Each state has different laws on what is recognized as exempt property, that is, property that is out of the reach of creditors (including bankruptcy trustees). Further, there are federal exemptions. We wrote about this extensively and you may find it helpful reading.Here's the kind of question that occasionally comes up when we counsel a married couple about bankruptcy.Q: The exempt … [Read more...]
Primer for Distressed Homeowners: Part 2 of 3
December 2, 2009 By
In our first post of this series we covered the foreclosure process and defined some basic real estate terms related to distressed sales.In this article we 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...]