Comparing Loan Modification, Short Sale, and Foreclosure By: Richard E. Korb[1] ©2010 RICHARD E. KORB With unemployment rates remaining high and the economy struggling to recover from the great recession, many Americans are stuck in a daily struggle to meet mortgage payments and keep their homes. While foreclosure is considered the standard means for dealing …
Daily Archive: December 29, 2011
Dec
29
Understanding Judicial And Non-Judicial Foreclosure In California
Understanding Judicial And Non-Judicial Foreclosure In California By: Richard E.Korb[1] Foreclosures come in a small variety of forms. The most common form of foreclosure in the United States, until the mid-19th century, was judicial foreclosure. Judicial Foreclosure was eventually seen as too expensive and time-consuming, so lenders asked state legislatures for a faster, …
Dec
29
Facing Foreclosure In California? The Pros & Cons of Loan Modification, Short Sales and Foreclosure
Facing Foreclosure In California? The Pros & Cons of Loan Modification, Short Sales and Foreclosure By: Richard E. Korb[1] You’re likely reading this because you or someone you care about is experiencing financial hardship. You’re also likely a property owner, and like many from your generation saw home ownership as living the American Dream. But …
Dec
29
The Home Affordability and Stability Act To Combat Home Foreclosure
The Home Affordability and Stability Act And Home Foreclosure By: Richard E. Korb[1] In 2008, the housing bubble ended and the housing market was in panic. Many homeowners were having their houses foreclosed with little room for recourse. In response, President Obama announced in 2009 that a new Home Affordability and Stability Act (HASA) …
Dec
29
Successfully Defending A Homeowner Facing A Foreclosure Action In California
By: Richard E. Korb©2011[1] Successful defenses against foreclosures have become more common in California since the 2008 housing market crash. In fact, there have been several important cases in the past 3 years that are changing the way the courts view the foreclosure process. Judicial vs. Non-Judicial Foreclosure In the state of California, the …
Dec
29
Foreclosure And Anti-Deficiency Laws in California: Can Your Lender Come After You?
Foreclosure And Anti-Deficiency Laws in California: Can Your Lender Come After You? By: Richard E. Korb[1] Your house is underwater, upside down, facing foreclosure, etc. Your house is now valued less than the loan you used to afford it. This means the proceeds of its sale will not be enough to pay back the loan on …
Dec
29
Mortgage Default:The Pros And Cons Of Walking Away From Your Home
By: Richard E. Korb. ©2011[1] It’s no secret that in California—and all across America—the housing market is in a crisis and foreclosures continue to mount. With housing prices dropping, some homeowners have found themselves in the unenvied position of owing a greater debt on their property than the property itself is worth. In technical terms, …
Dec
29
The Mortgage Crisis: Bank Foreclosure Fraud And How It Can Affect You
By Richard E. Korb, attorney ©2011[1] On April 1st, 2011, the news organization 60 Minutes ran a story entitled “Mortgage Paperwork Mess: Next Housing Shock?” investigating the recent phenomenon of mortgage fraud by a number of big banks—including such well-known names as Wells Fargo, Citibank, Bank of America, U.S. Bank, HSBC and Deustche Bank. Though …
Dec
29
SB 931: New Anti-Deficiency Law Protects California Homeowners In Short Sale Situations
By: Richard E. Korb[1] Signed in September of 2010, California’s Senate Bill 931, pertaining to California Short Sale Deficiencies, is new legislation designed to protect borrowers against deficiency judgments after approving and completing a short sale. Prior to the passage of SB 931, lenders had attempted to claim entitlement to deficiency through short sales, …
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