It is a fact that mortgage lenders make mistakes. Those mistakes often result in homeowners paying more than they are supposed to. There are also many homeowners who are being foreclosed upon that have been victims of mortgaging servicing abuse. The lawyers at Levitt & Slafkes, P.C. are skilled in the legal tools that are available to challenge these illegal practices.
If you are struggling with debt, you are not alone. As bankruptcy attorneys who have guided clients through the bankruptcy process for three decades, we have seen a great many people find themselves unable to keep up with debt and interest payments. Unfortunately, many people choose to allow these struggles to continue for far too long, unaware of the benefits and relief that bankruptcy offers. We want you to be aware that there are legitimate reasons to file bankruptcy now.
Homeownership is an expensive investment in your family's future. When you purchase a home, you do so with the expectation that it will appreciate in value. Otherwise, you would just rent. Sadly, many Americans find themselves in a position where the value of their home is less than the homeowner's outstanding mortgage debt. This phenomenon is referred to as an "upside-down mortgage".
For many overwhelmed debtors, bankruptcy offers a chance to move past certain debts, and to ensure that those creditors can no longer harass you. This applies to many types of unsecured debts, like credit card debts, medical bills, loans, and more. So when it comes to many people's most important asset-their home-it is critical to understand what bankruptcy can, and can't, do regarding mortgage debt. In other words, can you get rid of a mortgage through bankruptcy?
Foreclosure is the legal process that a lender may initiate when a debtor has missed numerous mortgage payments. This process is one that, if successful, allows a lender to force the sale of a home in order to satisfy the outstanding debt that is owed on the property. Foreclosure does not come without warning, as there are specific methods and deadlines that a lender must follow to notify a debtor that they are in breach of contract and that foreclosure is looming.
Homeownership is an essential element of the American Dream. There is a great amount of pride in picking out (or building) a home, raising your children there, and putting money into the house as an investment into your financial future. Unfortunately, home loans can have very long terms, and a lot can change in your life during that time.
Purchasing a home is one of the most exciting times in a person's life. While it is a major financial investment, it represents much more than that for the security, stability, and future of homeowners and their families. Unfortunately, life is not free of hurdles or challenges, and some people find themselves unable to make their mortgage payments. Whether this is because of a bad loan, unforeseen circumstances, or changes in financial status, the ultimate result of failing to make home payments is foreclosure.
When a homeowner falls behind on their mortgage payments, it is very likely that foreclosure proceedings will soon follow. Struggling to make payments and facing foreclosure is all incredibly stressful and emotionally draining. However, you do have legal rights, and it is in your interest to speak to a foreclosure defense attorney to learn your options.
Li' Kim's $3 million Alpine, New Jersey mansion faces foreclosure, proving once again that even the rich and famous can fall on hard times. Kimberly Jones, also known as Lil' Kim, has had a string of financial troubles, culminating in a 2010 foreclosure action on the property and an IRS tax lien of $127,000 this year.