Though mediators are often hired to have objective ears for parties in a legal action, they also
perform other duties integral to the dispute's resolution. Mediators use a lot of methods and
techniques to ensure that a dispute does not simmer or become worse after their intervention.
Helping parties reach a satisfactory, mutually acceptable agreement is their other important task.
Mediators also strive to break the parties from an impasse, which is generally the case before the
parties decide to hire a mediator. The primary reason for an impasse is that one or both parties
have a hard stance in what they consider their bottom line. When this happens, finding a middle
ground will seem to be an impossible task and that's where a mediator comes in.
When facilitating, mediators try their best to make the parties agree to a proposal that is
amenable to both of them. A mediator should be sensitive enough to perceive when the parties are
about to reach a point of non-agreement. At this point a mediator should intervene so as not to
make the situation worse and to keep the process on track.
Figuring out if the parties may be able to move somewhat from their bottom line is another aspect
of the negotiation that a mediator should be perceptive about. If encouraged properly, it is
entirely possible for a party to be willing to go beyond a certain amount in their settlement,
even when they have stated quite the opposite from the start. At this point, a mediator may try to
come up with a proposal that he or she thinks the parties will agree to so they don't get bogged
down in trying to negotiate.
When a mediator offers a proposal, some parties may feel that the mediator is taking sides. This
is not true. The mediator is simply trying to prevent a gridlock from occurring which could cause
the mediation to break down and the parties to leave empty-handed. A mediator's job is to find a
solution that satisfies both parties, not just to make one side or the other more amenable to a
settlement.
A proposal is simply one of the many tools at a mediator's disposal that can weaken the parties'
attachment to their bottom lines. If a party is unwilling to deviate from what it considers is a
reasonable settlement, no significant progress can be made. By using a proposal, crafted using a
combination of the mediator's skills and experience as well as the facts of the case, parties can
push beyond the boundaries they may have set for themselves beforehand, come to an agreement and
ultimately resolve the dispute.
----------------------------------------------------
Alan F. Scott, Jr., Esq. is a Supreme Court certified circuit civil mediator and arbitrator in
Stuart, Florida, with extensive experience in facilitating alternative dispute resolution in many
civil and commercial matters. For expert assistance on all kinds of disputes, contact Alan Scott
at 772-463-2555 or visit http://www.arbitrationmediationatty.com.
Posted by Leesburg Bankruptcy Attorney http://leesburgbankruptcyattorney.net/
Wednesday, February 19, 2014
Wednesday, February 12, 2014
Choosing a Good Mediator Using Three Criteria
Resolving disputes does not necessarily entail legal action or litigation. Many people are coming
to realize that sometimes, mediation is a better alternative in resolving disputes. When this
happens, the next step is to consider which mediator to hire. This decision is crucial to the
case because the efficient and timely resolution of the case largely depends on the mediator's
training and experience. To reap the benefits of mediation, as well as to avoid facing the
downsides of litigation, it is therefore important to hire the right mediator for your case.
1. Excellent Communication Skills
The first quality you should look for in a mediator is excellent communication skills. A mediator
needs to be able to get the parties talking, even when they don't feel like it and neither wants
to budge, like in stalemate situations. Mediation is more likely to fail if it is not focused on
fostering civil communication between parties. A mediator uses his skill and experience to
facilitate dialogue and get the conversation back on tract, if needed.
2. ADR Experience
Another qualification should be experience in alternative dispute resolution. Although general
experience is applicable, a more specialized and industry-focused experience is needed for
disputes that are unique to a certain business or scenario. For example, when dealing with
divorce, it is safe to bet that a professional who has helped many other couples through a divorce
can help you better than someone who hasn't. Success rate, comfort with the topic at hand and
communication skills can also be indicated through the mediator's past experience. While a
mediator's function is mainly to facilitate communication, many parties appreciate the mediator's
neutrality throughout the proceedings and his ability to treat both parties with respect.
Disputing parties may have different views on the case but they all agree on this benefit they
gain from mediation.
3. Patience and Flexibility
Patience is another great quality to look for in a mediator. When parties become too embroiled in
a legal dispute, hitting roadblocks becomes a big yet common issue. Roadblocks come up often
unexpectedly, though they usually occur when an argument arises because one party did not like
what the other is stating. This is where the mediator's communication skills and patience comes
in. He should be able to assist parties in untangling themselves from these challenges and move
forward from an issue. Patience works side by side with flexibility. When a particular tactic or
is not working or if parties are gridlocked on an issue, a mediator should be smart and flexible
enough to try another strategy. The mediation session goes much smoothly when the mediator is
open to trying new ideas.
The speed, cost and fairness of your resolution largely depends on the mediator you choose. Make
sure to select a professional that is suitable to your needs and will be able to provide an
efficient alternative forum for you to work through your issues.
----------------------------------------------------
If you have disputes regarding medical malpractice or personal injury, please contact John S.
Preston to help you determine the best course of action. As an attorney and mediation professional
who has practiced law for over 35 years and dedicated to third party pre-suit mediation in
California, John can serve you as an expert arbitrator and mediator. Call 510-763-9131 or go to
http://www.johnspreston.com for more information.
Posted by a Leesburg Florida Bankruptcy Randy Frier
http://leesburgbankruptcyattorney.net/
to realize that sometimes, mediation is a better alternative in resolving disputes. When this
happens, the next step is to consider which mediator to hire. This decision is crucial to the
case because the efficient and timely resolution of the case largely depends on the mediator's
training and experience. To reap the benefits of mediation, as well as to avoid facing the
downsides of litigation, it is therefore important to hire the right mediator for your case.
1. Excellent Communication Skills
The first quality you should look for in a mediator is excellent communication skills. A mediator
needs to be able to get the parties talking, even when they don't feel like it and neither wants
to budge, like in stalemate situations. Mediation is more likely to fail if it is not focused on
fostering civil communication between parties. A mediator uses his skill and experience to
facilitate dialogue and get the conversation back on tract, if needed.
2. ADR Experience
Another qualification should be experience in alternative dispute resolution. Although general
experience is applicable, a more specialized and industry-focused experience is needed for
disputes that are unique to a certain business or scenario. For example, when dealing with
divorce, it is safe to bet that a professional who has helped many other couples through a divorce
can help you better than someone who hasn't. Success rate, comfort with the topic at hand and
communication skills can also be indicated through the mediator's past experience. While a
mediator's function is mainly to facilitate communication, many parties appreciate the mediator's
neutrality throughout the proceedings and his ability to treat both parties with respect.
Disputing parties may have different views on the case but they all agree on this benefit they
gain from mediation.
3. Patience and Flexibility
Patience is another great quality to look for in a mediator. When parties become too embroiled in
a legal dispute, hitting roadblocks becomes a big yet common issue. Roadblocks come up often
unexpectedly, though they usually occur when an argument arises because one party did not like
what the other is stating. This is where the mediator's communication skills and patience comes
in. He should be able to assist parties in untangling themselves from these challenges and move
forward from an issue. Patience works side by side with flexibility. When a particular tactic or
is not working or if parties are gridlocked on an issue, a mediator should be smart and flexible
enough to try another strategy. The mediation session goes much smoothly when the mediator is
open to trying new ideas.
The speed, cost and fairness of your resolution largely depends on the mediator you choose. Make
sure to select a professional that is suitable to your needs and will be able to provide an
efficient alternative forum for you to work through your issues.
----------------------------------------------------
If you have disputes regarding medical malpractice or personal injury, please contact John S.
Preston to help you determine the best course of action. As an attorney and mediation professional
who has practiced law for over 35 years and dedicated to third party pre-suit mediation in
California, John can serve you as an expert arbitrator and mediator. Call 510-763-9131 or go to
http://www.johnspreston.com for more information.
Posted by a Leesburg Florida Bankruptcy Randy Frier
http://leesburgbankruptcyattorney.net/
What To Look For In A Bankruptcy Attorney
Declaring bankruptcy is never easy. You are essentially stating that you are facing financial problems and that you are unable to pay off your debt. By now, you've already started getting harassing phone calls, creditor notices, and the repossession of your belongings may have already begun.
Hiding is not going to help but you can take proactive steps to retain the possession of essential property by hiring a bankruptcy attorney.
Taking Proactive Debt Relief - Hire the Best Debt Relief Lawyer for Yourself
Bankruptcy and foreclosure may be inevitable but it pays to hire a good debt relief lawyer to fight your case. With a good bankruptcy attorney, you can fight for your assets, delay the foreclosure process with a foreclosure intervention and even win back your home. However, the entire process starts with choosing the best debt relief attorney immediately.
Here is What You Can Do:
• Find Local Experts
Bankruptcy and foreclosure rules are the same in every state. However, each state will have local loopholes that you can use to delay the inevitable or even contest the filings. For example, if you stay in the Lake County area, you will need a local Lake County debt relief lawyer to help you.
In 2005, the Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act to protect consumers. This has prevented millionaires from filing fake claims but at the same time, it has changed Chapter 7 bankruptcy rules. Now, Chapter 7 Bankruptcy borrowers are required to pay back at least a fraction of their loans instead of outright repayment. This also means that your chosen law firm or law office should be familiar with the 2005 Bankruptcy Law.
• Avoid Bankruptcy Mills
Bankruptcy has a very simple process that can be completed quickly. However, bankruptcy lawyers caution consumers from visiting a bankruptcy mill. They points out that bankruptcy mills are unscrupulous firms that will push the process through without even checking the paperwork. The only way to differentiate between reputable lawyers and a mill is by checking names and reputations at the local bar association. Attorneys also point out that almost all good Florida debt relief lawyers know each other very well and a mill will automatically gather negative opinions and reviews.
• Get a Firm with Financial Expertise
Some lenders are willing to negotiate with borrowers to help them get back on their feet and pay off the loan as well. As a result, consumers should find a local debt relief firm that will negotiate with lenders and help the consumer pay off their loans and avoid bankruptcy. Some foreclosure intervention firms will also negotiate with the mortgage holder to delay the process and help the consumer move to a new home. It may not be much but every little bit helps and a good attorney can make a significant difference to a borrower who is already facing hard times.
Most people forget that bankruptcy and foreclosures are procedures that can be contested if the lenders did not follow ethical lending norms. It is the job of trained attorneys to evaluate the evidence and help the consumer fight the case. In the end, it all comes down to expert legal advice offered by a trained bankruptcy and foreclosure lawyer. Hiring a professional will mean that you save time, money, assets and probably even your home. So why waste time?
Hiding is not going to help but you can take proactive steps to retain the possession of essential property by hiring a bankruptcy attorney.
Taking Proactive Debt Relief - Hire the Best Debt Relief Lawyer for Yourself
Bankruptcy and foreclosure may be inevitable but it pays to hire a good debt relief lawyer to fight your case. With a good bankruptcy attorney, you can fight for your assets, delay the foreclosure process with a foreclosure intervention and even win back your home. However, the entire process starts with choosing the best debt relief attorney immediately.
Here is What You Can Do:
• Find Local Experts
Bankruptcy and foreclosure rules are the same in every state. However, each state will have local loopholes that you can use to delay the inevitable or even contest the filings. For example, if you stay in the Lake County area, you will need a local Lake County debt relief lawyer to help you.
In 2005, the Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act to protect consumers. This has prevented millionaires from filing fake claims but at the same time, it has changed Chapter 7 bankruptcy rules. Now, Chapter 7 Bankruptcy borrowers are required to pay back at least a fraction of their loans instead of outright repayment. This also means that your chosen law firm or law office should be familiar with the 2005 Bankruptcy Law.
• Avoid Bankruptcy Mills
Bankruptcy has a very simple process that can be completed quickly. However, bankruptcy lawyers caution consumers from visiting a bankruptcy mill. They points out that bankruptcy mills are unscrupulous firms that will push the process through without even checking the paperwork. The only way to differentiate between reputable lawyers and a mill is by checking names and reputations at the local bar association. Attorneys also point out that almost all good Florida debt relief lawyers know each other very well and a mill will automatically gather negative opinions and reviews.
• Get a Firm with Financial Expertise
Some lenders are willing to negotiate with borrowers to help them get back on their feet and pay off the loan as well. As a result, consumers should find a local debt relief firm that will negotiate with lenders and help the consumer pay off their loans and avoid bankruptcy. Some foreclosure intervention firms will also negotiate with the mortgage holder to delay the process and help the consumer move to a new home. It may not be much but every little bit helps and a good attorney can make a significant difference to a borrower who is already facing hard times.
Most people forget that bankruptcy and foreclosures are procedures that can be contested if the lenders did not follow ethical lending norms. It is the job of trained attorneys to evaluate the evidence and help the consumer fight the case. In the end, it all comes down to expert legal advice offered by a trained bankruptcy and foreclosure lawyer. Hiring a professional will mean that you save time, money, assets and probably even your home. So why waste time?
In the Lake County area, you don't have to search as the Frier and Frier Attorneys Firm already has experience in the latest rules and regulations regarding bankruptcy.
Sunday, February 9, 2014
Bankruptcy Attorneys & Chapter 13
A Chapter 13 bankruptcy is usually used by those who either do not pass the Means Test due to
their income or have additional non-exempt assets that they would lose in a Chapter 7 bankruptcy.
In a Chapter 13 bankruptcy we are able to tackle bigger financial burdens such a tax debt,
foreclosures, and business debts. A plan is created specifically based on your income, expenses,
assets, debts and ability to pay each month. These plan payments are managed by your bankruptcy
trustee for a period lasting no more than 5 years. Chapter 13 bankruptcy is a great tool for those
who have more complex income and assets but still need to seek financial relief.
But is it worth it? This is a tough situation if you and your spouse both have jobs and massive
debt and cannot qualify for Chapter 7 bankruptcy. Although It may be extremely embarrassing to
file for any type of bankruptcy, sometimes it is absolutely necessary. So, when I began to fall in
the deep well of credit card debt, I knew I would need an attorney who could show me what was
going on all the while being understanding and non-judgemental. Basically, I wanted to be as
comfortable as I could when it came to filing for bankruptcy. I think finding the right attorney
was the key to this comfort.
So, how did I find the right attorney, you ask? I read somewhere that the best way to get an
attorney is to ask your friends and family if they know any bankruptcy attorneys. This way, it
would be easier for me to trust the lawyer and feel more comfortable.
My comfort was also strongly dependent on the price and payment plans, as money was my main
reason for being in this situation. I needed an attorney that could be informative, understanding,
and cheap!
I know, I know what you're thinking! "Dream on!" Right? Well, actually I found an attorney I
really trusted and could afford. He helped me out of my jam and now I am slowly paying off my debt
with an affordable monthly fee.
To me it was a big weight off of my shoulders after filing for Chapter 13 bankruptcy. At first it
was scary and embarrassing, but once you get an attorney you are really comfortable with to help
you through this pit fall, it's not so bad!
If you are really considering filing for bankruptcy, just start looking for a law firm and asking
questions. A lot of law firms offer free consultations.
----------------------------------------------------
Andrew Clifford is a long time client of a Chandler Law Firm at http://www.brown-associates.net
and has done extensive research on the differences of Chapter 7 and Chapter 13 bankruptcy.
Posted by Randall Frier
http://leesburgbankruptcyattorney.net/
their income or have additional non-exempt assets that they would lose in a Chapter 7 bankruptcy.
In a Chapter 13 bankruptcy we are able to tackle bigger financial burdens such a tax debt,
foreclosures, and business debts. A plan is created specifically based on your income, expenses,
assets, debts and ability to pay each month. These plan payments are managed by your bankruptcy
trustee for a period lasting no more than 5 years. Chapter 13 bankruptcy is a great tool for those
who have more complex income and assets but still need to seek financial relief.
But is it worth it? This is a tough situation if you and your spouse both have jobs and massive
debt and cannot qualify for Chapter 7 bankruptcy. Although It may be extremely embarrassing to
file for any type of bankruptcy, sometimes it is absolutely necessary. So, when I began to fall in
the deep well of credit card debt, I knew I would need an attorney who could show me what was
going on all the while being understanding and non-judgemental. Basically, I wanted to be as
comfortable as I could when it came to filing for bankruptcy. I think finding the right attorney
was the key to this comfort.
So, how did I find the right attorney, you ask? I read somewhere that the best way to get an
attorney is to ask your friends and family if they know any bankruptcy attorneys. This way, it
would be easier for me to trust the lawyer and feel more comfortable.
My comfort was also strongly dependent on the price and payment plans, as money was my main
reason for being in this situation. I needed an attorney that could be informative, understanding,
and cheap!
I know, I know what you're thinking! "Dream on!" Right? Well, actually I found an attorney I
really trusted and could afford. He helped me out of my jam and now I am slowly paying off my debt
with an affordable monthly fee.
To me it was a big weight off of my shoulders after filing for Chapter 13 bankruptcy. At first it
was scary and embarrassing, but once you get an attorney you are really comfortable with to help
you through this pit fall, it's not so bad!
If you are really considering filing for bankruptcy, just start looking for a law firm and asking
questions. A lot of law firms offer free consultations.
----------------------------------------------------
Andrew Clifford is a long time client of a Chandler Law Firm at http://www.brown-associates.net
and has done extensive research on the differences of Chapter 7 and Chapter 13 bankruptcy.
Posted by Randall Frier
http://leesburgbankruptcyattorney.net/
Tuesday, February 4, 2014
Mortgage Assumption And What It Really Means
If you are looking for ways to stop foreclosure, one way to solve the issue is by mortgage
assumption. Not all mortgage loans can be assumed, however, but here are a few things to consider
before going through the paperwork.
What Is A Mortgage Assumption?
A mortgage assumption is when someone takes over the payments on the loan, based on the same terms
as the original loan. A loan like this has been transferred from one buyer to the other one. The
new owner will be responsible for making the payment after the mortgage assumption has been
completed.
What Type of Mortgages are Assumable?
As stated earlier, not all mortgage loans are assumable since it depends on the type of loan, the
state laws, and the situation.
For most states if it does not specifically say that the mortgage is assumable or not, it is
typically considered assumable. Many homes do have, what is called, a 'due on sale' clause. A
due on sale clause is something that if a new owner is to have the property through its sale,
then the loan is due when the transactions actually take place. In a case like this, because the
entirety of the loan is repaid, the mortgage cannot be assumed because the new owner is not able
to take over where the last owner left off.
There are exceptions to the "due on sale" clause, depending on who is involved, that allow for a
mortgage assumption even when such a clause is in place. Such exceptions have been mandated by the
federal Garn-St. Germain Depository Institutions Act of 1982. It allows for certain family members
to transfer ownership of the home by mortgage assumption. This includes an ownership transfer
from: parent to child, a dead borrower to a relative, spouse to spouse, and legal separation and
divorce.
It is also up to the discretion of the lender if they want to actually use the due on sale clause.
Sometimes lenders will see the new owner as financially stable, and in cases like this, they will
be willing to transfer the property in hopes of clearing up the debt. If a lender approves a
mortgage assumption it is likely that the new owner will go through the same process that you did
during your qualification process. The lender will verify employment, income, and credit.
What if the Mortgage is for a Distressed Property?
If the property is distressed, lenders will want the new owner to correct the debt and bring the
loan current again. There are strict rules as to how such mortgage assumption is done by the
Federal Home Affordable Modification Program (HAMP) which gives loan providers terms as to how a
home should be transferred.
If the loan was done by a government loan program, such as Fannie Mae, then the lender has to look
at several different options like HAMP, standard modification terms, and a short sale.
Is the Original Buyer Liable?
When the new owner assumes the mortgage and the ownership of the property during mortgage
assumption, they also assume the distressed debt correction and the monthly mortgage payments of
the loan. However, if the new owner also fails to make monthly payments and falls behind as well,
then the lender may have the right to go after the original owner of the loan in order to correct
the debt. Whether the original buyer is held responsible for the new owner's default is dependent
upon the terms of the mortgage assumption and state law.
Summary
If you are thinking of selling your home to a friend or relative to clear the debt, mortgage
assumption can be one of the ways to stop foreclosure.
----------------------------------------------------
Keep in mind even if you are on the verge of a foreclosure you do have options. Most of these
options you probably don't even know are out there. Check out our blog to find out how you can
avoid foreclosure and do so in the fastest time possible.
http://www.homebuyersofcalifornia.com/tag/selling-a-property/
Posted by Randy Frier
http://tallahasseebankruptcyattorney.net/
assumption. Not all mortgage loans can be assumed, however, but here are a few things to consider
before going through the paperwork.
What Is A Mortgage Assumption?
A mortgage assumption is when someone takes over the payments on the loan, based on the same terms
as the original loan. A loan like this has been transferred from one buyer to the other one. The
new owner will be responsible for making the payment after the mortgage assumption has been
completed.
What Type of Mortgages are Assumable?
As stated earlier, not all mortgage loans are assumable since it depends on the type of loan, the
state laws, and the situation.
For most states if it does not specifically say that the mortgage is assumable or not, it is
typically considered assumable. Many homes do have, what is called, a 'due on sale' clause. A
due on sale clause is something that if a new owner is to have the property through its sale,
then the loan is due when the transactions actually take place. In a case like this, because the
entirety of the loan is repaid, the mortgage cannot be assumed because the new owner is not able
to take over where the last owner left off.
There are exceptions to the "due on sale" clause, depending on who is involved, that allow for a
mortgage assumption even when such a clause is in place. Such exceptions have been mandated by the
federal Garn-St. Germain Depository Institutions Act of 1982. It allows for certain family members
to transfer ownership of the home by mortgage assumption. This includes an ownership transfer
from: parent to child, a dead borrower to a relative, spouse to spouse, and legal separation and
divorce.
It is also up to the discretion of the lender if they want to actually use the due on sale clause.
Sometimes lenders will see the new owner as financially stable, and in cases like this, they will
be willing to transfer the property in hopes of clearing up the debt. If a lender approves a
mortgage assumption it is likely that the new owner will go through the same process that you did
during your qualification process. The lender will verify employment, income, and credit.
What if the Mortgage is for a Distressed Property?
If the property is distressed, lenders will want the new owner to correct the debt and bring the
loan current again. There are strict rules as to how such mortgage assumption is done by the
Federal Home Affordable Modification Program (HAMP) which gives loan providers terms as to how a
home should be transferred.
If the loan was done by a government loan program, such as Fannie Mae, then the lender has to look
at several different options like HAMP, standard modification terms, and a short sale.
Is the Original Buyer Liable?
When the new owner assumes the mortgage and the ownership of the property during mortgage
assumption, they also assume the distressed debt correction and the monthly mortgage payments of
the loan. However, if the new owner also fails to make monthly payments and falls behind as well,
then the lender may have the right to go after the original owner of the loan in order to correct
the debt. Whether the original buyer is held responsible for the new owner's default is dependent
upon the terms of the mortgage assumption and state law.
Summary
If you are thinking of selling your home to a friend or relative to clear the debt, mortgage
assumption can be one of the ways to stop foreclosure.
----------------------------------------------------
Keep in mind even if you are on the verge of a foreclosure you do have options. Most of these
options you probably don't even know are out there. Check out our blog to find out how you can
avoid foreclosure and do so in the fastest time possible.
http://www.homebuyersofcalifornia.com/tag/selling-a-property/
Posted by Randy Frier
http://tallahasseebankruptcyattorney.net/
Monday, December 30, 2013
How Does The Foreclosure Process Work?
Foreclosure is the process of a mortgage company taking possession of a property because of a
failure of the mortgagor to maintain positive payments. It's a sad truth that, though most home
owner's wish to avoid foreclosure, foreclosures still happen. Despite a home owner's best efforts
they can still end up having to foreclose on a home, potentially losing all their equity and
damaging their credit while having to find a new place to live.
For investors, the property can usually be bought at a better price than if processed through a
traditional sale. During the foreclosure process, time and certainty of a sale are much more
important since the seller is looking to recoup as much from their unmanageable property as
possible. As difficult as it can be for the seller, it can prove to be a mutually beneficial sale
if an investor comes along during the right stage of the foreclosure.
The three stages of foreclosure are: pre-foreclosure, foreclosure, and post-foreclosure.
Pre-Foreclosure Phase
The pre-foreclosure phase is when an investor is able to do the most good for a distressed
home-owner. In this stage, if an investor is able to quickly reach a price that is agreeable,
then the house can be sold with most of the distressed home-owner's credit rating intact. Ideally
if an investor is buying a home during this phase they needn't involve the lender, just interact
directly with the home owner. An investor's best chance to find property in this stage is through
real estate agents, accountants, attorneys or through basic word of mouth such as colleagues and
friends who may know the homeowner.
Foreclosure Phase
This is the actual foreclosure itself. This is the best time for investors to strike but does not
allow for as much help to the home owner. Most of these types of properties will be found through
the County Clerk's office. This is where the investors can look up recent notice of defaults so
they are aware of any pending foreclosures in the area. You can also sometimes be placed on a
notice list to inform you of any pending defaults as they happen.
Depending on the state the foreclosure process is different. A judicial foreclosure can take much
longer then a non-judicial foreclosure which is usually ready to go to auction after two to four
months. No matter how they get there once they are finished processing they will be sold at the
auction to whoever is the highest bidder.
Post Foreclosure
You can attempt to buy a house when it is in the post-foreclosure process. You will be able to
look up the new owner and how much they paid for the foreclosure notice. This is when the
property has either been sold to an investor at auction or it is being held by the lender, which
is known as a REO (Real Estate Owned). An investor will usually be a tougher buy when they bought
during the foreclosure part of the process but they might still be willing to sell so they can
have a quick property sale. If the house is lender owned you are usually able to negotiate more
because they would just rather recoup their losses and get the house off of their balance sheets.
Hopefully knowing these distinctions will allow you to better understand the steps to selling a
house or investing through foreclosure. It can be a tricky process at first, but if handled with
care the foreclosure process can present a unique opportunity to either make a profit as well as
help out distressed home owners.
----------------------------------------------------
Let us help you if you are in a tough spot and need to sell your home quickly. We can buy all
types of homes and we might be interested in buying your home. Skip the headaches of a tradtional
home sale and let us buy your house.
http://www.sellmyhousenowseattle.com/tag/how-to-sell-a-house-in-seattle/
Posted by Randall Frier http://jrandallfrier.com/
failure of the mortgagor to maintain positive payments. It's a sad truth that, though most home
owner's wish to avoid foreclosure, foreclosures still happen. Despite a home owner's best efforts
they can still end up having to foreclose on a home, potentially losing all their equity and
damaging their credit while having to find a new place to live.
For investors, the property can usually be bought at a better price than if processed through a
traditional sale. During the foreclosure process, time and certainty of a sale are much more
important since the seller is looking to recoup as much from their unmanageable property as
possible. As difficult as it can be for the seller, it can prove to be a mutually beneficial sale
if an investor comes along during the right stage of the foreclosure.
The three stages of foreclosure are: pre-foreclosure, foreclosure, and post-foreclosure.
Pre-Foreclosure Phase
The pre-foreclosure phase is when an investor is able to do the most good for a distressed
home-owner. In this stage, if an investor is able to quickly reach a price that is agreeable,
then the house can be sold with most of the distressed home-owner's credit rating intact. Ideally
if an investor is buying a home during this phase they needn't involve the lender, just interact
directly with the home owner. An investor's best chance to find property in this stage is through
real estate agents, accountants, attorneys or through basic word of mouth such as colleagues and
friends who may know the homeowner.
Foreclosure Phase
This is the actual foreclosure itself. This is the best time for investors to strike but does not
allow for as much help to the home owner. Most of these types of properties will be found through
the County Clerk's office. This is where the investors can look up recent notice of defaults so
they are aware of any pending foreclosures in the area. You can also sometimes be placed on a
notice list to inform you of any pending defaults as they happen.
Depending on the state the foreclosure process is different. A judicial foreclosure can take much
longer then a non-judicial foreclosure which is usually ready to go to auction after two to four
months. No matter how they get there once they are finished processing they will be sold at the
auction to whoever is the highest bidder.
Post Foreclosure
You can attempt to buy a house when it is in the post-foreclosure process. You will be able to
look up the new owner and how much they paid for the foreclosure notice. This is when the
property has either been sold to an investor at auction or it is being held by the lender, which
is known as a REO (Real Estate Owned). An investor will usually be a tougher buy when they bought
during the foreclosure part of the process but they might still be willing to sell so they can
have a quick property sale. If the house is lender owned you are usually able to negotiate more
because they would just rather recoup their losses and get the house off of their balance sheets.
Hopefully knowing these distinctions will allow you to better understand the steps to selling a
house or investing through foreclosure. It can be a tricky process at first, but if handled with
care the foreclosure process can present a unique opportunity to either make a profit as well as
help out distressed home owners.
----------------------------------------------------
Let us help you if you are in a tough spot and need to sell your home quickly. We can buy all
types of homes and we might be interested in buying your home. Skip the headaches of a tradtional
home sale and let us buy your house.
http://www.sellmyhousenowseattle.com/tag/how-to-sell-a-house-in-seattle/
Posted by Randall Frier http://jrandallfrier.com/
Thursday, December 26, 2013
Chapter 11 Bankruptcy Can Breathe New Life Into Your Business
Copyright (c) 2013 Eli Gali
Just the word bankruptcy can give a business owner chills and bring on anxiety and stress.
However, in Chapter 11 bankruptcy a corporation, LLC, and even sole proprietor can have a second
chance with a business restructuring. Huge corporations have entered into Chapter 11 and come out
being stronger and more viable. There are news articles almost daily about one giant or another
that has met the plan and is going full board ahead.
The key to making the decision that Chapter 11 Business Restructuring is the right move for any
business, large or small, is to consult with a seasoned Corporate Reorganization Lawyer. This
specialized attorney will review every aspect of the business from the ground up. Some of the
answers sought are to questions like did the current fiscal conditions arise out of mismanagement?
If so, what steps have been taken to alleviate this issue?
There are many benefits for a struggling company to opt for Business Restructuring. It could be
that the debts that are currently owed are settled for pennies on the dollar freeing capital to
work in real time. There is also the possibility that if the Corporate Reorganization Lawyer
proposes a workable plan to the courts, they may agree to allow current management to run the
day-to-day operations as status quo. Even if some members of the Committee vote down the plan,
there are steps that can be taken to over-ride the decision. However, in either case the court
will keep a close eye on how things are being run.
If there are any negative features of Chapter 11 they are that the company cannot enter into any
additional long-term debt, expand beyond its current boundaries or take off in a new direction.
However, these all make good common sense.
It is incumbent upon the management of a company researching the benefits of seeking Chapter 11
protection to find the best Corporate Reorganization Lawyer available. The entire process is
intricate, tedious and rift with special laws, rules and regulations. If the company in question
appears in court with an attorney who is ill-prepared, the case may be dismissed altogether. This
is a very precise legal specialty.
In the discovery process, the business wanting to restructure should query the attorney on how
many cases have been personally handled and out of those how many cases were ruled in favor of the
petitioner? Another detail to include is whether or not the attorney has worked both sides of the
fence. Does he know the 'tricks of the trade' that attorneys for the creditors will pull at court?
Does he know how to overcome their objections?
Business restructuring via Chapter 11 can be a virtual life-saver for many companies who could
proceed in business if it weren't for a heavy burden of debt. Everyone deserves a second chance,
and for a corporation or any size business, this could be it.
----------------------------------------------------
Law Law Firm provides high caliber business related legal services in a broad range of areas
regarding corporate bankruptcy, general counsel and debtor and creditor rights. Eric Terry is a
lawyer that serves many clients in San Antonio, Austin, Houston and Dallas, Texas.
http://ericterrylaw.com
Posted by Randy Frier http://jrandallfrier.com/
Just the word bankruptcy can give a business owner chills and bring on anxiety and stress.
However, in Chapter 11 bankruptcy a corporation, LLC, and even sole proprietor can have a second
chance with a business restructuring. Huge corporations have entered into Chapter 11 and come out
being stronger and more viable. There are news articles almost daily about one giant or another
that has met the plan and is going full board ahead.
The key to making the decision that Chapter 11 Business Restructuring is the right move for any
business, large or small, is to consult with a seasoned Corporate Reorganization Lawyer. This
specialized attorney will review every aspect of the business from the ground up. Some of the
answers sought are to questions like did the current fiscal conditions arise out of mismanagement?
If so, what steps have been taken to alleviate this issue?
There are many benefits for a struggling company to opt for Business Restructuring. It could be
that the debts that are currently owed are settled for pennies on the dollar freeing capital to
work in real time. There is also the possibility that if the Corporate Reorganization Lawyer
proposes a workable plan to the courts, they may agree to allow current management to run the
day-to-day operations as status quo. Even if some members of the Committee vote down the plan,
there are steps that can be taken to over-ride the decision. However, in either case the court
will keep a close eye on how things are being run.
If there are any negative features of Chapter 11 they are that the company cannot enter into any
additional long-term debt, expand beyond its current boundaries or take off in a new direction.
However, these all make good common sense.
It is incumbent upon the management of a company researching the benefits of seeking Chapter 11
protection to find the best Corporate Reorganization Lawyer available. The entire process is
intricate, tedious and rift with special laws, rules and regulations. If the company in question
appears in court with an attorney who is ill-prepared, the case may be dismissed altogether. This
is a very precise legal specialty.
In the discovery process, the business wanting to restructure should query the attorney on how
many cases have been personally handled and out of those how many cases were ruled in favor of the
petitioner? Another detail to include is whether or not the attorney has worked both sides of the
fence. Does he know the 'tricks of the trade' that attorneys for the creditors will pull at court?
Does he know how to overcome their objections?
Business restructuring via Chapter 11 can be a virtual life-saver for many companies who could
proceed in business if it weren't for a heavy burden of debt. Everyone deserves a second chance,
and for a corporation or any size business, this could be it.
----------------------------------------------------
Law Law Firm provides high caliber business related legal services in a broad range of areas
regarding corporate bankruptcy, general counsel and debtor and creditor rights. Eric Terry is a
lawyer that serves many clients in San Antonio, Austin, Houston and Dallas, Texas.
http://ericterrylaw.com
Posted by Randy Frier http://jrandallfrier.com/
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