Tag archive for ‘Foreclosure’
If I walk away from my underwater house, can I be sued for the deficiency?
by Stephen Trezza on 7/20/10 | 0 Comment(s)
With the current housing market in shambles, more and more people find themselves on the verge of foreclosure. Many people find themselves in a situation where the property value is lower than it was when the property was first purchased. This is what is referred to as an underwater mortgage, meaning that there is negative [...]
Foreclosure: The Best Thing That Ever Happened To You?
by Moderator on 6/05/10 | 0 Comment(s)
Well maybe not the best thing that has ever happened to you, but a recent article in the New York Times got me to thinking: can foreclosure be a blessing in disguise? The Times article tells the story of a family in Florida who is taking full advantage of the backlog of foreclosures currently swamping Florida courthouses. [...]
How Bankruptcy Can Give You Time To Catch Up On Mortgage Payments
by Moderator on 5/18/10 | 0 Comment(s)
You’ve fallen behind on your mortgage. The bank is demanding payment of the arrearages immediately. You don’t have the money but want to stay in your home. What can you do? First of all this is a common problem. Borrowers who fall behind on their mortgage are often hit with late fees and penalties that makes [...]
What Is The Difference Between Surrendering A Home And Foreclosure?
by Moderator on 5/06/10 | 1 Comment(s)
What is the difference between surrendering a home and losing a home to foreclosure? Many consumers are confused by the interplay between surrendering a home in bankruptcy and foreclosure. When you file bankruptcy and surrender a home, you give the property back to the lender. When a lender forecloses on your home due to non-payment, they [...]
Did Bankruptcy Reform Trigger the Housing Crisis?
by Drew Broaddus on 4/16/10 | 0 Comment(s)
As discussed in John Colwell’s recent contribution here, housing – which seems to be at the center of the current economic downturn – is a long way from a rebound, and foreclosures may actually increase in the coming months. After reading Mr. Colwell’s article, I decided to learn a little more about the subject and [...]
Mortgage Companies Prepare For Major Wave Of Foreclosures In 2010
by John C. Colwell on 4/15/10 | 0 Comment(s)
While the markets and the general press make positive extrapolations from the small upticks in corporate profits as a sign of economic recovery, the truth remains, it appears, that it’s the housing market that will ultimately drive whether the economic recovery succeeds or fails. It is clear that these times will pass, and that things [...]
Debt Buyer Practices
by Jay Jump on 3/11/10 | 0 Comment(s)
Initially, let me explain what a debt buyer is. A debt buyer is a company or individual who purchases note paper. When you purchase a home, or a car, you sign a promissory note. This promissory note is what entitles the creditor to collect money from you for payment on the loan. Often times, the [...]
Why you need to file bankruptcy. . .
by Jay Jump on 3/04/10 | 5 Comment(s)
You can villify me later. For now, I need you to read and get some perspective. Pay attention because we’re going to move fast. You need to file for bankruptcy. Let me say it again for those of you who are still shaking your head. YOU NEED to file for bankruptcy! There, I gave you [...]
Fraudulent Aspects of Using a Strawman in the Short Sale of Residential Property to a Family Member in Florida: Introduction
by Steve Combs on 1/27/10 | 0 Comment(s)
This is a threee-part article discussing fraudulent aspects of using a strawman in the short sale of residential property to a family memeber in the state of Florida. With the number of short sales rising throughout the United States, a common question that arises is whether the owner of residential real estate can sell shorts [...]
Does Filing for Bankruptcy Allow Me to Walk Away From an Underwater Home?
by John O'Connor on 1/10/10 | 2 Comment(s)
In a word, yes. Filing for bankruptcy allows the opportunity to surrender cars and real estate with no continuing obligation. North Carolina hasn’t been as hard hit as other states in the current housing crisis, however, I still meet with clients all the time who owe more than their homes are worth and can’t find [...]
