A Drastic Spike in New York Foreclosure Rates May Lead to Possible Protections and New Regulations for Homeowners
The Home Affordable Mortgage Program (HAMP) was a program designed to lower an individual’s monthly mortgage payment, resulting in a more affordable payment over the long term, and, ultimately, a decrease in foreclosures. This program worked by adjusting the interest rate and extending the duration of the mortgage. Typically, a homeowner would save about $500 […]
The Difference Between Consumer and Business Debt
Debt refers to money owed by one party to another party. However, debt comes in two different forms: consumer debt and business debt. Consumer debt This refers to debt accrued for personal purposes and is regulated by the Fair Debt Collection Practices Act (FDCPA) to protect individuals from harassment and unfair or deceptive practices by […]
How Do I Stop Creditors from Freezing My Bank Account?
If you’re dealing with an overwhelming amount of debt, your creditors may find ways to collect funds directly from your bank by freezing your accounts. If creditors freeze your bank accounts, you won’t have access to the money and checks that you wrote before your funds were frozen. Our New York debt relief attorneys explain […]
How Long Can Creditors Pursue Debt in New York?
New York state laws protect borrowers from creditor harassment and intimidation. In many cases, collection agencies make mistakes and request collection for debt that is already paid for. Debts also have a statute of limitation, meaning that debt collectors can only sue a debtor to collect on the amount owed for a fixed period of […]
How to Get Your Business Out of Debt in 2021
Debt is a natural part of every business; however, too much debt can severely impact your business. If you noticed that debt is affecting your business’ performance, it might be time to implement techniques to help your business get out of debt. Our New York debt relief attorneys provide you with tips to help you […]