As someone who spends a significant amount of time writing on legal issues, it is quite concerning to see so much
incorrect and erroneous information about Oregon bankruptcy law on
the Internet. Consumers need to be aware of this.
I frequently do Internet searches on various
bankruptcy topics and I am constantly amazed and disappointed at
the extremely poor quality of the information on some websites.
There are three main reasons why some online bankruptcy information is bad
By Utilizing the U.S. Dept. Of Treasury’s new ‘Making
Home Affordable Plan, Homeowners May Be Able to Prevent or Stop Foreclosure on a
Home Mortgage Through Loan Modification or Oregon
Refinance.
For months, the mainstream media has presented troubling
information with respect to national housing prices. Understandably, many have
remained skeptical. Evaluating the scope and depth of the present housing crisis
is difficult – especially with the wide and diverse geography of our nation.
Finally, accurate data is emerging and so the first steps to assessing and
repairing the damage can begin.
On March 19, 2009, witnesses testifying before the U.S.
House of Representatives, Financial Services Committee, stated that
approximately 8.3 million families were ‘at risk’ of mortgage foreclosure. Those
estimates appear reliable. Translated into rough percentages, perhaps 12% of
U.S. homes bearing mortgage loans are
touched in this way. It is now hard to imagine that any person remains untouched by the
economic recession that first poked an ugly snout into the news in December
2007.
With home values decreasing and adjustable rates going up for millions of people, people are looking at loan modifications or refinancing. In many cases the loan modification process is more cost effective. No appraisal fees, no loan origination fees, no closing fees.
Because of the advantages loan modification has, the previously small loan modification industry has boomed. These loan modification
companies target the more than 5 million homeowners behind on
their payments. Some of them are legit, but many aren't.
Whether you're behind on your payments, or will be soon because of a decrease in income or an increase in payments, you do have options.
You can try to get the loan modified yourself. There are Government Programs available to lead you through the process. If you're unsure about whether you can navigate the process then an attorney or law firm that deals with real estate and debt reorganization can help as well.
When people ask me if they need an attorney for a loan modification. I tell them no. You don't. And I don't need a plumber to unstop a sink. But if my plumbing issue is not so simple, and I could damage my home if I make a mistake, I hire a plumber because I know they will fix it right, the first time.
I just noticed that the 7th most searched for term on Google is 'Debt Consolidation". With the amount of debt load people are carrying, the rising unemployment rates, increases in the interest rates to home owners and credit card holders, its little wonder people are looking for ways to re-budget with lower monthly payments.
However, be aware that some of these debt consolidation services are ineffective, some give bad advice that benefits only them, and some are out and out scams.
If you're not able to pay your bills on time, before you sign on with a debt consolidation service, make an appointment with an attorney who deals in debt and bankruptcy. Most offer free consultations, so take advantage of that offer.
Just because you talk to a bankruptcy attorney doesn't mean you'll file for bankruptcy. But you should know your alternatives before you agree to make additional payments on debts you can ill afford.
To find out more about handling your debts, visit my website.
I am sorry to say there is a link between bankruptcy and divorce. In fact, financial difficulties are one of the leading causes of marital dissolution. There are two situations we see most often.
First, where the marriage is in difficulty because of financial problems; And second, where the parties know that the dissolution will result in overwhelming financial hardship, and a bankruptcy is an integral part of the dissolution process.
Consumer Bankruptcy filings are up 30% over the past 12 months and up 39% in November 2008 as compared to November 2007. Clearly, consumer bankruptcy filings are not only on a general upward trajectory, but the pace is accelerating. One reason is that credit card debt continues to grow.
This may defy common sense, as we think people must be cutting back on spending and debt. But the reality is, with job losses, and energy price surges, and banks not making so many home equity loans, people turn to their credit cards.
What does this mean for the small business? Maybe not much. If you take cash, or credit cards and have a good verification process in place, business won't change much. However,the increased consumer insolvency can impact the business that's unprepared. Here are some things you should consider:
You're going to see multiple lawsuits regarding Measure 37 claims, following a favorable decision from federal Judge Owen Panner in a case involving a Measure 27 claim in Jackson County.
In that lawsuit, the property owners claimed that their M-37claims under the 2004 property compensation were “contracts” protected by the federal constitution. That means they could not
be dissolved when the legislature scaled back the law last year with
Measure 49 as they are constitutionally protected property rights.
The holidays bring office parties, open houses, and, here in Oregon and especially Portland, Washington County, Multnomah County and Clackamas County, DUII saturation patrols.
There are more DUII arrests in the 30 days between Thanksgiving and Christmas than any other 30 day period of the year. By far.
So if you are one of the unfortunate individuals who was charged with DUII. What do you need to know?
First off, there are two separate enforcement actions that may be taken against you.
The first is a Oregon Department of Motor Vehicles sanction. If you either failed the breath test (you blew a .08 or higher for most people, or a .04 or higher for a CDL, and any amount for someone under 21 years of age) or you refused the breath test, then DMV will suspend your license. The suspension starts 30 days after your arrest, and can be anywhere from 90 days to three years in length. And, if you are an "habitual offendor" your Oregon license could be suspended for 5 years. You may be eligible for a hardship permit during part of your suspension.
You can contest the Oregon DMV suspension, but you MUST ask for a hearing within ten days of your arrest. So its vital that you immediately contact an experienced Oregon DUII lawyer if you are arrested.
The second sanction is the Criminal Sanction. If you're arrested, you need to go to Oregon Circuit Court. There you will be formally charged (arraigned). In some cases, you may be eligible for Diversion. Under Oregon DUII law, in some circumstances a person who was arrested for drinking and driving can avoid a conviction if they complete an alcohol treatment or eduction program. However, in order to take advantage of that program, you need to plead guilty. If you complete the program, in one year the guilty plea is vacated and the charge is dismissed. Before you jump at the chance for diversion however, be aware that pleading guilty can have serious ramifications. So before you decide to enter into the diversion program that the court staff wants you to enter, you should seek the counsel of an experienced Oregon DUII lawyer.
In Oregon, a fourth DUII within a ten year period is a felony and it WILL result in prison time and a lifetime license suspension.
An arrest for drinking and driving has serious consequences on you, your family, and your job. Its important that you seek immediate assistance from a qualified Oregon lawyer, who can discuss your options and fight for your rights.
Our office has several experienced lawyers able to assist you. Our lawyers work with DA's and appear in court on a daily basis. Working as a team, sharing information and tactics, and using the best technology, we are able to keep up with the most current developments of DUII law, and deliver top rate representation.
Call 503-648-4777, or contact us now for a consultation.
The Hope for Homeowners (H4H) program was created by
Congress to help homeowners at risk of default and foreclosure refinance
into more affordable, sustainable loans. It starter October 1st, 2008, so its up and running and able to refinance troubled loans.
If you are having
trouble making your mortgage payments, Hope for Homeowners may be able to get you a new 30-year or 40-year
fixed-rate loan with lower payments. There are some strict requirements for eligibility. However, the government estimates that up to 400,000 people may be eligible for these loans.
Unfortunately, its been reported that some lenders aren't up to speed on this program.Regardless, if you are struggling with your home loan, you must check out the H4H program.
More information here. And, if you require additional assistance, please call and see one of our experienced real estate lawyers.
Many of my
clients holding residential and commercial real estate are asking about short
sales, what they are, and how they work.
Typically, short sales occur
when the value of the real estate is less that the amount of debt secured by
the mortgages or deeds of trust on the property.While short sales occur during the sale of
property, they are arranged in advance of the sale. In agreeing to a short
sale, the bank holding a mortgage or deed of trust on the property accepts less
than the full amount of the debt owned to the bank.
The reason that a bank accepts
less than the full amount of what is owned to them is that you are able to
convince the bank (through accurate documentation – which they will ask you to
provide) that you are financially unable to pay the full amount.
It is important that you do not
handle short sales yourself, unless you are particularly experienced with these
types of transactions. Ask a real estate broker or an attorney for assistance.
I say this because there are a number of logistical things that require special
handling.
Before considering a short sale,
many banks would like to see an offer in hand by a potential buyer, as well as
evidence that the property has been listed for some time. (Make sure that you
do not enter into a binding agreement with a buyer to sell your property unless
that agreement clearly states that it is contingent upon the approval of the
bank. An experienced realtor will know the exact language that needs to be
included in the agreement with the buyer of the property so that this contingency
is in place.)
You also need to inquire about
whether the bank or banks – and there may be more than one, if you have
multiple mortgages or deeds of trust – will release you from liability for the
unpaid balance of the debt if a short sale occurs. Banks are more likely to
agree to this release if your property is owned as your residence, because in
many states (including Oregon and California) a bank knows that if they had to
foreclose on the property, they might not be able to sue you later for the difference
in the market value of the property and the debt that is owned. There are many,
many exceptions to this rule, so it is important that you consult with an
experienced attorney to evaluate your risk of being sued later for the debt,
and whether your bank will agree to release you from that liability. If you
have more than one mortgage or deed of trust, an experienced attorney will be
able to tell you which of the banks might agree to this type of release.
Finally, there may be tax
consequences to agreeing to a short sale. So you should also seek the advice of
a qualified tax professional.
If all of this sounds confusing,
it is because there are many things to consider before you decide whether a
short sale is the right thing to do. However, do not be discouraged. Ask your
realtor or your attorney whether it is feasible, based upon your financial
situation, the type of property that you own (commercial vs. residential), and
the number of banks that are involved.
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Practicing
since 1988, attorney Lawrence Vergun has successfully represented individuals
and businesses in the areas of business, real estate, corporate and
intellectual property law. He is a member of the Business Practice Group at the
Harris Law Firm,PC in Hillsboro, Oregon
