Until recently, the only way a homeowner could wipe out a second mortgage or line of credit on his/her home was through the use of a Chapter 13 bankruptcy petition and plan that may require monthly payments for as long as sixty (60) months
Bankruptcy Law Changes Make it Easier to Wipe Out Second Mortgages and Lines of Credit Against Your Home
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.
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 […]
During this Seminar You Will Learn Common Myths that Mortgage Lenders Want You to Believe Whether Your Loan Contains Elements of Predatory Lending Options Available to Homeowners in Foreclosure or that may Face Foreclosure Detailed Advantages and Disadvantages of Each Option What Exactly Happens During the Foreclosure Legal Process, and Timeframes Best Defenses to a Foreclosure Action Immediate Steps […]
There are various opinions on what caused the real estate crisis. Some blame the reckless lenders and underwriters, while others blame borrowers for taking on more debt than they could afford. Whichever side is to blame, one thing is becoming increasingly evident – traditional loan modification is no longer a viable option for homeowners.
In previous articles, we have outlined the pitfalls and disadvantages of most home loan modifications. Some of these include higher principal balances, the length of time required to complete the loan modification process, the temporary nature of a loan modification, and the high rate of default after a modification. However, there is a very limited set of circumstances under which a loan modification can work in favor of the homeowner.
As terrible as it may seem to lose your home through a foreclosure, most people believe that after the foreclosure, their biggest financial headache is behind them. However, former homeowners may still be on the hook if there’s a difference between what they owed on the mortgage and what the bank sold the house at the foreclosure auction. This is called a “deficiency judgment.”