Ann Arbor Real Estate Attorney

Back with more news for you today. It’s amazing how much good information there is on this stuff out there if you know where to look. Three in particular that I found really valuable were…

New York Attorney Malpractice Blog: A Tangled Real Estate Web and …

A Tangled Real Estate Web and Legal Malpractice. Reading the decision in a case like this requires both a score card and a play diagram. In LZG Realty LLC v H.D.W. 2005 Forest LLC ;2010 NY Slip Op 50958(U) ; Decided on May 28, 2010 …

Real Estate Attorney Chicago to Save You Money | The Illinois Law …

If your financial situation has affected your ability to make your house payments, then you definitely should consult a real estate attorney Chicago. The right real estate attorney Chicago will help you get through these difficult times …

The Real Estate Contract « Network Marketing

You don’t have to be an attorney or a real estate agent to appreciate the basic legal requirements of owning a home. We’re going to explain the real estate contract using everyday language so that you can sign your contract with …

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Foreclosures are becoming increasingly common these days, due to job loss and high unemployment rates. A homeowner who is facing potential foreclosure should contact an attorney. The homeowner should do so before the bank files a lawsuit. The attorney may be able to negotiate with the bank in order to prevent foreclosure. For example, the homeowner may be unable to pay the mortgage because the interest rate recently adjusted. The attorney may be able to negotiate a modification in the loan terms. Alternately, the bank may be willing to accept lower payments for a certain period of time, in order to allow the homeowner to get back on his feet.

In some situations, the homeowner determines that he is ultimately unable to afford the mortgage. In this case, the attorney can help find an appropriate exit strategy. For example, the bank may be willing to accept a “deed in lieu of foreclosure.” Under this option, the bank agrees not to foreclose if the homeowner deeds the residence to the bank. The attorney can review this option in order to ensure that the homeowner is being treated fairly, and that the bank is not receiving a windfall. Alternately, the bank may be willing to allow a “short sale.” Under this option, the bank would allow the homeowner to sell the residence, and the bank may be willing to forgive any debt that remains. The attorney can prepare the short sale documents with the goal of limiting the homeowner’s liability following the sale.

In other cases, the bank chooses to file a foreclosure lawsuit. The attorney can represent the homeowner in the lawsuit and determine whether there are any defenses. For example, the mortgage may require that the bank give the homeowner legal notice and right to cure any missed payments before bringing a lawsuit. If the bank hasn’t followed the correct procedure, the homeowner may have a potential defense. The attorney may be able to identify other defenses, including violation of state or federal laws. If a bank violates the Wisconsin Consumer Act, the Fair Debt Collection Practices Act, or the Truth in Lending Act, the homeowner may have potential defenses. The attorney will be able assist the homeowner in preparing the best strategy.

About The Author

Atty. Eric P. Pitsch is the owner of Pitsch Law Offices, LLC, which is located in Appleton, Wisconsin. The firm has several attorney who practice in different areas of law, including Real Estate, Family Law, Traffic/DUI, Criminal Defense and Personal Injury.

All articles published by Atty. Pitsch are a copyrighted by Atty. Pitsch, but are free to be published and republished, provided it is done in a tasteful and professional manner.

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