offer temporary mortgage modification through the payment of monetary rewards to the Banks and Lenders, the practice...