tag:blogger.com,1999:blog-6146554520442812892024-03-13T08:53:04.991-07:00ZinserismsWelcome - I hope you will enjoy the free resources in this blog. It is made with families in mind by a lawyer who is also a mom. Enjoy!Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.comBlogger51125tag:blogger.com,1999:blog-614655452044281289.post-26284616941751695482011-06-16T14:20:00.000-07:002011-06-16T15:26:50.473-07:00Chapter 13 NACTT 46th Annual SeminarFrom August 3-6, 2011, the National Association of Chapter 13 Trustees have planned an outstanding educational program at the Anaheim Marriott that includes speakers who are nationall recognized judges, academics, lawyers and trustees. Pre-registration closes on July 15th. <a href="http://considerchapter13.biz/save-the-date">http://considerchapter13.biz/save-the-date</a>Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-12521452659776825902010-11-18T23:35:00.000-08:002010-11-18T23:36:52.538-08:00Orange County bankruptcies rise 7.4 percent last monthIf you are think you are out of options and are now thinking about filing for bankruptcy, you are not alone. I know that my law firm has had a very busy fall. But the data from the courts speaks the loudest. <a href="http://www.ocmetro.com/t-oc_bankruptcy_october_2010.aspx">OC METRO – Orange County bankruptcies rise 7.4 percent last month</a>Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-23788126150378073852010-10-08T14:37:00.000-07:002010-10-08T14:41:49.522-07:00HAFA & Short SalesYesterday I attended a few short sale sessions at the California Association of Realtors EXPO and learned a lot about the new HAFA short sale program. I will be taking a course on it but every short seller out there should ask their Realtor if it looks like they are elgible for it. Thus far it looks like it is the most consumer friendly short sale program and that it is the fastest short sale program. <br /><br />Check back for more information as I learn more!Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-10105676699669555292010-08-16T15:58:00.000-07:002010-08-16T16:21:00.718-07:00Third World America<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijLgsL_vU1DI4PUC1r4MH_Xnx1zq1Krm_DanDVfOfvTVsSgShxAWbESmXC75ZNBkzdmmljkmSQ36jEDdMvWhARZIHZzRlYMZEzddhAMZ3mbGP-c0QWCQTNOa1wsLeADNr-NHunpt5hmXY/s1600/Third+World+America.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 400px; height: 400px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEijLgsL_vU1DI4PUC1r4MH_Xnx1zq1Krm_DanDVfOfvTVsSgShxAWbESmXC75ZNBkzdmmljkmSQ36jEDdMvWhARZIHZzRlYMZEzddhAMZ3mbGP-c0QWCQTNOa1wsLeADNr-NHunpt5hmXY/s400/Third+World+America.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5506151244568989986" /></a><br />Arianna Huffington has a new book coming out entitled <a href="http://www.huffingtonpost.com/arianna-huffington/third-world-america-chron_b_676474.html">Third World America</a>. It will be discussing why America is in danger of becoming a Third World country. I have been reading Arianna's columns on The Huffington Post for a while now. I find it interesting because most of my bankruptcy clients and real estate clients who are really struggling are in the middle class. These are generally families who have never faced severe financial issues and who never thought they would. It has felt like America is trying to eliminate the middle class. Somehow everyone thinks that the people who are filing for bankruptcy or selling their homes in a short sale are irresponsible and have spent too much money. Most of the time it is because of a rapid and dramatic decrease in income that could not have been anticipated. Most of my clients feel badly that they have to file bankruptcy or let their house go (through a short sale or foreclosure). <br /><br />I personally think a large part of the solution is to hold our elected officials accountable to us, the voters, rather than to big corporations. Right now it seems like corporations are running our government regardless of the cost to normal, hard-working Americans. I look forward to reading Ms. Huffington's book to see if she can make sense of this very strange path our economy is taking.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-32933149671660252112010-07-29T21:37:00.000-07:002010-07-29T21:44:16.433-07:00Free Pacific Symphony Concerts in the ParkMy kids loved the <a href="http://www.ocregister.com/articles/concert-257693-music-symphony.html">free Pacific Symphony concert </a>last summer and we will be going again this year. The first two concerts are this weekend so don't miss out. There is a fun musical playground and conducting workshop starting before the concert. At some point in the performance, the conductor invites the kids up to conduct the symphony with them. That was the highlight of the evening for my son. He played conductor for the remainder of the summer after that! Since my kids are in preschool, we opt for the outdoor concerts where they can run, play and dance to the music instead of going to a concert hall where the kids would have to sit still. Plus, music and a picnic dinner are a perfect way to spend a summer evening.<br /><br />See you there!Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-46348852092843596392010-01-10T20:57:00.001-08:002010-01-10T21:02:43.319-08:00Orange County Housing Report - The Year in ReviewI check in with Steven Thomas's blog from time to time and his <a href="http://ochousing.blogspot.com/2009/12/orange-county-housing-report-happy-new.html">latest posting </a>recapping 2009 and his predictions for 2010 are interesting. I agree with Thomas that short sales did and will continue to dominate. I also agree that the higher end homes will continue to decline in value (you have to read to the end to get to that prediction). If you are interested in Orange County real estate, I found his last post of 2009 to be a very worthwhile read.<br /><br />And by the way - Happy New Year!Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-8415796216802297532009-12-10T21:26:00.000-08:002009-12-10T21:30:21.110-08:00Orange County Bankruptcy Filings IncreaseNovember Orange County bankruptcy filings increase 63% compared to November 2008. See <a href="http://www.ocmetro.com/t-OC_bankruptcy_November_121009.aspx">OC Metro</a>. I am not suprised - the courts are absolutely swamped. And a Chapter 7 case that would normally take no more than 6 months for the court to grant a discharge and close now takes 7 months.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-85713740381335944272009-12-10T11:12:00.000-08:002009-12-10T11:18:45.638-08:00Bankruptcy Modification up for Vote in the HouseDo you think bankruptcy judges should be able to modify mortgages on peoples homes? Did you know that bankruptcy judges can modify commercial mortgages but have been denied the ability to modify loans on a family's residence?<br /><br />The House may be voting on mortgage modification in bankruptcy as soon as this afternnon.<br /><br />If you would like to give lenders some incentive to actually complete some mortgage modifications, please call your representative today:<br /><br />1. Phone toll free at: 877.354.4958<br />2. Put in your zip code<br />3. When you reach the receptionist:State your name and say that you are a constituent.<br />Ask the Representative to vote FOR the Conyers-Turner-Lofgren amendment (#201) to the Financial Services Reform bill. <br /><br />This amendment will cost taxpayers NOTHING and will save millions of homes from foreclosure.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-73125114608188207562009-12-05T16:36:00.000-08:002009-12-05T16:51:59.545-08:00Middle Class ThreatenedI am noticing a trend in my bankruptcy practice. That is more and more families who never thought they would end up in bankruptcy are finding themselves filing for bankruptcy. These are normal, middle class or often upper middle class families, just like you and me. These are people who have had great credit scores and who have always paid their bills on time. It seems like many people are facing reduced salaries or a temporary job loss that simply puts them behind. <br /><br />Now I am not an economist but I did find Elizabeth Warren's recent article entitled <a href="http://www.huffingtonpost.com/elizabeth-warren/america-without-a-middle_b_377829.html">"America Without A Middle Class"</a> enlightening regarding this disturbing trend. No wonder normal families are having a hard time making ends meet. Especially in Southern California. Ms. Warren cites the rise in housing costs (which we all know about in Orange County), the rise in health care costs, child care costs and taxes. At the same time, a fully employed male's wages have essentially been flat. <br /><br />It seems that we are in an era of the rich getting richer and the middle class is being squeezed. I don't think any of us want to have an America without a strong middle class. When I lived in New Orleans during law school, I loved that city. The one thing that was really bothersome though was the gap between rich and poor and the lack of a substantial middle class. Do you know what the result was? Rampant crime. Most of my friends had been mugged at one point or another in their three years of law school. One of my friends was even held up while jogging on St. Charles Ave. (a main thoroughfare) in front of a streetcar full of people. I hope this is not where we are headed.<br /><br />Unfortunately, our Congress is too easily influenced by bank and big business lobbyists. Something needs to change to preserve the great country that we live in.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-29624876487724538942009-09-16T22:08:00.001-07:002009-09-16T22:12:28.320-07:00FDIC's Foreclosure Prevention ToolkitIf you are facing foreclosure and would like some good advice, check out the FDIC's new <a href="http://www.fdic.gov/consumers/loans/prevention/index.html">foreclosure prevention toolkit</a>.<br /><br />The FDIC's website is filled with a lot of good information. And I just want to add my own advice about the many foreclosure rescue scams - if it seems too good to be true - it probably is.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-1002511935935422922009-09-01T18:43:00.000-07:002009-09-01T19:00:36.494-07:00OC Metro's "OC's Top Lawyers" Article<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg55y9ZosNXzNVCVTABwBcWBtg8kGJbZtFEzavIn8fY-o2HToAx1J6AefH6ghAKJh6A3ZbFjJGACVI66PJQtzO-2bYxcoT4CA5I2F5L9u5nw4C1clZn2zfICqozIOyMa4bSq_Cvt0e1lbw/s1600-h/Docs194.jpg"><img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 309px; height: 400px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg55y9ZosNXzNVCVTABwBcWBtg8kGJbZtFEzavIn8fY-o2HToAx1J6AefH6ghAKJh6A3ZbFjJGACVI66PJQtzO-2bYxcoT4CA5I2F5L9u5nw4C1clZn2zfICqozIOyMa4bSq_Cvt0e1lbw/s400/Docs194.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5376683380455379138" /></a><br /><br /><br /><br />In case you missed it, Orange County Metro Magazine’s August edition contained an article titled <a href="http://www.ocmetro.com/t-Attorney_64bKelly_Zinzer0809.aspx">“O.C.’s Top Lawyers.” </a>The article presents a survey of attorneys by practice area and I was honored to be selected for the top of the list under the <a href="http://www.ocmetro.com/t-CoverStory_Orange_County_top_lawyers_Avvo07_consumer_bankruptcy_debt.aspx">“Consumer Bankruptcy/Debt”</a> category.<br /><br />The survey is a result of collaboration between the OC Metro and Avvo – a national organization which evaluates attorneys in specific regions around the country and tracks ratings on their website <a href="http://www.avvo.com">Avvo.com</a>. Avvo ratings take into consideration such factors as the number of years in practice, professional achievements and evaluative responses by other attorneys and clients alike.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-85167292436413043922009-08-27T22:02:00.000-07:002009-08-27T22:17:59.125-07:00Foreclosure, Short Sale or Loan Mod? Watch out for the Tax Man<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYf3weI9nHaItTAnKS-3tbK05n6g61IGcisGhDSWrJfKoe0VK5I9j_kuQyO6jjZ3ExCGFB2FNAhfwkp75fvEN6JwmxrUzM1nT_g790Wz3Z78TUjUT_ZFeLleQ5WybVbe3NEVZf_U5q11Q/s1600-h/Fotolia_1840532_XS.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 320px; height: 145px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiYf3weI9nHaItTAnKS-3tbK05n6g61IGcisGhDSWrJfKoe0VK5I9j_kuQyO6jjZ3ExCGFB2FNAhfwkp75fvEN6JwmxrUzM1nT_g790Wz3Z78TUjUT_ZFeLleQ5WybVbe3NEVZf_U5q11Q/s320/Fotolia_1840532_XS.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5374876015403120226" /></a> Generally, when debt is forgiven, that is a taxable event. Right now there are quite a few federal tax exceptions for your primary home. These are good through 2012. The bad news for California homeowner is that if you have a short sale, a foreclosure or a reduction in principal as part of a loan modification, you could have a taxable event. This article, <a href="http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2009/08/25/BUBM19D2P7.DTL&type=business">"Those who lose homes may face state tax hit" </a>in the San Francisco Chronicle is a good explanation of this dilemma. <br /><br />Some other exceptions to the tax are if you are bankrupt or insolvent or if the debt forgiveness is on the loan that you used to purchase your home. <br /><br />So if you will be the recipient of some kind of tax forgiveness on real estate, I highly suggest that you speak with your accountant. See if you qualify for any of these exclusions or have your accountant calculate your tax liability. Then you can see if walking away from your home or a short sale is worth it.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-45178413760917558042009-08-17T22:20:00.000-07:002009-08-17T22:25:34.078-07:00New YouTube Page for Olenicoff & Zinser, PC<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhQV0xlePcKyTp0P4RPwWs-MFnJcTmXgS_tro8Z98t9mT5aKOwHepjaQj2nz2KSN-8NKGD_2YSAeEUg3KX2SJu5kwvgewS4He7yMu1FYYX2njH_7BIoLiLfE3qWQS7J3Vd4ExDx2tJnpQ/s1600-h/OfficeBK.jpg"><img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 120px; height: 90px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhhQV0xlePcKyTp0P4RPwWs-MFnJcTmXgS_tro8Z98t9mT5aKOwHepjaQj2nz2KSN-8NKGD_2YSAeEUg3KX2SJu5kwvgewS4He7yMu1FYYX2njH_7BIoLiLfE3qWQS7J3Vd4ExDx2tJnpQ/s320/OfficeBK.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5371170342977028898" /></a><br />OK - my husband just helped me set up a YouTube site for Olenicoff & Zinser, PC. Most of the videos are informative but this <a href="http://www.youtube.com/olenicoffzinser#play/all/favorites-all/0/HuGIgf-ICHM">video</a> takes a humorous look at bankruptcy. (Yes, that may not seem possible but go ahead and take a look.)Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-88853982462067752452009-08-04T22:18:00.001-07:002009-08-04T22:26:05.689-07:00Free Symphony Concert<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzw3AquRAy60n00S2KhIUXFCRSpXVwvNRSLdCYTKf2ofR_-bLrc8q_X65rsjp6-qCfxM9cdV7wNs3Bjb9AvAoUkE1DOwodcFIJgLBrECogNnf6Viyl4Hu7iITIQPg0XYiNfaR13_HBId0/s1600-h/summer_parks_1.gif"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 140px; height: 140px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhzw3AquRAy60n00S2KhIUXFCRSpXVwvNRSLdCYTKf2ofR_-bLrc8q_X65rsjp6-qCfxM9cdV7wNs3Bjb9AvAoUkE1DOwodcFIJgLBrECogNnf6Viyl4Hu7iITIQPg0XYiNfaR13_HBId0/s320/summer_parks_1.gif" border="0" alt=""id="BLOGGER_PHOTO_ID_5366346674245388610" /></a><br />My family and I attended the free symphony concert in Irvine this past Saturday and it was the perfect evening. My husband and I could enjoy the Pacific Symphony, we didn't have to pay for a babysitter because we brought our kids along, the kids could dance and move about and it was a beautiful evening with the sun setting behind the stage. This particular concert includes the kids and my 3 year old was able to go to the front and "conduct" the symphony with his "baton" (a straw). Carl St. Clair actually got off the stage to conduct with the kids. I made quite an impression on my son. Oh and thank you Target for your sponsorship - we really enjoyed it! I know we will be there again next year!<br /><br />There is only one more <a href="http://www.pacificsymphony.org/anypage.php?cpid=177">free concert </a> left this summer on Sunday, August 16 in Lake Forest.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-3008872488697134172009-08-04T21:57:00.000-07:002009-08-04T22:17:10.763-07:00Where are all of the Obama (or HAMP) Mortgage Modifications?<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDZFX3Ps1rcDcG3SmDe7fgFr5ofuRAm04p0rZ8tnma7PRlSgE8Iq1ocAfGHxooJAp1o6FjqiBQW81BnveMRcA4jKQVc12JtL3RHi2AMTWtxe7zoB9pWDa4gL5jXFL3rA0X1ZEcg5sTJQk/s1600-h/Fotolia_466180_XS.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 320px; height: 240px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhDZFX3Ps1rcDcG3SmDe7fgFr5ofuRAm04p0rZ8tnma7PRlSgE8Iq1ocAfGHxooJAp1o6FjqiBQW81BnveMRcA4jKQVc12JtL3RHi2AMTWtxe7zoB9pWDa4gL5jXFL3rA0X1ZEcg5sTJQk/s320/Fotolia_466180_XS.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5366344308403689794" /></a><br />The recent government report shows how inadequate many lenders response has been to the Obama foreclosure prevention plan. (See <a href="http://online.wsj.com/article/SB124939273460404655.html">Wall Street Journal article</a>.) You really have to wonder what these lenders have been doing all of this time. I have personal knowledge of many, many loan modifications where no progress is made and the lender seems to spend most of their time losing files and asking the borrower to resubmit information. Right now it seems like this loan modification business is an incredibly inefficient operation.<br /><br />Today, the government promised us monthly reports on each lender's loan modification statistics. Something good may come of all this transparency. Either the lenders will start modifying loans or maybe Congress will be able to pass the Bankruptcy modification legislation. As reported by the <a href="http://blogs.wsj.com/developments/2009/08/04/barney-frank-threatens-return-of-cram-down-legislation/">Wall Street Journal</a>, talk has begun circulating among the Democrats that it may be time to try for the bankruptcy bill again. At this point the bankruptcy legislation seems unlikely, but I do think that something needs to motivate the lending industry to work with borrowers - maybe fear will motivate them!Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-47636728539607919482009-07-23T21:36:00.000-07:002009-07-23T23:22:22.102-07:00Second Lenders Suing for DeficienciesIf you are trying to complete a short sale or your home is in foreclosure - be careful. Second lenders are starting to pursue borrowers for the money the second lienholder lost in the foreclosure or short sale. <br /><br />How do you avoid this result? See my <a href="http://www.avvo.com/legal-guides/ugc/how-to-avoid-deficiency-judgments-from-lenders">legal guide </a>that I just published on Avvo.com.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-61373734466292295592009-07-06T21:38:00.000-07:002009-07-06T22:08:06.994-07:00Foreclosures Fueled by UnemploymentIt appears that the continued unemployment or underemployment of Americans is major cause of continuing foreclosures with no end in sight. (See <a href="http://online.wsj.com/article/SB124597797525957807.html">Wall Street Journal article</a>.) This comes as little surprise to me, a bankruptcy lawyer and a real estate broker. Most of my clients could easily afford their mortgage but after taking a 25% to 60% cut in income because of a health problem, the birth of a child, lack of overtime or significantly decreased commissions - many of my clients find themselves in trouble. <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTbC7olgiYuoMJ7Gx1-POSL_tg189OOiJT3AkLmHpx6lGysbRYzEEqfkeUxzn2F1xO4oD23-G5Dk7LwTs4BQwNYeHZZU47m39DLzanY4qD2XCdSl8wpe-o19H1kpnHNiHLqkLsZj-k1YA/s1600-h/Fotolia_5589915_XS.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 320px; height: 240px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTbC7olgiYuoMJ7Gx1-POSL_tg189OOiJT3AkLmHpx6lGysbRYzEEqfkeUxzn2F1xO4oD23-G5Dk7LwTs4BQwNYeHZZU47m39DLzanY4qD2XCdSl8wpe-o19H1kpnHNiHLqkLsZj-k1YA/s320/Fotolia_5589915_XS.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5355579705460268850" /></a><br />The current mortgage modification plan was based on subprime borrowers - who constituted the first wave of defaults. Now unemployment is fueling the foreclosure crisis and it is not limited to subprime borrowers. It includes alt-a loans and prime loans too. According to the Wall Street Journal article, the administration realizes that unemployment is now a significant factor and they are looking at their options. Let's hope they get some advice from some experts in California where we seem to be at the forefront of this problem.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-12216499335110752112009-06-22T21:41:00.001-07:002009-06-22T22:10:11.621-07:00Can I Get a Principal Reduction on My Mortgage?<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpGalYF49-Xo4KZuY4NHx9CXi67BNaYMEU-V7epUu7PPPcQjH4ZA3xaiZL03qyf8PjaxB67NHlvKpID-DehVHxMgj3HmB1jODzZSP0g08Vxj5eHrU-YUEv1fEEXZfadjItavvsdLKoAr8/s1600-h/Fotolia_4089169_XS.jpg"><img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 134px; height: 200px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgpGalYF49-Xo4KZuY4NHx9CXi67BNaYMEU-V7epUu7PPPcQjH4ZA3xaiZL03qyf8PjaxB67NHlvKpID-DehVHxMgj3HmB1jODzZSP0g08Vxj5eHrU-YUEv1fEEXZfadjItavvsdLKoAr8/s200/Fotolia_4089169_XS.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5350385726723608050" /></a><br />I get this question from many of my clients. And the answer, of course, is - it depends. (Remember you are talking to a lawyer here.) It is extremely difficult to get a reduction in the principal balance of your mortgage in a loan modification. Sometimes it happens with a second mortgage but rarely with a first mortgage. In cases where a first mortgage is reduced - it usually involves litigation, a very expensive proposition. One way to eliminate a second (or third) lien on your home or investment property is to strip the lien through a Chapter 13 Bankruptcy. If your home (or investment property) is worth less than the first mortgage, then there is a good chance you can eliminate your second mortgage in bankruptcy. <a href="http://en.wikipedia.org/wiki/Chapter_13,_Title_11,_United_States_Code">Chapter 13 bankruptcies </a>are more complicated than a <a href="http://en.wikipedia.org/wiki/Chapter_7,_Title_11,_United_States_Code">Chapter 7</a> (a complete forgiveness of your unsecured debt). If you think you might be eligible to get rid of your second mortgage, you should call a trustworthy bankruptcy attorney to discuss your particular options.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-61514062076656243742009-06-03T15:09:00.000-07:002009-06-03T15:19:47.181-07:00You Need Patience with Short SalesShort sales of real estate require a lot of patience and persistence on the part of all parties. Each bank has its own approval processes. NPR just aired an insightful piece on the current state of short sales entitled <a href="http://www.npr.org/templates/story/story.php?storyId=104803015">"Short Sales Bring Hope and Frustration".</a> It does look like the Obama administration is working on standardizing short sales in the next month. At this point, I do not see an end in sight for short sales or foreclosures - especially on the higher end homes in California. Since there are no jumbo loans - the higher priced homes are languishing on the market. The homes that do not require a non-conforming mortgage are moving quickly when they are priced well.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-48506343051622506852009-05-28T20:16:00.001-07:002009-05-28T20:27:56.032-07:00Easier Short Sales from Bank of America and Wells Fargo?Both Bank of America and Wells Fargo are working on shortening the approval process for short sales. See <a href="http://www.pe.com/business/realestate/stories/PE_Biz_S_shortsales22.3e5f3e4.html">"Banks Vow Smoother Short Sales". </a>The banks have found that by the time the bank approves a sale the buyer is no longer interested in the property. Most short sales take 45 to 60 days for approval with some taking 90 days for approval if investors are involved. It looks like the banks are finally realizing that a short sale will save them much more money than going through foreclosure. This also appears to be a response to Obama's proposals concerning foreclosures that I wrote about in a <a href="http://www.zinserisms.com/2009/05/streamlined-short-sales-process-helps.html">previous post</a>.<br /><br />I promise to keep you all informed about foreclosure alternatives. I hope this will help some homeowners exit their homes gracefully and will preserve their credit so they can buy a home again at a much better price the next time around!Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-85428734008467792572009-05-15T09:22:00.000-07:002009-05-15T09:57:35.899-07:00Free Call-A-Lawyer Event Tonight<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhs7d5wV7b2mh-5Co5MfEdpri6UVgIXy7HQsbrnlvAMcA9O6mFdpD22yuDd8iOOsxumN_w6a_f_aGC5T5VvQz9icjXj8LQTg_2RSR2ugTUXsCBbYAjCtfDBDjRGzxtHnKcN-AjXaMQmEHg/s1600-h/Fotolia_89479_XS.jpg"><img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 200px; height: 134px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhs7d5wV7b2mh-5Co5MfEdpri6UVgIXy7HQsbrnlvAMcA9O6mFdpD22yuDd8iOOsxumN_w6a_f_aGC5T5VvQz9icjXj8LQTg_2RSR2ugTUXsCBbYAjCtfDBDjRGzxtHnKcN-AjXaMQmEHg/s200/Fotolia_89479_XS.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5336095712906903170" /></a><br />Do you have a legal question for a lawyer? Would you like to speak to a lawyer for free? Then call 1-877-787-0808 tonight between 6:00 p.m. and 9:00 p.m. This is the annual <a href="http://www.koce.org/realorange/callLawyer.htm">Call-A-Lawyer Event</a>. Lawyers with experience in Employment Law, Bankruptcy, Family Law, Elder Law, Landlord/Tenant Law, Personal Injury, Workers' Comp, Immigration and Criminal Law will be there. I will be volunteering for this community service event tonight so you may get me on the line. This event is put together by the <a href="http://www.ocbar.org/">Orange County Bar Association</a> and part of it is broadcast on the program <a href="http://www.koce.org/realorange/index.htm">Real Orange </a>on KOCE-TV.<br /><br />Feel free to spread the word!Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-81493307840169512692009-05-14T21:27:00.000-07:002009-05-14T22:29:41.414-07:00New Foreclosure Alternatives Program<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhY4SJ1TlxjMC0IYefLIPYRRQ0ZxBvSqJdbTG0qyjrZu0ZytN1RWmkJmWIxbDFOYOYUYRg9VjCaByfucQyn4DRs52WtQK9r392Qzds42hHqEJsQX33B9DhG4mLUhOPWv4j6GtOUojMD-mQ/s1600-h/Fotolia_2770862_S.jpg"><img style="float:left; margin:0 10px 10px 0;cursor:pointer; cursor:hand;width: 200px; height: 134px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhY4SJ1TlxjMC0IYefLIPYRRQ0ZxBvSqJdbTG0qyjrZu0ZytN1RWmkJmWIxbDFOYOYUYRg9VjCaByfucQyn4DRs52WtQK9r392Qzds42hHqEJsQX33B9DhG4mLUhOPWv4j6GtOUojMD-mQ/s200/Fotolia_2770862_S.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5335917770541739954" /></a><br />Today, the Obama Administration announced the <a href="http://www.treas.gov/press/releases/docs/05142009FactSheet-MakingHomesAffordable.pdf">Foreclosure Alternatives Program </a>to help homeowners avoid foreclosure. This program is for homeowners that do not meet the refinance or mortgage modification programs available on <a href="http://www.makinghomeaffordable.gov/">Making Home Affordable Loan Modification Program</a>. Basically it is for homeowners who can no longer afford their homes. This program will not help homeowners stay in their homes but it will allow a homeowner to avoid foreclosure. Why is this important? Because a foreclosure on a homeowner's credit report will make it more difficult to purchase another home in the future. <br /><br />One of the more important details is that the lender will be required to give the homeowner 90 days (in some cases more time) to market and sell a home. As any Realtor who has done short sales knows, the banks are often the most difficult impediment to accomplishing the short sale. This program gives monetary incentives to servicers, first lenders and second lenders. It also gives the homeowner funds for moving. <br /><br />The other option in this program is encouraging deeds in lieu of foreclosure if the short sale does not work. I am not sure that this will really affect anything. Lenders do not like deeds in lieu because it does not give them the protection from liens that foreclosures do (at least in California - this may different in other states). Also, I am not sure a deed in lieu looks better on your credit report than a foreclosure. Hopefully there will be more guidance on this in the near future.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-9774964142887783242009-05-04T23:01:00.000-07:002009-05-04T23:04:47.190-07:00Religion and BankruptcyI found an interesting article briefly discussing Christianity, Judaism and Islam's views on bankruptcy. It's also an interesting historical perspective on American bankruptcy laws - which in the great scheme of things are relatively new. Here is the <a href="http://www.nytimes.com/2009/05/02/your-money/mortgages/02money.html?em">link</a>.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0tag:blogger.com,1999:blog-614655452044281289.post-24605224050381025632009-04-28T21:09:00.000-07:002009-04-28T21:54:32.803-07:00Loan Modification Bill Up for Vote in the Senate<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAAKuX4kPJ6k1qRJnU2p8tzfWCbJSMx69tGc8-QWXwTucsFRMPkT28F8HfYTgCcfGalO_gHCsjH1vf_jRBFXsckykti3C_zUZQ27vnTDDjs-49s-dTruRX5BIaHoJOBcQq1ZS3ZhSf5pI/s1600-h/Fotolia_8656087_XS.jpg"><img style="float:right; margin:0 0 10px 10px;cursor:pointer; cursor:hand;width: 320px; height: 214px;" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhAAKuX4kPJ6k1qRJnU2p8tzfWCbJSMx69tGc8-QWXwTucsFRMPkT28F8HfYTgCcfGalO_gHCsjH1vf_jRBFXsckykti3C_zUZQ27vnTDDjs-49s-dTruRX5BIaHoJOBcQq1ZS3ZhSf5pI/s320/Fotolia_8656087_XS.jpg" border="0" alt=""id="BLOGGER_PHOTO_ID_5329972174366270626" /></a><br />I have just learned that the Helping Families Save Their Homes Act will be up for a vote in the Senat later this week. It is estimated that this bill will save 1.7 million homes nationwide. What does this mean for you? If you are a homeowner in trouble this could be just the help you need. If passed, this bill will put pressure on the lenders and the investors to really make meaningful loan modifications. Why? Because in order to qualify for this bankruptcy loan modification relief, a homeowner must have attempted to get a loan modification from their lender. My personal opinion is that bankruptcy filings will not increase as much as you might initially think - I think this legislation will provide a great incentive for loan modifications. <br /><br />Please <a href="http://www.congressweb.com/cweb4/index.cfm?orgcode=nacba&hotissue=1">email</a> your Senators and the White House today!<br /><br />Want to know more about the bill? <a href="http://www.nacba.org/files/email/Helping%20Families%20Save%20Their%20Homes%20Act%20Durbin%20Amendment%20-%20Short%20Summary.doc">Here is a brief summary of the legislation</a>. And here is a <a href="http://www.nacba.org/files/email/Helping%20Families%20Save%20Their%20Homes%20Act%20Durbin%20Amendment%20-%20State%20by%20State%20Impact.doc">state-by-state breakdown of the 1.7 million homes nationwide </a>that this bill will help save.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com1tag:blogger.com,1999:blog-614655452044281289.post-11935944209964550252009-04-27T22:15:00.000-07:002009-04-27T22:18:47.657-07:00Tax Credits for Home PurchasesDoes everyone know that there is an $8000 Federal tax credit for first time homebuyers? Did you also know that there is a $10,000 California tax credit for new home buyers (regardless of whether or not you are a first time buyer)?<br /><br />For a great explanation and comparison of the two laws check out the California Association of Realtors <a href="http://www.car.org/legal/2009-qa/homebuyer-tax-credit-chart/">website</a>.Kelly Zinserhttp://www.blogger.com/profile/14789811519616612347noreply@blogger.com0