As federal banks are mandated to allow for a moratorium of mortgage payments and private banks offer or decline individual moratorium requests based on cause, what is going to happen when these mortgage payments are due? The answer is unclear for government-mandated...
If you reach a point where you are struggling to meet your mortgage payments, you can get the help of a foreclosure defense attorney, which means you can stop struggling! Although your mortgage repayment plans may seem to be set in stone, you are well within your...
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...
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....
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...
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...
“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...
Many people worry about what happens after foreclosure. If you are going through foreclosure, it is good to understand what you might still be responsible for or what the bank may due after a foreclosure. We'll go through what a deficiency judgment is as well as the...
At the Law Offices of Neil Crane, we are the largest provider of Chapter 13 relief in Connecticut. Many hardworking families facing debt problems and foreclosure are encouraged to count on government programs and help from their banks. While these programs may be well...
If you are facing COVID-19-related financial hardships, many federally-backed and most non-federal mortgage lenders offer moratorium periods of temporary payment suspension or mortgage forbearance. If you have any type of decrease in income and you agree to this...
