The other day in the Wall Street Journal there was an article about home owners who have lost their homes through foreclosure only to then be sued by the bank for the balance owed. During my bankruptcy consultations I often hear of families that have lost their home to foreclosure and now they are being hounded by the bank, often for very large sums of money over $100,000. If a home sells at auction and the purchase prices is less than what you owe on it, an unpaid balance remains. [...]
In Sunday’s newspaper they reported that nationwide there is expected to be an increase in the number of foreclosures. This not only impacts those families who are losing their homes but results in a continued downward trend in home values here in Arizona. If your home has been put up for foreclosure, or if you are debating whether you should stay in your home or not, it is important to understand how bankruptcy can help and open the options you have in dealing with your home. Below are three common scenarios [...]
One of the most frequently asked questions about short sales is will the seller have to pay income or gift taxes on the amount of debt forgiven by the banks. Some sellers who do not retain an attorney never even know that is a possibility until they get a 1099 Form in the mail from their lender at the end of the year. In 2007 the President and Congress passed the Mortgage Debt Forgiveness Act. Prior to the Act any short seller would be responsible for reporting the forgiven debt [...]
As I wrote in a recent article, more than 50% of homes in Arizona are worth less than what is owed on them. This is leading many people to try and short sale their home. However, because of other debt issues, many people are also needing to file bankruptcy. When all of these things come together often I have clients who are in bankruptcy and want to short sell their home. The questions are, (1) can you short sell your home in bankruptcy? (2) If so what is the process, [...]
When you suffer through financial difficulty that results in a short sale of a home, a foreclosure, or even a bankruptcy, the big question most people have is how such events will impact their ability to buy on credit again. In yesterday’s Arizona Republic newspaper, Russ Wiles wrote an article on “Strategic Defaulters” and included in the article was a chart obtained from FICO on how short sales, bankruptcies, and foreclosures will impact your credit score. I have recreated this chart below: Situation Initial 680 Credit Score Initial 780 Credit [...]
Much of the time I spend with clients is helping them understand the bankruptcy process. However, I do try and help clients understand the consequences of bankruptcy and in doing so one of the first questions I get is how many years must go by before it is possible to get a home loan. You can plan on the bankruptcy filing remaining on your credit report for 10 years. However, it is not a sentence of no credit for 10 years. Recently I was invited by Debbie Flinn of Bell [...]
This past Monday new numbers on home values around the country were released that confirmed a “double dip” in housing prices, falling below the 2009 low. This is frustrating news for people in Arizona that have been holding on to their home, making the payment month after month, but continue to see the value of their house plummet. Most of the people I meet with daily in bankruptcy consultations are upside down in their home, some owing hundreds of thousands of dollars more than their home is worth. The falling [...]
Many of my bankruptcy clients are also dealing with a foreclosure. Here in Arizona foreclosure rates have been at record levels for some time and the home values continue to drop. If you are like most, the value of your home is considerably less than what you owe. This leads to a decision of whether to stay in your home or cut your loses and walk away. If you are in this situation Chapter 13 bankruptcy can offer options that can allow you to stay in your home and make [...]
When it comes to hiring a bankruptcy attorney you have a lot of choices out there. No doubt that prior to finding my website you surfed through various bankruptcy attorney’s websites and have read what they have to say…so why should you hire me?
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We are a Debt Relief Agency. We help people file for bankruptcy relief under the Bankruptcy Code. The services, benefits, or assistance we provide in connection with consumer debts may involve bankruptcy relief under the Bankruptcy Code.