Tag archive for ‘Foreclosure’
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. Read more>>
Why you need to file bankruptcy. . .
by Jay Jump on 3/04/10 | 1 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 a little emphasis to Read more>>
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 sale Read more>>
Does Filing for Bankruptcy Allow Me to Walk Away From an Underwater Home?
by John O'Connor on 1/10/10 | 1 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 Read more>>
Jump In Personal Bankruptcy Filings.
by Jeff Herrick on 1/06/10 | 0 Comment(s)
A recent Wall Street Journal article titled, “Personal Bankruptcy Filings Rising Fast” from Tuesday, January 5, 2010 discusses the state of bankruptcy filings in the United States. The article indicates the number of Americans filing for personal bankruptcy rose by nearly one-third in 2009. The reason for the increase in bankruptcy filings is related to Read more>>
The morality of abandoning the undervalued home and the choice to file bankruptcy.
by John C. Colwell on 12/12/09 | 3 Comment(s)
White, Brent T., Underwater and Not Walking Away: Shame, Fear and the Social Management of the Housing Crisis (December 7, 2009). Arizona Legal Studies Discussion Paper No 09-35. Available at SSRN: http://ssrn.com/abstract=1494467 .
Associate Professor White has published a fascinating and thorough paper that traces the history of mortgage lending, the failure of the mortgage industry Read more>>
Will I Owe Money After Foreclosure?
by John O'Connor on 10/02/09 | 0 Comment(s)
A common misconception among consumers is that after foreclosure they will not owe their mortgage lender. Many homeowners who go through foreclosure are surprised to learn that they still owe money on their house, even though they no longer own it! Most mortgage lenders require borrowers to personally guarantee the amount of the note, leaving Read more>>
How Can You Stop a Foreclosure?
by John O'Connor on 9/05/09 | 1 Comment(s)
Filing a bankruptcy case will immediately stop a foreclosure sale of your home.
Many of the popular methods of staving off a foreclosure require your lender’s consent before they become effective. Short sales and mortgage modifications involve negotiating with your lender to either sell your home with no continuing loan obligation or changing the loan terms. These Read more>>
How Long Does Foreclosure Take?
by John O'Connor on 8/22/09 | 2 Comment(s)
Power of Sale Foreclosure vs. Judicial Foreclosure, how fast can the bank foreclose?
First of all, most lenders will not begin foreclosure proceedings until a borrower is 3-6 months behind on their payments. Although missing a single payment is a default under the terms of most loan documents, lenders have neither the time nor the desire Read more>>
Foreclosure, Short Sale and Credit Score
by Jeff Herrick on 8/05/09 | 0 Comment(s)
A foreclosure on your home can have a lasting impact on your credit score. According to the three major credit scoring agencies Equifax, Transunion, and Experian, a foreclosure shows up on a credit report for at least 10 years. Due to the down turn in the housing market, some alternative’s to foreclosure Read more>>
