New Hampshire Not Immune From Subprime Crisis
The New Hampshire Union Leader reports that New Hampshire is not immune from the nationwide foreclosure crisis within the "subprime" mortgage industry. One local expert is predicting a "Nantucket sleigh ride" for the industry.
Sarah Mattson, a staff attorney with New Hampshire Legal Assistance, a non-profit law firm offering free legal services to seniors and eligible low-income persons, reports that a growing portion her organization's foreclosure practice involves people who have been ensnared by "foreclosure rescue scams."
Peter Wright, director of the Consumer and Commercial Law Clinic at Franklin Pierce Law Center in Concord, also reports seeing more clients who fell victim to predatory loans.
New Hampshire and Massacusetts bankruptcy attorney Richard Gaudreau, warns the picture is about to get even worse, referring to "deferred interest" / "negative amortization" mortgages as "the real time bomb" in this crisis. Reportedly, he is pursuing cases involving Truth in Lending Law violations by mortgage lenders on behalf of a number of New Hampshire homeowners.
For more, including a description of what is a "Nantucket sleigh ride", seeNH foreclosures jump as 'exotic' loans' rates adjust.
Go here for more posts on homeowners who have refinanced into bad mortgage loans and are now using the Federal TILA to try and undo the bad loans. undo mortgage loans TILA alpha
Sarah Mattson, a staff attorney with New Hampshire Legal Assistance, a non-profit law firm offering free legal services to seniors and eligible low-income persons, reports that a growing portion her organization's foreclosure practice involves people who have been ensnared by "foreclosure rescue scams."
Peter Wright, director of the Consumer and Commercial Law Clinic at Franklin Pierce Law Center in Concord, also reports seeing more clients who fell victim to predatory loans.
New Hampshire and Massacusetts bankruptcy attorney Richard Gaudreau, warns the picture is about to get even worse, referring to "deferred interest" / "negative amortization" mortgages as "the real time bomb" in this crisis. Reportedly, he is pursuing cases involving Truth in Lending Law violations by mortgage lenders on behalf of a number of New Hampshire homeowners.
For more, including a description of what is a "Nantucket sleigh ride", see
Go here for more posts on homeowners who have refinanced into bad mortgage loans and are now using the Federal TILA to try and undo the bad loans. undo mortgage loans TILA alpha
posted by Home Equity Theft Reporter at 5:48 AM
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