Well, it's no wonder that our housing market is in the condition that it is in! At Chang & Diamond, APC many clients come to us to help free them of mortgage debt. We pass no judgement and help as best as we can. So it angers me when I hear that the Mortgage Bankers Association which is the mortgage "industry's voice on legislative and regulatory issues" has recently defaulted on their $79 million dollar building that they purchased a few years ago. When they fell on some hard times over there at the MBA, rumor has it they decided renting would be cheaper. So they short sold their new (and very expensive) building in favor of renting. They moved about 5 blocks away from where they defaulted. The president of the MBA, John Courson, has been quoted saying that defaulting on your loan is a moral issue. In addition to that not being true, it is also hypocritical. He also said that before you default on a loan you should consider what message it sends to "family and their kids and their friends by defaulting".
We see hundreds of clients every year that have no choice but to default on their homes. Our clients can rest easier now knowing that even those that preach against defaulting on your loan have done it once themselves.
If you find that you are in a position that you need to default, bankruptcy can protect you from any repercussions. Call us today! 619-233-6300
Wednesday, October 13, 2010
Friday, October 8, 2010
Bank of America Halts Foreclosures
Big news for Chang & Diamond's Bankruptcy clients!
According to almost all news websites (that care to report about our nations housing crisis) Bank of America along with several other large lenders have halted their foreclosure processes for the time being.
The reason these large lender came to a screeching halt is to prove that there have been no illegal foreclosures. In 23 states a Judge is required to approve a foreclosure before the home is taken back or sold at auction. At a legal proceeding in February a Bank of America official stated that she signed up to 8,000 foreclosure documents a month without reading them. Making it unclear if a Judge had signed off. There are also rumors of Trustee Sale Companies forging debtors signatures and notarizing documents in house to speed up the foreclosure process.
Bank of America, and the others, contend that nothing has been amiss, but they want to take a month or so to prove it. Lenders acknowledge that they are constantly under fire since our housing marking fell through the floors in the last few years. In response to Consumer/Debtors/Voters concerns that some may have been evicted unlawfully, Spokesperson for Bank of America, Dan Frahm, said "we feel the need to address that and demonstrate that our process is accurate". Bank of America also stated that although they are among the first to go back and double check their work, this practice may soon be required for all lenders.
This is good news for a couple reasons. First, this will give some of our clients additional time to work out their finances. If we were filing a Chapter 13 to keep a person out of foreclosure, we could now look at Chapter 7 as an option. Also, this will keep our fragile Southern California housing market from becoming even more saturated with bank owned homes that nobody wants. The UT reported that "During the first half of this year, there were 5,458 notices of default in San Diego County and 3,315 foreclosures, according to MDA DataQuick, a real estate analysis firm based in La Jolla." Perhaps this will help get those numbers down also. The last silver lining that I see is that these big lenders seem to be taking more responsibility for their actions. That seems like a step in the right direction.
Call us today if this news may effect your bankruptcy. 619-233-6300
According to almost all news websites (that care to report about our nations housing crisis) Bank of America along with several other large lenders have halted their foreclosure processes for the time being.
The reason these large lender came to a screeching halt is to prove that there have been no illegal foreclosures. In 23 states a Judge is required to approve a foreclosure before the home is taken back or sold at auction. At a legal proceeding in February a Bank of America official stated that she signed up to 8,000 foreclosure documents a month without reading them. Making it unclear if a Judge had signed off. There are also rumors of Trustee Sale Companies forging debtors signatures and notarizing documents in house to speed up the foreclosure process.
Bank of America, and the others, contend that nothing has been amiss, but they want to take a month or so to prove it. Lenders acknowledge that they are constantly under fire since our housing marking fell through the floors in the last few years. In response to Consumer/Debtors/Voters concerns that some may have been evicted unlawfully, Spokesperson for Bank of America, Dan Frahm, said "we feel the need to address that and demonstrate that our process is accurate". Bank of America also stated that although they are among the first to go back and double check their work, this practice may soon be required for all lenders.
This is good news for a couple reasons. First, this will give some of our clients additional time to work out their finances. If we were filing a Chapter 13 to keep a person out of foreclosure, we could now look at Chapter 7 as an option. Also, this will keep our fragile Southern California housing market from becoming even more saturated with bank owned homes that nobody wants. The UT reported that "During the first half of this year, there were 5,458 notices of default in San Diego County and 3,315 foreclosures, according to MDA DataQuick, a real estate analysis firm based in La Jolla." Perhaps this will help get those numbers down also. The last silver lining that I see is that these big lenders seem to be taking more responsibility for their actions. That seems like a step in the right direction.
Call us today if this news may effect your bankruptcy. 619-233-6300
Monday, October 4, 2010
Filing for Bankruptcy 101
What does it mean when I hear "file my petition"?
Before almost everything was done electronically, there was a time when a person had to physically go to the court house and fill out confusing and long forms, give them to the clerk who would then stamp and finally file them.
Now, thank goodness, we can do all of that online. The Bankruptcy Courts have a website and once we are logged into it we can upload all required documents to file bankruptcy.
Here's what we do. First we make sure that all required documents have your signature on them. We also need your Attorney to sign off on the forms, but only after they have reviewed them for accuracy. We then create your file electronically either by scanning it in or by creating a pdf from the bankruptcy software we use. We make sure your schedules and signature pages are in the correct order, we make sure everything is accurate and according to the law then we save it to your file on our server.
Once we have that we log into the Bankruptcy Court's website and upload your case. When completed uploading you petition, all schedules, and your signature pages we receive confirmation that your case has been filed and we are giving your case number.
There are a lot of forms that must be filed with the courts to file bankruptcy. They can be lengthy and complicated (even for Attorney's that are not practicing bankruptcy). That is why it is important to contact the Law Offices of Chang & Diamond to help you through the process. We do all the very difficult and complicated work so that you don't have to. We have many years and many many cases under our belt. We stay current with the laws and although we do not have testimonials from all of our clients, please check out our website to view what some very happy clients have said about us.
Call us today and we can get started down the road to filing your bankruptcy! 619-233-6300
Before almost everything was done electronically, there was a time when a person had to physically go to the court house and fill out confusing and long forms, give them to the clerk who would then stamp and finally file them.
Now, thank goodness, we can do all of that online. The Bankruptcy Courts have a website and once we are logged into it we can upload all required documents to file bankruptcy.
Here's what we do. First we make sure that all required documents have your signature on them. We also need your Attorney to sign off on the forms, but only after they have reviewed them for accuracy. We then create your file electronically either by scanning it in or by creating a pdf from the bankruptcy software we use. We make sure your schedules and signature pages are in the correct order, we make sure everything is accurate and according to the law then we save it to your file on our server.
Once we have that we log into the Bankruptcy Court's website and upload your case. When completed uploading you petition, all schedules, and your signature pages we receive confirmation that your case has been filed and we are giving your case number.
There are a lot of forms that must be filed with the courts to file bankruptcy. They can be lengthy and complicated (even for Attorney's that are not practicing bankruptcy). That is why it is important to contact the Law Offices of Chang & Diamond to help you through the process. We do all the very difficult and complicated work so that you don't have to. We have many years and many many cases under our belt. We stay current with the laws and although we do not have testimonials from all of our clients, please check out our website to view what some very happy clients have said about us.
Call us today and we can get started down the road to filing your bankruptcy! 619-233-6300
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