The Law Offices of Bruce C. Bridgman’s Post

#LoanModification Laws in #California: https://bit.ly/48CYiuW. California is one of the leading states in the nation with a large foreclosure problem. In order to prevent more homeowners from foreclosing, the United States government has issued several plans to help individuals to avoid the problem. One of the plans is called the Hope For Homeowners Plan, which unfortunately has helped very few people. Another plan that was recently issued is being called the Obama Plan, with very specific criteria for qualifying. Again, very few lenders are actually providing this plan to their borrowers, with few modifications actually going through. In this environment, you need a highly experienced California Loan Modification attorney to assist you in preventing the loss of your home through foreclosure. When you fall behind on your mortgage you will receive monthly late notices with penalties included. Following your third late payment, you may receive a Notice of Default by the fourth month. The next step will be a Notice of Foreclosure, followed within approximately thirty days by a Notice of Sale. However, with the increased number of foreclosures occurring in California, many banks are not following up on the sale of your home for several months. California Lawyer for Loan Modifications: In order to ensure the possibility of preventing your foreclosure, you need to act now by contacting our office. Our attorneys are trained in aggressive negotiation techniques and have extensive experience negotiating mortgage loan modifications with California lenders. We will provide you with all possible options for your personal situation, in order to either save your home or provide you with relief from the overwhelming debt, should you not qualify or wish to keep your home. Some other options you have include Short Pay Refinance, Short Sale, deed-in-lieu, Special Forbearance, Chapter 7 or Chapter 13 Bankruptcy. When we meet with you for your free consultation we will present you with the options our mortgage loan modification staff believes will best suit your individual financial hardship to help you in foreclosure prevention. Contact us today for your free consultation. If we can help you, even if it's just to answer a question, please feel free to call our office anytime at (949) 679-4250. We're here for you! #Irvine #OrangeCounty #Lawyer #Attorney

A trust deed and a mortgage are both instruments used in real estate transactions to secure a loan, but they have distinct differences in structure and process: Trust Deed (Deed of Trust) 1. Parties Involved: A trust deed involves three parties: - Trustor: The borrower - Trustee: A neutral third party who holds the title to the property - Beneficiary: The lender 2. Title: The trustee holds the legal title to the property until the loan is paid off. The trustor retains equitable title. 3. Foreclosure Process: In case of default, the trustee can initiate a non-judicial foreclosure, which is typically faster and less expensive than judicial foreclosure. 4. Common Locations: Trust deeds are commonly used in states like California, Texas, and Virginia. Mortgage 1. Parties Involved: A mortgage involves two parties: - Mortgagor: The borrower - Mortgagee: The lender 2. Title: The borrower retains both legal and equitable title to the property. The mortgage creates a lien on the property in favor of the lender. 3. Foreclosure Process: In case of default, the lender must go through judicial foreclosure, which involves court proceedings and can be more time-consuming and costly. 4. Common Locations: Mortgages are common in states like New York and Florida. Key Differences 1. Number of Parties: Trust deeds involve three parties, while mortgages involve two. 2. Title Holding: In a trust deed, the trustee holds the title; in a mortgage, the borrower holds the title with a lien in favor of the lender. 3. Foreclosure Process: Trust deeds typically allow for non-judicial foreclosure, while mortgages usually require judicial foreclosure. Understanding these differences can help borrowers make informed decisions about their financing options and anticipate the processes involved in case of default. #trustdeed #mortgage #trustee #borrower

Attention homeowners and real estate professionals: Are you considering a "subject to" transaction in this slower market? Think twice! In a "subject to" deal, the title is transferred to the buyer, but the seller's mortgage remains unpaid. The seller is still responsible for the loan, while the buyer has no legal obligation to make payments. This is not the same as an assumable mortgage, with consent of the lender, and should be seen as a HUGE red flag. These transactions are often proposed when sellers are behind on payments or facing foreclosure, and buyers are typically investors looking to flip the property quickly. However, "subject to" deals come with significant risks for all parties involved: -The seller's credit may suffer if the buyer fails to make payments. -The lender could call the loan due under the "due on sale" clause. -Bankruptcy trustees could attempt to void the sale. -Owners or banks could claim the sale was a pretend sale or an illegal home equity loan, particularly if the seller remains in the home. -Parties could face litigation over potential fraud and consumer protection claims. As a Realtor, your duty is to help clients make informed decisions. Sellers behind on their mortgage can usually work with their lender to delay foreclosure while attempting a traditional sale. Don't let sellers fall victim to predatory foreclosure prevention offers where they may lose significant equity. If you see something different in your contract offer, consult with your title company. While creative options may seem tempting, the risks often outweigh the benefits. Stay informed and protect your clients!

There are few tips I'd like to share when facing foreclosure or pre-foreclosure in #NYC. Feel free to reach out for more tips and help on the topic. 1 Seek Legal Assistance: Consider hiring a foreclosure defense attorney who specializes in New York's foreclosure laws. They can guide you through the process, help you understand your rights, and possibly negotiate with your lender. 2.Contact Your Lender: As soon as you realize you might have trouble making mortgage payments, contact your lender. Some lenders have programs to help homeowners in financial distress, such as loan modifications or forbearance plans. 3.Explore #Government Programs: Look into government programs available in NYC, such as the New York State Mortgage Assistance Program (NYS MAP) or the Homeowner Assistance Program (HAP). These programs offer financial assistance and counseling to eligible homeowners. 4.Attend Foreclosure Prevention Workshops: NYC often hosts workshops and events to educate homeowners about foreclosure prevention options. Attend these workshops to learn about resources and strategies to avoid foreclosure. 5.Consider Selling or Short Sale: If keeping your home isn't feasible, consider selling it or doing a short sale. This allows you to sell the home for less than what is owed on the mortgage, with the lender's approval, avoiding the full foreclosure process and potentially minimizing the impact on your credit. Remember, we are here to help in every situation since your process can be unique, acting quickly and seeking help early can often provide more options for avoiding foreclosure.

Happy Valentine's Day from the mortgage broker that makes it easy! 💖🏡 Let us help you find the home of your dreams and make your homeownership journey a love story. #ValentinesDay #MortgageLove #HomeSweetHome Website: www.simonsleoni.com Apply Now: https://lnkd.in/eM84w6nT Office Phone: 813-258-6767 x 230 Cell Phone: 813-466-4910 SIMONS & LEONI HOME LOANS, LLC - Licensed by the Florida Office of Financial Regulation • MLD #1529 • NMLS #8768 | Licensed by the Georgia Department of Financial & Professional Regulation - Division of Banking • GRMA #21371 | Licensed by Oregon Division of Financial Regulation • 8768 | Licensed by Washington Department of Financial Institutions • CL-8768 | Equal Housing Lender . #brokersarebetter #mortgagebroker #tampa #florida #homebuyer #firstimebuyer #firsttimehomebuyer #firsttimehomebuyers #mortgage #buyingahome #veteran #veterans #homeloan #homebuyeradvice #VA #VAHomeLoan #VALoan #relocation #relocating #relocatingtoflorida #relocate #relocatetoflorida #preapproved #preapproval #prequalification Terms and Conditions Apply. Not all applicants will qualify. Subject to formal underwriting, credit, acceptable income, assets, and property appraisal. Guidelines, rates, and fees are subject to change without notice. Income limitations may apply to some loan products. Not all applicants will meet this timeline. Equal Housing Lender.

As a real estate and mortgage litigation attorney here in the Asheville area, I am hearing the concerns over the substantial loss of homes/businesses and, ultimately, the inescapable inability for many people and business owners to make mortgage payments due to loss of work and the protracted recovery. The fear of losing what they have left is of utmost concern right now. There are several options to protect these interests if the borrower can communicate with their lender as soon as possible. Hopefully, as an immediate stop gap, lenders will make accommodations to forebear loan payments or implement other options to ease the suffering to those who promptly ask for it. Some may not. The most important thing someone can do is to get with their lender as soon as possible. Please get any mitigation agreement documented and officially signed by the lender. Ignoring it under the belief that the lender (especially those outside of the state) will take no action in light of this catastrophe is very risky and can lead to a foreclosure. Lenders do not tolerate non-performing loans on their books for very long and many, unfortunately, move quickly for foreclosure in an attempt to remove it from their books through the taking and selling of the property. I also find that many lenders, if asked, are happy to work with their customers prior to the filing of a foreclosure action. Once the process starts though, its not easy to stop without a vigorous response within our court system. It's best to deal with it quickly and avoid a foreclosure filing altogether. This is most difficult as many people are simply trying to get from day to day. While I'm working to help clean up and remove debris in my wonderful community of Marshall, NC, I'm also here professionally to help anyone in need with any legal issue they may be facing in this regard. I don't like to bring this issue up but its yet one more thing to consider. Please let anyone you know who may face this issue to communicate with their lender as soon as possible. We'll get through this together and a big THANK YOU to all who are helping our area to recover. We really appreciate you!

Considering a VA loan co-borrowing arrangement? Let's dive into common scenarios and what you need to know: ㅤ Scenario 1: VA-Eligible Borrowers and Unmarried Partners If you're planning to co-borrow with an unmarried partner or friend who will share the home with you, there's a financial twist to consider. To secure the VA loan, be prepared to make a down payment. Why? Because the VA will guarantee only the VA-eligible borrower's part of the loan. That goes for VA financing too. ㅤ In simple terms, adding a co-borrower means utilizing only 50% of your entitlement, requiring a down payment if you're not married to them. ㅤ To learn more, please contact us: 713-387-9521 marketing@boxwoodmortgage.com www.boxwoodmortgage.com Co. NMLS # 1824674 Patti Contrasto | Mortgage Broker| NMLS #294661 Patti@boxwoodmortgage.com |D: 713-387-9521 Boxwood Mortgage LLC | 2700 Post Oak Blvd # 21, Houston Tx 77056 | EIN 83-2970443 ㅤ ㅤ ㅤ #remaxtexas #remaxoftexas #kellerwilliamsmetro #kellerwilliamshouston #kellerwilliamskaty

NEW Can Chapter 13 #bankruptcy stop a #foreclosure? When a homeowner realizes that they can’t make their #mortgage payments, it may seem like the end of the world. This #stress is often coupled with the stresses associated with an inability to pay other bills and meet other financial needs. For some, the need to regain control of their finances leads them to file #bankruptcy. One option is Chapter 13 bankruptcy, which requires regular payments to a bankruptcy trustee. It can also help homeowners to prevent foreclosure, which may reduce stress for some filers. Read more in my recent blogpost here:

Happy Groundhog Day! As we eagerly await the verdict from Punxsutawney Phil, we're already looking forward to spring and the possibilities it brings. 🌷 If a new home is on your horizon, let us help you plant the seeds for a bright future. 🏠🔑 Call us today to start your journey toward homeownership! #GroundhogDay #LookingForSpring #HomeownershipJourney #NewBeginnings www.simonsleoni.com 813-258-6767 SIMONS & LEONI HOME LOANS, LLC - Licensed by the Florida Office of Financial Regulation • MLD #1529 • NMLS #8768 | Licensed by the Georgia Department of Financial & Professional Regulation - Division of Banking • GRMA #21371 | Licensed by Oregon Division of Financial Regulation • 8768 | Licensed by Washington Department of Financial Institutions • CL-8768 | Equal Housing Lender . #brokersarebetter #mortgagebroker #tampa #florida #homebuyer #firstimebuyer #firsttimehomebuyer #firsttimehomebuyers #mortgage #buyingahome #veteran #veterans #homeloan #homebuyeradvice #VA #VAHomeLoan #VALoan #relocation #relocating #relocatingtoflorida #relocate #relocatetoflorida #preapproved #preapproval #prequalification Terms and Conditions Apply. Not all applicants will qualify. Subject to formal underwriting, credit, acceptable income, assets, and property appraisal. Guidelines, rates, and fees are subject to change without notice. Income limitations may apply to some loan products. Not all applicants will meet this timeline. Equal Housing Lender.

Happy Valentine's Day from the mortgage broker that makes it easy! 💖🏡 Let us help you find the home of your dreams and make your homeownership journey a love story. #ValentinesDay #MortgageLove #HomeSweetHome Website: www.simonsleoni.com Apply Now: https://lnkd.in/e64FeUXH Office Phone: 813-258-6767 x 232 SIMONS & LEONI HOME LOANS, LLC - Licensed by the Florida Office of Financial Regulation • MLD #1529 • NMLS #8768 | Licensed by the Georgia Department of Financial & Professional Regulation - Division of Banking • GRMA #21371 | Licensed by Oregon Division of Financial Regulation • 8768 | Licensed by Washington Department of Financial Institutions • CL-8768 | Equal Housing Lender . #brokersarebetter #mortgagebroker #tampa #florida #homebuyer #firstimebuyer #firsttimehomebuyer #firsttimehomebuyers #mortgage #buyingahome #veteran #veterans #homeloan #homebuyeradvice #VA #VAHomeLoan #VALoan #relocation #relocating #relocatingtoflorida #relocate #relocatetoflorida #preapproved #preapproval #prequalification Terms and Conditions Apply. Not all applicants will qualify. Subject to formal underwriting, credit, acceptable income, assets, and property appraisal. Guidelines, rates, and fees are subject to change without notice. Income limitations may apply to some loan products. Not all applicants will meet this timeline. Equal Housing Lender.