Taylor-Brown Real Estate Talks

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With Enron, Tyco, and other companies involved in varies accounting scandals, you would think there would have been provisions in the law to prevent the same catastrophe from happening to other industries, like real estate and insurance.

In real estate, the accounting scandals were created by providing easy credit in an inflated stock and real estate market.  The scandals themselves were not just fudging numbers, it was cutting and pasting income documents, job history was manipulated to show long time on jobs, etc.

As a result, some people where given mortgages for homes,they really could not afford.  All to often, the individuals that were most negatively affected by these practices were minorities.

The real estate bubble has happen and now we are left trying to repair the damage.  There are more foreclosures on the market than ever.  What is worst there is more foreclosures to come.   In a recent report about loan modification, it was found that only fifteen percent of the mortgage companies were participate. 

Still yet, if a person files a Chapter 13 bankruptcy because the loan modification is taking to long, the bankruptcy will end up costing the homeowner more in the long run. 

The bankruptcy creates a larger delinquency for the homeowner.  How you ask?  The first few payments to the bankruptcy court go to attorney, trustee, and court.  Do not get me wrong it has its advantage because it stops the foreclosure; however, if you miss a payment and the bankruptcy is dismiss the home goes back into foreclosure right where it left off.  Another thing is the bankruptcy only pays the arrearage or payment you are behind not your current mortgage payment.

The latter is an issue because most attorneys do not tell you that you have to make the bankruptcy payment and your normal mortgage payment.  If you fall behind on either the home is back into foreclosure.

You may be worrying if there is any protection available.  Yes, there is.  The protection is yourself.  You can protect yourself by reading what you are signing, doing research, and asking questions to get a clear understanding.  Remember, if it sounds too good to be true it probably is.

• Commercial Real Estate - Latest News The latest news in commercial real estate from around the blogosphere is about the early signs of what I blog about a couple of months ago, the second wave of foreclosure are coming in commercial real estate.  Check it out for yourself: <a href="http://housingdoom.com/2010/01/02/commercial-real-estate-a-darwinian-herd-thinning-event/">Commercial Real Estate: “A Darwinian Herd-Thinning Event......
• What is the difference between a Chapter 7 and Chapter 13 Bankruptcy Chapter 7 Bankruptcy   All assets are frozen when a Chapter 7 bankruptcy is filed.  The attorney creates an automatic stay. Under an automatic stay, the homeowners will not be able to buy anything, the homeowner will not be able  to sell anything, and the homeowner will not be able......
• Loan Modification Latest News There are mixed views of the results of whether the loan modification measure is working.   Therefore, here is the latest news in loan modification from around the blogosphere: http://best-bankruptcy-lawyer.info/1038/loan-modification-the-solution-to-avoid-foreclosure-and-crisis/ Loan Modification -The Solution To Avoid Foreclosure and Crisis ...</a><p>If you would like to get loan modification you should be......
• A Loan Modification is Within Your Reach If you are facing foreclosure, you have options.  First you must dismiss the common myths about loan modifications: The common myths are: One myth is the bank does not want me to keep my home.  The bank does not earn any money if it forecloses on your home so if......
• The Crimes We Commit Against Our Wallets Image by Butte-Silver Bow Public Library via Flickr Taylor-Brown Real Estate prides itself on deliver top-notch information that you can use about the topics of mortgages, real estate, and insurance.  Therefore, it is imperative that from time to time specific information is given that may not be found anywhere......

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