Find Foreclosure Defense Attorney, short sale attorney, short sale lawyer, refinance attorney or a Mortgage Fraud Attorney by visiting the provided links.
Archive for Housing Market
Jan
08
Foreclosure Defense Attorney – Helping Homeowners Avoid Foreclosure
Posted by: | CommentsThe last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Florida 4% of all the mortgages are facing foreclosure proceedings. It is obvious that the situation is really bad; however, a homeowner can seek the help of a foreclosure defense attorney to know his/her options.
The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings.
Loan Modification
A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.
Short Sale
Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.
Deed In Lieu
Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.
Bankruptcy
Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.
Refinancing
A Florida real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.
Reverse Mortgage
A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is simply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.
Contesting Foreclosure
In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings.
The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is upto the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure.
The last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Florida 4% of all the mortgages are facing foreclosure proceedings. It is obvious that the situation is really bad; however, a homeowner can seek the help of a foreclosure defense attorney to know his/her options.
The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings.
Loan Modification
A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.
Short Sale
Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.
Deed In Lieu
Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.
Bankruptcy
Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.
Refinancing
A Florida real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.
Reverse Mortgage
A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is simply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.
Contesting Foreclosure
In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings.
The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is upto the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure.
Jan
07
Deed in Lieu to Avoid Foreclosure
Posted by: | Comments1. In come cases, the borrower must attempt to sell the home for its fair market value for at least 90 days before the lender will consider this option.
2. This option may be unavailable if there are other liens on the borrowers home, such as judgments from other creditors, second mortgages, or tax liens.
Advantages of a Deed in Lieu:
o Possible tax considerations, talk to your tax accountant about the 1099 ordinary income for the gift of forgiven loans, as well as the insolvency exceptions.
o Problematic option if you have a 2nd or 3rd loan, line of credit secured by the property. Although the 1st lien holder of the property may agree to a deed-in-lieu of foreclosure the subsequent lien holder have not. The subsequent lien holder loans can become unsecured debt that is attached to and stay with the borrower to pay off.
Example of a Deed in Lieu:
Sam lost his job, and after 2 months of attempting to find employment, decided he would move to another state. Sam called the lender to advise them of his situation. Sam decided to sign over a deed in lieu. In exchange, although months later the property sold for $69,000 less than the mortgage owed, the lender did not submit a 1099 tax statement for the difference. This saved Sam thousands in additional income, which would have been added in to his taxes.
K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: “6 Simple Steps to Avoid Foreclosure”. http://www.avoidforeclosuremanual.com
K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM\\\\\\\’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: \\\\\\\”6 Simple Steps to Avoid Foreclosure\\\\\\\”. http://www.avoidforeclosuremanual.com
Jan
05
Avoid Foreclosure With Legal Remedies
Posted by: | Comments1. It costs up to $100,000 to litigate a case. If a borrower could pay an attorney this amount of money, they probably would not be in the financial situation to be losing the home.2. Many financial Institutions and brokers are insolvent. At the time of the print of this article, over 217 institutions have gone out of business.3. An in ability for mortgage institution to resend the loan because values have decreased such that the home can not be refinanced.4. The surrounding facts and documentation in the case must be strong and the borrower has to have clean handsFor Example: When applying for their home loan, Tiffany and Theresa tell the mortgage broker that they make $120,000 annually. Both the borrowers and the mortgage broker knew otherwise, Theresa is a retail manager making $55,000 a year and Tiffany is completing her last year of Dental School. The mortgage broker puts the $120,000 income on the loan documents. In this scenario, the broker’s actions to process the loan with information that he knows to be false in order to collect his fees are actionable. However, Tiffany and Theresa do not have “clean hands” in the eye of the law, and will not have a viable case to sue against the mortgage broker.K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: “6 Simple Steps to Avoid Foreclosure”. http://www.avoidforeclosuremanual.com
K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM\\\\\\\’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: \\\\\\\”6 Simple Steps to Avoid Foreclosure\\\\\\\”. http://www.avoidforeclosuremanual.com
Dec
31
Avoid Foreclosure- Immediate Steps to Save Your Home
Posted by: | CommentsHomeowners are NOT powerless. Lenders are willing to provide retention, workout solutions (ways to keep your house). One of the most important steps to avoiding a home foreclosure is to react quickly and contact the lender, immediately upon realizing that your financial situation has changed.If you are unable to make your mortgage payment:- Immediately develop a financial plan to prioritize your spending. After healthcare, keeping your house should be first priority. Review your household finances to see where you can cut spending in order to make your mortgage payment. Look for optional expenses including cable tv, memberships, entertainment that can be eliminated. Think of alternative lifestyle changes that will allow you to slash your operational expenses, such as carpooling, walking or taking the bus to work; reviewing your insurance policies to make sure you are getting all of your potential discounts.- Delay payments on unsecured debt including credit cards until you have paid your mortgage.- Increase income.. Can anyone in your household get an extra job to bring in the additional income?- Sell assets. Do you have a 2nd or 3rd car, jewelry, a whole life insurance policy that you can sell for cash to help reinstate your loan?Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are making sacrifices to keep you home.
K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: “6 Simple Steps to Avoid Foreclosure”. http://www.avoidforeclosuremanual.com
K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM\\\\\\\’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: \\\\\\\”6 Simple Steps to Avoid Foreclosure\\\\\\\”. http://www.avoidforeclosuremanual.com
Dec
30
Should I Refinance Loan To Avoid Foreclosure When Payment Resets?
Posted by: | CommentsSituation:
-Purchased new home built less than 2yrs. ago in Pittsburg,Ca.
-loan amount for 400k after 20%down payment.
-loan program is a 5/1 option arm,interest rate fixed for 5yrs. @8.25%.
-i’m only paying minimum payment from the 3 payment options.The minimum payment is a negative amortization.
-start rate is 2%…so the monthly payment is very low but the interest is compounding at 8.25% to the balance of the loan.
-FICO score is 729
-renters has given 30 day notice.
-loan balance is now 430k and same home is selling for less due type of loan and recession.I know it’s gonna take some time before home values start to incline on the graphs.I just want to be prepared during the housing market healing process.
Based on this information can someone give me any helpful advice.It’s my first rental property and i want to do this right,Economy sucks right now and i’m not gonna be a victim from it.I worked very hard to get this far and being a single parent w/ two daughters makes it more challenging.Thanks to those who respond.