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

What are the main differences between Chapter 7 bankruptcy and Chapter 13 bankruptcy?

The difference between a Chapter 7 bankruptcy and a Chapter 13 bankruptcy are fairly substantial. A Chapter 7 bankruptcy is a complete liquidation of your assets. As soon as you file the bankruptcy petition, your assets are the property of the U.S. Trustees Office. You're allowed a certain amount of money in exceptions and anything other than that is liquidated. In return for liquidating whatever you have, which may Read More

I invested in a construction project that is now behind schedule. Can I get my money back?

If your construction is behind schedule you may be able to get your money back. Generally we have to determine whose fault it is that the project fell behind schedule, and assuming it's no fault of yours, the person or party that fell behind schedule, be it the contractor, subcontractor would very well be in default. It would allow you to either terminate the contract or bring an action for damages, if you've been Read More

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