Recently in Foreclosure Category

"What Exactly Is A Deed In Lieu of Foreclosure And Is It Right For Me?"

iStock_000007577163XSmall.jpgWhether a deed-in-lieu of foreclosure is right for your California-based distressed residential property depends on many factors. Don't listen to anyone who tells you "you should do I deed-in-lieu of foreclosure, because I did" As with anything, it is important that you carefully weigh the pros and cons of your situation, based on your unique set of facts and circumstances, before deciding on any one option as it relates to your distressed mortgage. For many, a strategic foreclosure is their best option, for others, a short-sale, and for others a deed-in-lieu of foreclosure . . . assuming it is available by the borrower's lender. How can you determine if a deed in lieu of foreclosure ("DIL") is right for you?

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"Is Short-Selling My California Home Right For Me?

iStock_000020073288XSmall.jpgDue to the recession and its consequential adverse effects on mortgaged properties, many state laws and federal programs have been enacted and created to provide much-needed relief to homeowners with distressed mortgages. The problem, however, is that it is difficult for any one person to keep up with the changes in laws and government-sponsored programs--as they seem to be changing almost monthly! Even attorneys are finding it challenging these days to keep current on the quickly-changing and constantly-evolving laws and programs relating to distressed mortgages. For example, does a California homeowner need assistance from the federal government to short-sale their home? And, asking the bigger question, does a California homeowner need to short-sale their home to begin with?

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"What Does The $25 Billion Mortgage Settlement Mean To Me?"

The $25 Billion Foreclosure Settlement

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What does it mean to you; and, are you included in the settlement?

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Denied a MHA HAMP Loan Because of the NPV Test? The "Fat Lady" Hasn't Finished Singing!

Thumbnail image for iStock_000015861187XSmall.jpgAt the Law Office of Linda C. Garrett, an online, Solano County, California-based Consumer, Bankruptcy and Family law practice, I receive several calls per month from distressed homeowners informing me that their home is in foreclosure (or they are considering short-sale) because they do not, per their loan servicer, qualify for a loan modification through the Making Home Affordable Home Affordability Modification Program ("HAMP"). Many times, the letter they receive from their servicer does not give an explanation for the denial. If their loan servicer does give a reason, many times it is to state that their loan modification application failed the "NPV" test.

What are NPV tests; Are they Important; and, Can They be Challenged?

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The California Short-Sale--A Better Alternative to Foreclosure, or a Percolating Nightmare!

Thumbnail image for iStock_000006824774XSmall.jpgAt the Law Office of Linda C. Garrett, an online, Solano County, California-based consumer, bankruptcy and family-law practice, I receive a consistent stream of calls from homeowners, calling because they are worried about their distressed property. Some homeowners are solely looking for options in the event of imminent default, while others are looking for options because they are in active foreclosure in connection with their distressed property. One option that frequently comes up is the California short-sale.

The purpose of this blog post is to provide the reader with a realistic look at the short-sale--looking at the benefits of a short-sale, inherent risks involved in the California Short-Sale, and the enactment of recent legislation affecting California short-sales. Let's proceed with understanding what a California short-sale means to a homeowner.

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At Risk or Facing Foreclosure?

ForeclosureProblemsXSmall.jpgAt the Law Office of Linda C. Garrett, Solano County, California-based consumer, bankruptcy and family- law practice , I receive numerous calls from distressed homeowners facing foreclosure. No doubt, the thought of foreclosure is a scary thought, promptly hard-working homeowners to slap down thousands of dollars to anyone offering to save their home. Because most people don't know all their legal options and/or their legal rights, they are willing to trust almost anyone willing to offer help. If this is you--stop! Don't panic and, please, don't do anything else until you have read this Blog post.

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Beware! Scammers Pretending to be Homeowners and Getting Away With It--A New Scam

Thumbnail image for Thumbnail image for iStock_000016119220XSmall.jpg In my Solano County, California-based, online Consumer, Bankruptcy and Family-Law Practice, I receive countless calls on a weekly basis regarding anything and everything related to what I call the "mortgage meltdown." Inquiries include asking me questions about loan modifications, short-sales, California anti-deficiency statutes, foreclosures, and so on. These types of calls I expected to receive when I expanded my legal practice to include bankruptcy and mortgage-related issues back in 2006. I did not, expect, however, to receive calls inquiring about illegal behavior . . . from banks, from lawyers, from . . . scammers.

This blog entry deal with a scam that I fondly like to refer to as "Little Red Riding Hood and the Greedy Big Bad Wolf." This new scam is very similar to this beloved child's tale. Everyone knows the story of Little Red Riding Hood--how she innocently goes to Grandma's house, innocently skipping alone down the road, carrying a bag of goodies for Grandma, and only later, to her surprise, discovers the Big Bad Wolf at Grandma's house--pretending to be Grandma! Remember what happens to little Red Riding hood at the end of the story? She gets eaten up by the Big Bad Wolf!

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Should You Foreclose (Walk Away) From Your Home?

iStock_000005781193XSmall.jpgBefore taking the step to foreclose on your home, you should make an informed decision. This means knowing not only the pros and cons of foreclosing on your home, but also, the pros and cons of other possible options--such as a short-sale, a deed-in-lieu of foreclosure, loan-modification, loan forbearance, etc.

At the Law Office of Linda C. Garrett, a Solano County, California-based, online virtual consumer, bankruptcy and family-law practice, I receive numerous inquiries from callers regarding foreclosure issues. This blog post is designed to help the reader make a preliminary determination whether foreclosure is an option for them.

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