Foreclosures Help Information

Posts Tagged ‘13’

Foreclosure Attorney Michigan

Question: Can a wife open mail addressed to only her husband in Michigan?

This is where is gets complicated, the couple is in the middle of a divorce, not yet finalized and the husband refuses to change his mailing address. Since the divorce is still not final is this considered “community property” since it was received at the marital address? My ex husband is in serious arrears for child support and I am expecting a letter from an attorneys office in regards to the foreclosure of our marital home, I opened this thinking it was a document I needed to sign for the mortgage company, but it is in relation to a settlement for wrongful death of his grandfather, on which both he and our children are named as heirs. I would like to give my attorney/friend of the court this information, but am hoping since he won’t change his address I will not be facing any charges for my error…any ideas?

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Answer: The law only provides for intercepting or causing interception of mail in transit (pre-delivery). Once the mail has been delivered to it's proper address, there are no laws regulating WHO can open and read said mail

Facing a Michigan Foreclosure? The Time to Act is Now! [Short Sale Specialist]

Foreclosure Attorney Colorado

Question: After foreclosure can the 2nd mortgage holder come after me for the balance in Colorado?

I had a property go to foreclosure in Colorado with 1st and 2nd mortgages. The 2nd is now trying to settle and has been calling and mailing me for the past 8 months. Can they collect? Should I settle or should I just pay an attorney to make them go away. They are out almost $80k and I didn’t file bankruptcy.

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Answer: These are all the mortgage walkaway trustee sale states, meaning they are non-judicial foreclosure states.

In those states, generally, when they foreclose on you, they cannot pursue you for their financial losses.

Many, such as California, do in theory allow a lender to choose judicial foreclosure but in those cases the lenders only do so if a borrower has significant other assets. This is the "one action" rule that lets the lender either pursue non-judicial foreclosure, at lower cost and less time, or judicial foreclosure that costs more money and takes more time but lets them go after you for their financial losses.

Alaska
Arizona
Arkansas
California
Colorado
District of Columbia (Washington DC)
Georgia
Hawaii
Idaho
Mississippi
Missouri
Montana (as long as non-judicial foreclosure is used)
Nevada - note that the lender CAN get a deficiency judgment (See below)
New Hampshire
Oregon
Tennessee
Texas (but even in a non-judicial foreclosure, the lender can pursue a deficiency judgment)
Virginia
Washington
West Virginia

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From what I understand if a trustee sale already took place legally the 2nd lender cannot exercise it's right to recourse. The only way they can have recourse action against you is if they had a judicial foreclosure that went through the court system.

The lender will try to bully you and make you think that they can come after you to squeeze what ever money out of you they can. The only way they can come after your assets is if they have a court hearing and obtain a judgement against you. Even if this were to happen you could claim bankruptcy and have it cleared.

There is a lot of information available about this on the internet. I recommend you do as much research as you can before contacting an attorney. Attorney's are very expensive and may not be necessary in your case.

The first step you should take is finding out if your property went through a judicial or non- judicial foreclosure. If it was non - judicial the 2nd lender has no legal grounds to come after you and they are just trying to scare you into giving them money.

Good Luck!

Colorado Springs Foreclosure Woodland Park Lawyer

Stop Foreclosure Chapter 13

Bankruptcy is a federal court process designed to help consumers and businesses eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcy is an option that often has to be considered when an individual cannot pay their debts as they fall due.

Bankruptcy is not something I recommend any more than I would recommend divorce. Along with a divorce, bankruptcy is listed in the top 5 life-altering negative events that we can go through, along with severe illness, disability, and loss of a loved one. In its simplest form, bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors.

Chapter 7 bankruptcy provides for the discharge, or elimination of, unsecured debts in order to start financial recovery. Chapter 13 bankruptcy provides a repayment plan for secured debts, such as a home mortgage. There are pros and cons to each of the consumer bankruptcy options as well as personal financial circumstances that may limit your options.

Because it completely rids you of your unsecured debt, Chapter 7 bankruptcy is the easiest way to come out of debt. Since all your debt is, in essence, wiped clean in a Chapter 7 filing, people have started abusing it. In a bankruptcy case under chapter 7, you file a petition asking the court to completely discharge your debts. Chapter 7 relief is available only once in any eight year period. Chapter 7 bankruptcy, which is sometimes referred to as total bankruptcy, stays on your credit report for 10 years.

Chapter 13 bankruptcy, more like a payment plan, stays on your credit report for seven years. Chapter 13 bankruptcy is the most common type of “reorganization” bankruptcy for consumers: You get to keep all of your property, but you must make monthly payments over three to five years to repay all or some of your debt. The specific amounts of your repayment are determined by the courts.

Although bankruptcy can help with your financial situation, it does not help in every circumstance. Debts that are not eligible to be discharged include child support payments, some taxes, and student loans. Debts that can be discharged include personal loans, credit card debts, and medical bills.

Filing bankruptcy is a very serious move, and you must consider your options in comparison to your financial future. Filing bankruptcy involves a series of steps that you must be aware of. Filing bankruptcy is a major decision, with many benefits, including its ability to stop foreclosure, wage garnishment and creditor harassment. Filing can provide borrowers with clean financial slates either by discharging debt so that the one no longer is liable for its repayment, or by instituting a realistic repayment plan under the discretion of the bankruptcy court.

Filing for bankruptcy may be one of the most difficult decisions a person can make. There will always be those who file bankruptcy because of irresponsible financial behavior while others have simply fallen into unfortunate circumstances. For many who are forced to consider bankruptcy, the actual decision to file is usually the hardest part. Even with the negative implications of filing bankruptcy, most who have filed will agree that the psychological relief is a huge strain removed from their lives. Filing for bankruptcy is not the end of the world.

Bankruptcy is not a substitute for financial responsibility. Bankruptcy is not a quick fix for all credit problems. Bankruptcy is designed as a legal option to help resolve such a crisis, and act as a financial life preserver for those drowning in debt. Bankruptcy is the process by which you are legally allowed to get rid of your debt. Filing bankruptcy should only be used as a last resort effort to help people crawl out of a credit hole and get back on their feet.

About the Author:

BetterCreditSecrets is a resource site for those considering declaring bankruptcy or need bankruptcy advice. Visit us or check out our article directory for free article distribution.

Source – Declaring Bankruptcy-Chapter 7, Chapter 13, Or None Of The Above

Foreclosure Help : How to Use Chapter 13 Bankruptcy to Stop Foreclosure

Foreclosure Attorney Orlando

Today, everyone is trying to find the best and easiest way to make money in the real estate industry. With so many foreclosures in every state across the US, most people believe this is a dream come true as they can purchase a home that is bank owed for a fraction of the cost, however, there is another way to make huge amounts of money in the real estate business without bidding on foreclosed properties. The answer is through short sales.

The steps involved in short sales are finding real estate that may be a possibility for a short sale. If you know of a house that you are interested in purchasing, but are not sure if the owners would consider selling their home, you need to do some research. A short sale is one that is done shortly after the lending company sends a default loan notice to the homeowners. You can truly find many great deals and purchasing property with a short sale and turn it around and resell the home for a profit, however, you must know the process. The best way to learn about the entire process is by talking with a real estate agent that has experience with short sales.

The things you need to do once you find a property you are interested in buying with a short sale is to first check out the property. Look at the condition of the property and the home; you do not want to purchase a home that needs major expenses such as a new roof. Once you have expected the property, you should then learn if there are liens on the property, how much is owed on the mortgages, and what financing options might be available. You should contact the lending company and fill out a short sale application. Once all of this is completed, you will have to negotiate with the lending company and the homeowner. This is where a real estate agent and even an attorney will come in handy.

A real estate agent will be able to give you a wealth of information so you will know where to look to learn about the property. You should learn the value of the home, what other homes are worth in the area with the same amenities, and more. You should never fill out an application prior to learning what you are getting into with the home. Negotiating of course will be the hardest part after you have done all the legwork, however, if you have an experienced real estate agent by your side, you will soon have the keys to your new property in your hand and be ready to move in or fix up and put on the market for sale.

About the Author:

Orlando Realty Experts offer professional help with your Orlando Short Sale, as well as information regarding Orlando Real Estate, and Orlando Foreclosures.

Source – Make Money with Short Sales

Orlando Bankruptcy Attorney Fern Park Lawyer Florida

Foreclosure Law Ct

Question: Does anyone know how quick you canbe issued an ejectment notice after the law date in a strict foreclosure, CT

We have received the papers stating the law date which we will no longer own the home…wondering how long it takes for the order of ejectment to happen.

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Answer: as you know the laws vary in every state...so below is a link to the different state forclosure laws...click on your state to view the laws. hope this answers your question

good luck

http://www.foreclosures.com/pages/state_laws.asp

Law Offices of Neil Crane, LLC - Stop CT Foreclosures