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Archive for April, 2010|Monthly archive page

Don’t Ignore Property Owner Citations From City of Cincinnati

In Uncategorized on April 30, 2010 at 9:07 am

I know many property owners who intend to surrender their real estate and file for bankruptcy. But even if you file a bankruptcy case, don’t igore a citation from the City of Cincinnati. The City has the power to issue fines that cannot be discharged in bankruptcy. The City issues fines for such things as failing to maintain the premises. In some circumstances, they condemn and tear down the structure, generating expenses that you as the property owner are responsible for. So if you receive a citation, follow the instructions and attend the hearing. The City will consider economic hardship, including bankruptcy. And of course, if you can prove you transferred ownership prior to the issuance of the citation, the City will let you off the hook.

If you are stuck with the fines, chapter 13 bankruptcy allows you to pay them. The bankruptcy court allows monthly payments based upon your ability to pay

Short sale vs foreclosure

In Uncategorized on April 23, 2010 at 3:10 pm

Think a short sale is better than a foreclosure on your credit report? It’s like the difference between being hit by a train or a bus, according to mortgage broker, Catherine Coy. Either will lead to a drop of 200 to 300 points on your credit report. The one advantage of short sale over foreclosure is the shorter waiting period before buying another home. Short sale will allow you to get FHA financing withing two years. You will end up waiting from two-to-five years following a foreclosure.

Foreclosures and home values

In Uncategorized on April 15, 2010 at 8:36 am

In a recent interview on CNN, bank analyst Meredith Whitney stated that home foreclosures will continue to rise. As a result, home values will continue to suffer. Meanwhile the Congressional Budget Office issued a report critical of the administration’s foreclosure rescue program. The report states that for every home loan modified under the program, ten homes fall into foreclosure. How can we have a real economic recovery while this problem continues to grow?

More People Are Giving Up Their Houses

In Uncategorized on April 5, 2010 at 8:22 am

The latest bankruptcy statistics show new cases filed in March were at the highest level since the bankruptcy law changed in 2005. More people are choosing chapter 7 over chapter 13. That’s because fewer people are choosing to save their homes. That’s unfortunate because these abandoned homes add to the depressed real estate values.

Why are people giving up their homes? I see two factors at work: lower income and declining home equity. Many people struggle to keep up with basic expenses as their employers eliminate jobs, benefits and overtime. As foreclosure rates climb, housing values fall and equity is reduced. So more home owners are walking away from their homes rather than trying to save them.