What are my options if I don’t qualify for Chapter 7 bankruptcy?

Some of your options if you don’t qualify for a Chapter 7 bankruptcy is a Chapter 13 bankruptcy. Most people do not qualify for a Chapter 7 is because they either have too much money in assets or they make too much money on basically a monthly basis. So, if you have too much money in assets the Chapter 7, when you liquidate, you're going to lose substantially most, or all of, your assets over and above your allowable Read More

Can I stay in my home during the foreclosure process?

You can definitely stay in your home during the foreclosure process. Remember, the foreclosure is the bank’s lawsuit to recover the property but the titled owner of the property during the process is you, the homeowner. The warranty deed or whatever the instrument of conveyance is, is in your name. So, by virtue of that you also have possession and the right to stay in the property during the foreclosure process. Read More

I’m a real estate developer and I’m about to hire a construction company. What do I need to include?

There are a lot of different provisions that can be included in a construction contract but the most important aspect of a construction contract is to delegate who is responsible for what or what part of the construction. Many times arguments are caused because the contractor believes that's the job of a subcontractor or the developer believes that's the job of the contractor. Also, timing is important. Provisions Read More

I am a landlord and my tenant is refusing to pay rent. What are my rights?

When your tenant is not paying rent you should first review your lease agreement to make sure there aren't any conditions prior to you bringing a lawsuit or prior to you filing a notice. Sometimes a lease agreement will change the type of notice you have to place on the tenant but generally you would place a three-day notice when your tenant is not paying rent. The tenant either has three days to vacate the Read More

I am having trouble making mortgage payments on my home. Will my lender foreclose on me?

Generally when you’re having problems making your mortgage payments the lender may foreclose, if it goes for a long period of time that you're not paying the mortgage; anywhere from three to seven or eight months. It's quite possible that the lender will file a foreclosure action in order to put pressure on you to begin payments, to entice you to maybe process a loan modification or a short sale but the point of the Read More

What are some of the best alternatives to foreclosure?

Some of the best alternatives to foreclosure are what's called loss mitigation. Loss mitigation involves a loan modification, it involves a short sale, it involves a deed in lieu with a waiver of a deficiency, and it involves cash for keys. It really depends on what the client wants to do. If a client wants to keep the property the common resolution or the common process we'd use would be a loan modification. If Read More

What is a short sale?

A short sale is a form of loss mitigation.  Generally a short sale is when the homeowner who is in default or is in foreclosure goes to sell the home and the amount owed on the mortgage is more than the fair market value of the property.  So the lender has to be shorted meaning the lender has to accept less money than what they are actually owed. So in order to do that you have to process the short sale and submit Read More

What is a loan modification?

A loan modification is generally, in it's simplest form, the request to change the terms of my existing mortgage; whether you're changing the length of the loan, whether you're changing the interest rate at which your original loan was at, whether you're changing or requesting to have your principal balance removed. It's a basic plea to the bank saying I can't afford my mortgage as it is now, however, look at my Read More

What does it mean to file for bankruptcy protection?

Filing for bankruptcy protection is generally a last resort. However, many people are forced to do it. The bankruptcy protection immediately upon filing your bankruptcy petition provides for what is called the automatic stay and all of your creditors are subject to the automation stay of their collection efforts meaning that guy that you owed some money to can't call you.  That credit card company can't write you a Read More

What are some of the most common mistakes homebuyers make in the closing process?

The most common mistake a home buyer makes in the closing process is not actually hiring an attorney prior to signing the contract. There are standard contracts like the FAR-BAR contract that have very detailed provisions that dictate the relationship between the buyer and the seller going forward all the way to closing and there are a lot of different stops on the way that could be problematic and if you don't have Read More