What is a Deficiency Exposure?
Although a foreclosure may seem like one of the worst events you can face as a homeowner, the nightmare may not end with the lender’s sale of your home. In the aftermath of many foreclosures, many borrowers learn that a discrepancy exists between the home’s sale price and the amount owed by the borr ...
The Pre-Recession Housing Problem: Part 2 of 2
Over the next few years, millions of homeowners must somehow find a way to face this previously unforeseen HELOC reset problem and resulting payment increase. Though some may be able to handle a larger payment, there will still be an enormous number of homeowners who will find themselves in a financ ...
The Pre-Recession Housing Problem: Part 1 of 2
Although the home equity line of credit (HELOC) has been around for many years, it gained popularity in the early 2000s. Far fewer HELOCs are being issued by lending institutions today due to the 2008 financial crisis, but millions of homeowners still have this type of arrangement, and are in for a ...
Does a Lender Have to Own the Note in Order to Foreclose or Can They Just be the Holder of Note?
When homeowners borrow a mortgage loan to purchase a property, they sign both a mortgage (or deed of trust) and a promissory note. The promissory note (not the actual mortgage contract) is the document that contains the promise to repay the amount borrowed from the lender. The owner of that promisso ...
Who Pays a Lien in a Foreclosure?
If you are sued for a sum of money that you may owe a creditor and lose the case, the prevailing party will be granted a judgment. That party may then file a judgment lien, which is a lien that attaches to your real estate. When a creditor files a lien against your property, the lien attaches to the ...
What is a Warranty Deed on a Timeshare?
Owning a timeshare may seem like a good idea for buyers looking for a slice of paradise once a year, but, like any property purchase, timeshares are also packaged with legal issues. Along with a week of sand and sun, buyers of timeshares can expect that they eventually may run into a deed problem. A ...
Can You Sue a Previous Landlord for Refusing to Refund a Security Deposit?
To say that moving is stressful is likely an understatement for anyone who has ever rented a home or apartment. Not only do you need to pack your life away and transfer your belongings before your leases’ end, you also have to ensure you leave your former residence in the same shape you first found ...
Is it Better to Short Sell Your Home or Go Through Foreclosure While in Chapter 13?
If you are pursuing a Chapter 13 bankruptcy, you are able to either short sell or foreclose on your home to settle that portion of your debt. The purpose of a short sale is to relieve the borrower’s obligation to pay the difference between the sale price of the home and the mortgage amount when the ...
Can You Get a Loan Modification After the Consent to Judgment is Signed?
When a foreclosure process has been initiated, the homeowner still has options available to them in order to prevent the lender from reclaiming the property. One option that may be attractive to homeowners who are having difficulties making mortgage payments is a loan modification. Mortgage lenders ...
Florida's 2013 Difficiency Law Explained
When the housing market took a turn for the worst, the effects were felt far and wide across our nation. Many of us were directly affected or knew somebody that was. Foreclosure signs were popping up on every street and sadly, many people lost their homes. In the wake of such financial disaster, man ...
