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

 
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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.

The following information is provided by the US Trustee Program. I thought it was such a good explanation, I am providing it rather than reinventing the wheel. For other great Bankruptcy Information, click here.

Chapter 7 – A trustee is appointed to take over your property. Any property of value will be sold or turned into money to pay your creditors. You may be able to keep some personal items and possibly real estate depending on the law of the State where you live and applicable federal laws.

Chapter 13 – You can usually keep your property, but you must earn wages or have some other source of regular income and you must agree to pay part of your income to your creditors. The court must approve your repayment plan and your budget. A trustee is appointed and will collect the payments from you, pay your creditors, and make sure you live up to the terms of your repayment plan.

Chapter 12 – Like chapter 13, but it is only for family farmers and family fishermen.

Chapter 11 – This is used mostly by businesses. In chapter 11, you may continue to operate your business, but your creditors and the court must approve a plan to repay your debts. There is no trustee unless the judge decides that one is necessary; if a trustee is appointed, the trustee takes control of your business and property.

If you have already filed bankruptcy under chapter 7, you may be able to change your case to another
chapter.

Your bankruptcy may be reported on your credit record for as long as ten years. It can affect your ability to receive credit in the future.