July 24, 2017

Beware Debt Consolidation and Repayment Proposals

In my bankruptcy practice I have dealings with many people who, in response to financial difficulties, have sought help from companies that purport to help settle, consolidate or otherwise manage the debt. By and large, most of these people have learned of these companies from advertising. While there are few legitimate firms that provide these services, most simply draft the debtor’s funds … [Read more...]

The Perils of a Short Sale, Cash for Keys and Deeds in Lieu

Considering a short sale, deed in lieu or cash-for-keys offer for your underwater home? This week The Charlotte Observer reported that 46.6% of Charlotte homes have "negative equity." Some call this an "underwater mortgage" but no matter your term of choice, it means that homeowners owe more to their mortgage companies than the homes are worth. That same article went on to describe the … [Read more...]

Settle Your IRS Debts for Pennies on the Dollar

​The tax return is filed and the taxpayer cannot pay the taxes. Then comes a letter from the IRS demanding payment. The taxpayer sees a nifty ad in the newspaper or on TV screaming "Settle your tax debt for pennies on the dollar!"  Should the taxpayer hold out hope for salvation? This is almost always a promise of salvation provided by unsavory operators who prey on tardy taxpayers … [Read more...]

Help Homeowners Facing Foreclosure: Part Three of Three

In my first post of this series we covered how foreclosure works, step by step, and defined some basic real estate terms related to distressed sales. In the second post, we answered questions on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset. This post addresses questions on short sales and sifting through … [Read more...]

Help Homeowners Facing Foreclosure: Part Two of Three

In my first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales. In this article I'll cover questions and answers on preventing foreclosure, negotiating with a mortgage company, and what to do about an adjustable rate mortgage that will soon reset. Q: Can I legally prevent a foreclosure? First, there is very rarely any … [Read more...]

Cash for Keys?

The copywriter who thought up "Cash for Keys" did a good job. Unfortunately, the process isn't as simple as the catchy title implies. You don't simply hand the keys over to the mortgage company, take your $1000 to put down on an apartment and walk away. [important]Unless you file for bankruptcy protection, any time you sell or surrender your home for less than the balance due on the mortgage(s) … [Read more...]