McLeod Law Offices

Short Sales & Foreclosure: Perception & Reality

Many people struggling to pay the mortgages are motivated to consider a short sale. I am often told that it is considered because of their concern that if a short sale is not done, and the property is allowed to foreclosure, they will never be able to own a home again. Today, I want to [...]

The Short Sale Option

A short sale is when a homeowner sells property, but for less than the amount due on the outstanding mortgage. The lender agrees to release/discharge the mortgage on the property to allow the property to change hands to a new owner. Now, there seems to be a belief out there that short-selling a property is better than allowing it to slip into foreclosure. I’m not going to agree or disagree on this – because what’s good for some people, is just not good for others. But since there is a resurgence of media reports that former homeowners are “surprised” to learn they are still responsible for their debts to the bank even after a foreclosure, I thought I would revisit the subject and list out some pros and cons as well as perceptions and realities.

“I never thought I would be sitting here talking to you.”

I hear it from clients who meet with me for the first time, who have already had a chance to talk to me on the phone, and have already taken the time to start pulling together some important information and documents I need to assess their situation. And usually, I see a look in their [...]

Those People

I was recently chatting with an old friend who was sharing with me her recent trials and tribulations. She is on unemployment – has been for a while - and trying to sell her house. Her house is not priced to sell – but priced in line with what other houses in her neighborhood are [...]

Predatory Lending: Beyond the Buzzwords

A few years ago, someone wrote something somewhere (it wasn’t here – I swear) that if you were the victim of predatory lending, you could get a free house. Actually, I recall someone at a legal seminar (not here in Massachusetts – I swear) suggesting that it could be done… which sent some colleagues of [...]

Saving the Home: Thinking Beyond “Delay and Pray”

The foreclosure numbers don’t lie. According to ForeclosuresMass.com, a total of 478 new foreclosures were filed this week (ending January 29, 2010). Approximately 56 homes slipped into foreclosure every day for the last 60 days. The economy is far from a turn around. HAMP is not really working – at least in not any meaningful way. [...]

State of the Union Decompression: The Whole Mortgage Modification Thing

After taking many months learning and understanding HAMP and how it works (and in many cases doesn’t), and after sitting through (and tweeting through) the President’s State of the Union Speech, I am admittedly still mulling it all over. Some tout the speech as the longest in President Obama’s career. Others are debating the propriety [...]

The State of Our Union

Tonight, like many Americans, I’m going to be watching the State of the Union speech. While I have many concerns as a citizen, as a bankruptcy and insolvency professional, my focus continues to be on the economy, and the government’s efforts in moving the country through the current economic mess it is in.

Friday at Bankruptcy Bill

Today you’ll find me over at Bankruptcy Bill.

Facing Bankruptcy with Nagging Regret

I recently met with a bankruptcy client who had a lot of credit card debt, almost no equity in their home, and were unable to meet their obligations. After getting some information, and assessing their situation, I learned that they had lived in their home for almost 25 years, but in the last 12 years had [...]