#foreclosure mill lawyer

[mfi-miami]

Florida Foreclosure Defense Strategies That Will Stop A Lender

Florida Foreclosure Defense Strategies That Will Prevent Your Lender From Taking Your Home The following Florida foreclosure defense strategies can act as a way to bar a lender from taking your home. However, there are other factors you need to keep in mind. Florida judge assigned to your foreclosure case could be a wild card. Most judge don’t want to hear foreclosure cases especially from…

[jankowskiroman-news]

Paterson's Art Factory owner, facing foreclosure, files for bankruptcy

PATERSON — Facing foreclosure, the owner of The Art Factory — a complex of 19th-century mill buildings near the Great Falls now used for weddings and other banquet hall events — filed for bankruptcy in August.

Mayor Andre Sayegh, who held his first inaugural ball at The Art Factory in 2018, touted the eclectic arts and events business as an important part of the Great Falls area’s revitalization during his early years in office.

The bankruptcy filing comes as the owner of The Art Factory, David Garsia, said his four party halls are supposed to host about 160 weddings and other “upcoming” events in the near future. The complex also features exhibits and rents studios to artists and filmmakers.

Story continues below photo gallery.

Court papers indicate Garsia plans to continue operations during the bankruptcy. He said in court papers that the bankruptcy was triggered by a New Jersey Superior Court judgment issued last month against his business involving a $12.5 million loan in 2018, which was supposed to provide him with money to do a massive renovation of the complex.

Under the judgment, Garsia is supposed to provide rent and fees from his Art Factory events to the lender, 100 Mile REIT Inc., a group headed by Bergen County real estate investor Billy Procida. Garcia said in court papers that such a requirement would destroy his business.

But Procida’s lawyers said in their court-filed objection to the bankruptcy that Garsia has no right to the revenue generated by The Art Factory in light of his alleged track record of defaults on the loan and the fact that he owes Paterson almost $250,000 in unpaid property taxes and sewer charges.

In a statement issued Monday, Garsia said the bankruptcy was designed to “replace a problematic lender.”

“The Art Factory continues to reserve venues for weddings and events through 2026 and we look forward to providing an exceptional experience for every family’s celebration!” Garsia said in a statement sent via text message.

Neither Procida nor Sayegh could be reached for comment.

Art Factory in controversies

During the past decade, The Art Factory has been embroiled in numerous controversies. About eight years ago, Paterson fire officials intervened and canceled a massive Christmas party planned at the complex because The Art Factory lacked fire safety protections, including requisite sprinklers.

Shortly after that, Paterson community improvements director David Gilmore issued more than 150 violations against tenants at The Art Factory for not having certificates of occupancy. Those summonses ended up being dismissed, and Gilmore filed a political retaliation lawsuit against the Sayegh administration saying the mayor was protecting Garsia, his political ally and supporter.

Sayegh’s inaugural ball took place even though The Art Factory at that time had not yet obtained required licenses for music and dancing, something Garsia did later. One of Sayegh’s first press conferences as mayor touted a trolley service that he said The Art Factory would provide for downtown Paterson, a promise that never was fulfilled.

When asked about the bankruptcy, Gilmore said Sayegh had given Garsia “carte blanche.”

“If his friends in City Hall had anything to do with it, he’d be getting everything he wanted,” Gilmore said of Garsia.

The bankruptcy has triggered speculation in city real estate circles about what will become of The Art Factory property on Spruce Street once the financial battle between Procida and Garsia is resolved. Garsia’s complex sits next to the New Jersey Community Development Corporation, or NJCDC, Paterson’s largest nonprofit developer.

“I wasn’t aware of the bankruptcy filing, but if it were to happen, I think the entire complex would need to be reimagined and I could easily see it becoming a mixed-use site with housing and office space,” said Bob Guarasci, the NJCDC’s executive director. “But given the size and complexities of the site, my guess is that any redevelopment would need to be done in phases over a number of years.”

[ustimeslocalnews]

Paterson's Art Factory owner, facing foreclosure, files for bankruptcy

PATERSON — Facing foreclosure, the owner of The Art Factory — a complex of 19th-century mill buildings near the Great Falls now used for weddings and other banquet hall events — filed for bankruptcy in August.

Mayor Andre Sayegh, who held his first inaugural ball at The Art Factory in 2018, touted the eclectic arts and events business as an important part of the Great Falls area’s revitalization during his early years in office.

The bankruptcy filing comes as the owner of The Art Factory, David Garsia, said his four party halls are supposed to host about 160 weddings and other “upcoming” events in the near future. The complex also features exhibits and rents studios to artists and filmmakers.

Story continues below photo gallery.

Court papers indicate Garsia plans to continue operations during the bankruptcy. He said in court papers that the bankruptcy was triggered by a New Jersey Superior Court judgment issued last month against his business involving a $12.5 million loan in 2018, which was supposed to provide him with money to do a massive renovation of the complex.

Under the judgment, Garsia is supposed to provide rent and fees from his Art Factory events to the lender, 100 Mile REIT Inc., a group headed by Bergen County real estate investor Billy Procida. Garcia said in court papers that such a requirement would destroy his business.

But Procida’s lawyers said in their court-filed objection to the bankruptcy that Garsia has no right to the revenue generated by The Art Factory in light of his alleged track record of defaults on the loan and the fact that he owes Paterson almost $250,000 in unpaid property taxes and sewer charges.

In a statement issued Monday, Garsia said the bankruptcy was designed to “replace a problematic lender.”

“The Art Factory continues to reserve venues for weddings and events through 2026 and we look forward to providing an exceptional experience for every family’s celebration!” Garsia said in a statement sent via text message.

Neither Procida nor Sayegh could be reached for comment.

Art Factory in controversies

During the past decade, The Art Factory has been embroiled in numerous controversies. About eight years ago, Paterson fire officials intervened and canceled a massive Christmas party planned at the complex because The Art Factory lacked fire safety protections, including requisite sprinklers.

Shortly after that, Paterson community improvements director David Gilmore issued more than 150 violations against tenants at The Art Factory for not having certificates of occupancy. Those summonses ended up being dismissed, and Gilmore filed a political retaliation lawsuit against the Sayegh administration saying the mayor was protecting Garsia, his political ally and supporter.

Sayegh’s inaugural ball took place even though The Art Factory at that time had not yet obtained required licenses for music and dancing, something Garsia did later. One of Sayegh’s first press conferences as mayor touted a trolley service that he said The Art Factory would provide for downtown Paterson, a promise that never was fulfilled.

When asked about the bankruptcy, Gilmore said Sayegh had given Garsia “carte blanche.”

“If his friends in City Hall had anything to do with it, he’d be getting everything he wanted,” Gilmore said of Garsia.

The bankruptcy has triggered speculation in city real estate circles about what will become of The Art Factory property on Spruce Street once the financial battle between Procida and Garsia is resolved. Garsia’s complex sits next to the New Jersey Community Development Corporation, or NJCDC, Paterson’s largest nonprofit developer.

“I wasn’t aware of the bankruptcy filing, but if it were to happen, I think the entire complex would need to be reimagined and I could easily see it becoming a mixed-use site with housing and office space,” said Bob Guarasci, the NJCDC’s executive director. “But given the size and complexities of the site, my guess is that any redevelopment would need to be done in phases over a number of years.”

[the-frankledbetter-blog]

St. Louis Bankruptcy Lawyer

Many organizations will only consider filing for bankruptcy as a last resort. They will struggle very hard to pay their creditors. Yet, sometimes bankruptcy is inevitable because of the stringent economic times being experienced. Recessions have resulted in the declaration of bankruptcy by many and this has led to an increase in the demand for bankruptcy lawyer services. Bankruptcy is defined as being unable to offset your debts. It is fully recognized by the law and some countries even have bankruptcy laws put in place to regulate the way debtors and creditors relate when a debtor has filed for bankruptcy.

Bankruptcy Lawyer Near St. Louis , MO will give the debtor the option of clearing his or her debt fully or partially. This will also depend on the financial state of the debtor. The creditor, however, can choose to file a bankruptcy petition seeking the debtor to pay part of the debt or the entire amount. Once this happens, the debtor will need the services of a bankruptcy lawyer. 

Understanding the complexities involved in bankruptcy law might be difficult for a layman and this is precisely why the service of a professional lawyer who has specialized in bankruptcy is required. There are certain responsibilities and duties that the bankruptcy lawyer will perform once you have found the right one to represent you.

Bankruptcy lawyer “musts”

>. Get what you pay for >. A true bankruptcy ‘expert’ >. Up to date on code changes >. Don’t get run through a mill >. Comfortable relationship

Professional responsibility: Every lawyer has a special responsibility to his or her client, regardless of who the client is, and it is no different with a bankruptcy lawyer. The lawyer should ensure that the client receives treatment that is fair during the entire legal process. This is an ethical responsibility that a lawyer accepts when taking the oath. This is the single most important aspect of a bankruptcy lawyer and failure to fulfill this responsibility will lead to losing the case.

St. Louis Bankruptcy Lawyer is expert in the laws of bankruptcy. They are the ones capable of helping enterprises discharge their debts. They do this by helping their clients distribute their assets over their creditors or by aiding them in devising a plan on how they can pay their creditors over a period of time.

Bankruptcy Lawyer in St. Louis , MO handle two types of proceedings. The first one is liquidation wherein the lawyer is responsible for finding ways on how to distribute the remaining assets of the client to pay off debts. The second one is debtor rehabilitation. This involves getting a legitimate plan on how the debtor can pay off financial obligations using future earnings.

When you have been given a notice of foreclosure you need to have the service of a St. Louis Foreclosure Lawyer. It is very difficult in this day to represent yourself in proceedings and be able to keep your home. There are various laws and it is necessary to be aware of which law is covering your foreclosure. If you know that your home is going to be coming up for proceedings then it is best that you avoid any foreclosure process before you are given the notice of foreclosure.

The Foreclosure Lawyer in St. Louis , MO will help you to prevent foreclosure by giving you the best defense available. In the beginning it may seem that all is lost but your lawyer will provide you with the best defense that is possible when you are about to lose your home. The best defense happens when you act immediately. The Foreclosure Law is when the bank or lending institution must take you to court to file for the right to foreclose on your property. The lawyer can act at this time to prevent the foreclosure and negotiate with the lenders to help keep your home.

The Foreclosure Law is when the homeowner signed an agreement giving the lender the right to foreclose on their home when they default in making a payment without taking them to court. Usually the lender will give the homeowner a twenty-one day notice of foreclosure and an eviction notice before they foreclose on your home. The lawyer will try to negotiate with the bank on your behalf to put a stay on the foreclosure until something can be worked out to help save your home.

Under the new foreclosure program if you have a job then the lawyer can help you avoid foreclosure by negotiating with the bank to lower your interest rate, your monthly payment, and doing a new mortgage agreement. The new foreclosure plan requires you pay 31% of your income on your mortgage. The lender usually prefers to work something out with you when they know that you have the means to make payments even if you are not able to make the amount that you did when you first took out your mortgage.

A Foreclosure Lawyer Near St. Louis , MO is a valuable ally to have in this day and age. Banks and lenders don't always inform you of your rights and the available options to keep your home out of foreclosure. Many of them will simply reason that you put yourself in the situation and that there is nothing that you can do. 

Of course you do have rights and resources that are available to help you keep your home. In order to find out if you qualify for them, though, you need to first find out what they are. In many cases, you will need some paperwork from your lender to ensure that you get accepted into those programs.

Visit To The Website for getting more information related to St. Louis Bankruptcy Lawyer

[daviddayen]

One Upset Is All You Need

I’m trying desperately to stay out of Hot Take Junction, but Alexandria Ocasio-Cortez pulled me back in. I can’t think of a bigger development for the U.S. left since... Donna Edwards beating Al Wynn in 2006? Nah, that was small fry. Jesse Jackson winning 11 states in 1988? Bigger in scope but ultimately wasn’t sustained. Maybe there isn’t a good analogue. Because this doesn’t really happen often in the frozen-in-amber Democratic Party.

Ocasio-Cortez was outspent 10:1. Her opponent, Wall Street-friendly 10-termer Joe Crowley, took the race pretty seriously, shifting positions on Medicare for All, a $15 minimum wage and lots of other issues. He ran the Queens Democratic machine in a state that intentionally runs hard-to-register dual primaries to lower turnout and bolster incumbents. None of it mattered.

Yes, this was due to shifting demographics in a majority-minority seat. Yes the by-design low turnout hurt Crowley because intensity mattered. Yes Ocasio-Cortez appears to be an exceptionally compelling candidate. The combination of all this mattered.

Crowley was among the worst of the old guard. Up until 2015 his lawyer partners in the Queens machine literally owned a foreclosure mill that profited off the ultimate in human misery. He was gifted the seat in 1998 and never faced serious competition before. Turned out he crumbled before the slightest competition. In retrospect it’s sad it took this long.

But what mattered the most is that Ocasio-Cortez embodies the future of the Democratic Party. An ideologically confident, multi-cultural, female, poised, powerful, and yes, socialist, future. It’s a politics of inspiration that matches uplifting words with actual policies to ameliorate the long dark night of the soul we’ve been going through for too long. And in the face of that, the old guard, which had bolted the door, just gave way.

People will say that it’s only one primary. It only takes one primary. This is the kind of thing that scares everyone, especially when it happens to a major fundraiser who spread money all over the caucus. Every member in a safe seat will act like they expect a challenge like this next time around. Politicians are herd animals. I’d imagine lots of retirements in 2020, and/or new religion on left policies.

Jolts like this happen because a party has grown too ossified, too disconnected, too forgetful of why they came to Washington. A new generation has much to overcome, but once you push out a brick in the wall, the rest dislodge much more easily. This future is about to accelerate.

[i-kill-boys]

4 Spectacular Houses For Purchase In Monson MA

MONSON-- Proprietors of a family-owned marijuana business explained strategies to open an Easthampton shop to sell marijuana grown and processed at a 60,000 square-foot center in Monson.

Holistic Industries, Inc. prepares a Rt. 10 dispensary called "Liberty." The retail store at 155 Northampton St. would offer both leisure and medicinal cannabis, said CEO Josh Genderson.

Try not to be too aggressive when you work out the purchase of a property. Many buyers attempt to offer a genuine low offer; however, most times this approach will not get you the property that you desire. Feel sure about the deal that you're making however always accept your Real estate agent, as they can supply some very reasonable details.

Genderson and his team fielded concerns Wednesday during a community outreach conference in the Boylston Space at the Keystone Mill. Around a lots people attended, consisting of City Coordinator Jeffrey Bagg and former mayor Michael Tautznik.

Ask your Realtor if they can give you a list. A lot of Realtors can supply you lists that will discuss the minimum elements and must-do items in the house buying process. Lists are really useful and guarantee that you breeze right through the process from start to finish.

Rachel Genderson, the CEO's niece and director of marketing, explained the planned client experience. She stated a "wellness guide" will use assessments. She said various products support state of minds such as "peacefulness" or "vigor.".

To get the best offer on property, do some repair and renovating work. You will have the advantage of having an immediate return on your investment as your house worth will increase. In some cases, you will even get more value increase than the quantity of loan you invested for repairs and restorations.

Vincent Canales, director of security, said he is a previous homicide detective and policeman in Maryland. He explained a "male trap" entrance system that won't let a client in up until they reveal their credentials. The structure will be monitored by electronic cameras and have day-and-night security, he stated.

It is of utmost significance to have a mutual understanding of mortgage loan terms when purchasing a home. The crucial things you need to know are how the loan term affects your month-to-month payment and the amount of interest you will need to pay throughout the loan duration.

Canales stated he wishes to hire people for the security information, and motivated "retired police officers, former military" and those with related experience to use.

Look at a sex culprit computer system registry online to make sure you are moving into a safe neighborhood prior to you buy that dream house. While the sex culprit registry is public, you had finest check it yourself, as the representative and seller are unlikely to voluntarily disclose this details. So ensure not to buy a home prior to researching the local sex transgressor computer registry.

The proposed dispensary is at the previous site of Hairy's Animal Supply, and the building still houses the Fur's- a-Flyin' canine daycare and grooming company.

Have an inspector take a look at the house you prepare to buy. A home inspector will look over every part of the property to make sure that you are not purchasing a home with major problems that are hidden. Not just will this cost a lot, you might have to alter your living situation until it's repaired.

Regional resident Marcia Morrison, who went to the meeting with her pet "Wyatt," asked Genderson if he prepares to displace Fur's- a-Flyin' to develop his cannabis store.

Purchase a home with more than one fireplace just if your environment necessitates it. Several fireplaces do not get utilized as a basic guideline, and they are an annoyance to keep clean.

" You will find that we are a city of highly faithful people," she stated. "If they are dislodged, we will not take it gently." She said the pet dog grooming business has been left in the dark about the dispensary's strategies.

It is essential to get pre-qualified for a home mortgage before you go looking for a home. You will avoid losing your time and the representatives time by limiting your search to homes you can pay for to buy. In addition, protecting a home loan is a prolonged process that can extend the home purchasing process.

Genderson said he wasn't knowledgeable about the problem, and would be happy to consult with the dog groomer. "We're not here to kick any tenant out," said Gendron.

When you are considering acquiring a building for business usage, do your research study on the surrounding area to guarantee it is a safe and stable location. If you decide to open your business in a crime-ridden or downtrodden part of town, you are not most likely to protect an affluent client base. Speak with your real estate agent about where you ought to open a shop.

Holistic Industries on Might 1 got a provisional certificate of registration from the Massachusetts Department of Public Health to develop a medical cannabis shop in Easthampton.

Before you buy a property, guarantee you do thorough research study of the neighborhood. If the area isn't ideal, you'll be disturbed with the home regardless. Understanding the environment and its environments can assist to minimize the opportunities of remorse in the future.

In April, the company won last state accreditation for its soon-to-open medical dispensary in Somerville, as well as gained a final certificate for its Monson grow facility at 96 Palmer Rd

. If you wish to purchase a new home, measure it sensibly. Ascertain by inspecting public records that the owner has correctly noted the square video of the home. If the disparity between the numbers is more than a hundred square feet, hesitate about making an offer on this listing or start examining why the discrepancy exists.

In Easthampton, Holistic Industries will require an unique license from the Preparation Board. However initially, it needs to send its recreational marijuana application to the state. The "neighborhood outreach conference" was the first step in the state process, and needed by the Cannabis Control Commission.

Get a house assurance by method of a guarantee. You need to look for a guarantee whenever you buy a house, no matter if you acquire it from a brand-new construction builder or an existing homeowner. The contractor needs to stand by his/her work for a minimum quantity of time. Prior owners of your newly-purchased house ought to have no problem supplying a home service warranty of some duration as a way of compensating you for repair work that may have to be made.

Holistic Industries has performed a purchase-and-sale agreement for the property, which is owned by Easthampton resident Peter Boruchowsky. The $900,000 sale will go through if the marijuana business owners line up their state and local permits.

When you are a real estate investor, keep your real objectives in mind. Decide if you have short term objectives or long term goals to be fulfilled. If the financial investment is a mismatch to those goals, then offer it a pass. Usually, owners neglect their own needs in favor of an expected bargain, and lose on much better opportunities at the same time.

The primary officers of Holistic Industries are Josh Genderson, Richard Genderson, and Jonathan Genderson of Washington, D.C., inning accordance with Massachusetts corporate records. Other directors of the corporation are noted as Michael Don and Beni Golan of Maryland.

If you have an interest in a rental residential or commercial property, investigate concerning who is responsible for the gardening before you sign the lease. Some rentals require the renter to carry out yard responsibilities. Other times, the cost of this is covered by the landlord.

Genderson said that seven years earlier, when the District of Columbia approved medical marijuana, his household prevailed over hundreds of candidates to acquire among 7 readily available licenses. The business "made its mark" establishing non-psychoactive items to help clients, including children with epilepsy, he stated.

It is important to remain patient and be reasonable when looking for a home to buy. It can take some time to find the ideal home that will assist you meet your objectives and work with your business method.

Genderson is likewise president of Schneider's Capitol Hill Wine and Spirits-- a service begun by his grandfather. He stated the experience working in a heavily-regulated industry was valuable in moving into the cannabis service.

If you are buying a home that has actually been through the foreclosure process, you may benefit from the suggestions of a lawyer who concentrates on real estate. An attorney can protect your best interests ought to any problems happen throughout the foreclosure or pre-foreclosure process, which is typically the case. An excellent legal eye can find issues and solve them, conserving you cash overall.

Holistic Industries wants to get its Easthampton Planning Board approval by September.

Before moving and settling into your new home, the very first thing you must do is purchase insurance. If you put this off, you may not be covered for any losses that may happen, and you never know what Mother Nature has in shop.

Easthampton is also the home of INSA, a medical dispensary that prepares to go into the leisure market. Green Life Dispensary on Wemelco Method has actually gotten local approval, but has actually not yet opened. A fourth cannabis entity has signified interest in opening at the former Cook's Building Supply.

[melissawalker01]

Foreclosure Lawyer Heber City Utah

Heber City is a city in northwestern Wasatch County, Utah, United States. Heber City was founded by English immigrants who were members of The Church of Jesus Christ of Latter-day Saints in the late 1850s, and is named after the Mormon apostle Heber C. Kimball. It is the county seat of Wasatch County. The original Heber City town square is located on the west side of Main Street between Center Street and 100 North and currently houses city offices as well as the historic Wasatch Stake Tabernacle and Heber Amusement Hall. The city was largely pastoral, focusing largely on dairy farms and cattle ranching, and has since become a bedroom community for Orem, Provo, Park City and Salt Lake City. Heber City is currently governed by Mayor Kelleen Potter along with City Council Members. Within the city limits are Heber Valley, Old Mill, Daniels Canyon and J.R. Smith Elementary Schools, Timpanogos Middle School, Rocky Mountain Middle School, Wasatch High School, and Wasatch Alternative High School. An additional school in the Heber Valley is Midway Elementary School. All of these schools are part of the Wasatch County School District. Utah Valley University maintains a satellite campus just north of Heber City along the US-40 corridor. Heber City supports five LDS stakes, as well as congregations of Southern Baptists, Catholics as part of the Diocese of Salt Lake City, and Jehovah’s Witnesses.

How Foreclosures Work

The most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you’ve been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn’t damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose. The most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you’ve been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn’t damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose.

Strategic Default: Should You Walk Away From Your Home?

If your home has become a bad investment, you might be considering defaulting on your payments—even if you can still afford to make them—and letting a foreclosure happen. This tactic to rid yourself of a bad real estate investment is called a “strategic default.” Strategic defaults were common during the foreclosure crisis that happened from around 2008 to about 2014, though they’re less frequent now. What Is Strategic Default? Sometimes a property is so far underwater that it could take years before the home regains all of its value. If that happens, borrowers sometimes choose to stop making payments, even if they could afford to stay current, simply because the home has become a bad investment. This decision is known as a “strategic default,” which is also sometimes called “voluntary foreclosure” or “walking away.” Generally, the term “strategic default” implies a different situation than a homeowner who’s struggling financially and can’t afford to keep paying the mortgage payments. With a strategic default, the borrower does the math and makes a business decision to voluntarily stop making payments, even if it’s within their ability to stay current on the loan. After the homeowner voluntarily stops paying, the bank forecloses.

Downsides to Walking Away

If you’re contemplating a strategic default, you should know the consequences and consider them as part of your decision-making process. Deficiency Judgments In a foreclosure, the borrower’s total debt might exceed the foreclosure sale price. The difference between the sale price and the total debt is called a “deficiency.” Example. Say the total debt owed is $300,000, but the home sells for $250,000 at the foreclosure sale. The deficiency is $50,000. In some states, the bank can seek a personal judgment called a “deficiency judgment” against the borrower to recover the deficiency. Generally, once the bank gets a deficiency judgment, it may collect this amount—in our example, $50,000—from the borrower using normal collection methods, like garnishing wages or levying a bank account. With a strategic default, you might be liable for a deficiency judgment after the foreclosure, depending on your state’s laws. Some states, like Utah, for example, have anti-deficiency laws. If a state has anti-deficiency laws, a foreclosing bank can’t seek a deficiency judgment under specific circumstances. Most homeowners in Utah won’t face a deficiency judgment after a foreclosure. Other states, like Florida, for example, do allow deficiency judgments. To find out if the bank can get a deficiency judgment in your state. Difficulty Getting a New Loan If you walk away from your home, you might have trouble getting a new mortgage loan. Fannie Mae, for instance, has stated that strategic defaulters won’t be eligible for a Fannie Mae-backed mortgage for seven years from the date of the foreclosure. Fannie Mae also stated that it will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. Significant Credit Score Drop A foreclosure won’t ruin your credit forever, but it will have a considerable impact on your score, as well as your ability to obtain another mortgage for a while. Also, a foreclosure could impact your ability to get other forms of credit, like a car loan, and affect the interest rate you receive as well. Future Housing Issues If you plan on renting a house or apartment after a strategic default, bear in mind that it’s standard for landlords to review your credit report when deciding whether to rent to you. The rental market is competitive, and a landlord might be able to select a renter with better credit over you.

While foreclosure has lost much of its social stigma, many employers routinely run credit checks on potential employees. Because a foreclosure will appear on your credit report, it could cause issues for your job prospects. Of course, whether having a foreclosure on your credit report will affect your options depends on the employer and, to some extent, the reason for the foreclosure. For example, if you’re applying to work at a telecommunications company, a foreclosure might not hurt your employment chances—especially if you can show extenuating circumstances, like you had serious medical issues that led to the default. But if you’re applying for a job in the financial services or banking industry, a bad credit report could very well affect your ability to get the job. The potential employer might think that if you couldn’t manage your own money, you won’t be able to handle someone else’s competently. Moral Implications of Strategic Default Arguably, some moral implications are associated with walking away from an underwater home. Strategic defaulters tend to justify walking away from a severely underwater property as something permitted by the mortgage contract itself, which specifies the consequence of a breach. Specifically, the bank can foreclose and take the home. But when you signed the promissory note, you promised to pay the loan back. Some people consider it immoral to voluntarily break this promise. Others don’t. Alternatives to Strategic Default Some options to consider instead of strategically defaulting are: • Short sale: A short sale is when you sell your home for less than the total debt remaining on your mortgage, and the proceeds of the sale pay off a portion of the balance. Be aware, though, you might be subject to a deficiency judgment if you complete a short sale. • Deed in lieu of foreclosure: A deed in lieu of foreclosure occurs when the bank agrees to accept a deed to the property instead of foreclosing. With a deed in lieu of foreclosure, you could face a deficiency judgment as well. The deficiency amount would be the difference between the fair market value of the property and your total debt. • Modify the loan to make it more affordable: You could approach your loan servicer to find out if it will modify the loan to make it more affordable or give you some other option to avoid foreclosure.

How Much Will a Foreclosure Affect a Tax Refund?

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due. Foreclosure Tax Consequences Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. Other Taxation Circumstances After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level. Reporting Foreclosure Income Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Judicial Foreclosure vs. Non-Judicial Foreclosures

Not all foreclosures are created equally, and you have a better chance of fighting some than others—with or without an attorney.

Non-judicial foreclosures can move very quickly because they don’t have to involve the court system. The procedure isn’t exactly the same in all the states that allow for these foreclosures because the rules depend on state law, but in many cases, your lender need only file a notice of default or similar document with the county recorder’s office. It will then publish a date on which it intends to sell your home, typically at auction. Unfortunately, the majority of states—29 of them and the District of Columbia—recognize this type of foreclosure as of 2019. You might be subject to it if you have a deed of trust rather than a mortgage, and if the deed of trust includes a “power of sale” clause.

A judicial foreclosure must move through more restrictive legal channels. Your lender must first file a lawsuit against you, and you have the right to respond to that lawsuit in court. The lawsuit will effectively ask the judge to allow the lender to take possession of and sell your home, and the lender can’t do so without a judge’s permission. You can sometimes make the lawsuit go away if you can catch up your late mortgage payments within 30 days.

Foreclosure Lawyer Heber City Utah

When you need a foreclosure lawyer in Heber City Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-19

Utah Real Estate Code 57-1-20

Non-Custodial Parent Law

HR Law

Landlord Law

Utah Real Estate Code 57-1-21

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The post Foreclosure Lawyer Heber City Utah first appeared on Michael Anderson.

from Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-heber-city-utah/ from Divorce Lawyer Nelson Farms Utah https://divorcelawyernelsonfarmsutah.tumblr.com/post/630407904610107392

[mfi-miami]

Disgraced Foreclosure Lawyer Mark Stopa Has Twitter Tantrum

Disgraced Foreclosure Lawyer Mark Stopa Has Twitter Tantrum

Disgraced Foreclosure Lawyer Psycho Mark Stopa Has Tantrum Over Criticism Of His Self-Published Book 

Disbarred and disgraced Florida foreclosure lawyer Mark Stopa has self-published a new book. Not only that, it appears he wants to start an astroturf “movement” around it. 

The book entitled “PeoplevMoney”is nothing more than an attempt by a delusional and narcissistic Stopa to repair…

[divorcelawyergunnisonutah]

Foreclosure Lawyer Heber City Utah

Heber City is a city in northwestern Wasatch County, Utah, United States. Heber City was founded by English immigrants who were members of The Church of Jesus Christ of Latter-day Saints in the late 1850s, and is named after the Mormon apostle Heber C. Kimball. It is the county seat of Wasatch County. The original Heber City town square is located on the west side of Main Street between Center Street and 100 North and currently houses city offices as well as the historic Wasatch Stake Tabernacle and Heber Amusement Hall. The city was largely pastoral, focusing largely on dairy farms and cattle ranching, and has since become a bedroom community for Orem, Provo, Park City and Salt Lake City. Heber City is currently governed by Mayor Kelleen Potter along with City Council Members. Within the city limits are Heber Valley, Old Mill, Daniels Canyon and J.R. Smith Elementary Schools, Timpanogos Middle School, Rocky Mountain Middle School, Wasatch High School, and Wasatch Alternative High School. An additional school in the Heber Valley is Midway Elementary School. All of these schools are part of the Wasatch County School District. Utah Valley University maintains a satellite campus just north of Heber City along the US-40 corridor. Heber City supports five LDS stakes, as well as congregations of Southern Baptists, Catholics as part of the Diocese of Salt Lake City, and Jehovah’s Witnesses.

How Foreclosures Work

The most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you’ve been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn’t damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose. The most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you’ve been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn’t damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose.

Strategic Default: Should You Walk Away From Your Home?

If your home has become a bad investment, you might be considering defaulting on your payments—even if you can still afford to make them—and letting a foreclosure happen. This tactic to rid yourself of a bad real estate investment is called a “strategic default.” Strategic defaults were common during the foreclosure crisis that happened from around 2008 to about 2014, though they’re less frequent now. What Is Strategic Default? Sometimes a property is so far underwater that it could take years before the home regains all of its value. If that happens, borrowers sometimes choose to stop making payments, even if they could afford to stay current, simply because the home has become a bad investment. This decision is known as a “strategic default,” which is also sometimes called “voluntary foreclosure” or “walking away.” Generally, the term “strategic default” implies a different situation than a homeowner who’s struggling financially and can’t afford to keep paying the mortgage payments. With a strategic default, the borrower does the math and makes a business decision to voluntarily stop making payments, even if it’s within their ability to stay current on the loan. After the homeowner voluntarily stops paying, the bank forecloses.

Downsides to Walking Away

If you’re contemplating a strategic default, you should know the consequences and consider them as part of your decision-making process. Deficiency Judgments In a foreclosure, the borrower’s total debt might exceed the foreclosure sale price. The difference between the sale price and the total debt is called a “deficiency.” Example. Say the total debt owed is $300,000, but the home sells for $250,000 at the foreclosure sale. The deficiency is $50,000. In some states, the bank can seek a personal judgment called a “deficiency judgment” against the borrower to recover the deficiency. Generally, once the bank gets a deficiency judgment, it may collect this amount—in our example, $50,000—from the borrower using normal collection methods, like garnishing wages or levying a bank account. With a strategic default, you might be liable for a deficiency judgment after the foreclosure, depending on your state’s laws. Some states, like Utah, for example, have anti-deficiency laws. If a state has anti-deficiency laws, a foreclosing bank can’t seek a deficiency judgment under specific circumstances. Most homeowners in Utah won’t face a deficiency judgment after a foreclosure. Other states, like Florida, for example, do allow deficiency judgments. To find out if the bank can get a deficiency judgment in your state. Difficulty Getting a New Loan If you walk away from your home, you might have trouble getting a new mortgage loan. Fannie Mae, for instance, has stated that strategic defaulters won’t be eligible for a Fannie Mae-backed mortgage for seven years from the date of the foreclosure. Fannie Mae also stated that it will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. Significant Credit Score Drop A foreclosure won’t ruin your credit forever, but it will have a considerable impact on your score, as well as your ability to obtain another mortgage for a while. Also, a foreclosure could impact your ability to get other forms of credit, like a car loan, and affect the interest rate you receive as well. Future Housing Issues If you plan on renting a house or apartment after a strategic default, bear in mind that it’s standard for landlords to review your credit report when deciding whether to rent to you. The rental market is competitive, and a landlord might be able to select a renter with better credit over you.

While foreclosure has lost much of its social stigma, many employers routinely run credit checks on potential employees. Because a foreclosure will appear on your credit report, it could cause issues for your job prospects. Of course, whether having a foreclosure on your credit report will affect your options depends on the employer and, to some extent, the reason for the foreclosure. For example, if you’re applying to work at a telecommunications company, a foreclosure might not hurt your employment chances—especially if you can show extenuating circumstances, like you had serious medical issues that led to the default. But if you’re applying for a job in the financial services or banking industry, a bad credit report could very well affect your ability to get the job. The potential employer might think that if you couldn’t manage your own money, you won’t be able to handle someone else’s competently. Moral Implications of Strategic Default Arguably, some moral implications are associated with walking away from an underwater home. Strategic defaulters tend to justify walking away from a severely underwater property as something permitted by the mortgage contract itself, which specifies the consequence of a breach. Specifically, the bank can foreclose and take the home. But when you signed the promissory note, you promised to pay the loan back. Some people consider it immoral to voluntarily break this promise. Others don’t. Alternatives to Strategic Default Some options to consider instead of strategically defaulting are: • Short sale: A short sale is when you sell your home for less than the total debt remaining on your mortgage, and the proceeds of the sale pay off a portion of the balance. Be aware, though, you might be subject to a deficiency judgment if you complete a short sale. • Deed in lieu of foreclosure: A deed in lieu of foreclosure occurs when the bank agrees to accept a deed to the property instead of foreclosing. With a deed in lieu of foreclosure, you could face a deficiency judgment as well. The deficiency amount would be the difference between the fair market value of the property and your total debt. • Modify the loan to make it more affordable: You could approach your loan servicer to find out if it will modify the loan to make it more affordable or give you some other option to avoid foreclosure.

How Much Will a Foreclosure Affect a Tax Refund?

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due. Foreclosure Tax Consequences Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. Other Taxation Circumstances After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level. Reporting Foreclosure Income Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Judicial Foreclosure vs. Non-Judicial Foreclosures

Not all foreclosures are created equally, and you have a better chance of fighting some than others—with or without an attorney.

Non-judicial foreclosures can move very quickly because they don’t have to involve the court system. The procedure isn’t exactly the same in all the states that allow for these foreclosures because the rules depend on state law, but in many cases, your lender need only file a notice of default or similar document with the county recorder’s office. It will then publish a date on which it intends to sell your home, typically at auction. Unfortunately, the majority of states—29 of them and the District of Columbia—recognize this type of foreclosure as of 2019. You might be subject to it if you have a deed of trust rather than a mortgage, and if the deed of trust includes a “power of sale” clause.

A judicial foreclosure must move through more restrictive legal channels. Your lender must first file a lawsuit against you, and you have the right to respond to that lawsuit in court. The lawsuit will effectively ask the judge to allow the lender to take possession of and sell your home, and the lender can’t do so without a judge’s permission. You can sometimes make the lawsuit go away if you can catch up your late mortgage payments within 30 days.

Foreclosure Lawyer Heber City Utah

When you need a foreclosure lawyer in Heber City Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-19

Utah Real Estate Code 57-1-20

Non-Custodial Parent Law

HR Law

Landlord Law

Utah Real Estate Code 57-1-21

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The post Foreclosure Lawyer Heber City Utah first appeared on Michael Anderson.

from Michael Anderson https://www.ascentlawfirm.com/foreclosure-lawyer-heber-city-utah/

[coming-from-hell]

Foreclosure Lawyer Heber City Utah

Heber City is a city in northwestern Wasatch County, Utah, United States. Heber City was founded by English immigrants who were members of The Church of Jesus Christ of Latter-day Saints in the late 1850s, and is named after the Mormon apostle Heber C. Kimball. It is the county seat of Wasatch County. The original Heber City town square is located on the west side of Main Street between Center Street and 100 North and currently houses city offices as well as the historic Wasatch Stake Tabernacle and Heber Amusement Hall. The city was largely pastoral, focusing largely on dairy farms and cattle ranching, and has since become a bedroom community for Orem, Provo, Park City and Salt Lake City. Heber City is currently governed by Mayor Kelleen Potter along with City Council Members. Within the city limits are Heber Valley, Old Mill, Daniels Canyon and J.R. Smith Elementary Schools, Timpanogos Middle School, Rocky Mountain Middle School, Wasatch High School, and Wasatch Alternative High School. An additional school in the Heber Valley is Midway Elementary School. All of these schools are part of the Wasatch County School District. Utah Valley University maintains a satellite campus just north of Heber City along the US-40 corridor. Heber City supports five LDS stakes, as well as congregations of Southern Baptists, Catholics as part of the Diocese of Salt Lake City, and Jehovah’s Witnesses.

How Foreclosures Work

The most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you’ve been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn’t damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose. The most obvious effect of foreclosure is that you now find yourself without a home. Many people rely on family at this point to get them through the coming months. Some people are able to afford to move into an apartment while they get their finances back on track. Sadly, some people that suffer foreclosure find themselves homeless. Most states have homeless prevention programs that assist people who are down on their luck and in need of a boost. If you’ve been foreclosed on and have no housing options, check with your state and local department of human services to see if they can assist you. Your credit rating is another way foreclosure can affect you. While being foreclosed on does have a negative impact on your credit rating, it doesn’t damage it beyond repair. Credit ratings are based on your credit history, so the foreclosure will be factored in along with everything else. If you had a good rating before you fell behind on your loan, you might be surprised at how high your credit score is after you foreclose.

Strategic Default: Should You Walk Away From Your Home?

If your home has become a bad investment, you might be considering defaulting on your payments—even if you can still afford to make them—and letting a foreclosure happen. This tactic to rid yourself of a bad real estate investment is called a “strategic default.” Strategic defaults were common during the foreclosure crisis that happened from around 2008 to about 2014, though they’re less frequent now. What Is Strategic Default? Sometimes a property is so far underwater that it could take years before the home regains all of its value. If that happens, borrowers sometimes choose to stop making payments, even if they could afford to stay current, simply because the home has become a bad investment. This decision is known as a “strategic default,” which is also sometimes called “voluntary foreclosure” or “walking away.” Generally, the term “strategic default” implies a different situation than a homeowner who’s struggling financially and can’t afford to keep paying the mortgage payments. With a strategic default, the borrower does the math and makes a business decision to voluntarily stop making payments, even if it’s within their ability to stay current on the loan. After the homeowner voluntarily stops paying, the bank forecloses.

Downsides to Walking Away

If you’re contemplating a strategic default, you should know the consequences and consider them as part of your decision-making process. Deficiency Judgments In a foreclosure, the borrower’s total debt might exceed the foreclosure sale price. The difference between the sale price and the total debt is called a “deficiency.” Example. Say the total debt owed is $300,000, but the home sells for $250,000 at the foreclosure sale. The deficiency is $50,000. In some states, the bank can seek a personal judgment called a “deficiency judgment” against the borrower to recover the deficiency. Generally, once the bank gets a deficiency judgment, it may collect this amount—in our example, $50,000—from the borrower using normal collection methods, like garnishing wages or levying a bank account. With a strategic default, you might be liable for a deficiency judgment after the foreclosure, depending on your state’s laws. Some states, like Utah, for example, have anti-deficiency laws. If a state has anti-deficiency laws, a foreclosing bank can’t seek a deficiency judgment under specific circumstances. Most homeowners in Utah won’t face a deficiency judgment after a foreclosure. Other states, like Florida, for example, do allow deficiency judgments. To find out if the bank can get a deficiency judgment in your state. Difficulty Getting a New Loan If you walk away from your home, you might have trouble getting a new mortgage loan. Fannie Mae, for instance, has stated that strategic defaulters won’t be eligible for a Fannie Mae-backed mortgage for seven years from the date of the foreclosure. Fannie Mae also stated that it will take legal action to recoup the outstanding mortgage debt from borrowers who strategically default on their loans in jurisdictions that allow for deficiency judgments. Significant Credit Score Drop A foreclosure won’t ruin your credit forever, but it will have a considerable impact on your score, as well as your ability to obtain another mortgage for a while. Also, a foreclosure could impact your ability to get other forms of credit, like a car loan, and affect the interest rate you receive as well. Future Housing Issues If you plan on renting a house or apartment after a strategic default, bear in mind that it’s standard for landlords to review your credit report when deciding whether to rent to you. The rental market is competitive, and a landlord might be able to select a renter with better credit over you.

While foreclosure has lost much of its social stigma, many employers routinely run credit checks on potential employees. Because a foreclosure will appear on your credit report, it could cause issues for your job prospects. Of course, whether having a foreclosure on your credit report will affect your options depends on the employer and, to some extent, the reason for the foreclosure. For example, if you’re applying to work at a telecommunications company, a foreclosure might not hurt your employment chances—especially if you can show extenuating circumstances, like you had serious medical issues that led to the default. But if you’re applying for a job in the financial services or banking industry, a bad credit report could very well affect your ability to get the job. The potential employer might think that if you couldn’t manage your own money, you won’t be able to handle someone else’s competently. Moral Implications of Strategic Default Arguably, some moral implications are associated with walking away from an underwater home. Strategic defaulters tend to justify walking away from a severely underwater property as something permitted by the mortgage contract itself, which specifies the consequence of a breach. Specifically, the bank can foreclose and take the home. But when you signed the promissory note, you promised to pay the loan back. Some people consider it immoral to voluntarily break this promise. Others don’t. Alternatives to Strategic Default Some options to consider instead of strategically defaulting are: • Short sale: A short sale is when you sell your home for less than the total debt remaining on your mortgage, and the proceeds of the sale pay off a portion of the balance. Be aware, though, you might be subject to a deficiency judgment if you complete a short sale. • Deed in lieu of foreclosure: A deed in lieu of foreclosure occurs when the bank agrees to accept a deed to the property instead of foreclosing. With a deed in lieu of foreclosure, you could face a deficiency judgment as well. The deficiency amount would be the difference between the fair market value of the property and your total debt. • Modify the loan to make it more affordable: You could approach your loan servicer to find out if it will modify the loan to make it more affordable or give you some other option to avoid foreclosure.

How Much Will a Foreclosure Affect a Tax Refund?

Foreclosure is one of those difficult experiences certain homeowners may have to go through. Not only does foreclosure affect your credit rating, but it also can make it difficult to purchase another home in the immediate future. Additionally, there may be tax consequences attached to your foreclosure. In certain cases, foreclosed homeowners have been hit with a significant tax bill that often reduces or eliminates any tax refund due. Foreclosure Tax Consequences Often, the Internal Revenue Service (IRS) considers debt that’s forgiven by a lender because of foreclosure to be taxable income. Through calendar year 2012, the IRS is waiving taxation of mortgage debt forgiveness in certain cases. Because the IRS is waiving taxation of forgiven mortgage debt, any income tax refund isn’t affected by your foreclosure. However, foreclosures occurring in 2013 and beyond could affect the income tax refunds of those experiencing foreclosures. Other Taxation Circumstances After foreclosure, the IRS could consider taxable any cash you took from your home as the result of a refinance. In addition to cash-out income, any income you took from a home equity line of credit (HELOC) could be taxable under IRS rules. Your forgiven mortgage debt and income gained from refinances or HELOCs might also be taxable at the state level. Reporting Foreclosure Income Taxable income resulting from forgiven mortgage debt and any cash-out refinances or HELOCs has to be declared in the year in which the foreclosure occurred. IRS taxation waivers of forgiven mortgage debt apply only to principal residences. However, money taken from a cash-out refinance or HELOC that’s applied to home renovation or improvement is often tax-exempt after foreclosure. Also, ensure the federal income reporting document (Form 1099) your mortgage lender gives you after your foreclosure is accurate.

Avoiding Taxation

Federal law considers debt discharged in bankruptcy, including potentially taxable forgiven mortgage debt, to be non-taxable as a result. Insolvency immediately before mortgage debt is forgiven also could exempt you from taxation of that debt. According to the IRS, insolvency is when the total of your liabilities exceeds the fair market value of your assets. Consult a tax professional if you’ve recently experienced foreclosure in order to discuss any income tax and tax refund implications.

Judicial Foreclosure vs. Non-Judicial Foreclosures

Not all foreclosures are created equally, and you have a better chance of fighting some than others—with or without an attorney.

Non-judicial foreclosures can move very quickly because they don’t have to involve the court system. The procedure isn’t exactly the same in all the states that allow for these foreclosures because the rules depend on state law, but in many cases, your lender need only file a notice of default or similar document with the county recorder’s office. It will then publish a date on which it intends to sell your home, typically at auction. Unfortunately, the majority of states—29 of them and the District of Columbia—recognize this type of foreclosure as of 2019. You might be subject to it if you have a deed of trust rather than a mortgage, and if the deed of trust includes a “power of sale” clause.

A judicial foreclosure must move through more restrictive legal channels. Your lender must first file a lawsuit against you, and you have the right to respond to that lawsuit in court. The lawsuit will effectively ask the judge to allow the lender to take possession of and sell your home, and the lender can’t do so without a judge’s permission. You can sometimes make the lawsuit go away if you can catch up your late mortgage payments within 30 days.

Foreclosure Lawyer Heber City Utah

When you need a foreclosure lawyer in Heber City Utah, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you.

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-19

Utah Real Estate Code 57-1-20

Non-Custodial Parent Law

HR Law

Landlord Law

Utah Real Estate Code 57-1-21

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The post Foreclosure Lawyer Heber City Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-heber-city-utah/

[toldnews-blog]

New Post has been published on https://toldnews.com/business/mps-call-for-inquiry-into-alleged-forgery-of-signatures/

MPs call for inquiry into alleged forgery of signatures

Image copyright Reuters

Image caption MPs would like Lloyd’s chief executive Antonio Horta-Osorio to respond to allegations raised by customers

MPs are pressing the Treasury Select Committee to open an immediate inquiry into the alleged forgery of signatures in bank court documents.

They also want Lloyds chief executive Antonio Horta-Osorio to be questioned over how the bank treats customers who say they have found evidence of systemic fraud.

The all-party group on fair business banking says Lloyds appears to be repeating the same conduct it displayed towards customers who uncovered the HBOS Reading fraud, seeking to silence them.

Lloyds has denied there is evidence of systemic fraud and said it “does not recognise the issue” as set out by the group of MPs.

Kevin Hollinrake MP, chair of the all-party group, made the call for an inquiry after getting what he says was an unsatisfactory response from the bank.

He wrote to Mr Horta-Osorio last month, asking for an explanation of the bank’s treatment of a Lloyds customer, who had notified the board about an alleged forgery and who claimed to have faced a hostile reaction.

Discrepancies

Mr Hollinrake cited a letter from the customer pointing to signatures on statements of truth which were used in proceedings to repossess homes.

Handwriting experts confirm that signatures purporting to be from the same person, appeared to be constructed differently, supporting the allegation that different people were signing them.

Image caption Handwriting experts said the two signatures were dissimilar

Adam Brand, an expert witness on handwriting and former president of the Institute of Graphologists, told the BBC the construction of the signatures was different.

“If you look at them you’ve got a sort of fading on the one at the top which is different to the one at the bottom, which starts differently and finishes differently. My reaction is I would agree that the signatures are differently constructed.”

The customer’s husband, Julian Watts, wrote to non-executive directors of Lloyds in 2016, after discovering seeming discrepancies in signatures used in repossession proceedings in 2011.

He also asked the bank to provide signature comparison information to test if the signatures were forged.

Mr Hollinrake said a week after non-executives received the letters, Lloyds recommenced litigation against the customer after a gap of six years.

Silence

Lloyds then allegedly offered, repeatedly, to withdraw the litigation if the customer signed a non-disclosure agreement (NDA). The customer refused.

Mr Hollinrake wrote to Mr Horta-Osorio demanding an explanation, accusing Lloyds of attempting to silence its customers.

“Lloyds refused eight times to provide signature comparison information which would confirm whether or not signatures were being forged on Lloyds court documents. There are some extremely serious questions which, as Group CEO, you personally need to answer,” he wrote.

“Why did Lloyds offer four times to withdraw the litigation if the customer signed an NDA, gagging her from talking about fraudulently forged signatures?

“As chief executive, please state if it is Lloyds corporate policy to attempt to silence customers who notify it of alleged fraud by the bank?”

Mr Hollinrake’s letter also asked: “Why did you, as CEO, and Lloyds board refuse to conduct an audit of signatures on Lloyds court documents… despite being fully aware of the identical issue of alleged forged signatures on US bank court documents?”

He reminded the Lloyds chief executive of a scandal in the United States where widespread signature forgery led to banks being fined by attorneys general and forced to compensate customers at a cost of $25bn (£19bn).

‘This is untrue’

The Lloyds chief executive delegated the reply to a subordinate, who replied to Mr Hollinrake that “we simply do not recognise the issue as you set it out… to the best of my knowledge there has been no suggestion of a similar issue in the UK over the years since the US issue arose.”

He added: “You repeat your allegation about Lloyds attempting to ‘silence customers’ who allege fraud by ‘using NDAs to gag customers’. This is untrue. Our proceedings or agreements with customers do not prevent them raising any concerns, issues or evidence with the police, FCA or any other lawful authority.”

Image copyright Reuters

But Mr Hollinrake says his questions still have not been answered by the Lloyds chief executive.

In a letter urging a Treasury select committee inquiry, the all-party group says: “My concern is that Lloyds corporately, and its chief executive personally, are now demonstrating a persistent course of conduct that when asked questions by members of parliament, they routinely refuse to answer them and when asked for a personal response, Mr Horta-Osorio continually refuses and evades personal responsibility.”

The BBC asked Mr Horta-Osorio for a personal response but none was forthcoming.

In a statement, Lloyds told the BBC: “Whenever concerns are raised, we take them very seriously, but there are no foundations to the allegations raised by Mr Hollinrake. We have reviewed the allegations raised, which relate to an individual customer and can confirm that all the details within the court documents were accurate and signed off by the appropriate person where necessary.

“Where we have reached a settlement with third parties, including customers, the agreement never restricts them from raising concerns, issues or evidence with the appropriate authorities, including regulators and police, and they have always been able to do so.”

Anti-forgery campaign

The Bank Signature Forgery Campaign has identified further examples in addition to the Lloyds customer concerned, including signatures from Lloyds and other banks.

MPs on the All-Party Parliamentary Group on Fair Business Banking announced their support last month for the Bank Signature Forgery Campaign, which is calling for anyone who suspects forgery of signatures to contact them.

“The APPG receives frequent and consistent representations from constituents over the forgery of signatures, so this campaign will provide a vital method of gathering evidence of possible signature forgeries by UK banks in court documents,” the APPG announced.

The MPs are calling on all bank customers to send examples of signatures on bank court documents, whether or not they believe they are suspect, to the Bank Signature Forgery Campaign.

Foreclosure mills

In the United States, reviews of documents by local county legal departments found thousands of suspect signatures dating back to 1998.

In the foreclosure fraud scandal, so-called ‘foreclosure mill’ law firms set themselves up to process repossession claims in volume, both for homes and other secured loans such as cars.

Ordinary homeowners facing foreclosure – the US equivalent of repossession – had uncovered violations including “robo-signing”, where low-paid employees would routinely sign documents at speed attesting to their truth – when they could not have had time to read them.

Mr Watts has questioned whether banks and their lawyers have been using the same cost-cutting business process.

Illustration

The All Party Parliamentary Group on Fair Business Banking has said it receives frequent and consistent representations from constituents over the possible forgery of signatures. Multiple examples have been discovered across the banking sector by the Bank Signature Forgery Campaign.

The following signature appeared on a witness statement. It starts near the centre, writing right to left before looping up and around.

The following signature, said in court documents to be by the same person, appeared on a court checklist testifying to its accuracy. It starts on the right and loops first up and then down.

The start and end of the first signature above point in the same direction. The start and end of the second signature point in different directions. Handwriting experts have said they are likely to have been signed by different people.

Questions over signatures are not confined to Lloyds. The following four signatures were purportedly all signed by the same person at a different company on the same day:

Examples 4 and 6 were signatures on two statements of service.

Examples 5 and 7, dated the same day, purport to be from the same person. But the signatures are markedly different.

One of the country’s leading hand-writing experts has told the BBC the signatures, both on court documents, are “highly likely” to have been signed by two different people.

Adam Brand, former chairman of the British Institute of Graphologists and a leading expert witness on handwriting in court cases, said on seeing the signatures: “It’s highly probable that two different people have been signing under the same name on the same day.”

In a further example, three different people appear to have signed under the same name:

Asked if the above signatures could be from the same person, Mr Brand said “absolutely not”.

Further evidence suggests one person has been signing under more than one name.

Mr Brand said the signature above was the same person signing in multiple different names. “It’s highly probably this is the same person; that is very powerful.”

The Civil Procedure Rules govern how law firms must behave in legal proceedings including repossessions.

They state:

Practice Direction 22 Statements of Truth

3.9 The individual who signs a statement of truth must print his full name clearly beneath his signature.

3.10 A legal representative who signs a statement of truth must sign in his own name and not that of his firm or employer

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Foreclosure Lawyer American Fork Utah

American Fork is a city in north-central Utah County, Utah, United States, at the foot of Mount Timpanogos in the Wasatch Range, north of Utah Lake. It is part of the Provo–Orem Metropolitan Statistical Area. The population was 32,519 in 2018, representing a nearly 20% growth since the 2000 census. The city has grown rapidly since the 1970s. The area around Utah Lake was used as a seasonal hunting and fishing ground by the Ute Indians. American Fork was settled in 1850 by Mormon pioneers, and incorporated as Lake City in 1852. The first settlers were Arza Adams,[8] followed by Stephen Chipman (grandfather of Stephen L. Chipman, a prominent citizen around the start of the 20th Century), Ira Eldredge, John Eldredge and their families. The first settlers of American Fork lived in scattered conditions along the American Fork River.

By the 1850s, tension between the settlers and Native Americans was increasing. In 1853, Daniel H. Wells, the head of the Nauvoo Legion (the Utah Territorial Militia at the time), instructed settlers to move into specific forts. At a meeting on July 23, 1853, at the schoolhouse in American Fork, Lorenzo Snow and Parley P. Pratt convinced the settlers to follow Wells’ directions and all move together into a central fort. A fort was built of 37 acres (150,000 m2) to which the settlers located. Only parts of the wall were built to eight feet high, and none were built to the original plan of twelve feet high. Settlers changed the name from Lake City to American Fork in 1860. It was renamed after the American Fork River which runs through the city, as well as to avoid confusion with Salt Lake City. Most residents were farmers and merchants during its early history. By the 1860s, American Fork had established a public school, making it the first community in the territory of Utah to offer public education to its citizens. In the 1870s, American Fork served as a rail access point for mining activities in American Fork Canyon. American Fork had “a literal social feud” with the town of Lehi due to the Utah Sugar Company choosing Lehi as the factory building site in 1890, instead of American Fork. There were several mercantile businesses in American Fork, such as the American Fork Co-operative Association and Chipman Mercantile. For several decades in the 1900s, raising chickens (and eggs) was an important industry in the city. In 1892, Joseph Forbes organized the schools in American Fork, and the Forbes school is named after him.

During World War II the town population expanded when the Columbia Steel plant was built. An annual summer celebration in the city is still called “Steel Days” in honor of the economic importance of the mill, which closed in November 2001. The steel mill was located approximately six miles (10 km) southeast from town, on land on the east shore of Utah Lake. American Fork built a city hospital in 1937. A new facility was built in 1950, which was sold to Intermountain Healthcare in 1977, which in turn replaced that hospital with a new facility in 1980. The 1992 film The Sandlot was mostly filmed on the Wasatch Front. The carnival scene was filmed in American Fork on State Street by Robinson Park. Several scenes from the 1984 movie Footloose were also filmed in American Fork, including the opening scene inside the church, the front porch scene with Kevin Bacon and his family, and the gas station scene in which Bacon refuels his Volkswagen.

Why Use a Foreclosure Defense Attorney?

Helping Homeowners Avoid Foreclosure – The market is officially saturated with self proclaimed “foreclosure rescue consultants” and dozens of companies seeking to grab money from financially distressed families who are in a panic. To make matters worse, several entities calling themselves law firms or legal groups have become glorified processing centers and illegal partnerships, where clients don’t even speak to a lawyer. Who can you trust from start to finish? What if the lender doesn’t approve your request? A licensed attorney can help you execute any and every option available. The last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Utah 6% of all the mortgages are facing foreclosure proceedings.

Options for Homeowners to Avoid Foreclosure

The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings. Here is a quick breakdown of the most popular options:

Loan Modification

A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.

Short Sale

Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.

Deed In Lieu

Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.

Bankruptcy

Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.

Refinancing

Utah real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.

Reverse Mortgage

A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is amply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.

Contesting Foreclosure

In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings. The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is up to the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure. The content of this article merely provides a broad generalization and should not be construed as legal advice. A foreclosure is forced sale of home or property by a financial institution such as a bank or mortgage company. Unless you paid for your property in full (cash) at the time of purchase, most property owners use a 3rd party to provide the additional funds to complete the sale. As a result, the owner is obligated to repay the monies borrowed this is called a mortgage. When a property owner fails to make payments as part of the loan agreement for their mortgage, the bank or other lien holder may begin foreclosure proceedings to take possession of the property to satisfy the debt owed to them. Many mortgages have an acceleration clause in the mortgage’s promissory note. This feature can often trigger a premature foreclosure action. The acceleration clause permits the bank or mortgage holder to declare the whole loan due if the property owner misses a specified number of mortgage payments. Usually, the property owner must be provided with sufficient notice before the lending institution can invoke the acceleration clause.

The foreclosure process is a lawsuit brought by the bank or lender to force the sale of property to satisfy the outstanding debt. In most instances, the court will order a sale of the property after deciding the actual balance due on the mortgage (this includes accrued interest). The proceeds of the sale of your property will then apply to the outstanding debt. If the value of your property is less than the outstanding debt, you may still owe the lending institution for the remainder, depending on the terms of the original loan. As the owner, you have the right to pay the bank off before the foreclosure sale in order to keep your property. If you think you may default on your mortgage and fear that you may lose your property through foreclosure, an experienced lawyer may help you determine what other options available to you, including filing for bankruptcy. An attorney can also represent you in a foreclosure proceeding to make certain your interests and rights are protected.

Foreclosure Process

The foreclosure process varies from state to state, but the process is generally very straightforward and typically lasts up to 6 months. The process depends on whether the foreclosure is a judicial sale or a non-judicial sale.

• Pre-Foreclosure: After the property owner fails to make two to three mortgage payments (30-60 days), the property is considered to be in pre-foreclosure. When the property is in pre-foreclosure, lenders will usually send a demand letter demanding full and immediate payment of the loan, plus any legal and late fees incurred. The homeowner has 30 days to make the payments on the debt owed or the foreclosure process will be initiated.

• Notice of Default: After 90 days of non-payment by the property owner, the foreclosure process enters into the legal process. A bank will issue a notice of default to a local sheriff to deliver to the property owner. The notice of default will be recorded by the government agency and a date will be selected for a foreclosure auction. A notice of default also paves way for investors and other homeowners to consult a short sale on the property.

• Foreclosure Auction: A public foreclosure auction will take place and the property may be sold at the auction to the highest bidder. The lender issuing the default can also purchase the property and sell it independently in a private sale. At this time, the homeowner must vacate the property or an unlawful detainer will be filed to evict the homeowner if he or she is still living on the property after the sale.

• Post-Foreclosure: If proceeds of the sale are insufficient to satisfy the debt being foreclosed on, the lender can bring personal action on the homeowner borrower for the deficiency. In some states, the borrower may have a right to redeem after a foreclosure by paying the entire sale price.

• Right of Redemption: Anytime prior to a foreclosure sale, the homeowner or mortgagor may redeem the property by paying the amount due. This is known as the right of redemption. If the mortgage contains an acceleration clause, the full balance on the mortgage must be paid in order for the homeowner to redeem.

Do I Need a Foreclosure Attorney?

A real estate attorney can help you in many ways throughout the process. An attorney will not only defend you in the foreclosure proceeding, but will also work with your lender to figure out alternatives which may help you remain in your home. You should speak with an attorney regarding your foreclosure situation in order to determine your possible courses of action. A real estate lawyer can provide valuable legal information as well as representation in a court of law should a lawsuit become necessary. Contact a lawyer to learn more about your state’s foreclosure laws.

Can Foreclosure Be Stopped Once the Bank Initiates It?

Foreclosure is the legal process by which a lender can repossess your home and sell it to try to recover all or some of the debt owed. Once you default on your monthly home loan payments, your lender has the right to start the process of foreclosure. However, even though your bank has initiated the foreclosure process, you do have some options to try during the pre-foreclosure period to try to avoid losing your home.

Mortgage Modification

You can avoid foreclosure by modifying your mortgage loan agreement with your lender. Your options include refinancing your debt, reducing your interest rate and/or extending the length of your mortgage term. This will reduce your monthly loan payments and help you avoid foreclosure. To qualify, you must prove to your lender that your net income has been reduced significantly since the time you signed the loan. In most cases you will have to pay a lender fee, which will usually be included in your new loan payment plan.

Partial Claim

Another option to avoid foreclosure is to seek a one-time interest-free loan from HUD. The department charges lenders a fee to use its services and to receive an advance loan in order to make your loan current. To qualify, you must prove that your current financial situation is solvent and sign a promissory note with your lender stating that you will repay your loan over time. Your lender will have a lien on your house until you repay your loan.

Special Forbearance

Your lender may agree to special forbearance–to temporarily reduce or stop your monthly payments–while it works with you to create a new mortgage repayment plan. You need to prove that you lost your job or main source of income and/or you are experiencing unexpected monthly expenses. After this period, your lender will require you to start making higher payments (usually 1 1/2 times your original amount) for a certain period until your loan is current.

Chapter 13 Bankruptcy

As a last resort, you can file for Chapter 13 bankruptcy. This type of bankruptcy allows you to meet with your creditors, including your mortgage lender, to work out a repayment plan. Once a payment plan is created, it is important to make sure you make all payments as agreed upon to avoid foreclosure. On the other hand, Chapter 7 bankruptcy only delays the foreclosure process by putting an “automatic stay” against your bank for a certain period deemed fit by the court. Since your bank is a secured creditor, at some point the bank will be granted a “relief from automatic stay” and the foreclosure process will continue.

Foreclosure Attorney

When you need legal help with a foreclosure, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

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The post Foreclosure Lawyer American Fork Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-american-fork-utah/

[aretia]

Foreclosure Lawyer American Fork Utah

American Fork is a city in north-central Utah County, Utah, United States, at the foot of Mount Timpanogos in the Wasatch Range, north of Utah Lake. It is part of the Provo–Orem Metropolitan Statistical Area. The population was 32,519 in 2018, representing a nearly 20% growth since the 2000 census. The city has grown rapidly since the 1970s. The area around Utah Lake was used as a seasonal hunting and fishing ground by the Ute Indians. American Fork was settled in 1850 by Mormon pioneers, and incorporated as Lake City in 1852. The first settlers were Arza Adams,[8] followed by Stephen Chipman (grandfather of Stephen L. Chipman, a prominent citizen around the start of the 20th Century), Ira Eldredge, John Eldredge and their families. The first settlers of American Fork lived in scattered conditions along the American Fork River.

By the 1850s, tension between the settlers and Native Americans was increasing. In 1853, Daniel H. Wells, the head of the Nauvoo Legion (the Utah Territorial Militia at the time), instructed settlers to move into specific forts. At a meeting on July 23, 1853, at the schoolhouse in American Fork, Lorenzo Snow and Parley P. Pratt convinced the settlers to follow Wells’ directions and all move together into a central fort. A fort was built of 37 acres (150,000 m2) to which the settlers located. Only parts of the wall were built to eight feet high, and none were built to the original plan of twelve feet high. Settlers changed the name from Lake City to American Fork in 1860. It was renamed after the American Fork River which runs through the city, as well as to avoid confusion with Salt Lake City. Most residents were farmers and merchants during its early history. By the 1860s, American Fork had established a public school, making it the first community in the territory of Utah to offer public education to its citizens. In the 1870s, American Fork served as a rail access point for mining activities in American Fork Canyon. American Fork had “a literal social feud” with the town of Lehi due to the Utah Sugar Company choosing Lehi as the factory building site in 1890, instead of American Fork. There were several mercantile businesses in American Fork, such as the American Fork Co-operative Association and Chipman Mercantile. For several decades in the 1900s, raising chickens (and eggs) was an important industry in the city. In 1892, Joseph Forbes organized the schools in American Fork, and the Forbes school is named after him.

During World War II the town population expanded when the Columbia Steel plant was built. An annual summer celebration in the city is still called “Steel Days” in honor of the economic importance of the mill, which closed in November 2001. The steel mill was located approximately six miles (10 km) southeast from town, on land on the east shore of Utah Lake. American Fork built a city hospital in 1937. A new facility was built in 1950, which was sold to Intermountain Healthcare in 1977, which in turn replaced that hospital with a new facility in 1980. The 1992 film The Sandlot was mostly filmed on the Wasatch Front. The carnival scene was filmed in American Fork on State Street by Robinson Park. Several scenes from the 1984 movie Footloose were also filmed in American Fork, including the opening scene inside the church, the front porch scene with Kevin Bacon and his family, and the gas station scene in which Bacon refuels his Volkswagen.

Why Use a Foreclosure Defense Attorney?

Helping Homeowners Avoid Foreclosure – The market is officially saturated with self proclaimed “foreclosure rescue consultants” and dozens of companies seeking to grab money from financially distressed families who are in a panic. To make matters worse, several entities calling themselves law firms or legal groups have become glorified processing centers and illegal partnerships, where clients don’t even speak to a lawyer. Who can you trust from start to finish? What if the lender doesn’t approve your request? A licensed attorney can help you execute any and every option available. The last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Utah 6% of all the mortgages are facing foreclosure proceedings.

Options for Homeowners to Avoid Foreclosure

The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings. Here is a quick breakdown of the most popular options:

Loan Modification

A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.

Short Sale

Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.

Deed In Lieu

Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.

Bankruptcy

Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.

Refinancing

Utah real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.

Reverse Mortgage

A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is amply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.

Contesting Foreclosure

In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings. The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is up to the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure. The content of this article merely provides a broad generalization and should not be construed as legal advice. A foreclosure is forced sale of home or property by a financial institution such as a bank or mortgage company. Unless you paid for your property in full (cash) at the time of purchase, most property owners use a 3rd party to provide the additional funds to complete the sale. As a result, the owner is obligated to repay the monies borrowed this is called a mortgage. When a property owner fails to make payments as part of the loan agreement for their mortgage, the bank or other lien holder may begin foreclosure proceedings to take possession of the property to satisfy the debt owed to them. Many mortgages have an acceleration clause in the mortgage’s promissory note. This feature can often trigger a premature foreclosure action. The acceleration clause permits the bank or mortgage holder to declare the whole loan due if the property owner misses a specified number of mortgage payments. Usually, the property owner must be provided with sufficient notice before the lending institution can invoke the acceleration clause.

The foreclosure process is a lawsuit brought by the bank or lender to force the sale of property to satisfy the outstanding debt. In most instances, the court will order a sale of the property after deciding the actual balance due on the mortgage (this includes accrued interest). The proceeds of the sale of your property will then apply to the outstanding debt. If the value of your property is less than the outstanding debt, you may still owe the lending institution for the remainder, depending on the terms of the original loan. As the owner, you have the right to pay the bank off before the foreclosure sale in order to keep your property. If you think you may default on your mortgage and fear that you may lose your property through foreclosure, an experienced lawyer may help you determine what other options available to you, including filing for bankruptcy. An attorney can also represent you in a foreclosure proceeding to make certain your interests and rights are protected.

Foreclosure Process

The foreclosure process varies from state to state, but the process is generally very straightforward and typically lasts up to 6 months. The process depends on whether the foreclosure is a judicial sale or a non-judicial sale.

• Pre-Foreclosure: After the property owner fails to make two to three mortgage payments (30-60 days), the property is considered to be in pre-foreclosure. When the property is in pre-foreclosure, lenders will usually send a demand letter demanding full and immediate payment of the loan, plus any legal and late fees incurred. The homeowner has 30 days to make the payments on the debt owed or the foreclosure process will be initiated.

• Notice of Default: After 90 days of non-payment by the property owner, the foreclosure process enters into the legal process. A bank will issue a notice of default to a local sheriff to deliver to the property owner. The notice of default will be recorded by the government agency and a date will be selected for a foreclosure auction. A notice of default also paves way for investors and other homeowners to consult a short sale on the property.

• Foreclosure Auction: A public foreclosure auction will take place and the property may be sold at the auction to the highest bidder. The lender issuing the default can also purchase the property and sell it independently in a private sale. At this time, the homeowner must vacate the property or an unlawful detainer will be filed to evict the homeowner if he or she is still living on the property after the sale.

• Post-Foreclosure: If proceeds of the sale are insufficient to satisfy the debt being foreclosed on, the lender can bring personal action on the homeowner borrower for the deficiency. In some states, the borrower may have a right to redeem after a foreclosure by paying the entire sale price.

• Right of Redemption: Anytime prior to a foreclosure sale, the homeowner or mortgagor may redeem the property by paying the amount due. This is known as the right of redemption. If the mortgage contains an acceleration clause, the full balance on the mortgage must be paid in order for the homeowner to redeem.

Do I Need a Foreclosure Attorney?

A real estate attorney can help you in many ways throughout the process. An attorney will not only defend you in the foreclosure proceeding, but will also work with your lender to figure out alternatives which may help you remain in your home. You should speak with an attorney regarding your foreclosure situation in order to determine your possible courses of action. A real estate lawyer can provide valuable legal information as well as representation in a court of law should a lawsuit become necessary. Contact a lawyer to learn more about your state’s foreclosure laws.

Can Foreclosure Be Stopped Once the Bank Initiates It?

Foreclosure is the legal process by which a lender can repossess your home and sell it to try to recover all or some of the debt owed. Once you default on your monthly home loan payments, your lender has the right to start the process of foreclosure. However, even though your bank has initiated the foreclosure process, you do have some options to try during the pre-foreclosure period to try to avoid losing your home.

Mortgage Modification

You can avoid foreclosure by modifying your mortgage loan agreement with your lender. Your options include refinancing your debt, reducing your interest rate and/or extending the length of your mortgage term. This will reduce your monthly loan payments and help you avoid foreclosure. To qualify, you must prove to your lender that your net income has been reduced significantly since the time you signed the loan. In most cases you will have to pay a lender fee, which will usually be included in your new loan payment plan.

Partial Claim

Another option to avoid foreclosure is to seek a one-time interest-free loan from HUD. The department charges lenders a fee to use its services and to receive an advance loan in order to make your loan current. To qualify, you must prove that your current financial situation is solvent and sign a promissory note with your lender stating that you will repay your loan over time. Your lender will have a lien on your house until you repay your loan.

Special Forbearance

Your lender may agree to special forbearance–to temporarily reduce or stop your monthly payments–while it works with you to create a new mortgage repayment plan. You need to prove that you lost your job or main source of income and/or you are experiencing unexpected monthly expenses. After this period, your lender will require you to start making higher payments (usually 1 1/2 times your original amount) for a certain period until your loan is current.

Chapter 13 Bankruptcy

As a last resort, you can file for Chapter 13 bankruptcy. This type of bankruptcy allows you to meet with your creditors, including your mortgage lender, to work out a repayment plan. Once a payment plan is created, it is important to make sure you make all payments as agreed upon to avoid foreclosure. On the other hand, Chapter 7 bankruptcy only delays the foreclosure process by putting an “automatic stay” against your bank for a certain period deemed fit by the court. Since your bank is a secured creditor, at some point the bank will be granted a “relief from automatic stay” and the foreclosure process will continue.

Foreclosure Attorney

When you need legal help with a foreclosure, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-11

Child Support For Unmarried Parents

SEC and Homebuilders

Inheritance Law

Utah Mothers Rights

Utah Divorce Code 30-3-10.2

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The post Foreclosure Lawyer American Fork Utah first appeared on Michael Anderson.

Source: https://www.ascentlawfirm.com/foreclosure-lawyer-american-fork-utah/

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Foreclosure Lawyer American Fork Utah

American Fork is a city in north-central Utah County, Utah, United States, at the foot of Mount Timpanogos in the Wasatch Range, north of Utah Lake. It is part of the Provo–Orem Metropolitan Statistical Area. The population was 32,519 in 2018, representing a nearly 20% growth since the 2000 census. The city has grown rapidly since the 1970s. The area around Utah Lake was used as a seasonal hunting and fishing ground by the Ute Indians. American Fork was settled in 1850 by Mormon pioneers, and incorporated as Lake City in 1852. The first settlers were Arza Adams,[8] followed by Stephen Chipman (grandfather of Stephen L. Chipman, a prominent citizen around the start of the 20th Century), Ira Eldredge, John Eldredge and their families. The first settlers of American Fork lived in scattered conditions along the American Fork River.

By the 1850s, tension between the settlers and Native Americans was increasing. In 1853, Daniel H. Wells, the head of the Nauvoo Legion (the Utah Territorial Militia at the time), instructed settlers to move into specific forts. At a meeting on July 23, 1853, at the schoolhouse in American Fork, Lorenzo Snow and Parley P. Pratt convinced the settlers to follow Wells’ directions and all move together into a central fort. A fort was built of 37 acres (150,000 m2) to which the settlers located. Only parts of the wall were built to eight feet high, and none were built to the original plan of twelve feet high. Settlers changed the name from Lake City to American Fork in 1860. It was renamed after the American Fork River which runs through the city, as well as to avoid confusion with Salt Lake City. Most residents were farmers and merchants during its early history. By the 1860s, American Fork had established a public school, making it the first community in the territory of Utah to offer public education to its citizens. In the 1870s, American Fork served as a rail access point for mining activities in American Fork Canyon. American Fork had “a literal social feud” with the town of Lehi due to the Utah Sugar Company choosing Lehi as the factory building site in 1890, instead of American Fork. There were several mercantile businesses in American Fork, such as the American Fork Co-operative Association and Chipman Mercantile. For several decades in the 1900s, raising chickens (and eggs) was an important industry in the city. In 1892, Joseph Forbes organized the schools in American Fork, and the Forbes school is named after him.

During World War II the town population expanded when the Columbia Steel plant was built. An annual summer celebration in the city is still called “Steel Days” in honor of the economic importance of the mill, which closed in November 2001. The steel mill was located approximately six miles (10 km) southeast from town, on land on the east shore of Utah Lake. American Fork built a city hospital in 1937. A new facility was built in 1950, which was sold to Intermountain Healthcare in 1977, which in turn replaced that hospital with a new facility in 1980. The 1992 film The Sandlot was mostly filmed on the Wasatch Front. The carnival scene was filmed in American Fork on State Street by Robinson Park. Several scenes from the 1984 movie Footloose were also filmed in American Fork, including the opening scene inside the church, the front porch scene with Kevin Bacon and his family, and the gas station scene in which Bacon refuels his Volkswagen.

Why Use a Foreclosure Defense Attorney?

Helping Homeowners Avoid Foreclosure – The market is officially saturated with self proclaimed “foreclosure rescue consultants” and dozens of companies seeking to grab money from financially distressed families who are in a panic. To make matters worse, several entities calling themselves law firms or legal groups have become glorified processing centers and illegal partnerships, where clients don’t even speak to a lawyer. Who can you trust from start to finish? What if the lender doesn’t approve your request? A licensed attorney can help you execute any and every option available. The last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Utah 6% of all the mortgages are facing foreclosure proceedings.

Options for Homeowners to Avoid Foreclosure

The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings. Here is a quick breakdown of the most popular options:

Loan Modification

A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.

Short Sale

Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.

Deed In Lieu

Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.

Bankruptcy

Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.

Refinancing

Utah real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.

Reverse Mortgage

A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is amply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.

Contesting Foreclosure

In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings. The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is up to the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure. The content of this article merely provides a broad generalization and should not be construed as legal advice. A foreclosure is forced sale of home or property by a financial institution such as a bank or mortgage company. Unless you paid for your property in full (cash) at the time of purchase, most property owners use a 3rd party to provide the additional funds to complete the sale. As a result, the owner is obligated to repay the monies borrowed this is called a mortgage. When a property owner fails to make payments as part of the loan agreement for their mortgage, the bank or other lien holder may begin foreclosure proceedings to take possession of the property to satisfy the debt owed to them. Many mortgages have an acceleration clause in the mortgage’s promissory note. This feature can often trigger a premature foreclosure action. The acceleration clause permits the bank or mortgage holder to declare the whole loan due if the property owner misses a specified number of mortgage payments. Usually, the property owner must be provided with sufficient notice before the lending institution can invoke the acceleration clause.

The foreclosure process is a lawsuit brought by the bank or lender to force the sale of property to satisfy the outstanding debt. In most instances, the court will order a sale of the property after deciding the actual balance due on the mortgage (this includes accrued interest). The proceeds of the sale of your property will then apply to the outstanding debt. If the value of your property is less than the outstanding debt, you may still owe the lending institution for the remainder, depending on the terms of the original loan. As the owner, you have the right to pay the bank off before the foreclosure sale in order to keep your property. If you think you may default on your mortgage and fear that you may lose your property through foreclosure, an experienced lawyer may help you determine what other options available to you, including filing for bankruptcy. An attorney can also represent you in a foreclosure proceeding to make certain your interests and rights are protected.

Foreclosure Process

The foreclosure process varies from state to state, but the process is generally very straightforward and typically lasts up to 6 months. The process depends on whether the foreclosure is a judicial sale or a non-judicial sale.

• Pre-Foreclosure: After the property owner fails to make two to three mortgage payments (30-60 days), the property is considered to be in pre-foreclosure. When the property is in pre-foreclosure, lenders will usually send a demand letter demanding full and immediate payment of the loan, plus any legal and late fees incurred. The homeowner has 30 days to make the payments on the debt owed or the foreclosure process will be initiated.

• Notice of Default: After 90 days of non-payment by the property owner, the foreclosure process enters into the legal process. A bank will issue a notice of default to a local sheriff to deliver to the property owner. The notice of default will be recorded by the government agency and a date will be selected for a foreclosure auction. A notice of default also paves way for investors and other homeowners to consult a short sale on the property.

• Foreclosure Auction: A public foreclosure auction will take place and the property may be sold at the auction to the highest bidder. The lender issuing the default can also purchase the property and sell it independently in a private sale. At this time, the homeowner must vacate the property or an unlawful detainer will be filed to evict the homeowner if he or she is still living on the property after the sale.

• Post-Foreclosure: If proceeds of the sale are insufficient to satisfy the debt being foreclosed on, the lender can bring personal action on the homeowner borrower for the deficiency. In some states, the borrower may have a right to redeem after a foreclosure by paying the entire sale price.

• Right of Redemption: Anytime prior to a foreclosure sale, the homeowner or mortgagor may redeem the property by paying the amount due. This is known as the right of redemption. If the mortgage contains an acceleration clause, the full balance on the mortgage must be paid in order for the homeowner to redeem.

Do I Need a Foreclosure Attorney?

A real estate attorney can help you in many ways throughout the process. An attorney will not only defend you in the foreclosure proceeding, but will also work with your lender to figure out alternatives which may help you remain in your home. You should speak with an attorney regarding your foreclosure situation in order to determine your possible courses of action. A real estate lawyer can provide valuable legal information as well as representation in a court of law should a lawsuit become necessary. Contact a lawyer to learn more about your state’s foreclosure laws.

Can Foreclosure Be Stopped Once the Bank Initiates It?

Foreclosure is the legal process by which a lender can repossess your home and sell it to try to recover all or some of the debt owed. Once you default on your monthly home loan payments, your lender has the right to start the process of foreclosure. However, even though your bank has initiated the foreclosure process, you do have some options to try during the pre-foreclosure period to try to avoid losing your home.

Mortgage Modification

You can avoid foreclosure by modifying your mortgage loan agreement with your lender. Your options include refinancing your debt, reducing your interest rate and/or extending the length of your mortgage term. This will reduce your monthly loan payments and help you avoid foreclosure. To qualify, you must prove to your lender that your net income has been reduced significantly since the time you signed the loan. In most cases you will have to pay a lender fee, which will usually be included in your new loan payment plan.

Partial Claim

Another option to avoid foreclosure is to seek a one-time interest-free loan from HUD. The department charges lenders a fee to use its services and to receive an advance loan in order to make your loan current. To qualify, you must prove that your current financial situation is solvent and sign a promissory note with your lender stating that you will repay your loan over time. Your lender will have a lien on your house until you repay your loan.

Special Forbearance

Your lender may agree to special forbearance–to temporarily reduce or stop your monthly payments–while it works with you to create a new mortgage repayment plan. You need to prove that you lost your job or main source of income and/or you are experiencing unexpected monthly expenses. After this period, your lender will require you to start making higher payments (usually 1 1/2 times your original amount) for a certain period until your loan is current.

Chapter 13 Bankruptcy

As a last resort, you can file for Chapter 13 bankruptcy. This type of bankruptcy allows you to meet with your creditors, including your mortgage lender, to work out a repayment plan. Once a payment plan is created, it is important to make sure you make all payments as agreed upon to avoid foreclosure. On the other hand, Chapter 7 bankruptcy only delays the foreclosure process by putting an “automatic stay” against your bank for a certain period deemed fit by the court. Since your bank is a secured creditor, at some point the bank will be granted a “relief from automatic stay” and the foreclosure process will continue.

Foreclosure Attorney

When you need legal help with a foreclosure, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-11

Child Support For Unmarried Parents

SEC and Homebuilders

Inheritance Law

Utah Mothers Rights

Utah Divorce Code 30-3-10.2

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Foreclosure Lawyer American Fork Utah

American Fork is a city in north-central Utah County, Utah, United States, at the foot of Mount Timpanogos in the Wasatch Range, north of Utah Lake. It is part of the Provo–Orem Metropolitan Statistical Area. The population was 32,519 in 2018, representing a nearly 20% growth since the 2000 census. The city has grown rapidly since the 1970s. The area around Utah Lake was used as a seasonal hunting and fishing ground by the Ute Indians. American Fork was settled in 1850 by Mormon pioneers, and incorporated as Lake City in 1852. The first settlers were Arza Adams,[8] followed by Stephen Chipman (grandfather of Stephen L. Chipman, a prominent citizen around the start of the 20th Century), Ira Eldredge, John Eldredge and their families. The first settlers of American Fork lived in scattered conditions along the American Fork River.

By the 1850s, tension between the settlers and Native Americans was increasing. In 1853, Daniel H. Wells, the head of the Nauvoo Legion (the Utah Territorial Militia at the time), instructed settlers to move into specific forts. At a meeting on July 23, 1853, at the schoolhouse in American Fork, Lorenzo Snow and Parley P. Pratt convinced the settlers to follow Wells’ directions and all move together into a central fort. A fort was built of 37 acres (150,000 m2) to which the settlers located. Only parts of the wall were built to eight feet high, and none were built to the original plan of twelve feet high. Settlers changed the name from Lake City to American Fork in 1860. It was renamed after the American Fork River which runs through the city, as well as to avoid confusion with Salt Lake City. Most residents were farmers and merchants during its early history. By the 1860s, American Fork had established a public school, making it the first community in the territory of Utah to offer public education to its citizens. In the 1870s, American Fork served as a rail access point for mining activities in American Fork Canyon. American Fork had “a literal social feud” with the town of Lehi due to the Utah Sugar Company choosing Lehi as the factory building site in 1890, instead of American Fork. There were several mercantile businesses in American Fork, such as the American Fork Co-operative Association and Chipman Mercantile. For several decades in the 1900s, raising chickens (and eggs) was an important industry in the city. In 1892, Joseph Forbes organized the schools in American Fork, and the Forbes school is named after him.

During World War II the town population expanded when the Columbia Steel plant was built. An annual summer celebration in the city is still called “Steel Days” in honor of the economic importance of the mill, which closed in November 2001. The steel mill was located approximately six miles (10 km) southeast from town, on land on the east shore of Utah Lake. American Fork built a city hospital in 1937. A new facility was built in 1950, which was sold to Intermountain Healthcare in 1977, which in turn replaced that hospital with a new facility in 1980. The 1992 film The Sandlot was mostly filmed on the Wasatch Front. The carnival scene was filmed in American Fork on State Street by Robinson Park. Several scenes from the 1984 movie Footloose were also filmed in American Fork, including the opening scene inside the church, the front porch scene with Kevin Bacon and his family, and the gas station scene in which Bacon refuels his Volkswagen.

Why Use a Foreclosure Defense Attorney?

Helping Homeowners Avoid Foreclosure – The market is officially saturated with self proclaimed “foreclosure rescue consultants” and dozens of companies seeking to grab money from financially distressed families who are in a panic. To make matters worse, several entities calling themselves law firms or legal groups have become glorified processing centers and illegal partnerships, where clients don’t even speak to a lawyer. Who can you trust from start to finish? What if the lender doesn’t approve your request? A licensed attorney can help you execute any and every option available. The last couple of years have been quite unstable for the housing market. People are facing foreclosure and losing their homes. According to statistics, in Utah 6% of all the mortgages are facing foreclosure proceedings.

Options for Homeowners to Avoid Foreclosure

The fact is that for vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceeding. They are not aware of the fact that there are options available to them that can help them avoid foreclosure proceedings. Here is a quick breakdown of the most popular options:

Loan Modification

A specialized foreclosure defense attorney can lay out the options available to homeowners who are facing foreclosure. Under the Housing Bill passed by President Obama, homeowners facing foreclosure can go for loan modification. Assistance of a foreclosure defense attorney can help a homeowner negotiate the mortgage modification with the lenders.

Short Sale

Still another option that homeowners have is that of short sale. Under this option the homeowner will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale lawyer will negotiate with the bank. The short sale attorney will convince the bank that due to economic or financial hardship, the bank should agree to a discount the loan balance. Therefore, after the house is sold the remaining balance is discounted.

Deed In Lieu

Another way that a homeowner can avoid foreclosure is by opting for deed in lieu. The homeowner’s real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.

Bankruptcy

Another option that a real estate lawyer can suggest to a homeowner is that of filing bankruptcy. This will not only stop all foreclosure proceedings but will also give a chance to the homeowner to repay some of the debt and retain the house.

Refinancing

Utah real estate attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.

Reverse Mortgage

A very good option that a foreclosure defense attorney might suggest is that of reverse mortgage. This is amply a loan against the property. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.

Contesting Foreclosure

In many cases it has been seen that homeowners can successfully contest foreclosure proceeding. A foreclosure defense Jacksonville lawyer can help homeowners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage company has filed the foreclosure proceedings illegally. A cautious attentive homeowner with the help of a foreclosure defense Florida attorney will be able to figure out what is illegal about the proceedings. The bottom line is that there are several options available to homeowners to help them avoid foreclosure. It is up to the homeowners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to avoid foreclosure. The content of this article merely provides a broad generalization and should not be construed as legal advice. A foreclosure is forced sale of home or property by a financial institution such as a bank or mortgage company. Unless you paid for your property in full (cash) at the time of purchase, most property owners use a 3rd party to provide the additional funds to complete the sale. As a result, the owner is obligated to repay the monies borrowed this is called a mortgage. When a property owner fails to make payments as part of the loan agreement for their mortgage, the bank or other lien holder may begin foreclosure proceedings to take possession of the property to satisfy the debt owed to them. Many mortgages have an acceleration clause in the mortgage’s promissory note. This feature can often trigger a premature foreclosure action. The acceleration clause permits the bank or mortgage holder to declare the whole loan due if the property owner misses a specified number of mortgage payments. Usually, the property owner must be provided with sufficient notice before the lending institution can invoke the acceleration clause.

The foreclosure process is a lawsuit brought by the bank or lender to force the sale of property to satisfy the outstanding debt. In most instances, the court will order a sale of the property after deciding the actual balance due on the mortgage (this includes accrued interest). The proceeds of the sale of your property will then apply to the outstanding debt. If the value of your property is less than the outstanding debt, you may still owe the lending institution for the remainder, depending on the terms of the original loan. As the owner, you have the right to pay the bank off before the foreclosure sale in order to keep your property. If you think you may default on your mortgage and fear that you may lose your property through foreclosure, an experienced lawyer may help you determine what other options available to you, including filing for bankruptcy. An attorney can also represent you in a foreclosure proceeding to make certain your interests and rights are protected.

Foreclosure Process

The foreclosure process varies from state to state, but the process is generally very straightforward and typically lasts up to 6 months. The process depends on whether the foreclosure is a judicial sale or a non-judicial sale.

• Pre-Foreclosure: After the property owner fails to make two to three mortgage payments (30-60 days), the property is considered to be in pre-foreclosure. When the property is in pre-foreclosure, lenders will usually send a demand letter demanding full and immediate payment of the loan, plus any legal and late fees incurred. The homeowner has 30 days to make the payments on the debt owed or the foreclosure process will be initiated.

• Notice of Default: After 90 days of non-payment by the property owner, the foreclosure process enters into the legal process. A bank will issue a notice of default to a local sheriff to deliver to the property owner. The notice of default will be recorded by the government agency and a date will be selected for a foreclosure auction. A notice of default also paves way for investors and other homeowners to consult a short sale on the property.

• Foreclosure Auction: A public foreclosure auction will take place and the property may be sold at the auction to the highest bidder. The lender issuing the default can also purchase the property and sell it independently in a private sale. At this time, the homeowner must vacate the property or an unlawful detainer will be filed to evict the homeowner if he or she is still living on the property after the sale.

• Post-Foreclosure: If proceeds of the sale are insufficient to satisfy the debt being foreclosed on, the lender can bring personal action on the homeowner borrower for the deficiency. In some states, the borrower may have a right to redeem after a foreclosure by paying the entire sale price.

• Right of Redemption: Anytime prior to a foreclosure sale, the homeowner or mortgagor may redeem the property by paying the amount due. This is known as the right of redemption. If the mortgage contains an acceleration clause, the full balance on the mortgage must be paid in order for the homeowner to redeem.

Do I Need a Foreclosure Attorney?

A real estate attorney can help you in many ways throughout the process. An attorney will not only defend you in the foreclosure proceeding, but will also work with your lender to figure out alternatives which may help you remain in your home. You should speak with an attorney regarding your foreclosure situation in order to determine your possible courses of action. A real estate lawyer can provide valuable legal information as well as representation in a court of law should a lawsuit become necessary. Contact a lawyer to learn more about your state’s foreclosure laws.

Can Foreclosure Be Stopped Once the Bank Initiates It?

Foreclosure is the legal process by which a lender can repossess your home and sell it to try to recover all or some of the debt owed. Once you default on your monthly home loan payments, your lender has the right to start the process of foreclosure. However, even though your bank has initiated the foreclosure process, you do have some options to try during the pre-foreclosure period to try to avoid losing your home.

Mortgage Modification

You can avoid foreclosure by modifying your mortgage loan agreement with your lender. Your options include refinancing your debt, reducing your interest rate and/or extending the length of your mortgage term. This will reduce your monthly loan payments and help you avoid foreclosure. To qualify, you must prove to your lender that your net income has been reduced significantly since the time you signed the loan. In most cases you will have to pay a lender fee, which will usually be included in your new loan payment plan.

Partial Claim

Another option to avoid foreclosure is to seek a one-time interest-free loan from HUD. The department charges lenders a fee to use its services and to receive an advance loan in order to make your loan current. To qualify, you must prove that your current financial situation is solvent and sign a promissory note with your lender stating that you will repay your loan over time. Your lender will have a lien on your house until you repay your loan.

Special Forbearance

Your lender may agree to special forbearance–to temporarily reduce or stop your monthly payments–while it works with you to create a new mortgage repayment plan. You need to prove that you lost your job or main source of income and/or you are experiencing unexpected monthly expenses. After this period, your lender will require you to start making higher payments (usually 1 ½ times your original amount) for a certain period until your loan is current.

Chapter 13 Bankruptcy

As a last resort, you can file for Chapter 13 bankruptcy. This type of bankruptcy allows you to meet with your creditors, including your mortgage lender, to work out a repayment plan. Once a payment plan is created, it is important to make sure you make all payments as agreed upon to avoid foreclosure. On the other hand, Chapter 7 bankruptcy only delays the foreclosure process by putting an “automatic stay” against your bank for a certain period deemed fit by the court. Since your bank is a secured creditor, at some point the bank will be granted a “relief from automatic stay” and the foreclosure process will continue.

Foreclosure Attorney

When you need legal help with a foreclosure, please call Ascent Law LLC for your free consultation (801) 676-5506. We want to help you!

Ascent Law LLC 8833 S. Redwood Road, Suite C West Jordan, Utah 84088 United States Telephone: (801) 676-5506

Ascent Law LLC

4.9 stars – based on 67 reviews

Recent Posts

Utah Real Estate Code 57-1-11

Child Support For Unmarried Parents

SEC and Homebuilders

Inheritance Law

Utah Mothers Rights

Utah Divorce Code 30-3-10.2

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Foreclosure Lawyer Mark Stopa Permanently Disbarred

Foreclosure Lawyer Mark Stopa Permanently Disbarred

Foreclosure Lawyer Mark Stopa Banned For Life From Practicing Law In Florida

Foreclosure lawyer Mark Stopa Has Been Kicked Out Of The Florida Bar

The Florida Supreme Court has permanently disbarred foreclosure lawyer Mark Stopa. Stopa was once among the state’s best-known foreclosure defense attorneys. The court ordered Stopa to pay $31,620 in costs related to the Florida Bar’s…