Short sales can be complicated, something that many sellers are finding out the hard way. If not handled properly, they can fall through, backfire, and even end in foreclosure proceedings. Here are four of the most common short sale mistakes, and how to avoid them. Mistake #1: Pricing Problems For a short sale to be successful, the property needs to be priced in a way that satisfies everyone involved: the bank, Read More
Florida Probate & Guardianship Process
Generally, the term “probate” is used in connection with the process of administering a decedent’s estate; however, in Florida, the probate court has jurisdiction over both probate and guardianship matters. Guardianship is the state-supervised process of managing a person and/or his property if he is unable to manage them for himself. Probate is the state-supervised process of managing a decedent’s probate Read More
Chapter 13 Bankruptcy and impact on your Foreclosure
If you are facing foreclosure, filing a Chapter 13 bankruptcy can help. To begin, it will allow you to make up mortgage arrears through your Chapter 13 bankruptcy plan (something you cannot do in Chapter 7 bankruptcy). Additionally, you can remove second mortgages, when applicable. Filing Chapter 13 Bankruptcy may be an option to help save your home. If you are in foreclosure, the automatic stay provided by the Read More
Filing for Bankruptcy: What NOT to Do
Filing for bankruptcy involves more than just an avalanche of paperwork. Your actions (or lack thereof) prior to bankruptcy can have a major impact on its success. Certain financial transactions, for example, can have serious and irreversible consequences for your bankruptcy filing. Below are mistakes you need to avoid at all cost. Supply incorrect, incomplete, or fraudulent information: When you fill out the Read More
Are You Exempt from the Chapter 7 “Means Test”?
Nearly all debtors who file for Chapter 7 bankruptcy have to pass the “means test” which determines whether or not they are eligible for this type of bankruptcy. There are some instances, however, when a debtor may bypass the test and still file successfully. The means test was added to Chapter 7 bankruptcy eligibility requirements in 2005. Its purpose is to keep higher-income debtors from qualifying for Chapter 7, Read More
Four Tips for a Successful Loan Modification
For homeowners that are facing financial trouble and worried about foreclosure, loan modification (like the HAMP program) may represent the way out. In a loan modification, the lender and the homeowner agree to new terms, providing the homeowner with lowered monthly payments. This typically benefits both parties and the homeowners is able to keep the home while the lender is able to avoid the foreclosure process. But Read More
Florida Foreclosure Defense: Understand Your Options
These days, homeowners are challenging foreclosure actions and succeeding at higher levels than was normal even a couple of years ago. This trend is due, in a large part, to the revelation of fraudulent actions, predatory lending practices, and other questionable tactics on the part of lenders. Courts that formerly sided with lenders are now receptive to foreclosure challenges and decisions favoring homeowners are Read More
Five Reasons to Consider a Short Sale as an Alternative to Foreclosure
No homeowner desires foreclosure, but in today’s uncertain economic climate, many people end up losing their homes. Foreclosure proceedings can be drawn-out, stressful, and a tremendous strain on a homeowner’s credit, assets, and savings. Fortunately, an alternative exists for some people facing foreclosure. A short sale is a real estate transaction in which the bank lets a homeowner sell a property for less than Read More
Miami Bankruptcy: The Benefits of Chapter 7 Bankruptcy
When bankruptcy becomes inevitable, most people prefer filing Chapter 7 if they are eligible for it. A Chapter 7 bankruptcy case is typically opened and closed within three to six months, and the person generally comes out of it debt-free except for car payments, a mortgage, and certain types of debts such as student loans and unpaid child support. In this blog entry, we’ll look at several advantages of filing Read More
When It Comes to Real Estate, the Details Count: Three Costly Closing Mistakes to Avoid
In real estate, it is important to get the details right. Mistakes can damage or even kill the deal. Your real estate deal can fall apart right up to the moment of closing. The New York Times tells the story of a closing gone very wrong. The buyer and his purported wife were asked for identification. Only then was it revealed that the supposed wife was the mistress. The couple had used the real wife’s credit and Read More
