Board Certified Specialist in Bankruptcy
This video of a Charlotte, NC family being foreclosed upon by their homeowners association (HOA) is a cautionary tale illustrating the power of HOAs. If you are facing a foreclosure by your homeowners association, or are substantially behind on HOA dues and have concerns about how to resolve this, you are not alone and a bankruptcy filing may be a viable solution. A story in The … [Read more...]
According to the Wall Street Journal, nearly 40% of homeowners who took out second mortgages are underwater on their loans, more than twice the rate of owners who did not take out such loans. Second mortgages have made it more difficult for troubled borrowers to negotiate loan modifications with lenders. Economists say borrowers with second mortgages on homes that are underwater are far more … [Read more...]
If you have been sued by a creditor and a judgment has been entered against you, the creditor may docket that judgment in any county in which you reside or own real or personal property. The judgment then becomes a lien on all real and property you own that is located within the county, not unlike another mortgage. As long as the judgment amount goes unpaid, it usually increases as the … [Read more...]
Charlotte made the news this week, but not in a way that makes homeowners happy, especially those who are un- or under-employed. The Case-Shiller Home Price Index found that values in the Charlotte market are back down to 2004 levels. In Charlotte, homes are going for 2004 prices. Last year, more than half of the homes sold in surrounding Mecklenberg County were foreclosures, says Mark Vitner, … [Read more...]
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...]
I recently filed a Chapter 11 bankruptcy case to stop a foreclosure that was threatening a well known local church, demonstrating the power of the automatic stay. Chapter 11 is not just for businesses Greater Salem Church was threatened with the loss of its church building. The Chapter 11 filing caused the automatic stay to stop the foreclosure proceeding. This will allow the church membership … [Read more...]
Increasingly, we hear from new clients that they have paid a substantial sum of money to someone who has promised to “stop a foreclosure.” Generally, these new clients tell us that they found “an agency” or “a law firm” online with an out of state address that advertises such services and requires an up-front, non-refundable fee. Behind the slick ads and promises When we ask for … [Read more...]
RealtyTrac is chock full of information about foreclosure trends. Here's a map of Mecklenburg County's foreclosure hot spots based on September 2011 data. The Charlotte region leads the state in the number of foreclosures. We wish more Charlotteans at risk of losing their homes educated themselves and this series we wrote on foreclosure is a good place to start. For answers to your specific … [Read more...]
This week The Charlotte Observer that GMAC's mortgage troubles have spread from the original 23 states reported in early September. In a letter sent to GMAC this week, N.C. Assistant Attorney General Philip Lehman said the state has received information indicating that GMAC Mortgage employees "routinely signed off on large numbers of (foreclosure) affidavits" without properly reviewing them. … [Read more...]
The Chapter 7 process starts with a telephone call to our office We obtain some basic information from you over the telephone, and, if appropriate, schedule an initial consultation with you, in our office. There is no charge for the consultation unless and until you hire us. During the consultation, we’ll discuss what you own, what mortgages or liens are on the property that you own, what … [Read more...]