October 18, 2017

Choosing a Chapter 13 Bankruptcy Specialist

Filing a Chapter 13 bankruptcy case isn’t as straightforward as a Chapter 7 case. I usually find that my Charlotte area clients who need Chapter 13 bankruptcy protection have complex issues to resolve including: Businesses and partnerships that need to be unwound or otherwise dealt with Unpaid tax liabilities with the state and IRS A number of mortgaged properties and other assets they … [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...]

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...]

Doesn’t the IRS Say My Debt Forgiveness Income Can’t Be Taxed?

All this talk about mortgage principal reduction and mortgage modification in the general press is incomplete and often confusing. People searching for answers can even find that information on government websites is too general for their specific needs. Take, for example, debt forgiveness income. This IRS page on The Mortgage Forgiveness Debt Relief Act and Debt Cancellation is helpful. Is … [Read more...]

Help Homeowners Facing Foreclosure: Part One of Three

Foreclosures and short sales face thousands of Carolinians. I wrote this three-part series to give readers facing Carolina foreclosures and short sales straightforward information that is grounded in North Carolina law and the federal Bankruptcy Code. Sadly, four years into the financial meltdown, I continue to get a steady stream of calls asking for help preventing home foreclosures, forced … [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...]