Archive for August, 2010

What Happens to a Second Mortgage During Foreclosure?

Thursday, August 5th, 2010

June2You may face foreclosure if you owe a large amount of debt on your home and can no longer afford making mortgage payments. If a foreclosure is a possibility, it is best to familiarize yourself with state foreclosure laws and hire legal assistance, especially when a second mortgage is involved.

Sometimes when a home is foreclosed or short sold, only the primary loan is taken into consideration. In some cases, weeks or months after the home has been foreclosed on or short sold, the holder of the second mortgage will demand payment of the amount they are owed.

During a foreclosure or short sale, your second mortgage lender can:

  • File a deficiency judgment against you if the second mortgage loan balance isn’t covered by the foreclosure sale
  • File a civil judgment against you
  • Garnish your income
  • Send you a bill claiming you still owe them money

After a foreclosure or short sale, if you are contacted by the holder of the second mortgage with a payment demand, there are some legal options and protections for you.

If you are in this situation, a real property lawyer can help you through this situation by advising you on the different options you have. A real property lawyer can help work out an agreement or arrangement with the court or lender. To find a real property lawyer in your area, contact Attorney Search Network today.

Homeowners Insurance Claims

Thursday, August 5th, 2010

February1Most people don’t think much about their homeowners insurance until they need it. Last week, wild fires damaged a number of homes in Kern County, California. In circumstances such as fires, earthquakes and flooding, insurance companies are responsible for financially compensating those homeowners per the terms of their agreement.

Using history as our guide, it is not uncommon for homeowners insurance companies to try escaping costly damages by denying or underpaying some claims. If you are a homeowner whose claim have been unjustly denied, you could use legal remedies to get what you are entitled to.

Under bad faith insurance law, the following instances constitute as acting in bad faith:

  • Delays by the insurance company in responding to your calls, letters, and other inquiries
  • Promising insurance coverage and refusing to pay later
  • Refusing to pay for property damage or loss that’s covered
  • Refusing to pay a portion of your claim
  • Refusing to pay for what is fair, such as giving you less than what it’s worth
  • Assigning multiple adjusters to the claim to result in delays and wrongful denial of coverage
  • Requiring a proof of loss or itemized receipts that are impossible to obtain

Bad faith insurance lawyers can effectively resolve delayed or denied insurance claims. Insurance lawyers can handle disputes with your insurance company and to help get you the compensation you are entitled to, along with possible punitive damages. If you are having bad faith issues with your insurance company, Attorney Search Network can refer you to a bad faith lawyer today.

Foreclosure is not the Only Option

Thursday, August 5th, 2010

January3Foreclosures continue to be an issue for homeowners across the country as they find themselves in unexpected situations such as job loss, health emergencies and other unmanageable expenses that can cause them to be unable to pay for their mortgage on time.

Regardless of what is going on nationally, if you are facing the possibly of a foreclosure it is important to seek legal help, as foreclosure is not the only option. Avoiding foreclosure is a good idea, since losing a home means losing all the money invested in it. Foreclosures become public information that is handed over to credit reporting agencies, and are not erased from a credit report for up to seven years.

A foreclosure lawyer can help you avoid foreclosure by working with your lender or a certified housing counselor to come up with foreclosure alternatives. A foreclosure lawyer can examine the terms and conditions of your property agreement to analyze how your personal and financial situation can excuse you from non-payment.

Some of the options a foreclosure lawyer can help you with include:

  • Loan modifications
  • Principle reductions
  • Short sales
  • Chapter 13 bankruptcy
  • Mortgage refinancing
  • Repayment plans
  • Loan changes

If you are having difficulties paying your mortgage on time and wish to avoid foreclosure of your home, contact a foreclosure lawyer today. Attorney Search Network can help you find a foreclosure lawyer in your area that can help you choose a viable alternative to foreclosure immediately.