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Written by: Timothy McFarlin | Publish date: May 9th, 2012
With foreclosures at all time highs throughout the county, many homeowners are asking how to stop foreclosure and save their home. There is so much questionable information circulating today about how to stop foreclosure and save homes, we thought it would be a good idea to put together a list of your most likely options to not only stop foreclosure, but also to save your home in the process. Keep in mind, none of these options are guaranteed, but rather a list of possible options that may accomplish your goal to stop foreclosure and save your home. Loan Modification to [...]
Written by: Timothy McFarlin | Publish date: April 8th, 2012
A short sale and a deed in lieu are two common alternatives to foreclosure. Depending on a person’s circumstances and objectives, one option may be better than the other. Below is a description of both options and a comparison of the pros and cons of both short sale and deed in lieu of foreclosure. Short Sale | Real Estate Short Sale A short sale is a term used to describe the sale of a property for less than the amount that is owed on that property due to market conditions. The idea is for the lender to forgive the “deficiency” [...]
Written by: Timothy McFarlin | Publish date: March 30th, 2012
As an Orange County and Los Angeles bankruptcy attorney, many people ask me, “Will bankruptcy stop foreclosure?” or “Does bankruptcy stop foreclosure?” The good news is, bankruptcy will stop foreclosure. There are two common ways a homeowner can file bankruptcy, chapter 7 and chapter 13. Foreclosure is affected differently by each, but will stop once the bankruptcy is filed. Will Bankruptcy Stop Foreclosure? Chapter 7 Chapter 7 bankruptcy will stop foreclosure once it’s filed. It is somewhat common for a homeowner to file chapter 7 right before their scheduled foreclosure sale date (within a few days), in order to stop [...]
Written by: Timothy McFarlin | Publish date: May 11th, 2011
The price of homes in the United States has continued to plummet in the first three months of 2011, falling 4.6% since the end of 2010. According to the National Association of Realtors (NAR) the median price of a single family home has dropped to $158,700. Houses were not the only properties to suffer a price drop. Condo prices also adjusted, falling even harder, down 10.4% to $152,900. In 2006 the median price of a home in the U.S. was $227,100, now in 2011 it’s 30% lower. “We’re seeing prices dropping faster than they did in 2010. That’s troubling. Falling [...]
Written by: Timothy McFarlin | Publish date: November 8th, 2010
As a loan modification lawyer, many people ask me “how do I apply for a home loan modification?” Well, the short answer is, very carefully and deliberately! Loan modification is not a matter of simply putting in a request with the lender, it has become a long and drawn out process of faxing paperwork and following up constantly. Step 1 in How Do I Apply for a Home Loan Modification: Lender Requirements The first step when applying for a home loan modification, is to call the lender and get their guidelines or a list of requirements for loan modification. This [...]
Written by: Timothy McFarlin | Publish date: November 5th, 2010
As a loan modification attorney and bankruptcy lawyer, many clients ask me: Can you get a loan modification with a chapter 7 bk? A bk chapter 7 (Chapter 7 Bankruptcy), will typically slow down the loan modification process, and often improves a borrowers chances of getting approved for a loan modification. Chapter 7 Bk and Loan Modification Frequently, clients who are considering a loan modification also need a chapter 7 bankruptcy. Borrowers struggling with mortgage payments are often struggling with the burden of other debt as well. The same problems which cause clients to fall behind on mortgage payments, often [...]
Written by: Christopher Gordon | Publish date: September 14th, 2010
A new quarterly record for bank repossessions has recently been reported by Bank Foreclosures Sale—a web-based source for lists of bank owned homes and other foreclosure information. According to their recent report, bank foreclosures were up 5% in this year’s second quarter. The number of bank repossessions jumped 38% from last year’s second quarter—a new record. Banks look to sell off their possessions in order to make back the money lost due to unpaid mortgages. Analysts seem to agree this may lead to lower prices on bank foreclosures; as well as bank owned properties—good news for homebuyers and investors alike. [...]
Written by: Christopher Gordon | Publish date: September 14th, 2010
Michigan Governor, Jennifer M. Granholm has recently declared the Michigan State Housing Development Authority (MSHDA) will get more support from the Obama administration’s HFA (Housing Finance Agency) in the form of $128.4 million. The assistance goes to unemployed homeowners fighting to make their mortgage payments—in effort to avoid foreclosure. Michigan is but one of 17 states, as well as the District of Columbia, throughout the country to receive nearly $2 billion in additional funding from the Department of Treasury’s Hardest Hit Fund. Just two months ago, the Department of Treasury and HUD approved the MSHDA’s wish to spread $154.5 million [...]
Written by: Christopher Gordon | Publish date: September 9th, 2010
According to a recent report from the Troubled Asset Relief Program’s (TARP) Special Inspector General, the leading financial bailout funds’ watchdog, this country’s mortgage relief programs are failing miserably. TARP was introduced and put into action in the Fall of 2008. TARP is responsible for purchasing assets and various equities in order to improve the financial arena. It was also the Bush administration’s response to the subprime mortgage crisis. The US Department of the Treasury, through TARP, can buy or insure up to a maximum of $700 Billion in troubled assets—created or issued on/or before March 14th, 2008. As well, [...]
Written by: Timothy McFarlin | Publish date: November 19th, 2009
The new “Deed for Lease” program will allow homeowners to transfer title to Fannie Mae and sign a one-year lease, with potential month-to-month extensions after that
