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Written by: leonora | Published on: February 23rd, 2011
If your property is underwater, not only did you probably reach out for help and examine your options, but you probably also received a lot of unsolicited offers from real estate agents and other “foreclosure consultants” who want to “help” you. When they talk up all the benefits of a short-sale, they probably mention all these things: Myth 1: You will be able to avoid personal liability for deficiency (roughly the amount you owe minus what the lender will receive for your house), that you would have if you just walk away and allow the lender to foreclose. Myth 2: [...]
Written by: leonora | Published on: February 15th, 2011
Keep Your Home California (KYHC) is designed to help low/moderate income families stay in their homes. In fact, the US Treasury Department approved $2 billion in federal funds for California families that are struggling to pay their mortgage. It sounds like a well-intentioned idea. However, as many people know, getting actual help with mortgage problems is not easy. Qualifying for any government program doesn’t seem to be a walk in the park either. Because the program is very new, it is hard for me to have any sort of “expert” opinion on the matter. However, on its face, the program [...]
Written by: leonora | Published on: February 1st, 2011
I have a client that paid me not a small amount of money to file her Chapter 13 bankruptcy case. She heard about me from her trusted family friend that has previously retained me for a bankruptcy. We filed her Chapter 13 case and stopped a foreclosure on her property. Prior to filing her case, she has not paid her mortgage and taxes for more than a year. After the filing of her case, I prepared a one-page list of written instructions on how to make 1 monthly payment to the Chapter 13 Trustee (to catch up on back mortgage [...]
Written by: leonora | Published on: November 9th, 2010
Long ago when I was a young undergraduate student in the sunny University of California San Diego, I was trying to find a major I would both enjoy and could pass off as “useful” to my parents. After a short stint as a pre-med student, an engineering major, I finally decided that “Management Science” was the one major that fit that description in my case. Of course, in numerous interviews after UCSD, I found out that no one actually knew what this magical major entailed. I finally got tired of trying to explain the stuff about Econometrics and optimized output [...]
Written by: leonora | Published on: October 29th, 2010
Yes, you can buy a house after bankruptcy. See tips below for things to do to maximize your chances. Bankruptcy is a big decision that should not be taken lightly. I would never advise anyone to approach the potential bankruptcy filing as anything but a big step. However, some people think that bankruptcy is the END. They will never be able to have a credit card again and they can certainly forget about ever buying a house. Guess what? That’s VERY wrong! You certainly CAN BUY A HOUSE after bankruptcy. Can I guaranty that you will be able to buy [...]
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