Why is a Foreclosure Defense Lawyer So Important?
Why is a foreclosure defense lawyer so important?
Joe Sloboda, The Burgess Law Firm
In today’s economic climate, more and more people are finding themselves in deep financial trouble. In 2009, there were an unbelievable 3 million+ foreclosures nationwide. If you are suffering from money troubles and you’re faced with a potential impending foreclosure, then help is at hand and that help will come from a foreclosure defense lawyer. It is possible that by engaging with such an Attorney this can you stop or at the very least slow down the foreclosure proceedings you are facing.
Falling behind on your FHA mortgage? Help may be on the way
Falling behind on your FHA mortgage? Help may be on the way
by : Joe Sloboda, Burgess Law Firm
Across America millions of homeowners are trying to get their mortgages modified, many times these people are told that they need to “fall behind” or to be late on their payments before their lender will even consider talking to them about a loan modification. Let me first say that while it is true, many lenders are acting more quickly to help those homeowners who are at risk of foreclosure, it is NOT necessary for a homeowner to be late on payments in order to get assistance. 
Almost 3 Million Homeowners Recieve Foreclosure Notices in 2009
Almost 3 Million Homeowners Recieve Foreclosure Notices in 2009
Joe Sloboda, Burgess Law Firm
The amount of homeowners in the United States who received foreclosure notices in 2009 is staggering and reached a record setting number of almost 3 million. This is leaving many people to wonder what can be done for the millions of people who are falling behind on their mortgages every month. 
Banks may warm to idea of principle reductions
by John Gittelsohn and Prashant Gopal, Bloomberg News
Home Equity Loans – Not so easy anymore!
Home Equity Loans are just not so easy for homeowners anymore
Originally Published by Adrain Sainz of the Associated Press
Hocking the house for quick cash is a lot harder than it used to be, and it’s causing headaches for homeowners, banks and the economy.
During the housing boom, millions of people borrowed against the value of their homes to remodel kitchens, finish basements, pay off credit cards, buy TVs or cars, and finance educations. Banks encouraged the borrowing, touting in ads how easy it is to unlock the cash in their homes to “live richly” and “seize your someday.”
Now, the days of tapping a house for easy money have gone the way of soaring home prices. A quarter of all homeowners are ineligible for home equity loans because they owe more on their mortgage than what the house is worth. Those who have equity in their homes are finding banks far more stingy. Many with home-equity loans are seeing their credit limits reduced dramatically.
Report says homeowners whose loan payments are cut by 20 percent or more still falling behind
The following is a recent story that was published in the Fort Lauderdale Sun-Sentinel which talks about the recent studies that were released in a recent Government study which state that upwards of 40% of homeowners who recently had their mortgage payments cut by 20% or more found themselves back into default or delinquency within the next 12 months. The article references the recent Obama plan to assist homeowner’s in getting their mortgage payments reduced but since that plan has only really been in effect for less than 6 months I personally find it hard to understand how the study could even be talking about borrowers who had their mortgages reduced in the Obama plan since all of them must have had their mortgages reduced prior to the plan going into effect. Additionally (like many recent news reports) the story fails to address the issue of the lenders not fully converting the temporary modifications that have been offered to so many people, into permanent modifications that reduce payments and perhaps reduce total amount owed. To find out more on how to avoid foreclosure or to negotiate a Short Sale please contact the Burgess Law Firm to request a consultation. (read more below)
LOCAL INVESTORS SNAP UP APARTMENT COMPLEXES
In a sign that the tide may be turning in the Commercial Real Estate markets a recent article posted last Friday in the Daily Business Review talks about 2 purchase transactions that occured recently in the local South Florida markets. We will continue to monitor the local news wires and media for information on major real estate transactions and keep you posted. If you or your clients are in the need for legal advice in the process of conducting a Commercial Real Estate transaction please call our offices or contact us at the Burgess Law Firm via email for more information.
The Pre-Foreclosure Decision: Top 10 Questions to Talk Over with Your Attorney
This is a re-post from an article that appeared in a monthly newsletter for the Arizona Area of Realtors earlier this year. What is so good about this article is that it clearly lists some very specific questions that every home owner should be asking when they are considering the decision on either attempting to modify their current mortgage or simply selling the house for Short Sale. If these are questions that you are seeking answers too, please call or contact our offices to schedule a consultation.
Re-Posted from AARNEWS . . .
In a sign that more foreclosures could be on the horizon
This article, originally published on CNN Money gives excellent insight on how and why so many homes in the US are currently “under water” with regard to the value vs the amount owed to the mortgage lender. Personally I believe that there is a direct relation between certain areas of the country being heavily concentrated with Neg-Amm Loans or Pay Option ARM’s as to why these areas also have such high amounts of distressed properties. Read more below . . .
1 in 4 mortgages ‘underwater’
Report shows 10.7 million borrowers are stuck with homes that are worth less than the mortgages they owe.
Obama expands foreclosure fix
Obama expands foreclosure fix
Two steps: Second liens now covered by modification program; servicers must offer eligible borrowers principal reduction under Hope for Homeowners.
NEW YORK (CNNMoney.com) — The Obama administration said Tuesday it is expanding its foreclosure prevention program to cover second mortgages and to direct more troubled borrowers to the Hope for Homeowners program.
Announced with great fanfare in mid-February, the president’s $75 billion program has gotten off to a slow start. Loan servicers only recently started taking applications and many delinquent borrowers have complained about being left in the cold because their home values have dropped or they’ve lost their jobs.