California Bankruptcy Lawyer Blog

What is Obama Home Foreclosure Program?

2011-08-10T20:18:41Z

President Obama's home foreclosure program, Making Home Affordable, is a program that provides a number of government-subsidized options for homeowners who are struggling. The goal is for these homeowners to avoid home foreclosure, which helps get the American economy back on track.

There are four different programs available to homeowners under the Making Home Affordable program.

The Home Affordable Modification Program (HAMP) allows homeowners to modify the terms of their existing mortgage to make it more affordable.

For homeowners who have a second mortgage, and have already modified their first with HAMP, the Second Lien Modification Program (2MP) provides the opportunity to modify that second mortgage, so that both payments are more affordable.

The Home Affordable Refinance Program (HARP) is for homeowners who have loans that are owned or guaranteed by Fannie Mae or Freddie Mac. Homeowners can refinance these loans into more affordable payments.

Finally, the Home Affordable Foreclosure Alternatives Program (HAFAP) is designed for those homeowners who cannot afford their home any longer but are trying to avoid foreclosure. This program helps homeowners transition to more affordable housing through a short sale or a deed-in-lieu of home foreclosure.

If you have a question regarding Foreclosure in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

How Does Home Foreclosure Affect Home Vacancy?

2011-07-26T20:16:15Z

Home Foreclosures and It's Affects on Home Vacancies

Home foreclosure rates have a direct affect on nearby property values through the supply effect. Residents currently living near vacant properties have a sense of mistrust and fear, from crime and youth that often claim vacancies for their own unlawful activities. This lowers property values, as respectable and law abiding home owners dislike these types of neighborhoods.

Vacancies in residential lots, just like in commercial properties, are showing heavy influence by the employment category and job market. With no jobs, many foreclosures are imminent as home owners cannot keep up with mortgages, medical bills, and basic necessities. This will increase home foreclosures in many areas, resulting in higher demanded home areas to tighten up, or have little to no homes available as a result of foreclosures in lower property areas.

In summary, home foreclosure rates have a domino effect on vacancies. It ultimately passes through lenders, percentages on supply-demand locations, and amnesty rates.

What Is The Process of Home Foreclosure In Sacramento?

2011-07-11T20:12:01Z

The process of home foreclosure in Sacramento and eviction pre-foreclosure and the formal legal foreclosure process. Completion of all of these steps, which will probably take a few months or so, will lead to the eviction of the previous customer.

First, the customer must miss one mortgage payment. Once this occurs, a late notice is sent to the bank. In many cases, the customer then proceeds to miss multiple mortgage payments. When this happens, the bank sends notices and tries to reach a resolution. If this doesn't occur and more mortgage payments are missed, then, at this stage, you are prohibited from paying the mortgage month by month. Instead, you must pay in full. If no arrangements accepted by the bank are made, the pre-foreclosure process is complete.

Either by sheriff or mail, a Notice of Intent to Foreclosure is sent. The bank then proceeds to take legal action and legal notices are being published in the local papers. No arrangements with the lender are made and the notice and waiting periods expire. After the hearing, the court allows the bank to foreclose the customer. These legal notices are published in local papers, and eventually, the house is sold to the highest bidder.

Once all these steps are complete, the home foreclosure process is complete and the customer is kicked out of his or her home.

f you have a question regarding Foreclosure in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

California Foreclsoure Evictions and You

2011-04-23T16:30:12Z

For those of you that are not sure what a California foreclosure is, it is when a homeowner is not able to make principle and interest payments on their monthly mortgage. As a result, the mortgage company will take the property and sell it, which will be stated in the mortgage contract when the homeowner first signs it. This type of foreclosure varies among lenders; it all depends on each individual situation.

As a homeowner, it is totally up to you if you would like to sell or keep your home during the California foreclosure process. If you prefer not to keep your home, it will actually be sold before it reaches the foreclosure process. The big advantage you will get from the home being sold before it reaches foreclosure is not receiving a foreclosure judgment on your credit rating. This works well for both parties because the lender is able to sell the home and the borrower can receive future financing without any negative ratings on their credit. This type of foreclosure is normally available to homeowners who have a great deal of equity available in their home. Homeowners are able to get back the equity they invested into their homes, so they will not leave this foreclosure process empty handed.

If you have a question regarding Bankruptcy in California please contact us at 1800.941.6730 and we can connect you with one of our experienced California Bankruptcy Attorneys . Sagaria Law can assist you with all aspects of your bankruptcy case. If you have questions about filing a Chapter 7 bankruptcy, a Chapter 11 bankruptcy, a Chapter 13 bankruptcy, lien stripping , a cram down, stopping a foreclosure or wage garnishment, asset protection, discharging debt, etc. we can help! We have bankruptcy attorneys located throughout California and Oregon who can assist in all of these important areas. Please complete our free bankruptcy evaluation and we can quickly determine if you are a qualified candidate for bankruptcy.

California Foreclosure - What are the Banks Doing?

2011-04-22T16:30:56Z

Besides a lot of things wrong the banks are doing very little to help homeowners avoid California foreclosure.

They were given millions or even billions of dollars to help stem the tide of foreclosures that were recognized from the very beginning. Money they used to pay their executives extravagant bonuses.

They were given directives from the US Government to modify loans to help people save their homes. While they did make a half-hearted effort their programs were never really set up of for success. They never bothered to staff up enough to handle the sheer volume of requests. This is cause for endless delays and lost documentation which pushes most homes to mature into the final phases foreclosure before the homeowner is given a final answer.

What happens next, the homeowner is denied a loan mod--which in many cases they never qualified for in the first place but the bank failed to inform them of this in a timely manner--and now they are left with little or no time to pursue another option.

Homeowners facing California foreclosure who are thinking about or in the midst of a loan modification should research bankruptcy as a back up plan. Should you end up being denied you can be fully prepared to step directly into the bankruptcy process and stop the foreclosure of your home.

California Foreclosure and Rentals

2011-04-20T16:30:34Z

Home owners that have recently went through a California foreclosure may be surprised to find out that they cannot get approved for an apartment. Most apartment complexes now require a minimum credit score for approval to rent, and foreclosure often places a person below that credit score. This leaves the former home owner without their home and the inability to rent an apartment.

What can a person do to avoid being truly homeless?

If you are facing a California foreclosure you should consider using bankruptcy as a form of debt relief. Through a Chapter 13 filing, home owners can have their mortgage and other debts restructured into an affordable monthly payment. The person filing the bankruptcy will not be evicted from their home due to foreclosure, and they will not have to worry about qualifying for an apartment.

Once you have filed bankruptcy the court will reorganize your debts according to your current income. Once the bankruptcy has been approved, your only obligation will be to make the monthly payment to the court. This method allows you to keep your home and become financially secure again.

Home Foreclosure Backlog

2011-04-18T16:30:44Z

Many homeowners with unpaid loans may have gone through home foreclosure years ago and still be in their homes due to a huge backlog. The banks have just not been able to keep up with the huge increase in foreclosures. Add to this the fact that the process is already very complicated and extensive, and you get a virtual logjam.

This home foreclosure backlog will not last forever. Many homeowners have gotten extra time to find a new place to live, but banks are being forced to streamline the foreclosure process to try to get caught up. Having a bunch of unpaid and unproductive loans sitting around is not very profitable.

If you have been one to gain from this backlog your time may be running out. The first quarter of 2011 will be a time when banks start to step it up. Make sure you prepare to move out of your home at a moment's notice.

Five Reasons California was Hit Hard by the Foreclosure Crisis

2011-04-16T16:30:33Z

In the current economic environment you will find that California was hit extra hard by the home foreclosure crisis. Many people are suffering and have lost their homes because of it. Some reasons California was hit so hard could have very well been avoided.

1. Banks were lending to unqualified borrowers
2. Too many builders were over building and dumping properties onto investors
3. Real estate agents were artificially inflating home prices in new subdivision through phase releases
4. Home owners had no financial reserve for a rainy day
5. Homeowners borrowed money on variable rate loans

Had homeowners, banks, builders and real estate agents avoided these five mistakes California's home foreclosure crises probably would have been simply a hick-up instead of a crisis. Citizens should have been looking out for each other and not relying on the government for over site. Knowing the banks, builders and real estate agents are in it for the money, we as consumers need to pay close attention to what they are telling us and insure we are not falling into a trap. Don't get caught in the same trap. Only borrow what you can afford, save 3 - 6 months of income for emergencies and search for a good deal when buying a home.

Five Things you Need to Know About Home Foreclosure

2011-04-15T16:30:41Z

When you take out a loan for a home, the mortgage lender considers your home to be collateral for that loan. That is why the lender can foreclose if you default on your payments. There are five things you must know about home foreclosures.

First, you should know when your lender plans to begin the home foreclosure process. Each bank or lending institution has its own procedure, so give them a call and find out the particulars.

Second, you should find out how long the foreclosure process takes. Again, each lender works differently. In some cases, it will take six months or less. Other lenders might take up to a year to process a foreclosure.

Third, you should understand your alternatives. You may be able to work out a compromise with your lender that will allow you to remain in your home.

Fourth, you should have a personal contact at the lender’s office. There are several departments involved throughout the home foreclosure process, so it helps to have someone in-house to help you keep track of where you are in that process.

Fifth, you must review and understand any paperwork that you receive. Consult your own attorney who is experienced in foreclosures.

Why Wait? Stop Home Foreclosure With Bankruptcy!

2011-04-13T16:30:18Z

Home foreclosure is not a fun thing to go through. Foreclosures are at an all-time high. More and more people are facing the dilemma of whether or not to let their homes go or not.

One way to postpone or stop foreclosure is by filing for bankruptcy. Bankruptcy can help in a number of ways. First, it can possibly allow enough time to get debts under control so that the home can be kept. It can also help avoid a second loan. Also, it could let you move out without having to go through a foreclosure at all.

The two types of bankruptcy that can help you avoid foreclosure are called Chapter 7 or Chapter 13. If you file for Chapter 7 you are required to pay back what you owe once the bankruptcy proceedings are complete. With Chapter 13 you are allowed to pay back what you owe over the course of a payment plan. You also get to keep your home with Chapter 13.

Home foreclosure does not need to be the end of the world. Bankruptcy can be an option when trying to save your home.

What is Obama Home Foreclosure Program?

2011-04-11T16:30:45Z

There are four different programs available to homeowners under the Making Home Affordable program.

The Home Affordable Modification Program (HAMP) allows homeowners to modify the terms of their existing mortgage to make it more affordable.

California Foreclosure Auctions Investigation

2011-04-08T16:30:12Z

Allegations that California foreclosure auctions and tax deed sales are being manipulated have surfaced and the FBI is reportedly conducting an investigation. Rumors are circulating that speculators are rigging the bids at the auctions by paying some bidders to not make offers. This results in the auctioned property selling for a lower price. The auctions allow buyers to purchase properties at prices below market value.

Reportedly, federal investigators have issued warrants in connection with the claims, citing possible instances of anti-competitive activities. If the California foreclosure auctions are found to be rigged, those participating can be charged with violation of the Sherman Antitrust Act. Penalties for violating the Act include up to 10 years behind bars and up to a $1 million fine.

Most auctioned properties go back to the lenders while approximately 20% are actually bought by third parties. While rumors of the unfair practices have increased in the past few years, nothing has been proven and consumers are being asked to not form opinions until completion of the investigation.

California Foreclosure and Short Sale Trends

2011-04-06T16:30:30Z

The federal government has recently changed their criteria for short sales, in an effort to stem the flow of foreclosures. The new legislation encourages lenders, through bonuses, to streamline short sales and keep homes from being foreclosed upon. While this looks very good on paper, and may even help some, what about the people who wish to keep their home out of foreclosure with out being forced to sell?

Many people opt for a short sale because they feel that there is no other option left for them to save their home. If given a chance, these people would love to keep their home as they rebuild their lives. Most do not know where to turn for true help.

Reorganization bankruptcy is an option for any home owner facing a California foreclosure. Chapter 13 bankruptcy will prevent a California foreclosure from occurring while the court is restructuring your debt.

When you file bankruptcy the court will put a stay on any foreclosure proceedings that are taking place. This allows the home owner to remain in the house during the court case without fear of being evicted. Once the court has reorganized the debts of the home owner, the applicant will only need to make the single payment to the court each month to retain their home.

Five Bankruptcy Questions

2011-04-04T16:30:53Z

There are many different questions that people have about bankruptcy. Here are 5 important ones:

Question: Is it a legitimate way to fend off a home foreclosure?

Answer: Yes and no. A Chapter 7 filing only removes liability. You still lose your home. Chapter 13 can help save your home.

Question: Is there a way to avoid it and still keep your home?

Answer: Not always, but sometimes a good foreclosure lawyer can come up with ways to postpone foreclosure, thus giving you time to come up with ways to pay off you outstanding debts to possibly keep your property.

Question: Can one recover from the hit that bankruptcy puts on their credit?

Answer: It stays on your credit for 10 years, but as soon as the process is over you can begin to repair it. It is not the end of the world.

Question: Should I always consult a lawyer before starting the bankruptcy process?

Answer: Yes. Period.

Question: If all avenues have been examined, should I seriously consider this to save my home?

Answer: This is really up to you. There are many pros and cons to be considered before taking this desperate step.

Many other issues surround going bankrupt, but these five answers should get you pointed in the right direction.

Prevent Foreclosure with Bankruptcy

2011-04-02T16:30:41Z

There are really no good ways to prevent foreclosure on your home. Many people are aware of bankruptcy as an option, but it is not a very attractive one to most people. Most people think of their credit being adversely affected, but if there are no other options, bankruptcy can be a last attempt to save your home.

The best bankruptcy to prevent foreclosure is Chapter 13 filing. This type of bankruptcy allows you to set up a plan to repay debt over a period of time, say 5 years. You are allowed to keep your home during this process, and all debts not paid after the term will be erased. A bankruptcy lawyer can help work out the details.

If you run out of places to turn, maybe bankruptcy is your last good option. Losing your home is one of the worst things that can happen to you; examine all avenues before letting it go. A good home is hard to find, and harder to keep.