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Touring builders’ model homes can be intoxicating. They’re so flawless with very feature you’ve imagined into your dream home. Wynn at Law LLC knows the exhilaration because we’ve been on the same tours of spec properties. Before you rush into the builder’s agreement – which undoubtedly will reflect their best interests first – here are some areas you want to make sure are developed to your liking in the contract.
· The building: Permits are required. Labor has to be furnished. Maybe pieces are subcontracted out. Obviously materials and plans are parts of the construction. Make certain the contract specifies the work that needs to be executed from the lot up to the last closet hinge. Remember lien waivers, too… see our previous article on them.
· The timeline: Disputes with builders usually heat up over the deadline. Your move-in date means the world to you and your lender. What matters to the builder is accommodating inspections (delays), weather (delays), employee issues (delays) and arrival of materials (delays). A firm contract specifies a start date, move-in date, and provisions for reasonable extensions.
· The payment terms: Another potential source of disputes (delays) is the payment. Typically there is a down payment and payments at regular intervals. A clear contract specifies the dates, amounts, and the form of payment they’ll accept as well as where they’ll accept it.
· The warranties: In a sale of an existing home, defects are identified outright. In a new home construction, builders instead offer a warranty. That warranty usually spells out what is NOT covered (exclusions) rather than what IS covered (inclusions). Wynn at Law LLC reviews the home warranty promise and helps you get the most of it.
If you make the decision to build, rather than buy, your dream home, hiring a real estate attorney will ensure a contract favors your family, not the developer, and protects your investment. Usually, a builder presents a standard contract for your approval. If the contract appears overly simple or unnecessarily complex, there’s an excellent chance that the contract does not serve your best interests. Don’t be afraid to let us negotiate! Your home is on the line.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Andrea De Martin, used with permission.
<a href=”https://www.bloglovin.com/blog/19048101/?claim=9nefmamepts”>Follow my blog with Bloglovin</a>
The post Home builder contracts should reflect your interests appeared first on Wynn at Law, LLC.
Touring builders’ model homes can be intoxicating. They’re so flawless with very feature you’ve imagined into your dream home. Wynn at Law LLC knows the exhilaration because we’ve been on the same tours of spec properties. Before you rush into the builder’s agreement – which undoubtedly will reflect their best interests first – here are some areas you want to make sure are developed to your liking in the contract.
· The building: Permits are required. Labor has to be furnished. Maybe pieces are subcontracted out. Obviously materials and plans are parts of the construction. Make certain the contract specifies the work that needs to be executed from the lot up to the last closet hinge. Remember lien waivers, too… see our previous article on them.
· The timeline: Disputes with builders usually heat up over the deadline. Your move-in date means the world to you and your lender. What matters to the builder is accommodating inspections (delays), weather (delays), employee issues (delays) and arrival of materials (delays). A firm contract specifies a start date, move-in date, and provisions for reasonable extensions.
· The payment terms: Another potential source of disputes (delays) is the payment. Typically there is a down payment and payments at regular intervals. A clear contract specifies the dates, amounts, and the form of payment they’ll accept as well as where they’ll accept it.
· The warranties: In a sale of an existing home, defects are identified outright. In a new home construction, builders instead offer a warranty. That warranty usually spells out what is NOT covered (exclusions) rather than what IS covered (inclusions). Wynn at Law LLC reviews the home warranty promise and helps you get the most of it.
If you make the decision to build, rather than buy, your dream home, hiring a real estate attorney will ensure a contract favors your family, not the developer, and protects your investment. Usually, a builder presents a standard contract for your approval. If the contract appears overly simple or unnecessarily complex, there’s an excellent chance that the contract does not serve your best interests. Don’t be afraid to let us negotiate! Your home is on the line.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Andrea De Martin, used with permission.
<a href=”https://www.bloglovin.com/blog/19048101/?claim=9nefmamepts”>Follow my blog with Bloglovin</a>
The post Home builder contracts should reflect your interests appeared first on Wynn at Law, LLC.
Touring builders’ model homes can be intoxicating. They’re so flawless with very feature you’ve imagined into your dream home. Wynn at Law LLC knows the exhilaration because we’ve been on the same tours of spec properties. Before you rush into the builder’s agreement – which undoubtedly will reflect their best interests first – here are some areas you want to make sure are developed to your liking in the contract.
· The building: Permits are required. Labor has to be furnished. Maybe pieces are subcontracted out. Obviously materials and plans are parts of the construction. Make certain the contract specifies the work that needs to be executed from the lot up to the last closet hinge. Remember lien waivers, too… see our previous article on them.
· The timeline: Disputes with builders usually heat up over the deadline. Your move-in date means the world to you and your lender. What matters to the builder is accommodating inspections (delays), weather (delays), employee issues (delays) and arrival of materials (delays). A firm contract specifies a start date, move-in date, and provisions for reasonable extensions.
· The payment terms: Another potential source of disputes (delays) is the payment. Typically there is a down payment and payments at regular intervals. A clear contract specifies the dates, amounts, and the form of payment they’ll accept as well as where they’ll accept it.
· The warranties: In a sale of an existing home, defects are identified outright. In a new home construction, builders instead offer a warranty. That warranty usually spells out what is NOT covered (exclusions) rather than what IS covered (inclusions). Wynn at Law LLC reviews the home warranty promise and helps you get the most of it.
If you make the decision to build, rather than buy, your dream home, hiring a real estate attorney will ensure a contract favors your family, not the developer, and protects your investment. Usually, a builder presents a standard contract for your approval. If the contract appears overly simple or unnecessarily complex, there’s an excellent chance that the contract does not serve your best interests. Don’t be afraid to let us negotiate! Your home is on the line.
*The content and material in this original post is for informational purposes only and does not constitute legal advice.
Photo by Andrea De Martin, used with permission.
<a href=”https://www.bloglovin.com/blog/19048101/?claim=9nefmamepts”>Follow my blog with Bloglovin</a>
The post Home builder contracts should reflect your interests appeared first on Wynn at Law, LLC.
Millions of people file for bankruptcy each year in the United States. California is no exception, with nearly 72,000 cases filed statewide in 2016 alone. Over 14,000 of those cases were filed in Sacramento, peaking during March when more than 1,400 cases were filed. These statistics make it clear that bankruptcy is common – but the better question is, why do so many people file bankruptcy? And even more importantly, should you be one of them? Sacramento bankruptcy lawyers discuss some common reasons for filing bankruptcy in California to help you get a better idea of whether bankruptcy might be right for you.
California Bankruptcy Statistics
The United States Bankruptcy Court for the Eastern District of California has jurisdiction over more than two dozen counties in the North California and Central California regions, including Sacramento County and Placer County. If you reside in Sacramento, Elk Grove, Arden-Arcade, Citrus Heights, Folsom, Roseville, Rocklin, Lincoln, Granite Bay, Auburn, or other cities in the region, you are served by the Sacramento Division, which is located in downtown Sacramento.
Like other bankruptcy courts, the Sacramento Division provides detailed statistics about bankruptcy cases filed in recent years. These statistics paint a picture of bankruptcy trends in California. Court statistics are highlighted below with bankruptcy in Sacramento by year. Totals may appear low due to omission of Chapter 9 and Chapter 12, which are extremely rare compared to other types of bankruptcy.
2013
- Chapter 7 Filings – 12,912 cases
- Chapter 13 Filings – 3,227 cases
- Chapter 11 Filings – 73 cases
- Total Filings – 16,223 cases
2014
- Chapter 7 Filings – 9,934 cases
- Chapter 13 Filings – 2,551 cases
- Chapter 11 Filings – 57 cases
- Total Filings – 12,552 cases
2015
- Chapter 7 Filings – 7,656 cases
- Chapter 13 Filings – 2,254 cases
- Chapter 11 Filings – 40 cases
- Total Filings – 9,966 cases
2016
- Chapter 7 Filings – 6,313 cases
- Chapter 13 Filings – 2,147 cases
- Chapter 11 Filings – 34 cases
- Total Filings – 8,500 cases
Medical Bankruptcies and Other Common Reasons for Bankruptcy
As you can see from the figures above, bankruptcy filings in Sacramento consistently declined from 2013 to 2016, shrinking by roughly half over just that short period. Nonetheless, as the data makes clear, thousands of people continue to file Chapter 7 bankruptcy in Sacramento or file Chapter 13 in Sacramento every year.
But what factors are driving all these bankruptcies? What are some of the most common reasons that people file bankruptcy in California?
While court statistics exclude reasons for filing, other sources of information can shed light on why Californians file bankruptcy. Five of the top leading causes of personal bankruptcy include…
Credit Card Debt
Most studies estimate that roughly 70% of Americans have at least one credit card – and millions are in debt for that very reason. As of 2009, Americans had more than $953 billion in credit card debt, and by 2016, the average Californian household reported more than $5,700 in debt related to credit cards. People tend to have more credit card debt if they earn a high level of income ($160,000 per year or more) or are in the 35-year-old to 64-year-old age range.
HELOC Debt
HELOC, which is an abbreviation for “Home Equity Line Of Credit,” is an unconventional type of loan in which the borrower, rather than receiving a lump sum from a lender, can borrow up to a certain credit limit during a set “draw period,” typically up to 10 years. When the draw period ends, repayments begin – but for many Californians, those repayments have led to deep debt. Government reports from 2009 revealed that Americans had over $577.8 billion in HELOC debt.
Medical Debt
A 2013 study by NerdWallet Health, which combined data from sources like the CDC and U.S. Census figures, revealed medical bills to be the number one cause of bankruptcy in the United States.
Mortgage Debt
While the market has rebounded from the mortgage crisis of 2007-2008, mortgage debt continues to threaten millions of households with the threat of foreclosure. Filing Chapter 13 bankruptcy can prevent your home from being foreclosed on. The Federal Reserve Board of Governors reported that, as of 2008, mortgage debt in the U.S. had climbed to $14.64 trillion. In 2015, a report by the Legislative Analyst’s Office found that, due to above-average housing costs in California, “the average California homeowner had $55,000 in mortgage debt outstanding as of 2013, about $17,000 more than the average U.S. homeowner ($38,000).”
Student Loans
California is one of the top 20 states in the country for highest student loan debt. According to a 2017 report by Forbes, which sourced data from The Institute for College Access and Success, the average student loan debt in California was $22,191 for the Class of 2015. (For context, New Hampshire had the highest average student loan debt at $36,101.)
If you’ve thought about filing for bankruptcy due to these or other reasons, rest assured that you are not alone. Thousands of other Californians – and millions of other Americans – are in a similar position at this very moment.
No matter how challenging or hopeless your financial problems look to you right now, bankruptcy could be the first step toward financial stability and a fresh start. If you’re struggling with credit card debt, medical debt, mortgage debt, or other types of debt, we encourage you to learn more about your financial options by contacting the Sacramento Chapter 13 attorneys of The Bankruptcy Group for a free consultation about filing bankruptcy.
Sacramento Bankruptcy Attorneys for Chapter 7, 13, and 11
While there are certainly patterns in causes of debt, every debtor ultimately has their own personal reasons for considering bankruptcy. Our Sacramento Chapter 7 bankruptcy lawyers will take the time to evaluate your reasons for thinking about bankruptcy, so that we can help you make a strategic decision about how to proceed. Our Roseville Chapter 7 lawyers can help you determine whether bankruptcy is right for you, which chapter of bankruptcy is right for you, when you should file, whether you should file individually or with your spouse, which bankruptcy exemptions you should use, and other important decisions concerning the California bankruptcy process.
Start getting your debt under control today. For a free legal consultation about bankruptcy in California, call the Sacramento Chapter 11 attorneys of The Bankruptcy Group at (800) 920-5351.
The post The 5 Most Common Reasons People File Bankruptcy in Sacramento, CA appeared first on The Bankruptcy Group, P.C..
Wells Fargo is on the front page AGAIN – this time for “allegedly” over charging military veterans for refinance loans.
Wells Fargo in trouble again, again and again.
In an article published by Housingwire, author Ben Lane, Wells Fargo announced that it will pay $108 million to the federal government to settle allegations that the bank overcharged military veterans for refinance loans.
Specifically, the issue relates to a lawsuit from 2006 that claimed some Department of Veterans Affairs Interest Rate Reduction Refinance Loans originated by Wells Fargo should not have been eligible for VA guarantees due to the bank allegedly collecting unauthorized fees with the loans.
Wells Fargo agrees to pay $108 million dollars but denies any wrongdoing. REALLY? What nine-year old is going to believe, based on the revelations over the last year*, that Wells did nothing wrong?
Under the agreement, Wells Fargo denies the allegations in the lawsuit but will pay $108 million to the government to resolve the claims, the bank said in a statement issued Friday. Where exactly this penalty will be paid to, the VA or some other branch of the Federal government, is not yet clarified. 
* Fraud and Deceit – below are just a few of the cons Wells Fargo has been involved in, that we know of thus far.
The Wells Fargo Fake Account Scandal: A Timeline – Forbes
https://www.forbes.com/pictures/ejhj45fjij/where-wells-went-wrong/
On September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to Los Angeles city and federal regulators to settle allegations that its …
Wall Street is livid over Wells Fargo’s latest scandal: ‘Here we go again’
https://www.cnbc.com/…/wall-street-is-livid-over-wells-fargos-latest-s...
Jul 31, 2017 – Analysts are angry over the latest Wells Fargo scandal where hundreds of thousands of customers were required to buy auto insurance they …
Wells Fargo account fraud scandal – Wikipedia
https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal
The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on …
Background · Effects on Wells Fargo … · Effects on others · Government actions
There’s a New Wells Fargo Scandal: This Time It’s the TruCoat
https://theintercept.com/…/theres-a-new-wells-fargo-scandal-this-time-...
2 days ago – Beginning in at least in 2009, Wells Fargo teamed up with a home warranty firm to foist a product on unsuspecting mortgage customers, …
24 hours later, ANOTHER massive Wells Fargo fraud scandal / Boing …
https://boingboing.net/2017/08/12/american-home-shield.html
2 days ago – It’s been a whole day since we learned about another example of systematic, widespread fraud by America’s largest bank Wells Fargo (ripping …
OSHA orders Wells Fargo to reinstate, pay whistleblower in fake …
https://www.usatoday.com/story/money/2017/…/wells-fargo…scandal/5009...
Jul 21, 2017 – OSHA orders Wells Fargo to reinstate and pay a whistleblower $577000 in the fake-account scandal.
Wells Fargo, Awash in Scandal, Faces Violations Over Car Insurance …
https://www.nytimes.com/2017/08/07/business/wells-fargo-insurance.html
Aug 7, 2017 – Wells Fargo, the scandal-plagued bank, is facing new regulatory scrutiny for not refunding insurance money owed to people who paid off their …
Viking Global just made a big bet on scandal-plagued Wells Fargo …
www.businessinsider.com/viking-global-just-made-a-big-bet-on-scandal-pla...
8 hours ago – One of the world’s largest hedge funds made a huge bet that scandal-plagued Wells Fargo‘s worst days are behind it. Viking Global, a $30 …
How Wells Fargo’s Cutthroat Corporate Culture Allegedly Drove …
https://www.vanityfair.com/news/2017/05/wells-fargo-corporate-culture-fraud
But with the major scandal unfolding at Wells Fargo, angry former employees illuminate the alarming pressure that allegedly led local bankers to defraud …
Wells Fargo Opened a Couple Million Fake Accounts – Bloomberg
https://www.bloomberg.com/view/…/wells-fargo-opened-a-couple-million-f...
Really that’s just one principle: You get what you measure, but only exactly what you measure. There’s no guarantee that you’ll get the more …
What is the cost to those who will never be reimbursed?
Share this entry
About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys. 
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer. Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article. You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others. Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*
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The post Wells Fargo Pays $108 Million for “Allegedly” Overcharged Veterans appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
Wells Fargo is on the front page AGAIN – this time for “allegedly” over charging military veterans for refinance loans.
Wells Fargo in trouble again, again and again.
In an article published by Housingwire, author Ben Lane, Wells Fargo announced that it will pay $108 million to the federal government to settle allegations that the bank overcharged military veterans for refinance loans.
Specifically, the issue relates to a lawsuit from 2006 that claimed some Department of Veterans Affairs Interest Rate Reduction Refinance Loans originated by Wells Fargo should not have been eligible for VA guarantees due to the bank allegedly collecting unauthorized fees with the loans.
Wells Fargo agrees to pay $108 million dollars but denies any wrongdoing. REALLY? What nine-year old is going to believe, based on the revelations over the last year*, that Wells did nothing wrong?
Under the agreement, Wells Fargo denies the allegations in the lawsuit but will pay $108 million to the government to resolve the claims, the bank said in a statement issued Friday. Where exactly this penalty will be paid to, the VA or some other branch of the Federal government, is not yet clarified. 
* Fraud and Deceit – below are just a few of the cons Wells Fargo has been involved in, that we know of thus far.
The Wells Fargo Fake Account Scandal: A Timeline – Forbes
https://www.forbes.com/pictures/ejhj45fjij/where-wells-went-wrong/
On September 8, 2016, Wells Fargo announced that it was paying $185 million in fines to Los Angeles city and federal regulators to settle allegations that its …
Wall Street is livid over Wells Fargo’s latest scandal: ‘Here we go again’
https://www.cnbc.com/…/wall-street-is-livid-over-wells-fargos-latest-s...
Jul 31, 2017 – Analysts are angry over the latest Wells Fargo scandal where hundreds of thousands of customers were required to buy auto insurance they …
Wells Fargo account fraud scandal – Wikipedia
https://en.wikipedia.org/wiki/Wells_Fargo_account_fraud_scandal
The Wells Fargo account fraud scandal is an ongoing controversy brought about by the creation of millions of fraudulent savings and checking accounts on …
Background · Effects on Wells Fargo … · Effects on others · Government actions
There’s a New Wells Fargo Scandal: This Time It’s the TruCoat
https://theintercept.com/…/theres-a-new-wells-fargo-scandal-this-time-...
2 days ago – Beginning in at least in 2009, Wells Fargo teamed up with a home warranty firm to foist a product on unsuspecting mortgage customers, …
24 hours later, ANOTHER massive Wells Fargo fraud scandal / Boing …
https://boingboing.net/2017/08/12/american-home-shield.html
2 days ago – It’s been a whole day since we learned about another example of systematic, widespread fraud by America’s largest bank Wells Fargo (ripping …
OSHA orders Wells Fargo to reinstate, pay whistleblower in fake …
https://www.usatoday.com/story/money/2017/…/wells-fargo…scandal/5009...
Jul 21, 2017 – OSHA orders Wells Fargo to reinstate and pay a whistleblower $577000 in the fake-account scandal.
Wells Fargo, Awash in Scandal, Faces Violations Over Car Insurance …
https://www.nytimes.com/2017/08/07/business/wells-fargo-insurance.html
Aug 7, 2017 – Wells Fargo, the scandal-plagued bank, is facing new regulatory scrutiny for not refunding insurance money owed to people who paid off their …
Viking Global just made a big bet on scandal-plagued Wells Fargo …
www.businessinsider.com/viking-global-just-made-a-big-bet-on-scandal-pla...
8 hours ago – One of the world’s largest hedge funds made a huge bet that scandal-plagued Wells Fargo‘s worst days are behind it. Viking Global, a $30 …
How Wells Fargo’s Cutthroat Corporate Culture Allegedly Drove …
https://www.vanityfair.com/news/2017/05/wells-fargo-corporate-culture-fraud
But with the major scandal unfolding at Wells Fargo, angry former employees illuminate the alarming pressure that allegedly led local bankers to defraud …
Wells Fargo Opened a Couple Million Fake Accounts – Bloomberg
https://www.bloomberg.com/view/…/wells-fargo-opened-a-couple-million-f...
Really that’s just one principle: You get what you measure, but only exactly what you measure. There’s no guarantee that you’ll get the more …
What is the cost to those who will never be reimbursed?
Share this entry
About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys. 
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer. Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article. You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others. Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*
The post Wells Fargo Pays $108 Million for “Allegedly” Overcharged Veterans appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
When Mortgage Lenders Monkey With Your Loan
By Bill Purdy
The following are some excerpts from a very informative blog on a well-known consumer bankruptcy advocate’s web site: www.BankruptcySoapBox.com.
Spoiler Alert: As a borrower, you are an expendable resource in home loan servicing to be exploited for fees and charges.
Mortgage lenders & servicers are in the business to take your money, not save your home.
Borrowers just trying to keep their homes are subject to a campaign of systematic and deliberate deception. This fundamental deception is now often combined with the fraudulent surcharging of fees costs and other “expenses” designed to make vast additional amounts of money for lender/servicers.
When used aggressively, their techniques run homeowners slowly into foreclosure, resulting in the permanent loss of home(s).
If the hapless borrower manages to retain the home, lender/servicers make hundreds of millions of dollars of additional annual revenue at little or no cost. (They make this money by doing as little as possible and getting you to do or not do things for which they can aggressively bill you.)
Lender/servicers frequently subcontract out the process of servicing your loans including applying for (among other things) loan modifications. By this I mean lender/servicers actually “farm these functions out” to ACTUAL SUBCONTRACTORS (FULFILLMENT COMPANIES) WHO DO NOT WORK FOR THE LENDER/SERVICER.
In the case of OCWEN, it was recently fined by the State of Washington for subcontracting out sensitive loan servicing functions to unlicensed entities in India and the Philippines.
…………
- Ever receive a letter from your “authorized contact” at the lender/servicer that seemed totally disjointed and disconnected from everything you had labored to achieve with him/her up to that moment?
- Ever receive a letter totally non-responsive to the written request you faxed to your point of contact?
- Ever receive a letter telling you the EXACT opposite of what you’d discussed verbally on the phone?
- Ever been told on the phone your loan mod was approved and then receive a letter saying you did not send documents required?
- Ever try to get your “contact” to fax you a confirmation in writing that your loan mod was approved (or that your foreclosure was postponed) after they assured you of this verbally on the phone?
See the rest of Mr. Purdy’s article for even more revealing and frightening truths about the lending and servicing market.
Share this entry
About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys.
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer. Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article. You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others. Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*
The post Mortgage Lenders & Servicers Are Not Your Friend appeared first on Diane L. Drain - Phoenix Bankruptcy & Foreclosure Attorney.
When Mortgage Lenders Monkey With Your Loan
By Bill Purdy
The following are some excerpts from a very informative blog on a well-known consumer bankruptcy advocate’s web site: www.BankruptcySoapBox.com.
Spoiler Alert: As a borrower, you are an expendable resource in home loan servicing to be exploited for fees and charges.
Mortgage lenders & servicers are in the business to take your money, not save your home.
Borrowers just trying to keep their homes are subject to a campaign of systematic and deliberate deception. This fundamental deception is now often combined with the fraudulent surcharging of fees costs and other “expenses” designed to make vast additional amounts of money for lender/servicers.
When used aggressively, their techniques run homeowners slowly into foreclosure, resulting in the permanent loss of home(s).
If the hapless borrower manages to retain the home, lender/servicers make hundreds of millions of dollars of additional annual revenue at little or no cost. (They make this money by doing as little as possible and getting you to do or not do things for which they can aggressively bill you.)
Lender/servicers frequently subcontract out the process of servicing your loans including applying for (among other things) loan modifications. By this I mean lender/servicers actually “farm these functions out” to ACTUAL SUBCONTRACTORS (FULFILLMENT COMPANIES) WHO DO NOT WORK FOR THE LENDER/SERVICER.
In the case of OCWEN, it was recently fined by the State of Washington for subcontracting out sensitive loan servicing functions to unlicensed entities in India and the Philippines.
…………
- Ever receive a letter from your “authorized contact” at the lender/servicer that seemed totally disjointed and disconnected from everything you had labored to achieve with him/her up to that moment?
- Ever receive a letter totally non-responsive to the written request you faxed to your point of contact?
- Ever receive a letter telling you the EXACT opposite of what you’d discussed verbally on the phone?
- Ever been told on the phone your loan mod was approved and then receive a letter saying you did not send documents required?
- Ever try to get your “contact” to fax you a confirmation in writing that your loan mod was approved (or that your foreclosure was postponed) after they assured you of this verbally on the phone?
See the rest of Mr. Purdy’s article for even more revealing and frightening truths about the lending and servicing market.
Share this entry
About the Author:
Diane L. Drain is a well known and respected Arizona bankruptcy attorney. She is an expert in both consumer bankruptcy and Arizona foreclosure. Since 1985 she has been a dedicated advocate for her clients and spokesperson for Arizona citizens. Diane is a retired professor of law teaching bankruptcy for more than 20 years. As a teacher she believes in offering everyone, not just her clients, advice about the Arizona bankruptcy laws. She is also a mentor to hundreds of Arizona attorneys.
I would be flattered if you connected with me on GOOGLE+
*Important Note from Diane: Nothing on this website should be construed as establishing a lawyer-client relationship between you, me, the author of any page or the website owner (me) who happens to be a lawyer. Everything on this web site is available for educational purposes only, is not intended to provide legal advice nor create an attorney client relationship between you, me, or the author of any article. You may pick up some information about bankruptcy, foreclosure or the practice of law written by myself or others. Any information in this web site should not be used as a substitute for competent legal advice from an attorney familiar with your personal circumstances and licensed to practice law in your state.*
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Whether you are only considering bankruptcy, or currently in the middle of one, you are probably already looking ahead to the future. Life after bankruptcy may seem scary, but it is actually pretty great! The feelings of stress and anxiety you felt while drowning in debt will have melted away, and you can begin to focus on planning and preparing for your new life. The primary concern for many people coming out of a bankruptcy is rebuilding and repairing credit. If you are wondering how to begin improving your credit score, this post may provide some insight on establishing a solid credit history post bankruptcy.
The post Rebuilding Credit After Bankruptcy appeared first on Tucson Bankruptcy Attorney.
Every year, numerous Americans turn to bankruptcy as a means to find relief
from insurmountable debt. These individuals, couples, and businesses come
from all walks of life, and their financial situations are always unique.
Because finances and filers are always different, the Chapter of the U.S.
Bankruptcy Code you file under is a matter unique to you.
At Allmand Law Firm, PLLC, our Dallas bankruptcy lawyers prioritize personalized
service and support because we know it is the most important element in
a bankruptcy case. Unlike other firms that treat clients as if they are
numbers, we don’t apply a one-size-fits-all formula when handling
cases. We get to the bottom of our clients’ current financial situations,
work to understand their needs and goals, and help them explore available
options that can provide them with the benefits they need.
When it comes to selecting a Chapter of bankruptcy, most individual consumers
typically file under one of two Chapters: Chapter 7 bankruptcy (also known
as liquidation bankruptcy) or Chapter 13 bankruptcy (referred to as reorganization
bankruptcy or the wage earner’s plan).
- Qualifying – Due to laws that limit access to Chapter 7 bankruptcy to only
certain consumers and require certain factors for those who file under
Chapter 13, you might not always have a choice of which Chapter you can
file under. This is because you need to meet qualifying criteria. This
is important to understand, as you can’t simply choose a Chapter
and launch into the process. - Chapter 7 –
Chapter 7 bankruptcy is intended to help debtors who face the most pressing debt
concerns. It is typically reserved for consumers who have little to no
assets, and who do not have the financial means to continue making monthly
payments toward pre-existing debts. In order to qualify for Chapter 7,
filers must pass a
means test that compares their monthly income to the median monthly income in the
state of Texas. Generally, if your average monthly income is less than
or equal to the state’s median income, you will be eligible for
Chapter 7. If it is more than the state median, you will need to determine
if you have enough disposable income to make payments. If your disposable
income is too high, you likely will not be able to choose Chapter 7. - Chapter 13 –
Chapter 13 bankruptcy is a wage earner’s plan that reorganizes debt and allows
filers to make consolidated monthly payments toward them over three to
five years. As such, filers must have enough available funds and income
to make payments over the course of their reorganization plan. Chapter
13 bankruptcy doesn’t mean you don’t get a discharge, that
still happens at the end of a plan. It also enables filers to keep certain
property by paying back all or at least some of what they owe on property
with pre-existing debt.
Your choice in which Chapter of bankruptcy to file under depends on qualifying
criteria, your personal situation, and your ultimate goals for the financial
future. Understanding the unique benefits of each Chapter, as well as
how they will impact you, can be a difficult matter, which is why it becomes
important to work with experienced attorneys like ours at Allmand Law
Firm, PLLC. During a FREE financial empowerment session, our legal team
can help you understand which Chapter of bankruptcy is best for you, and
how we can help you take the right steps to navigate the process ahead.
Contact us to get started.
The post Filing Bankruptcy: Which Chapter Do You File? appeared first on Allmand Law.
Updated daily, this blog will keep you informed on the latest bankruptcy news! 
Learn more about how Bankruptcy works and what you need to know.