Archive for the ‘las vegas foreclosure’ Category

Foreclosure Mill Gets its Due

Thursday, December 1st, 2011

Foreclosure is always ugly business, but public complaints from homeowners alleging sloppy research, unethical filings, and outright lies, have made law firms that specialize in foreclosure especially villainous in the public eye. While many foreclosure firms may conduct their work with the honesty and diligence that is expected when practicing law, there are some that are less than, well, “sympathetic” to homeowners experiencing financial difficulty.

Last October the New York Times published photos of a Halloween party at the law office of Steven J. Baum. The Baum law firm handled around 40 percent of the state’s 46,572 mortgage foreclosures in 2010. The photos show an office costume party in 2010 where employees dressed up as homeless people and squatters, and decorated the office to resemble foreclosed properties.

The Baum law firm has been notoriously called a foreclosure mill by the media, and has been the subject of several complaints. Recently the firm agreed to pay a $2 million settlement in response to allegations that it had “filed misleading pleadings, affidavits, and mortgage assignments in the state and federal courts in New York.” In November Fannie Mae and Freddie Mac cut off business with the firm, and this past week it announced that the Baum law firm is closing its offices.

Certainly not every foreclosure firm is heartless. However, when the wheels of the foreclosure machine are set into motion, it is often difficult to find a person who can stop it. If you are experiencing trouble paying your mortgage, there are options:

  • Home Affordable Refinance Program (HARP) is a federal program that offers homeowners a chance to refinance with their banks before they default and the home goes into foreclosure.
  • Chapter 13 bankruptcy. The bankruptcy court cannot modify your first mortgage, but it can eliminate your second under certain circumstances. Chapter 13 can also provide time to negotiate a modification with your lender, or repay mortgage arrears over three to five years.
  • Chapter 7 bankruptcy: If discharging unsecured debt will free up money for your mortgage payment, Chapter 7 may be the answer. You are also able to discharge your home mortgage and walk away from the house.

Don’t be pressured by foreclosure firms! You have rights and options. An experienced Haines & Kriger Las Vegas bankruptcy attorney can explain your legal options and help you decide on a path that is right for you and your family. Call us at 702-880-5554 to set up a free consultation.

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Five ways the automatic stay can help with foreclosure in Las Vegas

Monday, May 9th, 2011

Can the automatic stay help protect you from foreclosure in Las Vegas?  And what are some of the advantages to filing for bankruptcy if you are facing foreclosure?

The automatic stay can indeed stop foreclosure.  In fact, once you file for bankruptcy, the automatic stay stops any attempt by a creditor to seek repayment of or collect on any debts from the debtor.  However, it’s also important to bear in mind that a home lender can (and usually will) seek to have the automatic stay lifted so they can continue the foreclosure process.

Nonetheless, there are still a number of advantages to filing for bankruptcy and relying on the automatic stay to stop the foreclosure process.  Here are 5 ways the automatic stay can help you if you’re facing foreclosure:

1.  Give you extra time (a month or two, or more) to find a new place to live and get your life organized.

2.  Leave you with additional cash since you won’t have to pay the mortgage for the month or two (or more) until the automatic stay is lifted.  This is cash that could be used for other important living expenses.

3.  Contest the mortgage.  It’s now widely known that the banks have been extremely sloppy in keeping good records of mortgages.  Just because a bank says they own the mortgage doesn’t mean they do.  Often the records are disorganize, or the ownership chain is difficult to verify, because the mortgage has been bought and sold and transferred so many times that it’s difficult to tell exactly who the rightful owner is.  The extra time you get from the automatic stay may be helpful in exploiting these mistakes made by the banks.

4.  Filing for bankruptcy will reduce your unsecured debts, which in turn may leave you with the cash you need to make payments on your mortgage so you can keep your home.

5.  Filing for bankruptcy will provide tax advantages with respect to your mortgage since the debt related to your mortgage will be wiped clean, even though the lien on your home stays in effect.

If you’re worried about foreclosure and have questions about bankruptcy, please feel free to contact an experienced Haines & Krieger Las Vegas bankruptcy attorney at 702-880-5554 for a free initial consultation.

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Las Vegas Foreclosure: What about the children?

Wednesday, April 27th, 2011
“The Foreclosure Capital of the U.S.” has unfortunately become common Las Vegas nickname the past few years.  We may grit our teeth and accept the realities of foreclosure, but how do children deal with it?  And what can you do to help your children get through foreclosure?
If you’re a Las Vegas resident with children, you’re well aware of how much they seem to know without your even telling them.  They have a sixth sense when it comes to their parents, honing in on cues you don’t even realize you give them.  A slight raise in the tone of your voice.  Lack of eye contact.  Body language.  They instinctively know when something isn’t right.
As a result, an ordeal like foreclosure, which causes great stress to adults, can also of course have a great impact on children going through it.  And data suggests that going through foreclosure tends to hurt kids’ performance in school work as well.  Especially if the family ends up having to move to a new home, or, even worse, move more than once in a short time period.
It’s important during the foreclosure process to provide a sense of reassurance for children.  But how can we do that when it feels like our own lives may be out of control?
Here are 4 things you can do to help your children get through a foreclosure:
1.  Be up front.  You can level with your kids about what’s going on.  In fact, if you can present the information in a relatively simple way with calm in your voice and a sense that you will get through this, they’ll be better able to process everything and adjust.  Especially in terms of understanding what kinds of things they will still be able to buy or have and what kinds of things they won’t.
2.  Routines.  The more you can stick with existing routines–morning routines, weekend routines, bedtime routines, etc.–the better children will be able to cope with the situation.  You can even make up new routines.  If you used to eat out on Friday nights but want to cut back on expenses, make Friday night into a family cooking night.
3.  Stabilize your housing situation as quickly as possible.  The sooner you can figure out your next housing situation, the less stress your children will experience.  Sure there will be adjustments.  But the hardest thing on children is to keep changing homes.
4.  Stay in school.  Do what you can to keep your kids in school and, if possible, in the same school.  School provides a terrific amount of stability and routine.  If you do need to move your kids to a new school, do your best to help them keep in touch with old friends, another key source of stability.
While you figure out the best way to help your children, make sure you have an good Las Vegas foreclosure lawyer to help you with your foreclosure.  Please know you can contact an experienced Haines & Krieger bankruptcy attorney for a free initial consultation.

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