Category Archives: Foreclosure
Notice to Borrower’s of Relief under the CARES Act
Attention Borrowers! In response to the continuing COVID-19 outbreak in New York State and our Nation, the Federal Government has enacted the Coronavirus Aid, Relief and Economic Security Act-the CARES Act. The CARES Act provides immediate relief to borrowers and your loan may be subject to a foreclosure moratorium and you may have the right to ask your lender for forbearance. You should distance yourself from inaccurate information and contact LaMonica Herbst & Maniscalco, LLP, to learn the facts on how you can benefit from the relief that may be available to you and your family during the Coronavirus pandemic. […]
Wells Fargo Bank Made a MISTAKE and They Have Admitted It
FOR IMMEDIATE RELEASE Wantagh, New York Wells Fargo disclosed that it illegally foreclosed on 400 families after denying modifications to qualified homeowners.
Supreme Court Hears Oral Argument on “Lien-Stripping” in Chapter 7 Cases
In 1992, the United States Supreme Court came down with a decision in Dewsnup v. Timm that has caused a stir in the Chapter 7 bankruptcy world ever since. The Court held that, under section 506(d) of the Bankruptcy Code, a Chapter 7 debtor could not “strip down” a lien to the current value of the collateral, thereby getting rid of a junior mortgage lien, when the senior debt owed exceeds the value of the collateral. In part, the Supreme Court went against lien-stripping because the Bankruptcy Act (the predecessor to the Code) provided that liens pass through bankruptcy unaffected […]
Big Banks Continue to Settle Charges of Defrauding Homeowners
Nowadays, newspapers regularly publish articles about big banks settling charges that they routinely “misled investors while selling billions of dollars of investments linked to home loans.” The unfortunate reality is that homeowners were likely ill-advised (if at all) by these same banks of the intricacies of the loans they were taking, including the impact of interest rate hikes, the reality that they were borrowing more than they could pay, etc. Likewise, the banks that were lending to these homeowners failed to advise Wall Street about the risky nature of the loans, Wall Street failed to advise the insurance companies (like […]
District Court Partially Overturns Bankruptcy Court Decision Concerning MERS Authority
On March 28, 2012, U.S. District Court Judge Joanna Seybert vacated part of the decision made by Bankruptcy Court Judge Robert E. Grossman in In re Ferrel L. Agard, 444 B.R. 231 (Bankr.E.D.N.Y. 2011), wherein he concluded that MERS’s “nominee” status did not confirm upon it authority to assign mortgages. A copy of the decision may be found here. In Agard, Judge Grossman granted a motion for relief from stay because the movant mortgagor had been determined to be secured to the residence by the state court that issued judgment of foreclosure in its favor. In addition to granting relief […]
