Home Equity Loans – second mortgage

San Fernando Valley Bankruptcy Firm near Los Angeles Saves Debtor’s House from Foreclosure While Preserving Over $ 140,000 in Equity in the Process.

Michael H. Raichelson

Los Angeles, CA (PRWEB) January 06, 2012

Attorney Michael H. Raichelson, attorney with offices near Los Angeles and Ventura, was able to save the debtor’s home from foreclosure while preserving $ 140,000 worth of equity for the debtor. According to Ventura County public records, a foreclosure sale was schedule to occur on January 12, 2011 on the debtor’s home, which would have wiped out over $ 140,000 of equity the debtor acquired in her property located in Thousand Oaks, California. On January 10, 2011, the Law Offices of Michael H. Raichelson filed an emergency Chapter 13 bankruptcy petition in the Central District of California Bankruptcy Court. The case number is 1:11-bk-10355. This Chapter 13 bankruptcy filing stopped the foreclosure sale and provided the debtor with some much needed breathing room.

According to the Bankruptcy Court’s records in case number 1:11-bk-10355, a short term hard money loan had matured and the debtor was required to pay in excess of $ 97,000 or lose her home to foreclosure. Court records indicate that the creditor filed an objection to the debtor’s Chapter 13 Plan, as well as a Motion to lift the bankruptcy stay which, if successful, would have allowed the creditor to conclude the foreclosure sale. After receiving the debtor’s opposition brief and hearing the argument of the debtor’s counsel, Michael H. Raichelson, the court denied the motion, thus saving the debtor’s house. The creditor subsequently filed two more objections to confirmation of the debtor’s Chapter 13 Plan. According to the Bankruptcy Court records, the Court set an evidentiary hearing as to the appropriate interest rate. Michael H. Raichelson confirmed that the creditor finally agreed to lower the interest rate by over six percentage points rather than face a stiff opposition by debtor’s counsel. Also, the creditor acknowledged that the Court was going to stretch out repayment of the balloon payment over five years and as a result, entered into a stipulation allowing for this treatment in the debtor’s Chapter 13 plan. Michael H. Raichelson indicated that this is a clear win for this debtor. Court records confirm that the debtor’s Chapter 13 plan was confirmed in December 2010 after 10 months of hearings.

The Law Offices of Michael H. Raichelson already makes quality bankruptcy information, news, articles, and resources available to the public through its Web site at http://www.cabkattorney.com. The site contains a complete list of on line bankruptcy resources, explanations regarding California bankruptcy exemptions, information on asset protection, and methods for eliminating your second mortgage through bankruptcy.

Attorney Michael H. Raichelson, owner and operator of the Law Offices of Michael H. Raichelson, is a former senior associate with a national law firm. He has counseled thousands of individuals and businesses regarding their debt problems and solutions, and, he has been selected as a Super Lawyer by Thomson Reuters – as republished in Los Angeles Magazine – confirming that he is in the top five percent of all attorneys in the Los Angeles’ area. He is dedicated to providing solid representation to his clients during the bankruptcy process and helping them to rebuild their financial life after bankruptcy.

For more information regarding Chapter 7, Chapter 11, and Chapter 13 bankruptcies, visit the Law Offices of Michael H. Raichelson.

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Question by Mom: In California, after foreclosure, are you still responsible for your second mortgage?
What kinda of recourse do the lenders have? Is it different between the first and second mortgage? If the secondly also went into foreclosure, and the bank took the house, can the lender of the second mortgage lull come after repayment through lawsuit or wage garnishment, etc? The house resold for less than the original loan amount of the first so there were no proceeds from the sale to cover any of the second.

Best answer:

Answer by Justintimeforobama
YES

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Brookstone Law PC: Bank of America CEO Comments Demonize Consumers Hurt by Foreclosure Crisis

Newport Beach, CA (PRWEB) October 31, 2011

Bank of America CEO Brian T. Moynihan’s recent public tirade against consumers hurt by the foreclosure crisis is an attempt to marginalize and demonize homeowners seeking relief from the Bank’s role in the foreclosure crisis, according to Vito Torchia, Jr., managing attorney of Brookstone Law, PC.

According to media reports, in a recent global town hall meeting, the Bank’s CEO said he is “incensed” by public criticism of his company and told the bank’s critics they ought to “think a little… before you start yelling at us.” The company has launched an advertising and public relations campaign designed to influence local and state officials to improve the bank’s battered public image and the event followed the Bank’s announcement of a third-quarter profit of $ 6.2 billion.

“The comments are an outrageous affront to thousands of homeowners who have been hurt by Bank of America’s incredibly poor management and proven lack of due diligence,” stated Vito Torchia, Jr. “The remarks clearly demonstrate Bank of America’s disrespect for homeowners, which they have to endure when trying to fix problems created by the very Bank that is publicly criticizing them.”

Media coverage of the Bank’s lack of due diligence and poor management includes the Bank’s getting an address wrong and foreclosing on the wrong national, making bonding payment demands from someone who wasn’t their customer, and threatening a customer with foreclosure if he didn’t make a payment of $ .00, giving the same account number to two different people, opening credit card accounts for people who don’t ask for them and hindering a federal review of FHA-insured housing loans.

“The new PR campaign blatantly ignores the people Bank of America has hurt the most, those who need the most help compensate now as a result of the foreclosure crisis and it is a strategic decision to marginalize those consumers to help the Bank reduce liability from the foreclosure crisis,” according to Vito Torchia, Jr. “It is clear that homeowners are nothing more to them than a means to more profits, which is why those who do not have expert legal counsel to help them should get help as soon as possible before banks farther marginalize their interests.”

According to media describing, Bank of America was named the country’s second-worst company by Consumerist.com following only BP Plc, the firm blamed for the whipped U.S. offshore oil spill.

“It is not surprising that Bank of America ranked lowest in a recent survey of small business customer satisfaction,” according to Vito Torchia, Jr. “Now they are spending millions of dollars to ignore the consumers they hurt and are acting like victims while announcing profits.”

ABOUT BROOKSTONE LAW, PC
Headquartered in Newport Beach, Calif., and with offices in Los Angeles, Calif., and Ft. Lauderdale, Fla., Brookstone Law, PC is a law firm comprised of attorneys with experience and success in business, corporate and personal finance, employment, entertainment and media, art and museum, intellectual property and existent estate law. The firm has a network of more than 40 affiliate attorneys nationwide and employs highly trained specialists, paralegals, paraprofessionals and administrative staff dedicated to serving clients. For information, call (800) 946-8655 or visit Brookstone Law.com.

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16,000 Real Estate Agents Expected to Tune in as Bank of America Announces Game-Changing Foreclosure Avoidance Program

Austin, Texas (PRWEB) October 17, 2011

Alex Charfen, co-founder and CEO of the Charfen Institute and author of the Certified Distressed Property Expert (CDPE) designation, announced today an exclusive industry broadcast with Bob Hora, SVP, Mortgage Servicing at Bank of America home loans.

Scheduled for Wednesday, October 26, at 4 p.m. EDT, the national broadcast from the Charfen Institute studio in Austin, Texas, will provide an inside look at Bank of America’s recent leap forward in systems and resources to accelerate short sale processes, as well as cash incentives to encourage homeowners with negative equity to pursue a short sale versus letting the home fall into foreclosure.

As Bank of America’s short sales volumes have skyrocketed—from a reported total of “six applications in January of 2007 to 60,000 to 70,000 a month in 2011—the bank’s infrastructure to handle the increased volume has undergone a massive transformation,” Charfen observed.

Reaching out to CDPE agents is in keeping with a sharpened focus on increasing short sale processing efficiencies, noted Kimberly Dawson, Senior Short Sale Executive for Bank of America, during a broadcast from the Charfen Institute studio earlier this year. “Looking at our own portfolio, we’ve seen that agents who are educated and understand how the short sale process works are more successful at closing short sales,” she added.

A short sale is a complex transaction in which a financially strapped homeowner seeks to sell a home for less than the amount due on the mortgage. Though little understood a few years ago, short sales have proven to be a less costly alternative to foreclosure for the lender, while carrying far fewer long-term consequences for the borrower.

“With the threat of continued home price declines, along with high unemployment and more than 25 percent of homeowners owning more on their home than they could get for it in the current market, short sales are an increasingly important foreclosure-avoidance option, which has entered into the ranks of a national priority,” Charfen emphasized. “CDPE agents are on the front lines of this initiative, and are widely recognized for their expertise and effectiveness in processing short sales, compared to any other agent population.”

To register for the October 26 broadcast, click here.

About the Charfen Institute
The Charfen Institute provides training and resources to help small business owners and real estate professionals achieve tangible business results. The company produces more than 300 educational events each year through various divisions, including: The Distressed Property Institute’s Certified Distressed Property Expert® (CDPE) Designation, the Certified Investor Agent Specialist™ (CIAS) Designation , and LEAD Experience™. The company’s CDPE Designation is the fastest growing independent designation in real estate industry history, with close to 35,000 agents trained.

Recent awards for Alex Charfen and the Charfen Institute include: Fastest growing small, privately-held company in Central Texas; No. 21 on the 2011 Inc. 500 List of America’s Fastest-Growing Private Companies; Best Places to Work in Central Texas 2010 and 2011; Alex Charfen for Austin’s Fittest CEO and the Austin Under 40 Award for Real Estate; numerous Telly and Omni Awards, and the 2010 Aegis Award. For more information, visit: http://www.charfeninstitute.com.

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, Vocus PRW Holdings, LLC. Vocus, PRWeb, and Publicity Wire are trademarks or registered trademarks of Vocus, Inc. or Vocus PRW Holdings, LLC.

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www.oppenheimlaw.com Florida Foreclosure defense attorney and legal blogger, Roy Oppenheim, talks about the state of the Florida real estate market. Roy Oppenheim covers the reasons for the current state of the Florida real estate market and believes that prices will drop another 15 – 20% and Florida will not see upturns until 2013 or 2014. Roy Oppenheim lists the following factors that are working against the Florida real estate market: 1. The Florida foreclosure crisis is not over. Banks had to stop foreclosing because they had to regroup, reorganize, retool, and many times re-file their foreclosures. Many of the Florida courts are understaffed and under-funded. Once the new wave of Florida foreclosures hits, it will put a drag on Florida real estate, continuing to depress prices in Florida communities. 2. Unless Floridians are getting employed and are making the same amount of money as before the Florida real estate crash, they will not be able to afford the kind of housing that previously existed. 3. The government debt crisis causes Floridians to pay more to borrow money. Roy Oppneheim does not see a quick recovery and suggests the following options: – Find a Florida short sale – Renting – Buying Florida real estate and renting it out A refinance solution would help the Florida real estate market and save people money, which in turn could boost the economy from these savings. www.oppenheimlaw.com In a series of short clips Roy Oppenheim will be covering important …

www.oppenheimlaw.com Florida Foreclosure defense attorney and legal blogger, Roy Oppenheim, talks astir the state of the Florida real estate market. Roy Oppenheim covers the reasons for the current state of the Florida real estate offer and believes that prices will drop another 15 – 20% and Florida will not see upturns until 2013 or 2014. Roy Oppenheim naming the following factors that are working against the Florida real estate market: 1. The Florida foreclosure crisis is not over. Banks had to stop preclude because they had to regroup, reorganize, retool, and many times re-file their foreclosures. Many of the Florida courts are short-handed and under-funded. Once the new wave of Florida foreclosures hits, it will put a drag on Florida real estate, continuing to depress prices in Florida communities. 2. Unless Floridians are getting employed and are making the same amount of money as before the Florida real estate crash, they will not be able to afford the kind of housing that previously existed. 3. The government debt crisis cause Floridians to pay more to borrow money. Roy Oppenheim does not see a quick recovery and suggests the following options: – Find a Florida short sale – Renting – Buying Florida real estate and renting it out A refinance solution would help the Florida real estate market and save people money, which in turn could boost the economy from these savings. www.oppenheimlaw.com In a series of short clips Roy Oppenheim will be covering important …
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A home equity loan is generally a fixed rate loan, while the HELOC, or Home Equity Line of Credit, is like having a credit card on a home. Find out how the HELOC can be used for debt consolidation withhelp from a financial adviser in this free video on home equity and personal finance. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz

Question by Missi B: How will a foreclosure work with a second mortgage?
Mortgage companion put us into foreclosure on the 1st because of being behind in the escrow but there is a second on the house, with the same company. How does that work?

Best answer:

Answer by Thomas M
Give the bank the key and RUN !!!!!!!

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Question by steeletheclerk: How long does a second mortgage have to go after borrower following foreclosure in Washington?
How much time does the second mortgage holder have to go after the borrower if the property was already foreclosed by the first mortgage holder in the state of Washington?How much time does the second mortgage holder have to go after the borrower if the property was already foreclosed by the first mortgage holder in the state of Washington?EDIT: A source or citation would be appreciated as well, thanks for the early answers (excluding the obvious spam)

Best answer:

Answer by golferwhoworks
they will sue before 7 years

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www.888bankruptcy.com Sacramento bankruptcy attorney – stop foreclosure – eliminate second mortgage – Lincoln, Roseville, Rocklin, CA If you are in financial trouble, you are not alone. Each year over a million Americans file bankruptcy. If you are overextended, overwhelmed by debts, or afraid that the bank will foreclose on your home, you need to call bankruptcy attorney as soon as possible. Once a bankruptcy attorney files your case, you may be entitled to an automatic stay that will prohibit your creditors from taking any further action against you. Don’t let the situation continue to get worse or lose property unnecessarily. Your California bankruptcy attorney bankruptcy can help you decide whether Chapter 7 bankruptcy or Chapter 13 protection is right for you. Bankruptcy is a legal process by which you can deal with your debts when you can no longer pay them. Bankruptcy allows you to get most, if not all, bills discharged. You can keep most, if not all, of your property. Creditors cannot try to collect debt or sue debtor during bankruptcy.
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www.2nd-mortgageloans.net — How to Get Second Mortgage Loans Get all the best 2nd mortgage information hither ASAP! Here’s the only site that provide 2nd bond tips and 2nd mortgage guide for free! http — How to Get Second Mortgage Loans
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Question by buad0118: What happens to a second mortgage when a home is purchased at a foreclosure auction?
I am going to bid on a house at foreclosure and it has a 1st mortgage of $ 280K and a second of $ 70K. The lender on the first two mortgages is Decision One Mortgage. The lender at foreclosure is Countrywide. Does this mean that if I buy this house at foreclosure that I will ain additional money to the second mortgage or just the first mortgage and back taxes?

Best answer:

Answer by Karen R
If Countrywide is currently the 3rd bond and you buy it at their foreclosure sale you will be responsible for the 1st and 2nd mortages plus taxes.

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