With the collapse of the real estate market, the word “foreclosure” has unfortunately become an often used word in the English language. This article will provide information about the types of foreclosures found in various states and how they work.
It is certainly nice to know that you do have choices. However, be clear not everyone can simply “walk away” from their mortgage. It is best that you seek legal advice from a competent real estate attorney in your state before you make the decision to “walk away.”
The joint tenancy deed and the right of survivorship that goes along with it is a valuable tool in any estate plan because it accomplishes the transfer of property without the necessity of cumbersome, time consuming and costly court proceedings.
This past summer the California Legislature approved Senate Bill 931 (SB 931) amending Code of Civil Procedure CCP §580e to provide for anti-deficiency protection to certain short sales.
One of the first questions, many homeowners who are contemplating filing bankruptcy ask is “Will I lose my home if I file for bankruptcy?”
As a result of perceived abuses in the bankruptcy system, Congress passed the “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.” The principal provision of this Congressional enactment was the addition of a “means test” designed to prevent higher income earners from filing Chapter 7 bankruptcy.
Many people who are contemplating filing bankruptcy ask the question, what exactly is the job of the bankruptcy trustee? Is he my friend or foe? Well the answer to this question is really quite simple, once you know the duties of a trustee.
The current financial crisis, brought on by the collapse of the housing market has more and more people looking for solutions to their “under water” property. An “under water” property is one in which the debt on the property is greater than the value. Today, millions of homeowner are now upside-down or “under water” on their home mortgage and they are looking for a way out.
One of the most frequently asked questions by consumers who are contemplating filing bankruptcy is: “Are Taxes Due the IRS Dischargeable in Bankruptcy?” If you are eligible to file a Chapter 7 bankruptcy, virtually all of the debt that you owe will be discharged. A discharge of debt obtained in bankruptcy means that you do not have to pay the debt. It is one of the principal reasons for filing a Chapter 7 bankruptcy.
Before reaching any conclusion on whether bankruptcy is the right answer to the mountain of debt that you are facing, talk to an experienced bankruptcy attorney in your area to determine which set of exemptions apply to you.