There are countless homeowners accepting loan modifications in which their resulting payment is actually higher than their original mortgage payment, and the resulting principal balance owed is far greater than the home is worth
A major concern for many people facing foreclosure is the amount of money they will have to pay to hire an experienced and qualified attorney to defend their interests. Let’s face it, most people in foreclosure are already struggling to pay their bills. This can make it very difficult to hire an attorney to properly defend a foreclosure lawsuit.
Using a Chapter 13 Bankruptcy Plan To Keep Your Home and Investment Properties For Much Less Than You Owe
By Omar J. Arcia, Esq.Foreclosure Defense and Bankruptcy Protection Attorney Most consumers are familiar with a simple Chapter 7 bankruptcy in which all of the debtor’s assets are liquidated and all unsecured debt (credit cards, medical debt, etc.) is wiped out. However, within a Chapter 7 bankruptcy you will not be able to modify [...]
By Omar J. Arcia, Esq.Foreclosure Defense and Bankruptcy Protection Attorney Most mortgage lenders and servicers are taking advantage of the public’s sense of desperation and lack of information to strong-arm homeowners into signing one-sided loan modification agreements. Prior to signing any loan modification agreement or making any other significant decision affecting your home loan, [...]
By Omar J. Arcia, Esq., Foreclosure Defense and Bankruptcy Protection Attorney Predatory lending is when a lender imposes abusive, unfair and sometimes illegal loan terms on borrowers, without regard for the borrowers’ ability to repay the loan. When two or more of the following factors are contained in a mortgage loan transaction, the subsequent [...]
By Omar J. Arcia, Esq.Foreclosure Defense and Bankruptcy Protection Attorney From December 2007 to present, South Florida has experienced a 400 percent increase in foreclosure filings, and 1 out of every 197 homes in the United States is undergoing a foreclosure proceeding. In view of these staggering statistics, most homeowners simply give up the fight [...]
By Omar J. Arcia, Esq.Foreclosure Defense and Bankruptcy Protection Attorney In February 2012, Attorneys General from 49 states and five major lenders, GMAC/Ally Financial, Wells Fargo, Bank of America, Chase and Citibank, reached one of the largest consumer settlements in U.S. History. The settlement was made as a result of legal actions filed by [...]