Foreclosures Help Information

Archive for August, 2009

Foreclosure Attorney Massachusetts

Just before the real estate bubble burst which initiated the downhill decline of the economy and the current financial meltdown, people have been buying properties left and right as much as they can get their hands on. With the economy still in shambles, the nation is yet to feel the impact of the stimulus package in alleviating a nation that is beset with a record number of foreclosures never before seen since the days of the Great Depression. With such a state of the nation, homeowners are thinking twice before buying a new property or home, and many have opted to remodel or renovate instead. 

The current state of the economy is being taken advantage by unscrupulous individuals who want to earn quick money at the expense of unknowing homeowners just wanting to improve on how their house would look. Such work of these unscrupulous individuals involve haphazard remodeling in Massachusetts jobs that would end up costing more than what the original quote have indicated. On extreme cases, thousands of dollars have already exchanged hands between homeowner and contractor, and then the homeowner would later find out that the contractor have long escaped leaving the work unfinished. 

Before signing in a contract, the homeowner should first make these important considerations to guide and help them from making costly mistakes in the selection process for a contractor and other things that may be required. 

*Conduct an Extensive Contractor Search 

When getting bids for home remodeling Massachusetts project from contractors, make sure that you have a minimum of three distinct contractors vying for the project. A contractor with a legitimate business would have no qualms in providing you with a listing of their previous clients including their contact numbers. Part of the selection process is to ask these previous clients a set of questions that will guide you in the selection process. These questions include: 

• Was the contractor able to complete the project on time?
• Were they, as customers, satisfied the work quality rendered?
• Are the people from the contractor's company courteous, responsible and professional?
• Did the contractors maintain full security of the home during construction work?
• Was the contractor present during the course of the remodeling Massachusetts work? Or was it all foreman?
• Was the cost incurred bigger than what was given in the quotation and scope of work.  

 

To boost your research work with these contractors bidding for your remodeling Massachusetts project, you can seek the help of the Massachusetts State Licensing Board as well as your local Better Business Bureau to inquire about the track record and performance history of a particular contractor bidding for the project. Note down complaints filed against them if any and be aware of contractors with several complaints filed against them. It would be advisable to stay clear of such contractors. 

* Preparation of Your Contract 

After you have talked to the references provided by the contractors through the bids they have provided, and made a background check of the contractors through your local agencies, it would be time to write up a contract. The obligations of the builder should be clearly stated, as well as the payment schedules that the homeowner should pay for their services. Payments should be made in increments so be aware of unscrupulous individuals posing as contractors who will demand for a full payment right from the start. 

* Before Signing the Contract 

It pays to read the elements and content of a contract from end to end, go through all pertinent details as well other items of concern. As an added protection, you may want to have the contract read by an attorney to help you with the legal aspect before signing. 

Certain delays and issues can occur than can affect the way your home remodeling Massachusetts is heading to. With careful planning and research, all these snags and issues would all be things of the past.

About the Author:

For more information and articles about home improvement, home remodeling and green building projects, you can check out the home improvement resources at Divisions Unlimited Inc.

Source - Practical Tips for Remodeling in Massachusetts - Before Signing that Contract

Foreclosure Emergency Regulations Press Conference 6/1/07

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Buy Foreclosure Or Short Sale

Question: Foreclosure, Bankruptcy or short sale?

I owe 250,000 for my mortgage, 10,000 for a second and 40,000 in cc debt. and I have no assets except for a home which is worth between 200,000 and 250,000 in this market. I lost my renter and my job. A bankruptcy lawyer says if I give him $1000 he will wipe all dept away. A friend says he will buy my home through a short sale for 200,000 and keep me from foreclosure or bankruptcy. This helps my credit, but I am still concerned how I will pay the 40,000. This is money I remodeled the house with and I always thought I would get it back. A debt consolidation company said they could get t down to 20,000. I found one listed with the bbb called debt sheild. Any advice? Can I do the short sale and still file bankruptcy later if I am still overwhelmed with cc payments?

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Answer: You can certainly sell your home through a short sale AND file bankruptcy. You may be jumping the gun though. To sell your home through a short sale, your lender will have to approve the sale. With your balance being what it is, you may find that a short sale isn't even possible because your lender is not willing to take such a loss.

When a lender agrees to a short sale, it's usually in the best interests of the lender and the homeowner. A lender usually loses about 20%. If a lender forecloses on a home, the lender then has to maintain your home, protect it from vandals, insure it, and arrange a sale. The loss to a lender through a foreclosure can be as high as 40-50%.

I would advise you to contact your lender to see if a short sale is even an option. Another reason why a short sale may not be an option is that depending on where you are in the foreclosure process, the lender may not be able to approve the short sale and you may lose your home to foreclosure. I have had clients try to sell their homes through short sales and the process has dragged out for months. One particular client lost her home to foreclosure because the lender wouldn't agree to the short sale. The home was sold at the Sheriff's Sale for $19,000 less than was offered through the short sale.

You have been given some good advice from other members about the possible tax ramifications. When your home is sold through a short sale, the difference between your balance and the amount your home sells for is usually considered income. This is in essence money your lender has "given" to you and is usually taxable as miscellaneous income. These taxes as a general rule can not be included in a bankruptcy case.

If your home is foreclosed upon, there are several options here as well. Once the foreclosure goes through, your home will be sold at a Sheriff's Sale or at a Master in Equity sale. You will then owe your lender the deficiency balance which is the difference between what your home sold for and what you owed. You may include a deficiency balance in a bankruptcy case.

Your credit card debt is something else to consider. If you can afford to pay your credit card daily, I certainly advocate paying this debt. You can enter credit counseling or make private arrangements with your creditors to pay down your debt. However, you will probably be able to discharge your credit card debt through a Chapter 7 bankruptcy.

The attorney you visited who has said that he will wipe your debt away is correct. Since you have no income and are facing losing your home and generally have unsecured debt, he will be filing a Chapter 7 bankruptcy. In Chapter 7 most debt (with the exception of most taxes, student loans, fines, and lawsuit awards involving injury or negligence) are "wiped" away. Your attorney will surrender your home through your Statement of Intent and discharge any deficiency balance. Your credit card debt will also be discharged unless you have made large purchases recently or defrauded your creditors.

I wish you the best of luck in your situation. There is hope and this is something you can put behind you and move on with your life.

How to Buy a Foreclosure or Short Sale Home

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Bank Foreclosure Canada

Question: Is it advisable to give personal information to people you don't know?

Identity theft is RAMPANT in America. I can only guess what it might be like in the UK or Canada or elsewhere in the world.

I have been called a trouble maker for urging others (especially friendly senior citizens) to think twice before they join chat groups & share info on the internet.

THE WORLD IS ABLE TO READ EVERYTHING THAT IS POSTED.

Con Artists, thieves, & dishonest people gather information DAILY in hopes they can learn enough to crack a persons security passwords on the internet & attain a home address where they can then take your mail & start re-routing your life without you ever having knowledge...until it's too late.

Your bank accounts are empty.
Your credit is maxed out.
Cells phone accounts with calls to criminals.
Guns registered in you name.
Houses & cars in your name (some in foreclosure).
Children you have enrolled in schools (yet you have none).
Jobs you never had (reported to SS using your number).

How did they get all this info?

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Answer: Personal paperwork thrown in the trash is wide open to the public
careless disposal of personal information required by people you do business with (banks, ins. agencies etc)

"over the shoulder "view of debit card pin, ss# etc.

There are plenty of places that this info can be picked up -- don't make it seasier by giving it away. Tear up/shred any paperwork being trashed and protect personal info from telephone/ computer and other queries.

Don't Panic! US Bank sold to Spain?!

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