Board Certified Specialist in Bankruptcy
Rick and Heather are pleased to be recognized by the 2011 edition of North Carolina Super Lawyers , Rick as a Super Lawyer and Heather as a Rising Star. Rick is recognized by his peers for excellence in the practice areas of Bankruptcy & Creditor/Debtor Rights (80%), Tax (20%). 2011 marks the fourth consecutive year he has been so honored. Heather won recognition as a "Rising Star" in … [Read more...]
We all love stories about the "little people" who prevail against the "big bad banks." Recent stories about the so-called "robo-signing" debacle have fueled hopes among people facing foreclosure that they may be able to buy themselves some time or even slip through the clutches of predatory lenders altogether. More luck than legal basis Then there's the story about a Florida woman who's been … [Read more...]
For struggling homeowners trying to avoid foreclosure, the processing errors admitted to by GMAC and Chase could mean an opportunity to challenge the banks. If you can stomach a bit of crude humor, Jon Stewart sums up the situation rather well. Mon - Thurs 11p / 10c Foreclosure Crisis On a more serious note After 40 years of helping families and businesses … [Read more...]
We hear this question more and more these days, which is a bit like asking your doctor, "My back hurts. What can I do?" Much, much more information is needed in order to put the problem into context. A problem spanning all income brackets We have seen people in all walks of life in our offices asking for advice, including: Well-heeled married couples with household incomes in excess of … [Read more...]
Part 1 of this series advised of free consumer protection resources for homeowners in foreclosure who receive offers to purchase their homes before the foreclosure process finalizes. THESE OFFERS ARE USUALLY SCAMS. Go into foreclosure and get sued at the same time? Why are these presumably well-meaning offers usually scams? In general terms, if you enter into a contract to sell a home … [Read more...]
The past few years have showed us that owners of homes in foreclosure may face a variety of potential pitfalls. So-called real estate investors One such pitfall is a foreclosure scam. These often take the form of solicitations from so-called real estate investors who would like to purchase the homes before the foreclosure process finalizes. The solicitations often occur by direct targeted … [Read more...]
What a great news day for Bank of America when it announced it would offer mortgage-principal forgiveness worth about $3 billion to 45,000 borrowers. The jury is (literally) out on whether it will be an equally good day for homeowners who can't pay their debts. Why it's too soon for troubled homeowners to rejoice When people can't make their mortgage PAYMENT a reduction in principal doesn't do … [Read more...]
I frequently tell new bankruptcy clients -- often college-educated, middle- to upper-middle class people who never dreamed they'd be in this position -- that bankruptcy is the new divorce. Long ago, divorce was extremely rare and resulted in a social stigma. No one marries planning to divorce; we make the best decision we can, with the information we have, and plan for a long and happy … [Read more...]
A recent Wall Street Journal article quoted figures estimating that 23% of homes have mortgage balances greater than the value of their homes -- a condition referred to as being "under water" in your home. Mortgage troubles are not limited to the unemployed. About 588,000 borrowers defaulted on mortgages last year even though they could afford to pay -- more than double the number in 2007, … [Read more...]
With the jobless recovery hitting the Charlotte region particularly hard, we're getting a steady stream of calls asking for help preventing home foreclosures, forced sales and sheriff's sales, and facilitating short sales. The general news press has gotten sloppy in the language it uses for distressed real estate, so let's start there: Forced sale is not used often, but when it is it would … [Read more...]