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Posts Tagged ‘foreclosure’

Hire A Lawyer – Find An Attorney Who Would Best Suit You

August 14th, 2018 Comments off

Not all of us require a lawyer. This is what all of us think! However, today it is not the case anymore. The social situation is such that you need someone to represent you and to fight on your behalf against the legal systems which is becoming more and more complicated day by day. We need someone to decipher the law which we cannot understand anymore. This pushes everyone whether like it or not to hunt and find an attorney who will represent you and your interests, a lawyer who will not just try to swindle your hard earned money but will stand by you during the time of need. Sadly, it is not easy to find an attorney who will give you good counsel keeping only your best interests in mind.

Before you find an attorney you must know in what way you would like him or her to support you. The legal system has become an elaborate nightmare and not all of them can handle all the areas. So there are attorneys who specialize in specific areas. Only when you define his or her role in supporting you, you will be able to start the hunt for the right lawyer.

One of the best ways of to find an attorney for your need is to use the traditional word of mouth advertisement. Start telling your friends and colleagues whom you can trust about your need. You will be on the safer side to get a lawyer to work with you by personal referrals your friends or acquaintances will give you.

Whenever you get a chance to meet a lawyer in any business meeting or party, make sure that you get his or her business card. This would certainly be useful some day even if not immediately. When you have a need, you need not kill yourself to find an attorney but just find the right card and call the lawyer immediately. This would be much simpler and quick too.

You can easily find an attorney if you should be visiting churches regularly. This can be a very good interacting platform as many people join together in one place. You can find the lawyer yourself or can also check with the clergymen. Getting references from the clergymen would also assure about the reputation of the lawyer.

When one of your friends or acquaintances do refer a lawyer and when you get to meet him or her make sure that you still assess their credentials and reputation. When you find an attorney who will listen to you and advise on a suitable course of action. If you really do not have a case that you can fight and win then your attorney should be able to tell you the truth and advise you on alternative ways of resolving the issue.

You can also find an attorney through online directories. You will be able to get information about a number of good lawyers who focus on specific areas of law through these directories. It will be rather easier to find an appropriate lawyer who will be suitable for your need.

If you want to find an attorney, you should first make a survey and short list lawyers without stopping with one lawyer. Based on their credentials and experience you can find an attorney who would best suit you. You can opt to find an attorney who works for a law firm or who has his own office. But before selecting a lawyer who functions independently, make sure to pay attention to his experience and capability.

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The Foreclosure Process And What Happens

March 5th, 2018 Comments off

With the ongoing economic downturn, more and more homes and properties face foreclosure over the past year or two than ever before. Besides the poor economy overall, the biggest factor is the sub-prime lending spree of the past few years that created ballooning payments and allowed people to enter into mortgages that they couldn’t manage and shouldn’t have been given.

When a home goes into foreclosure, the lender obtains a court order to terminate the agreement and take possession of the property back from the signer. This is usually the bank that underwrote the mortgage agreement or loan.

When someone takes out a home loan or mortgage, the bank or lender gets a security interest from the borrower, in essence pledging the house or property as security for the loan. If they default on the payment terms, the bank or lender can try to repossess, or foreclose on the property.

Besides failing to pay the mortgage note or loan, other lien holders can also foreclose the owner’s right of redemption for other debts, such as for overdue taxes, unpaid contractors’ bills or overdue HOA dues or assessments.

For a residential mortgage loan, the actual process of foreclosure proceeding can begin after the owner has failed to meet the mortgage agreement terms. Then the bank or creditor may look to take possession of the property so that they can recover their principle by reselling the property.

After foreclosure, the creditor will likely try to sell the property and keep the proceeds in order to pay off its mortgage plus legal costs. This is what foreclosing on the mortgage or loan actually is. Though there are some possibilities for the homeowner to reclaim their property at that point, it’s clearly much more desirable to avoid going into foreclosure to begin with.

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Investing in Residential Real Estate: The Way to Finance Your American Dream

February 26th, 2018 Comments off

People always need places to call home and this includes during tough economic times as well. Human life cannot be complete in the absence of basic needs such as shelter and food. Truthfully, majority of us would relish at the thought of having a good single-family home where we could go to at the end of a busy day. Although investing in residential real estate is a great investment, it can also be profitable if the investment is done in the correct way.

Investing in residential real estate does not necessarily require one to be a financial intellect, although being a genius can be helpful in other markets. What this investment requires is for one to be keen and have common sense as well as knowledge of what the local real estate market is able to handle. Is the area you are interested in ready to bounce back or is it struggling? Has it reached the end or is there another fall out on the way? The fainted hearted or the very cautious people cannot handle real estate for residential investment.

The first key to good residential real estate investing is simple: invest in property that will actually make money. Not only are single family homes in the low to mid price ranges good to consider, as is an apartment or condo unit. Dont overextend yourself however, especially if there is no guarantee that you will be able to move anybody into your newly opened rental. Look around at how many open properties are in the area in the same price or size range.

The next key to keep in mind is to consider what a realistic return will be when contemplating residential real estate investing. Do not purchase properties with a mortgage that you will never be able to recover. Charging the wrong amount for a rental is just that: wrong. You will never get anyone into the unit for a price above the current standard, no matter what extravagant upgrades you add.

Another fact about investing in residential real estate that makes it so attractive to investors is the fact that even though your mortgage price for the property will remain constant for the loan term period, with inflation you should expect the amount on that real estate property from rent to increase.

When looking at residential real estate properties for a first venture, it is important to know the necessary upgrades and the ones which are potential financial boosters. For beginners, it is important to remain on the smaller side and this will only be for sometime until the time you understand the operations of the real estate property market completely.

Consider the area that you are looking into before going ahead with any plans of real estate investing. What is the employment situation like? Are any jobs left in the immediate areas? Are there any good schools or something attractive that would entice people to continue living in the area while commuting to a new job slightly further away?

Finally, consider the cost of the upkeep of the property before moving ahead with plans for real estate investing. While you will have renters in the home, you will still be ultimately responsible for the cost of the upkeep of the home, the taxes and other associated costs. Some renters take exquisite care of their homes while others consider rentals nothing more than four walls to keep them warm.

Investing in any real estate does have its risks as is the case in other types of investments. However, it can bring in remarkable income if it is carried out by the right investors having the right properties. Once the cost of the property has been cleared, investors can use the additional income they receive for increasing their real estate portfolio.

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Bankruptcy Repayment Plan

January 1st, 2018 Comments off

It is common to find lots of people trying to speak for themselves during a bankruptcy hearing, as opposed to having a bankruptcy lawyer represent them. Many make this horrible mistake and subsequently end up biting their fingers. Bankruptcy lawyers posses the detailed knowledge of recent laws and old ones that most normal people don’t even know about. A judge, for example, might not feel like dealing or being lenient with a simple mistake in the paperwork, and throw out the case. Bankruptcy lawyers can help avoid such simple pitfalls.

It is difficult enough having to file bankruptcy. Endless trails at meeting up with unpaid bills might eventually maul you over into filing bankruptcy.

Eventually, you might consider bankruptcy after you have nothing else to try. So how do you go about finding a bankruptcy lawyer?

The task of choosing a bankruptcy lawyer might not prove daunting for some. A previous brush with bankruptcy can help a family member recommend a good bankruptcy lawyer to you. You might appreciate a bankruptcy lawyer if you know they handled your family member’s case with ease and professionalism.

Listed on the yellow pages are some good bankruptcy lawyers. The listing for bankruptcy lawyers is under ‘attorneys’.

You must remember certain things when you choose a bankruptcy lawyer.

An attorney’s caseload makes a difference; too much of it means he won’t have enough time for you. Take steps to secure an appointment with the bankruptcy lawyer first. You want to know if the lawyer can make time to meet you within a short time.

Do not be too shy to ask questions when you’re sitting with the bankruptcy lawyer. Be sure to ask for the lawyer’s fees as well as what the implications are with your case.

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Home Foreclosure: The People On The Phone

August 18th, 2017 Comments off

Home foreclosure is a not the best situation to be in. Once the notices start coming and the phone starts ringing you can’t really keep hiding. Your going to hear from lots of people who claim that they can help you. These calls are from organizations and companies that have their own motives and goals. Beware, in desperate times even a good sales pitch may sound like a miracle.

There are a number of people who are going to send mail or call. Most likely they were able to get your address or your number from the court system. Due to the legal nature of the process your information will be deemed as public and be published. This means anyone with internet access can find you.

The most common people or organizations that are going to give you call:

Swindlers/Con Men/Crooks

These are the ones you have to be aware of. (And there are a lot of them out there.) All of them offer promises and refer you to a chapter 13 attorney for collect a fee. In worse cases, they will take the deed of the house and force you to pay rent while leading you to believe that they can save your home and in the end you loose it all because they do nothing but take your “rent money” and skip town.

This is the most common problem you will face besides the actual foreclosure. Be very wary of anyone offering this type of “help”.

Mortgage brokers

They can help you by refinancing your property. However, these loans may have higher interest rates and closing costs than what you payed at the bank. Some may even charge you more to see how much you are willing to pay and take advantage of it. Not all brokers will rip you off. Over the last several years mortgage brokers have gotten the short end of the stick in the press. Shop around and ask family and friends for a referral if you decide to use a broker. (and just for the record..no I am not a mortgage broker)

Lawyers

This is your last resort. Most attorneys don’t really care about the situation you’re in or give you the attention you need.

Mortgage negotiators/Mortgage “Mod gods”

They negotiate repayment schemes with mortgage lenders. You can negotiate with the bank but in case it fails you can ask the help of a professional to get the plan approved. Some banks may impose a much more demanding plan and these professionals can get you a more favorable agreement.

Private Financers

These people are normally wealthy and are looking to loan you money, to cover your mortgage, at a higher interest rate. In some cases they will over to buy your house and lease to own it back to you…for a higher interest rate of course. (this may not be a bad option IF you can arrage something that works fr your financial position)

Mortgage/note holder

Your mortgage holder will call you to reinstate your house. This can be a good option depending on your situation. These are usually offered by mortgages backed by the government.

Whoever calls you or wherever the mail comes from be aware and think things through. You can stop a home foreclosure with the right options applicable for your situation. Do not throw in the towel if you don’t have to.