Showing posts with label Attorney Las Vegas Real Estate Law. Show all posts
Showing posts with label Attorney Las Vegas Real Estate Law. Show all posts

Wednesday, August 20, 2014

Loan Modification Attorneys

Refined & Experienced Summerlin Las Vegas Real Estate Loan Modification Attorneys. The Law Office of Jacqueline Mary McQuigg & Assoc. Loan Mod Attorney in Las Vegas.



We have received countless emails at the law firm that are just like this one:

My name is [John Doe]. A couple of years ago I had to retire from 30 years of ... service due to my wife having [major medical problems]. We tried to modify our loan ... [The process] dragged on for a year and a half. It was a nightmare. They [increased] our payment by adding ... without telling us. In the end [what] they actually gave is an offer with a higher payment than when we started.

[We then did a] short sale and our realtor had a buyer. [Our lender] approved the short sale. But the day before final approval they foreclosed. ...... I have had to withdraw 90 percent of [my retirement savings so my wife and I could] survive.

LEARN THE TRUTH ABOUT:

Loan Modifications-Trial Periods-Usefulness
"Help" From the Banks
The Typical Scenario
"Reducing Your Principal"
Other Problems Plaguing Loan Modifications
Stopping Foreclosure by Applying for a Loan Modification
Using an Attorney
Qualifying
Having Late Payments
Hardship Requirements

I.) Loan Modifications-Trial Periods--Usefulness
If you think your first loan was bad, if you modify it, it will be worse! It has also been said that if you think you were swindled by your lender on your mortgage, just wait until they modify it for you! While this may not always be true, sadly, it is important to note that in the Las Vegas market we have found that this seems to be often true. Our experiences dealing with loan modifications have led us to the view that lenders "engage" borrowers and suggest loan modifications knowing that it is likely you will lose your home anyway.

A.) Banks Promote Loan Modifications.
Banks have many reasons they promote loan modifications. Here are two main reasons:

1. Working on a loan modification will delay many inevitable foreclosures, reducing the number of foreclosed homes in their inventory, and therefore causing their accounting and financial reports to indicate they are in a stronger position than they really are.
2. If a borrower is behind in their mortgage payments, it is highly likely that a foreclosure is inevitable. By giving a borrower false hopes of saving their home by initiating a trial-period loan modification, the lender is able to induce a borrower to at least send some money to the bank while the lender waits for a more convenient time to foreclose anyway. Otherwise, a lender knows they will likely get no money at all.

B.) "The Trial Period"
If you are told you qualify for a loan modification and that there is a trial period, the realty is you have not fully qualified. At this point, the lender has not determinatively verified whether or not you "in fact" qualify for a loan modification. Equally as important, the servicer who supposedly qualified you for a loan modification and started you on a trial period has not obtained final approval from the investor or owner of your mortgage. All too often, six to ten months later, once the lender and their servicer has tricked you out of several thousand dollars in "trial period payments" and other related expenses, you will be notified that your modification has been rejected by the lender/investor/owner of your loan, and very quickly afterward your home will be sold in a foreclosure sale-sometimes with little or no notice.

C.) When are Loan Modifications Useful?
Loan modifications are useful when you use the modification process for your benefit as opposed to doing a loan modification that benefits the lender. Some clients, for various personal reasons, simply need to "kick the can down the road" for a few years.


Loan Modification Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.

Foreclosure Attorneys

Refined & Experienced Summerlin Las Vegas Real Estate Foreclosure Attorneys. The Law Office of Jacqueline Mary McQuigg & Assoc. Foreclosure Attorney in Las Vegas.


A Reality Check... Foreclosure and What to Expect.

What is foreclosure?
Who has the right to foreclose?
What is the foreclosure procedure?
How can I stop foreclosure?
What about a loan modification?
What about help from the government?

_________________________________________________________________

What is foreclosure?

To foreclose on property is for a creditor to assert a claim of right, given by the owner of property to a creditor, to transfer interest in property to the creditor in the event the present owner (borrower) fails to pay an obligation, usually created by a loan agreement or promissory note.

In short, in most cases, it is when a lender takes property from its owner and sells it in order to satisfy an unpaid debt.

Who has the right to foreclose?

In most cases, the right to foreclose on interest in property is granted to a lender by a borrower who executes a Deed of Trust when mortgaging real property. A Deed of Trust authorizes a Trustee to redeem interest out of the value of property by confiscating income produced from the property or by forcing a sale of the property. When the property is sold, any funds remaining after paying off the obligations to the lender and other persons who have a Deed of Trust or lien against the property go to the borrower.

What is the foreclosure procedure?

When a person defaults on a loan agreement with a mortgage company, perhaps by failing to pay a monthly note to a mortgagee (lender), in most cases the lender has an automatic right to foreclose on its interest in the property that was mortgaged. A lender may begin the procedure very soon after a monthly payment is late, but most lenders wait at least 90 days before beginning the "foreclosure process". At that time, the lender will direct the Trustee named in the Deed of Trust that is recorded against the mortgaged property to foreclose on its interest in the property, force a sale, and collect the proceeds from the sale that are due the lender.

In Nevada, the "foreclosure procedure" begins when the lender (via its Trustee) posts on the property and records with the County Recorder a Notice of Default and Election to Sell. This document is meant to notify you that your lender has elected to force the sale of the property in order to satisfy all or part of the borrower's obligation to the lender.

Ninety (90) days after the Notice of Default is properly posted and recorded, then, and only then, does the lender have the right to post the next notice that is required by law, the Notice of Trustee's Sale. This notice is meant to notify the owner/borrower that the property will be sold at an auction. The date of the sale is usually 21 days after the notice is property posted and recorded.

Once the property is sold, the buyer has the right to take almost immediate possession in most cases. If the borrower, or another party, remains in possession, the new buyer can often have the person evicted in a few days.


Foreclosure Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.

Short Sale Attorneys

Refined & Experienced Summerlin Las Vegas Real Estate Short Sale Attorneys. The Law Offices of Jacqueline Mary McQuigg & Assoc. Short Sale Attorney in Las Vegas.

There are many questionable claims made by Short Sale advertisers, and reliance on those claims may harm you legally and financially. (see "Caution")

Is The Short Sale Option for Me? Some important issues to consider when deciding whether to short sale your home or allow it to go into foreclosure are:
1. Whether or Not You Qualify for a Short Sale
2. Federal Tax Liabilities Resulting from a Short Sale / Foreclosure
3. The Impact on Your Credit Rating
4. The Effect on Your Life and Finances Due to Resulting Deficiency Judgments
5. Whether or Not Collection Efforts by Your Lender will Cease or Continue for 10+ Years; and
6. The Estimated Waiting Period Before Being Able to Purchase Another Home.

We feel that you should seriously consider a short sale as an option if:
1. Most of your debt is your mortgage debt. In other words, you do not have any other substantial credit card or other type of debt. If you are burdened with other debt also, it may be best to consider filing for bankruptcy and doing a short sale. (Note: Bankruptcy does not erase the record of a foreclosure from your credit report.)
2. The fair market value of your home or property is substantially less than the principal balance owed on your mortgage.
Remember that according to historical data from the last 50+ years, your property will most likely not appreciate, overall, more than 3-5% per year.

Loan Modifications and Short Sales
If you are planning to do a short sale, which is often your best option, do not do a loan modification. Usually, a loan modification takes so long, that by the time you realize a loan modification will not work, there is often no time left to go through the short sale process.

CAUTION! Do Not Be Fooled By Questionable Claims Made By Advertisers

There are many questionable claims made by Short Sale advertisers, and reliance on those claims may harm you legally and financially.
Many individuals and families are experiencing difficult times: if you are one of these individuals, the last thing you need is to hear cleverly-worded, one-liner rants crafted by high-powered marketing experts who have the insidious purpose of luring you by giving you false hopes. We have received many calls from individuals and families who have been misled and hurt by believing these claims, including:

"Short Sale Today-Buy Tomorrow"
"We'll Make Sure the Bank Doesn't Sue You"
"You Don't Need an Attorney"
"We Don't Charge You a Fee for a Short Sale"
"Reduce Your Principal"
"The Bank Can't Produce the Original Note"
"Sue the Bank" ­­ "Get your House for Free"


Short Sale Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.

Real Estate Attorneys

Refined & Experienced Summerlin Las Vegas Real Estate Attorneys. The Law Offices of Jacqueline Mary McQuigg & Assoc. Real Estate Attorney in Las Vegas.

REAL ESTATE LAW

Upside-Down on your mortgage?
Struggling to pay your mortgage?
Need "no-nonsense" information about your options?

Most of us making the western United States our home have been affected by real estate law as an owner, seller, broker, lender, borrower, contractor, or other arrangement. The body of law dealing with real estate is varied and large and often misinterpreted. An attorney experienced in real estate law should be consulted when dealing with real estate matters, especially if the matter involves:

PURCHASE AND SALE CONTRACTS

SALES BY OWNER

ESCROW INSTRUCTIONS

SECURED LOANS

TITLE PROBLEMS

INHERITANCE ISSUES

Much of real estate law is really CONTRACT LAW. Legal matters involving real estate often deal with agreements (contracts) between two or more persons (parties). Purchase and Sale Agreements, Escrow Instructions, Promissory Notes and Trust Deeds, Real Estate Listing Agreements, and Home Improvement Agreements, are all governed by contract law.

It Is Crucial That You Understand The Contract You Are Signing !!!


Remember that your failure to read and/or understand the contract is not a defense if disputes arise. If you sign a contract, the law presumes that you both read and understood the terms of the agreement.

SALE BY OWNER - a way to reduce the costs of selling property? Perhaps, but it can also provide an open door for problems. It is imperative that you fully understand the effect that the legal process and related laws can have on the transaction and your ownership status, and you must know the various documents that are needed or required by law. Seek professional legal assistance to help avoid the many problems that arise under these circumstances.

TITLE ("ownership status"): Title problems frequently arise in real estate matters. In order to properly resolve title issues you need a full understanding of title law in Nevada and you need to understand the role a title insurance company plays regarding title or ownership status.

ESCROW agents are generally part and parcel of every real estate transaction in the western U.S. It is important to understand the function of such agents' their duties and responsibilities to each party.

Secured LOANS are the loans given in exchange for a promise to repay the loan. The promise to repay is most often backed or secured by filing a deed of trust "against" your real property. A deed of trust gives power to the lender to foreclose or take possession of your property should you fail to repay the loan as agreed. It is vital that you fully understand the terms of your loan agreement and the effect the trust deed may have on your continued ownership of the property.

Real property is all too often at the nexus of INHERITANCE DISPUTES. It is very common for an elderly parent to transfer property to only one child or other family member with the intention that upon their (the parents') death, proceeds from the sale of the real property will be shared with the other family members. This often does not happen, and filing a law suit is usually the only way to settle this type of dispute.


Real Estate Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.

Refined & Experienced Summerlin Las Vegas Attorneys

The Law Office of Jacqueline Mary McQuigg & Associates; We have over 35 Years of Experience as Attorneys, here in Las Vegas, Nevada.

"A Boutique Personable Law Practice, with a Refined and Experienced Approach, where Your Rights Matter MOST!"

Probate Law & Estate Planning Wills, Living Trusts, Power of Attorney, Trust Administration, Health Care Directives, Guardianships, Nevada Onshore Trusts, Offshore Trusts. If a family member has recently died, contact us for a Free Consultation.

Federal (IRS) Tax Law Filing Federal Tax Returns-Personal, Business and Trust Returns. IRS Tax Debt Relief, Federal Tax Audits, Liens and Levies. Offers in Compromise, Innocent Spouse Relief, Wage Garnishments. Unfiled Tax Returns (Back Taxes) Bankruptcy Law Chapter 7 Bankruptcy and Chapter 13 Bankruptcy

Real Estate Law Purchase Agreements, Purchase & Sale Contracts, Leases, Document Review, Ownership Disputes, Sales By Owner, Escrow Instructions, Title Problems, Inheritance Issues.

SHORT SALE, FORECLOSURE, LOAN MODIFICATION, REPOSSESSION contact us for a Free Consultation.

Business & Corporate Law Formation of LLCs and Corporations, Partnership Agreements, Licensing Assistance, Buy-Sell Agreements, Business Dissolution Agreements.

Asset Protection Practical Asset Protection and/or Risk Management Strategies

Personal Injury Attorneys Injured in Las Vegas, Hotel Accident, Casino Negligence, Nevada DUI injury, injured on the job, in a car accident, hurt during vacation, hurt by a dog or pet, trauma by a medical procedure or hurt by a prescription drug, medical malpractice; or injured by any other means, contact us for a Free Consultation.

Las Vegas Criminal Defense Attorneys Whether you have been charged with the Crime of Domestic Violence, DUI, Possession, Solicitation, or ANY City, State, or Federal Misdemeanor or Felony Crime, Including Murder, contact us for a Free Consultation.

We are Gay Friendly Attorneys Nevada Domestic Partnerships & Domestic Partnership Portfolio


Attorney Las Vegas
Legal Disclaimer Neither the State of Nevada nor any agency of the Nevada State Bar has certified any Las Vegas Attorney / Las Vegas Lawyer as a specialist or as an expert in any legal area. Anyone considering a Las Vegas Attorney / Las Vegas Lawyer should independently investigate their credentials and ability. Be cautious in your choice.

The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an Attorney / Lawyer for individual advice regarding your own situation. Nothing contained on these pages should be interpreted as establishing an attorney-client and/or lawyer-client relationship. Attorney Las Vegas . com | Law Offices of Jacqueline Mary McQuigg & Associates | © 2014 All rights reserved. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. All copies must include the above copyright notice.