• home
  • attorney profile
  • practice areas
  • resources
  • blog
  • contact

As a Miami Florida attorney practicing real estate law, Lisbet Campo, Esq. provides legal counsel and representation to parties involved in commercial and residential real estate transactions. If you have a legal issue in Miami-Dade, Florida, or anywhere in the State of Florida contact attorney Lisbet Campo to discuss your situation.

Home >>Blog >>
Entries Rss

  • Search

  • Categories

    • Bankruptcy
    • Real Estate

  • Recent Posts

    • Chapter 13 Bankruptcy Automatic Stay
    • What Will Happen If Your IVA Fails
    • Bankruptcy Information
    • Reasons Why People Go Broke
    • Bankruptcy Loans
    • Avoid Bankruptcy
    • Chapter 13 Bankruptcy
    • Eliminate Credit Card Debt
    • Reasons You Might Have to File Bankruptcy
    • Foreclosures

  • Archives

    • July 2010
    • June 2010
    • May 2010
    • April 2010
    • March 2010
    • February 2010
    • January 2010
    • December 2009
    • November 2009
    • October 2009
    • September 2009
    • August 2009

  • Lisbet Campo, PA.

    • About Lisbet Campo, PA.

  • Tag Cloud

    Avoid Bankrupt Bankruptcy Chapter Chapter 7 Chapter 13 Credit Credit Card Credit Score Debt Debts Economy financial Foreclosed Foreclosure Foreclosures Government Home Homes House Jobs Loan Loan Modification Modification Modifications Money Mortgage Obama payment payments Personal Bankruptcy Plan President Property Relief REO Sale Sales Short Short Sale Short Sales Stimulus Tax tip Tips

  • Calendar

    December 2009
    M T W T F S S
    « Nov   Jan »
     123456
    78910111213
    14151617181920
    21222324252627
    28293031  

Archive for December 18th, 2009

Chapter 13 Bankruptcy

Friday, December 18th, 2009

The reality of not being able to make ends meet in corporate and personal financial obligations has never rung more true than in the year 2009. Many business doors closed, foreclosure notes forced families out of their homes, unemployment rate was the highest it has been in over 20 years, and a financial global crisis unraveled before our very own eyes. So what is a business or home owner to do? How do you gain back your pride and build financial stability after it has been shred to pieces? Many Americans turn to filing bankruptcy, specifically, Chapter 13. But what does that mean? How do you know if it is the right option for you? Here is a brief explanation of Chapter 13 so you may see if it is the correct choice for you. There are many forms of bankruptcy available to address your business and personal dilemmas. For instance, if you were in an accident leaving you unable to work then bills pile up. Moreover, creditors are calling threatening to take away your standard of living due to unpaid bills. What do you do in this situation? Filing for Chapter 13 Bankruptcy might be the right answer for you. For Chapter 13 Bankruptcy filings stop and prevent foreclosure actions from occurring. It may allow you to breathe easier preventing your from being physical removed by authorities from your house.

Chapter 13 Bankruptcy tends to be appealing to businesses as well. For what if you are no longer able to pay mortgage on your restaurant property. Does the government come knocking on your door and take everything away, including the restaurant equipment located inside the business dwelling? What about the kitchen supplies, are the utensils taken away too? In most cases, the answer is yes unless you file for a Chapter 13 Bankruptcy. Chapter 13 Bankruptcy filings do not require the liquidation of assets. In Chapter 7 Bankruptcy liquidation of assets does occur. Therefore, perhaps Chapter 13 Bankruptcy is more suitable to match your needs than a Chapter 7 filing.

Full Article

For More Information Visit: http://www.miamifloridarealestatelawyer.com

  • Share/Bookmark

Tags: Bankruptcy
Posted in Bankruptcy | No Comments »

Effect of a Short Sale on Your Credit

Friday, December 18th, 2009

Defaulting on your mortgage dues entails repercussions. For one, your property may be on the verge of being foreclosed. You can avoid this by entering a short sale in hopes your credit rating will not be severely tarnished. But the truth is, there is not much difference whether you pursue a short sale or foreclosure. Then again, there are some attributes of the short sale that can persuade you to opting for it. Credit implications are relative to the reason why you are going for the short sale. If you are going for this process and you have other assets to augment the discrepancy of the sale, your score will not be affected. If you also choose to acquire new loans to suffice the difference in proceeds from the sale, you are even given the chance to improve your rating. However, your score will not be gravely affected if you do not have pending delinquencies on your mortgage or other loans.

When your lender accepts the fact they can only get an amount way less than what you owed, then the sale advances. If you are going through this process to avert foreclosure, there would be implications to your credit standing. Assuming that you are delayed in your payments for more than 59 days, your delinquency reflects your incapability to sustain your financial obligations. Thus, they would give a negative account on your record. If this is the case then a short sale is not unlike foreclosure at all. Your score still suffers. With this in hand, you will lose from 200 to 300 points. The only difference is the description of your status, wherein the sale would be treated as a pre-foreclosure process with an attempt to redeem the property.

Full Article

For More Information Visit: http://www.miamifloridarealestatelawyer.com

  • Share/Bookmark

Tags: Credit, Short Sale
Posted in Real Estate | No Comments »

Making Home Affordable Program

Friday, December 18th, 2009

The Making Home Affordable program is aimed to help save eligible homeowners from a deed in lieu of foreclosure. The guidelines of this program require lender to make a temporary reduction of payments for borrowers that are eligible for modification and are deemed to be in actual foreclosure or risk of imminent default.
The Qualifying Rules
- They mortgage loan itself has not been previously modified under the HMP.
- If delinquency or default is reasonably foreseeable regarding the mortgage loan. Loans that are currently in foreclosure are eligible as well.
- Mortgage loan must be secured by a one- to four-unity property, one of which must be the borrower’s principal residence: 1. Mortgage loans secured by condominium units and cooperative share mortgages are also eligible for the HMP; 2. Secured loans by manufactured housing units are eligible for the HMP as well.
- The property that is securing the mortgage loan must not be vacant or condemned.
- The borrower must document financial hardship and represent how they, the borrower, do not have sufficient liquid assets to make the monthly mortgage payments. They must do this by completing a Home Affordable Modification Program Hardship Affidavit as well as provide any and all required income documentation.

Full Article

For More Information Visit: http://www.miamifloridarealestatelawyer.com

  • Share/Bookmark

Posted in Real Estate | No Comments »

Short Sale

Friday, December 18th, 2009

Each Lender has its own requirements to include in a Short Sale package. Here are the most common things that Lenders require before they will begin to consider a Short Sale: A hardship letter from the homeowner outlining what is causing missed payments and what the homeowner has done to try to change the situation. The letter should start with a brief identification of the property, the loan number and a sincere apology for the situation. Then the homeowner should tell in their own words exactly what caused the missed payments. Extensive medical bills? Job loss? Did the homeowner retire, cutting income substantially? Has an adjustable rate loan readjusted? Is the home underwater on its mortgage? Has the homeowner been transferred to another part of the country and the home is not selling? All of these are valid hardships that can be explained in a letter to the Lender’s Loss Mitigation Department.

Full Article

For More Information Visit: http://www.miamifloridarealestatelawyer.com

  • Share/Bookmark

Tags: Sale, Short
Posted in Real Estate | No Comments »

How Does Foreclosure Work

Friday, December 18th, 2009

The way a foreclosure works, also known as the foreclosure process, varies depending on the state you live in according to your state statutes. There are two kinds of foreclosure. Judicial and NON-Judicial, meaning some foreclosures go through the court system and some do not. If you want to truly understand how foreclosure works, then you need find out if you live in a judicial or NON Judicial state. The judicial foreclosure process takes place in the court system. The lender will file a “complaint” which will be served to you. Complaints can be served in several different ways. They can be sent via mail (which you would have to sign for), publication in a local newspaper, or in person. This complaint will give you the opportunity to go before a judge to explain your case and will contain a court date.

If the court finds the loan to be accurate (yes, there are fraudulent loans made to homeowners) and that the loan is in default, then the court will give a judgment in the favor of the lender. Judgment will not be given to the lender if it a fraudulent loan or if you can prove you are not in default. On the flip side, once a judgment has been authorized, then the lender can sell your house at auction to recover the money they lent you to buy the house. This auction is also known as a “sheriff’s sale” and is formally authorized with a Writ of Execution. After the auction, the court must confirm the sale. Once confirmed, then a deed is recorded in the highest bidders’ name and they are the new legal owner of the property. If the bank didn’t sell the house at auction, then the bank will be the new legal owner of the property.

Full Article

For More Information Visit: http://www.miamifloridarealestatelawyer.com

  • Share/Bookmark

Tags: Foreclosure
Posted in Real Estate | No Comments »

home attorney profile practice areas resourcesblog contact newsletter

Copyright © 2009 Lisbet Campo P.A.
designed and optimized by Miami Web Design - cpccci.com & hosted by Miami Web Hosting - cpcwebsolutions.com