Bankruptcy Archives - Page 10 of 10 - The Law Office of Emil Fleysher, P.A.

Florida Foreclosure, Loan Modification, and Bankruptcy Attorney

The Debate Over Mortgage Principal Reduction

Emil Fleysher January 27, 2012

Reducing mortgage balances is an idea that could be helpful to or cause more default among borrowers. Some experts feel that widespread principal reductions may drive defaults much higher. Also, taking this step may tighten lending by forcing banks to offer “price protection” to borrowers. The data shows there is essentially no difference in re-default rates among delinquent borrowers given only payment reductions and those also offered smaller mortgages. About

Beware the Impacts of the New “CoreScore” Credit Report

Emil Fleysher January 16, 2012

Beware the Impacts of the New “CoreScore” Credit Report

HOAs Prodding Resistant Banks to Act on Distressed Condo Units

Emil Fleysher December 26, 2011

In addition to homeowners, Home Owner’s Associations (“HOA”s) are victims of the foreclosure crisis as well. When homeowners stop paying maintenance fees or assessments, associations start facing serious problems. Some associations have more than 50% of their units delinquent. Under Florida law, HOAs can foreclose on owners for the delinquent fees and can take title that way. This is not always helpful because the existing mortgage goes with it and

Beware of Cross-Collateralization when dealing with Credit Unions

Emil Fleysher October 24, 2011

A cross-collateralization clause makes the collateral that secures the car loan (the car) serve as collateral for all loans the credit union has made or will make to you. This transforms any unsecured debts that you have with that credit union (i.e., a credit card) into secured debt. It is often the case that the debtor has no idea that this cross-collateralization exists until after default or during bankruptcy.

Can my Homeowner’s Association (HOA) foreclose on my home?

Emil Fleysher July 26, 2011

Many borrowers that have stopped making their mortgage payments are unsure as to whether or not they should continue making payments to their homeowner’s association, commonly referred to as their HOA. My clients that are facing foreclosure often ask what the consequences are for not paying the HOA and are often surprised with my answer. With very few exceptions, I recommend paying your association in full and on time. According

When is the right time to file for Bankruptcy?

Emil Fleysher June 22, 2011

This is one of the most frequently asked questions that my clients need answered. The truth is, like most answers to legal questions, it depends… Creditor Harassment / Collection Calls: If the primary force driving you to file for bankruptcy is harassing phone calls, letters, and e-mails from your creditors, then chances are the sooner you can file the better. Filing for bankruptcy invokes the automatic stay which instantly prohibits

What are the alternatives to Bankruptcy?

Emil Fleysher January 20, 2011

Your right to file for bankruptcy and discharge your debts is a very important and very powerful right. It can only be used once every 8 years and should not be exercised unless absolutely necessary. The general rule of thumb for deciding whether you should file for bankruptcy is this… if your unsecured debts are equal or greater than your annual salary, you should file for bankruptcy. This general rule

What Happens to my 2nd Mortgage/Home Equity Loan in Ch. 7 Bankruptcy?

Emil Fleysher December 23, 2010

Many clients are concerned with what will happen to their second mortgage (also referred to as a Home Equity Loan, Home Equity Line of Credit or HELOC) during and after Chapter 7 Bankruptcy. In general, 2nd mortgages or HELOCs are loans that are given to property owners. These loans are secured by the value of the property above the amount of the first mortgage. The difference between what the property

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Fleysher Law Blog

The Debate Over Mortgage Principal Reduction

Beware the Impacts of the New “CoreScore” Credit Report

HOAs Prodding Resistant Banks to Act on Distressed Condo Units

Beware of Cross-Collateralization when dealing with Credit Unions

Can my Homeowner’s Association (HOA) foreclose on my home?

When is the right time to file for Bankruptcy?

What are the alternatives to Bankruptcy?

What Happens to my 2nd Mortgage/Home Equity Loan in Ch. 7 Bankruptcy?

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