If you are registered for Tonights Fair Housing Class at Long Island National Golf Club - the event will still go on. The roads are clear around the club - and the chef is preparing as we speak!
Thursday, January 27, 2011
Friday, January 21, 2011
If you are being foreclosed upon and are angry as hell, you should nonetheless think twice before destroying the house to get your revenge. The reason is that destroying the house may prevent you from avoiding the deficiency judgment, in its entirety, in a subsequent bankruptcy. This is talking about the amount of money your house is upside down that you may otherwise owe for 20 years because the sale of your house at a foreclosure auction fell short of the number.
The reason is that Bankruptcy Code section 523(a)(6) states as follows:
A discharge under section 727, 1141, 1228 (a), 1228 (b), or 1328 (b) of this title does not discharge an individual debtor from any debt—for willful and malicious injury by the debtor to another entity or to the property of another entity;
To read a great article on the topic, I refer you to a great local bankruptcy practitioner's blog by clicking here
The reason is that Bankruptcy Code section 523(a)(6) states as follows:
A discharge under section 727, 1141, 1228 (a), 1228 (b), or 1328 (b) of this title does not discharge an individual debtor from any debt—for willful and malicious injury by the debtor to another entity or to the property of another entity;
To read a great article on the topic, I refer you to a great local bankruptcy practitioner's blog by clicking here
Fannie Mae & Freddie Mac Guidelines:
Foreclosure = 6 years
Short Sale = 3 years
Bankruptcy = 2 to 3 years
Foreclosure = 6 years
Short Sale = 3 years
Bankruptcy = 2 to 3 years
Monday, January 17, 2011
There are seats open in next weeks Fair Housing Class in Riverhead on 1/27. THIS SPECIAL EVENT IS FREE and course is 3 Continuing Education credits!
Long Island National Golf Club our new sponsor will be serving delectable treats from their dining banquette!
Included:
Gourmet Fish, Veggie Pot Stickers, Pigs in blanket with spicy mustard, Chicken Wing Dings (hot & mild dipping sauce), Fried Cheesecake rolled in brown sugar and drizzled with raspberry & caramel sauce, Choc Chip Cookies.
Draft Beer, wine (first hour)
Soda, coffee, tea & water
REGISTER TODAY
Long Island National Golf Club our new sponsor will be serving delectable treats from their dining banquette!
Included:
Gourmet Fish, Veggie Pot Stickers, Pigs in blanket with spicy mustard, Chicken Wing Dings (hot & mild dipping sauce), Fried Cheesecake rolled in brown sugar and drizzled with raspberry & caramel sauce, Choc Chip Cookies.
Draft Beer, wine (first hour)
Soda, coffee, tea & water
REGISTER TODAY
Treasury has released amendments to the HAFA program effective February 1, 2011. To review the amendments, click here.
Most interestingly, Front-End Debt-to-Income Ratio analysis is no longer required and new rules for vacant properties are provided.
Now: A property vacant for less than 1 year can be considered, which is a lot more time than the 90 days that was previously allowed. Also, the applicant no longer needs to justify their relocation based upon employment requirements.
This new vacant property rule brings the program close to reality where many distressed homeowners simply leave their home when times get tough. Its a great move by Treasury because now more abandoned homes can be brought back to life with new homeowners.
Most interestingly, Front-End Debt-to-Income Ratio analysis is no longer required and new rules for vacant properties are provided.
Now: A property vacant for less than 1 year can be considered, which is a lot more time than the 90 days that was previously allowed. Also, the applicant no longer needs to justify their relocation based upon employment requirements.
This new vacant property rule brings the program close to reality where many distressed homeowners simply leave their home when times get tough. Its a great move by Treasury because now more abandoned homes can be brought back to life with new homeowners.
