November 2007

30 Nov Life after Foreclosure in California

"So What Happens If I Let My California House Go Back To The Bank?" Weget this question a lot. The answer is, IT DEPENDS. Generally, one of the following happens: 1. You still owe the bank a big slug of money; 2. You have a big income tax bill with no cash to pay it; 3. You owe the bank a big slug of money and you have a big tax bill ; or 4. You owe the bank nothing and you do not have a tax bill.
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30 Nov Seeking The Last Resort Earlier: Why Bankruptcy Should Not Be Your Last Resort

Traditionally bankruptcy has been known as a last resort, but that is no longer good advice. For many people, bankruptcy is a better choice than sinking further and further into debt, exhausting their savings and retirement plans, putting their homes at risk, or dragging their...

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28 Nov TILA As Defense Against Foreclosure

The Truth in Lending Act, often referred to as TILA (15 USC 1601 et seq.), can provide a defense to foreclosure when other options have failed. The regulations governing home refinance can be complicated, particularly when the loan terms trigger HOEPA, a provision of the Truth in Lending Act governing high interest or high cost loans against a consumer’s home. The law is best used as a shield, rather than as a sword. Statutory damages under TILA are modest and, in the home loan context, run from $200 to $2,000, plus attorney fees. Actual damages are not required for an award of statutory damages. No matter how many violations have occurred, only one statutory damages award is generally allowed for each loan. The most powerful defensive weapon in the TILA arsenal is rescission of the loan.
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