Posts Tagged ‘foreclosure’
Foreclosure and the Bankruptcy Automatic Stay
December 1, 2011
The collapse in the real estate market and plunging home values is one of the many reasons for the rise in Bankruptcy filings. This coupled with the fact that working families are falling victim to job loss has resulted in Bankruptcy filings reaching record levels.
In the past three years, more than 4 million consumers filed for bankruptcy matching the records levels reached before the changes in the Bankruptcy Act made it more difficult and costly for Americans to file for Bankruptcy protection.
A principal reason for a rise in bankruptcy filings is the increase in the foreclosure rates. Since the 2008 crash these record foreclosures have forced homeowners and investors alike to seek the protection of Bankruptcy Act and in order to stay the foreclosure and protect their homes.
When a case is filed under the Bankruptcy Code it automatically triggers an stay against foreclosure by a bank or other secured lender against the debtor’s home or other real estate.
This “automatic stay” stops foreclosure and provides a breathing spell for the debtor, during which negotiations can take place to try to resolve the difficulties in the debtor’s financial situation, subject to the oversight of the bankruptcy judge.
The relief provided by the automatic stay, however, is not without limits and may be lifted if a creditor can show that the stay does not give the creditor “adequate protection” or if it jeopardizes the creditor’s interest in the property.
In the context of a foreclosure on real property, what this means, is that in order for the stay to remain in effect the real property owner, must demonstrate that the interest of the creditor in the property is not damaged by the stay.
This means either of two things. First, that there is enough equity in the property such that a temporary stay will not impair the creditors security. In the current real estate climate, however, most debtors do not have sufficient equity to provide “adequate protection” to the secured creditor on this basis. Therefore, in order for the stay to remain in effect the debtor will be required to make monthly payments to the creditor so that the creditors’ interest in the real property is not further impaired by bankruptcy and its stay.
Should the debtor be unable to provide “adequate protection” to the secured creditor, such creditor can obtain an order from the court granting permission to continue with the foreclosure.
Want to find out more about bankruptcy and the automatic stay, then visit attorney Mitchell Sussman’s website to learn more about real estate and foreclosure.
Habitable Planet near Earth! Amnesty for ‘Law-Abiding’ Illegals?
October 6, 2010
Video commentary about the latest news including US astronomers finding habitable Earth-like planets, the U.S. Mint running out of Buffalo Gold, Irish banks could need another $19 billion and Rupert Murdoch Calling for Amnesty for ‘Law-Abiding’ Illegal Immigrants.
BLOG
http://demcad.blogspot.com/
Blog on Illegal Immigration
http://demcad.blogspot.com/2010/10/why-amnesty-for-illegals-is-bad-idea.html
US scientists find potentially habitable planet near Earth
http://news.yahoo.com/s/afp/20100929/sc_afp/usastronomyplanet_20100929210707
One in 4 Canadians a crime victim
http://www.globaltvedmonton.com/money/Canadians+victims+crime+StatsCan/3590792/story.html
Irish banks could need another $19 billion
http://www.marketwatch.com/story/irish-banks-may-need-another-19-billion-2010-09-30?reflink=MW_news_stmp
US Mint says has run out on Buffalo gold coins
http://af.reuters.com/article/metalsNews/idAFN2711303520100927
NATO convoys attacked in Pakistan
http://news.yahoo.com/s/ap/as_pakistan
Partisan Trends For Second Straight Month, Number of Democrats in U.S. Falls to Record Low
http://www.rasmussenreports.com/public_content/politics/mood_of_america/partisan_trends
Rupert Murdoch Calls for Amnesty for ‘Law-Abiding’ Illegal Immigrants
http://cnsnews.com/news/article/76043
JPMorgan Suspending Foreclosures
http://www.nytimes.com/2010/09/30/business/30mortgage.html?_r=3&src=mv
Ireland reveals full horror of banking crisis
http://www.abc.net.au/news/stories/2010/10/01/3026943.htm
Gun Control is Ridiculous
http://www.youtube.com/watch?v=l9YIwqKN4Bs
Duration : 0:5:55
Foreclosure Defense Attorney Roy Oppenheim talks Bank Fraud and Foreclosures on CBS News
September 29, 2010
http://www.oppenheimlaw.com Roy Oppenheim of Oppenheim Law is one of the premier foreclosure defense attorneys in the country. He says these three stories on this investigative report by Stephen Stock on CBS4 that aired on September 28, 2010 are the rule rather than the exception.
“What they’re trying to do is trying to keep your mortgage not in default and make you keep paying as long as possible, stringing you along,” said Oppenheim.
The mortgage lenders keep “putting you in a trial modification, getting some money out of you,” said Oppenheim. “(They hold) out this idea that you’re going to get this modification at the end. And then at the end, for no reason, no explanation, whatsoever (they end up) saying you’re not qualified.”
Banks and law firms are under fire with the recent GMAC admission that it filed false foreclosure documents. Bad documentation, falsely notarizing signatures, and the courts pushing homeowners through the foreclosure process (also known as the “rocket docket”) are coming to a quick halt as the tides turn on the banks in favor of the homeowner.
“It’s as if the curtain has finally been pulled back,” said Roy Oppenheim, a legal blogger and foreclosure defense attorney who has been predicting this house of cards for the past two years on his South Florida law blog. “The world now has evidence to what ends the banks will go to falsify documents and encourage individuals to perjure themselves by falsely notarizing signatures.”
The problem of underwater mortgages is so widespread that the federal government has put aside $14 Billion in a series of programs meant to encourage banks to modify loans and give homeowners relief.
http://www.oppenheimlaw.tv Oppenheim lectures live on the web every first wednesday of the month at 6pm and writes a blog about how homeowners can defend themselves.
Duration : 0:5:37
Stop Foreclosure the Legal Way
August 17, 2010
This video presents a legal solution which is free and ought to delay foreclosure, by months, for many of Americans who are facing foreclosure. Please pass it on to others. During these times of economic hardship and possible collapse of the economy, it is very important that as many people as possible know what their options are.
If you would like to receive notice of others’ testimonials on how this is working, state by state, please email me at StopForeclosures007@gmail.com
Duration : 0:3:1
Short Sales And Legal Advice
August 9, 2010
http://shortsalesdoneeasy.com/
As a Phoenix Short Sale Specialist, I think that it is vitally important that I continue to educate myself as to the risks involved in short sales. In order to do this, the Steve Horn Team went and visited the law offices of Thomson Law who specialize in real estate law as it relates to foreclosures and short sales. This group was a wealth of knowledge and it put into perspective our role as realtors in the short sale process. As a Phoenix short sale real estate agent I was reminded of several items:
****Realtors are not lawyers and we as realtors can not give legal advice when it comes to deficiencies and judgments—this is what lawyers are for.
****Our job as a short sale specialist is to price the home correctly, secure the buyer, negotiate on behalf of the seller.
****As a Phoenix short sale real estate agent, my job is to find a win win solution between the bank and the seller.
As we listened to the advice, I was reminded by the staff at Thomson Law that the short sale is an unwinding or unraveling of a loan and the real estate is merely the asset that is attached to this loan. As a Phoenix short sale Specialist, I take risk in listing short sale properties based on the tax and legal implications. I will advise all of my clients to seek legal and tax advice prior to taking in short sale listings. At Short Sales Done Easy we make short sales done easy however we advise properly as well.
Duration : 0:5:54
Neil Garfield Invites you to Visit his Living Lies Blog
April 2, 2010
Neil Garfield MBA JD, Wall Street insider and former trial attorney, is the editor of http://www.LivingLies.Wordpress.com, the leading internet resource on foreclosure defense. In this informative 3-part presentation Neil leads the viewer through the Steps to Freedom from desperation to hope. Neil has just released a 2-disk, 4-hour DVD set – The Garfield Continuum: Seminar for Laymen. A version for attorneys follows shortly. The DVD and the accompanying Workbook can be purchased at http://www.LivingLies-store.com
Duration : 0:1:15
Neil Garfield’s Foreclosure Defense Seminar
February 13, 2010
This seminar instructs attorneys in helping homeowners to stop foreclosure. Neil Garfield’s blog livinglies.wordpress.com
Duration : 0:7:54