Article of the Month

Can This Investor Be Saved?
by Peter G. Miller

"Can you recommend any exit strategies for my real estate investor friend who has too much inventory now and not enough funds to cover his mortgages?" asks a reader from somewhere in cyberspace. It's a fair question and one which seems to be raised with increasing frequency in many metro areas. Going on, the reader wonders: Is it better for him to let all his properties go to foreclosure or short sale them? If he short sales them, he will end up with a 1099-R. Right? If he just lets them all go to foreclosure what are the chances for him to have deficiency judgments against him? How does that process work? Are lots of foreclosures worse than bankruptcy? The plan right now is to refinance into option ARMs and rent the properties till the market improves. Do you see an end it sight? Given that demand in many markets -- but not all -- has slowed during the past year it follows that the investment strategies which worked in one set of circumstances may not work in another. Indeed, old investment concepts may be decidedly wrong in the context of new marketplace realities. Let's look at the reader's letter and see what it says -- and whether help is available. Can you recommend any exit strategies for my real estate investor friend who has too much inventory now and not enough funds to cover his mortgages? Notice the terms here: "inventory" and "mortgages." In other words, we likely have an investor with multiple mortgages and multiple properties. Since real estate tends to be a big ticket item we may well be talking about very large numbers, enough to bankrupt most households if something goes wrong. Is it better for him to let all his properties go to foreclosure or short sale them? Neither. It's better for him to pay off his lenders in full. But if repayment is impossible, then foreclosures and short sales are not the next options. Instead, contact lenders and see if it's possible to work out some form of indulgence such as a longer loan term, a lower rate (at least for the short term), forbearance (skipping some payments with the lender's permission), or a repayment program to bring loans current if payments have been missed. With a "short sale" the lender allows the property to be sold for something less than the value of the mortgage. The lender gets all the money from the sale and there's no foreclosure. However, why should a lender accept a loss? It would not get additional profit if the value of the property rose. Some lenders might agree to a short sale but only if the borrower pays for the loss, perhaps in the form of additional personal debt. A foreclosure is not a good option for a lender because it may get less than the value of the mortgage (the dreaded "foreclosure discount") or it may wind up owning the property -- an ongoing expense it does not want. As an alternative, investors might want to ask about avoiding a foreclosure auction and simply giving the property to the lender with a "deed in lieu of foreclosure." For specifics, consult a local real estate attorney. If he short sales them he will end up with a 1099-R. Right? If you borrow $200,000 and pay back $180,000 it's possible that the $20,000 can be regarded as imputed and taxable income which the lender will report to the IRS. However, this is not always the case. For instance, in California if you have a purchase money mortgage and default on a personal residence, liability is limited to the sale value of the property -- thus there's no taxable shortfall. However, if you refinance you no longer have a "purchase money" mortgage and in any case if you're an investor you don't have a loss on a personal residence. The rules in other states vary, as do lender policies. Bottom line: Investors with shortfalls may find that they owe big to the IRS. For details, speak with a tax professional. If he just lets them all go to foreclosure what are the chances for him to have deficiency judgments against him? How does that process work? I have spoken to brokers around the country about deficiency judgments and while suits against borrowers are surely possible they seem to be rare. However, given the growing number of loan defaults -- foreclosures were up 42 percent in 2006 according to RealtyTrac.com -- past practices may be in flux. One complication concerns the type of foreclosure. With a judicial foreclosure -- one that involves going through the court system -- there may well be a deficiency judgment. However, in a non-judicial foreclosure there's not a deficiency judgment unless the lender goes back to court. Given the cost of going to court, most lenders will not take this second step unless a lot of money is involved or the borrower has been difficult. For details, speak with a local real estate attorney. Are lots of foreclosures worse than bankruptcy? It's possible to have a foreclosure and a bankruptcy for reasons which are simply beyond the borrower's control -- the loss of a job, a local economic downturn, a natural disaster, divorce, an accident or medical costs. Lenders, for the most part, try to ask what lead to financial problems and in some cases may offer "bad credit" (subprime) loans as a result -- that is, high-cost financing largely intended to be a short-term fix until credit improves and loans can be refinanced. (Without subprime loans borrowers would likely have to wait several years to fully re-establish credit.) "The plan right now is to refinance into option ARMs and rent the properties till the market improves." This strategy may make sense -- if it's possible. Option ARM offer absurdly-low initial payments, payments so small they do not even cover interest costs. The result is negative amortization and a rising loan balance. However, while option ARMs are a generally awful mortgage choice, in this particular case they may make sense if they postpone the day of reckoning for our investor and if local property values increase. But, consider that magic word: refinance. Can our investor refinance anything? For instance, he might not be able to refinance existing debt if local property values have declined, his loan balance has increased or he has late or missed payments. No less important, lenders have begun to tighten qualification standards so our investor may no longer qualify for the amount of financing obtained just a few years ago. Do you see an end it sight? In many markets there has been no decline in sale values. In other markets which have now slowed down it's very likely that prices will begin to rebound as supply declines. In other markets, unfortunately, long-term prospects will be difficult, meaning not good. For a better answer, look at trends in your community. Are jobs up or down? Is the population growing? Is new home construction increasing or decreasing (if you have an existing home you want less new home construction so there's reduced supply). As always, real estate is a localized commodity so speak with local brokers for a realistic view of community trends.

Copyright © 2007 Realty Times. All Rights Reserved.

TOP OF PAGE

  Current News & Articles

  Short sale deemed most practical for all involved in foreclosure case

By Alexa Lopez

The country's real estate market is in a state of continual stagnancy. The currently declining economy has been the cause of frequent unemployment and the reduction of income; consequently, property is being sold at lower prices to a seemingly empty lot of buyers. Although property today is being sold at such exceptionally low prices, loan lenders maintain their usual mortgage rates, while homeowners begin to recognize that their mortgage balances are actually higher than their property value. Thus, homeowners now face foreclosure more often than not – 2007 brought a total of 2.2 million new foreclosure filings in the country, nearly 80 percent more than the previous year's records, ABC News reports. In response to the market's current state, homeowners facing foreclosure have turned to a simpler, more beneficial solution to their property dilemmas: short sales.

In addition to the foreclosure lawsuit, property owners should seek a short sale of the property before the foreclosure sale takes place. A short sale, also called a short payoff, occurs when a mortgage lender, usually a bank, accepts less than the remaining mortgage amount due as an alternative to paying off the full outstanding amount of the loan because the homeowner is unable to sell and pay all costs of a foreclosure sale .

Although the procedure to complete a short sale is complicated and time-consuming, a short sale benefits the property owner along with both the lender and the buyer. The property owner may not make money off the sale of their home, but they do escape the remaining loan payments and also reduce the extent of the damage made to their credit (although a short sale still harms one's credit score). Second, because a lender is not truly in the business of managing real estate, lenders in fact prefer short sales. Through a short sale, lenders avoid foreclosure and maintenance fees and still receive a substantial percentage of the remaining loan dues. Lastly, a buyer too benefits from a short sale due to the evidently lower selling price of the property.

TOP OF PAGE

 

  The Right Way to Sublet
Your tenant has requested a sublease, and you're not sure you should grant it. These rules of thumb will help you decide if - and how - to carry it out.

 

By Sabra Snyder

It is your job to attract loyal and trustworthy tenants. And you want to provide them with the best lease terms possible. At the same time, you need to protect yourself against property damage, money loss or soured property manager/tenant relationships. That's why, like any other important business transaction, a sublease should be considered carefully. Here are a few tips for navigating the confusing world of sublease agreements.

Know What It Is

Sounds strange, but this sometimes gets tenants and managers into trouble. “A sublease is a transfer of the right to possess all or part of a leased premises from the tenant to a third party who becomes the tenant's tenant,” says Bill Moore, president of Landlord.com .

Sound confusing? The particulars are. But the definition really isn't. It simply means that a property manager agrees to allow someone other than the primary lease holder (the sub-tenant, new occupant or sublessee) to live in a rented unit in place of the original occupant (the tenant).

Know What It Isn't

It's not a contract between the landlord and the new occupant. In fact, in any sublease arrangement, the new occupant usually pays rent directly to the original tenant, who then pays the landlord.

If the new occupant is unable to pay the rent, the original tenant is responsible for the payment. What's more, “If the tenant is the type of person who has never put a single nail into the wall, and the sub-tenant trashes the place, the tenant is responsible for the damage,” says Michael Betz, real estate attorney for Betz & Bloss PC in Grand Rapids , Mich.

Put It in Writing

Because a sublease involves three parties, it's important for each person involved to know exactly what he or she is responsible for within the agreement. For this reason, you should have your arrangement drawn up in writing. “The necessity of getting things in writing is absolute,” Betz says. “If you've got it in writing, then you know what the agreement is.”

And if something goes wrong, you'll be able to hold whichever tenant to his or her signed responsibility, thus protecting yourself against monetary loss due to uncollected rent or damaged property.

Know Your State Laws

Before accepting or denying a sublease request or outlining the terms of a sublease, you'll want to know what you can allow and/or accept according to state law. Do you have the right to refuse any sublease? Are there situations—such as a call to active military duty, sudden loss of mental faculty or even death—that require you to allow immediate lease termination without penalty? Can you otherwise ban subleases altogether? Can you terminate a sublease at will? Can your tenant? The questions keep coming.

To find out, consult a local real estate attorney or visit your local library to find subleasing statutes for your state.

Know Your Tenant

“Most tenants want to do the right thing, if practicable,” Moore says. If you're a highly involved property manager, chances are you're familiar with your tenants on a semi-personal basis. If you are, consider their demeanor, their responsibility in keeping their unit tidy and without much structural damage, and their overall ability to pay rent on time and in full. If the tenant is trustworthy, it's likely that the sub-tenant will be trustworthy, as well. Plus, the current tenant is more likely to come through since he or she is responsible for covering payments if the sub-tenant defaults.

Conduct Background, Credit Checks

No matter how well you know your tenant and proposed sublessee, “Make sure the new sub-tenant is credit-worthy,” says Kevin Deeb , real estate attorney at the Deeb Law Firm in Miami . And run a credit check on your current tenant if you haven't already. A background check for both is also a good idea, as long as state law allows it and each party agrees to it first.

“The landlord should obtain permission in writing from the proposed sublessee to conduct such confidential investigations,” Moore adds. If either party refuses a credit and background check, be cautious of granting the sublease.

Guard Against Profit-seekers

“Tenants don't just sublet for no reason,” Moore says. “When they do, it's usually because of some major life change, such as an acquisition of a spouse or other adult dependent, change of job requiring relocation, loss of a job causing lack of funds and the like.”

But in rare cases, the tenant might charge the sub-tenant more than the required rent in order to keep the difference and secretly make a profit. “If the tenant can sublease the space at will, the space is freely assignable,” Deeb says. “And the landlord can't prevent the tenant from making a profit on the property.” As always, make sure you prevent such occurrences by prohibiting them in writing and requiring signatures.

©2007 by Lowe's ®.

TOP OF PAGE

  Tighter Lending Standards Good For Housing, But Dampen Sales

WASHINGTON – April 12, 2007 – Tighter lending criteria and fallout from the subprime loan debacle will lead to a healthier housing market with greater assurance that owners can handle mortgage adjustments, but higher loan standards will slow the housing recovery, according to the latest forecast by the National Association of Realtors® (NAR). This month’s forecast marks the first time NAR has predicted a year-over-year decline in national housing prices.

David Lereah, NAR’s chief economist, says the changes are necessary for the long-term health of the housing market. “We want to people to be able to stay in their homes with mortgage terms they understand and can handle,” he says. “Simply stated, a loan with the lowest monthly payment probably isn’t in your best interests – borrowers need to understand worst-case scenarios. If you’re in a mortgage you aren’t comfortable with, now is an excellent time to refinance, if you can, with historically low rates on safer conventional loans.”

Last week, Freddie Mac reported the 30-year fixed-rate mortgage was 6.17 percent. The 30-year fixed rate should rise slowly to 6.6 percent by the end of this year, so borrowers who need to refinance should act soon.

“Tighter lending standards will dampen home sales a bit, but by less than a couple of percentage points from initial projections. We still forecast 2007 to be the fourth highest year on record for existing-home sales, and housing remains a great long-term investment,” Lereah says.

Existing-home sales are likely to total 6.34 million in 2007 and 6.52 million next year, in contrast with 6.48 million in 2006. New-home sales are seen at 904,000 this year and 935,000 in 2008, below the 1.05 million last year. Housing starts are estimated at 1.47 million in 2007 and 1.55 million next year, down from 1.80 million units in 2006.

“As home sales moderate, overall home prices will be essentially flat this year,” Lereah says. “The good news is that inventories remain well below the levels experienced during the last housing downturn in the early 1990s, and supplies are close to balance in many areas.”

The national median existing-home price will probably slip 0.7 percent to $220,300 in 2007, following a 1.0 percent rise last year. The median new-home price is projected to increase 0.4 percent to $246,200 this year, after gaining 1.8 percent in 2006. Modest growth is expected next year, with existing-home prices increasing 1.6 percent and new-home prices rising 2.0 percent.

“When you look at housing activity in 2007, especially during the first half of this year, the percentage change in median home price is being distorted as the composition of sales shifts geographically from high-cost markets to moderately priced areas, in contrast with the sales distribution a year earlier,” Lereah says. “Within given markets, most areas can expect minor price gains.”

The unemployment rate should average 4.6 percent in 2007, the same as last year. Inflation, as measured by the Consumer Price Index, is likely to decline to 2.1 percent this year, compared with 3.2 percent in 2006, while growth in the U.S. gross domestic product is forecast at 2.3 percent in 2007, down from 3.3 percent last year. Inflation-adjusted disposable personal income will probably rise 3.1 percent this year, up from a gain of 2.6 percent in 2006.
 

© 2007 FLORIDA ASSOCIATION OF REALTORS®

TOP OF PAGE

Cómo salir de un foreclosure
Analiza qué opción te conviene

Adriana Beorlegui, Univision Online

•  Opciones sin perder la casa
•  Una alternativa de moda: Capitulo 13
•  Opciones perdiendo la casa
•  A tener en cuenta

Según el Centro para Préstamos Responsables (Center For Responsible Lending) -una organización apartidaria, sin fines de lucro, dedicada a la protección de la propiedad y el bienestar económico de las personas- de los préstamos de alto riesgo (subprime) otorgados en el 2005, 110,674 familias latinas perderán sus casas debido a las ejecuciones hipotecarias o foreclosures .

Por otro lado, los índices publicados por Moody's Economy.com -una compañía dedicada al análisis de indicadores económicos y riesgos crediticios- estiman que 1.7 millones de familias se verán amenazadas por un proceso de foreclosure en lo que queda de este año y fines del 2008.

Un foreclosure puede dejar dañado tu crédito por muchos años. Por suerte hay modos de evitarlo aún en las etapas más avanzadas del proceso, aunque esto signifique tener que perder tu hogar.

Opciones sin perder la casa

Evitar caer en un foreclosure es siempre la mejor opción. Pero a estas alturas ya hay muchos procesos iniciados y se trata de ver si hay salidas a una situación tan crítica.

Antes de que entres en proceso de demanda, tienes algunas opciones para modificar tu situación. "Uno tiene que analizar primero su situación real desde una perspectiva financiera. La pregunta más difícil es: ¿puedo afrontar esta casa y los costos de mantenimiento?", dijo Robert W. Rodríguez, abogado de bienes raíces de Miami.

Luego, es importante tener en cuenta que la anticipación al problema es clave. Pero la negociación con tu prestador puede no ser tan fácil. "Es difícil llegar a la persona  adecuada que se encargue de resolver tus problemas en el banco o la financiera. Por ejemplo, debes contactar al departamento de loss mitigation (mitigación o condonación de deuda) y no al departamento de cobranzas ( collections )", dijo Rodríguez. Por ello se recomienda invertir en el asesoramiento de un abogado especializado en bienes raíces.

Según Lisa Urban -socia administrativa y cofundadora del estudio de abogados Breier Deutschmeister Urban & Fromme, en New York- si es el comienzo del proceso y has perdido algunos pagos, puedes pedir dinero prestado a tus familiares o amigos. "Pero solo si estás seguro que puedes devolverlo", sugirió Urban. Si no, el banco puede ofrecerte las siguientes posibilidades:

Es básicamente un acuerdo escrito, por el cual el banco baja temporalmente las cuotas o directamente perdona algunos pagos si tu crisis económica es pasajera.

Ventaja: Es ideal cuando tu crisis económica es temporal (enfermedad o pérdida de tu trabajo).

Desventaja: Si tu problema económico es permanente, optar por este plan empeorará las cosas luego. Una vez pasado el período de perdón, tienes que tener la solvencia para pagar cuotas mayores. Además, si no cumples con los pagos, el prestamista estará menos dispuesto a negociar posteriormente.

Se acuerda un cambio permanente de uno o varios términos del préstamo (bajar las tasas de interés, extender el plazo del préstamo o agregar pagos atrasados a las cuotas futuras).

Ventajas: Es ideal si estás pasando por una reducción de tus ingresos a largo plazo. Puede bajarte el monto de tus cuotas. También las cuotas impagas pueden incluirse en el monto total del préstamo, al igual que otros costos.

Desventajas: Si tus problemas económicos continúan y no haces los pagos a tiempo, el banco estará menos dispuesto a negociar posteriormente.

Si tu préstamo es de la FHA (Federal Housing Administration) puede que califiques para un préstamo corto. Al respecto, Eva Campos -especialista en educación de la compañía Consumer Credit Counseling Service de Dallas- advierte que si bien es un préstamo libre de intereses para que te puedas poner al día, "el propietario debe firmar un compromiso de pago, que resultará en un embargo de la propiedad (en caso de incumplir el acuerdo) y HUD/Insurer es responsable de cobrar el monto del préstamo parcial".

Ventajas: Es dinero adicional, libre de intereses, que te dará un respiro.

Desventajas: Solo puedes usarlo para poner al día las cuotas hipotecarias atrasadas. Si no cumples con la devolución de este préstamo terminas con un embargo de tu propiedad.

Una alternativa de moda: Capítulo 13

Cuando ninguna de las opciones anteriores son buenas, se puede echar mano del Capítulo 13 de la Ley de Bancarrotas.

Según la FTC (Federal Trade Commission o Comisión Federal de Comercio) para acogerse al Capítulo 13 ( Chapter 13 ) los deudores deben calificar: deben tener un ingreso regular y mantenerse al día con sus pagos.

Esta opción te permitirá conservar la propiedad, pero permanecerá en tu historial de crédito por 10 años impidiéndote obtener otros préstamos, seguros de vida y muchas veces, hasta un trabajo.

En el Capítulo 13 -según se explica en el sito en internet de la FTC- la corte aprueba restablecer un plan de pago según tus ingresos futuros, para cancelar tus deudas en un período de tres a cinco años.

Según la abogada Lisa Urban, la bancarrota no es garantía de que el proceso de foreclosure no va a continuar en el futuro. "A menos que seas capaz de pagar el plan  establecido por la corte y tus otras deudas, todavía estás en riesgo de perder tu casa. Los requerimientos para acogerse a una bancarrota son ahora más estrictos. Actualmente, una bancarrota es más un remedio momentáneo que no soluciona el problema", dijo.

Ventajas: Es ideal para los que tienen problemas temporales de pago, pero pueden seguir afrontando la hipoteca en un futuro. Mantienes tu casa mientras hagas los pagos establecidos por la corte. Una vez terminado el plan de pago, recibes el descargo de ciertas deudas.

Desventajas: Permanece en tu reporte de crédito por 10 años. Debes demostrar ingresos regulares. No te libera definitivamente de un foreclosure .

Opciones perdiendo la casa

Enfrentar la situación sigue siendo lo más importante en cualquiera de las etapas del proceso. Muchas personas simplemente no atienden las cartas de los bancos o compañías financieras, pensando que, de un momento a otro, se pondrán al día con las cuotas.

Hay que tener muy en cuenta que un aviso de inicio de proceso de foreclosure se inicia a la tercera cuota impaga de un préstamo. Luego pasará por un proceso con las siguientes etapas: aviso de atraso de pago, aviso de remate de la propiedad y reposesión por el banco.

En cualquiera de estas etapas, tienes las siguientes opciones. En todos los casos perderás la vivienda, pero éste puede ser el mal menor entre todos.

En este caso, el banco acepta que la casa sea vendida y toma lo obtenido en la venta como parte de pago del préstamo.

Gary Seymour -abogado especialista en bienes raíces en Connecticut- lo explica con un ejemplo: Si una casa vale $350 mil en el mercado actual y el monto adeudado al banco es de $380 mil, no habrá suficiente dinero como para cancelar el préstamo. A esto hay que agregarle los gastos propios de la venta como comisiones, impuestos y pagos al abogado que pueden restarte unos $50 mil.

En este escenario, la casa se lista para la venta de la manera convencional. Una vez conseguido el comprador, se somete a la aprobación del banco. "Si el banco lo aprueba, entonces el dueño será relevado de la deuda y se reportará el préstamo a las agencias de crédito como pagado", aseguró Seymour.

Ventajas: Se frena el foreclosure . Aunque tiene un gran impacto en tu historial de crédito, el daño es menor que con un foreclosure . Ten en cuenta que si el préstamo es menor que el valor de la casa (tienes un buen Equity), cancelas el préstamo en su totalidad y es posible que te quede un poco de dinero. En algunos casos el prestador perdona el remanente de la deuda.

Desventajas: Si la deuda es mayor que el valor de la casa, eres responsable del residuo de la deuda. Tienes que pagar los impuestos de la deuda perdonada porque es considerada un ingreso. Puede tomarte hasta 10 meses encontrar un comprador y la casa tiene que estar en muy buen estado para poder venderla rápido. Sin embargo, tú no eres quien decide la venta sino el banco. Además, si tu préstamo no estaba asegurado pueden iniciarte un deficiency judgement (juicio de embargo por falta de pago).

Mediante esta opción transfieres voluntariamente el título de la propiedad al prestamista a cambio de la cancelación de la deuda.

Aunque se pierde la casa, esta opción es menos dañina para tu historial de crédito. El sitio de la FTC (Federal Trade Comission) advierte que es posible que todavía así, seas responsable de los impuestos por concepto de la cantidad de la deuda perdonada. Además recomienda que consultes con un asesor financiero, contador o abogado.

Eva Campos, de Consumer Credit Counseling Service , agregó: "También el dueño es obligado a abandonar la propiedad al momento de firmar los documentos o en alguna otra fecha establecida durante la negociación".

Ventajas: Se frena el foreclosure . El impacto en tu crédito es un poco menor que el del foreclosure .

Desventajas: Pierdes la casa. Debes encontrar inmediatamente un lugar para vivir ya que deberás dejar la propiedad al firmar los papeles. Si tu casa tiene un Equity (plusvalor), lo pierdes al entregar la casa al banco. También es posible que seas responsable por los impuestos de la deuda perdonada.

Si tu situación económica no es para nada buena y no puedes pagar ni siquiera la hipoteca, esta opción te permite conseguir una liberación de todas las deudas no aseguradas (excepto el pago de alimentos, préstamos estudiantiles, deudas impositivas y préstamos hipotecarios) e incluir hasta un deficiency judgment (es un juicio de embargo por falta de pago que el banco puede obtener en caso de que el préstamo no esté asegurado). Esta liberación de dichas deudas te permitirá hacer el pago de la hipoteca y frenar el foreclosure.

"Bajo el Capítulo 7, el dueño no conserva la casa a menos que todos los pagos, bajo el acuerdo de préstamo original, sean hechos", dijo el abogado Gary Seymour.

Ventajas: Te liberas de muchas deudas y puedes utilizar ese dinero para pagar las cuotas de tu hipoteca. Al ponerte al día, se frena el foreclosure.

Desventajas: Pierdes tu casa si no cumples con todos los pagos bajo el acuerdo de préstamo original. Se mantiene en tu reporte de crédito por 10 años, lo que dificulta la obtención de otros créditos y puede impedirte el acceso a un trabajo. No te libera de obligaciones como la hipoteca, pago de alimentos, préstamo de estudio y deudas de impuestos, por lo que deberás calcular poder afrontar todos estos pagos.

A tener en cuenta

Si ninguna de las opciones anteriores son posibles o te dejas estar, el banco inciará el proceso de foreclosure . Entonces, la casa será rematada. Si nadie la adquiere, el banco tomará posesión de ella y serás obligado a mudarte.

El impacto en tu historial de crédito será muy grande, inhabilitándote a adquirir otro crédito por años. Y además, "el banco podrá demandarte por cualquier dinero perdido en todo el proceso o la venta de la casa", dijo Jeremy Brandt, director ejecutivo de 1-800-CashOffer, una empresa que promueve el encuentro entre inversores y prestatarios.

En todos los casos y en cualquier etapa que te encuentres, lo más sensato es buscar el asesoramiento de un abogado. Ellos pueden sacarte mucha presión de encima, manejando el proceso. Además conocen los detalles y los atajos para llegar a una solución.

El abogado Robert W. Rodriguez, lo explica con un ejemplo: "En una situación de forebearance (perdón de deuda), donde el banco acepta no recibir algunos pagos mensuales, el acuerdo tiene que incluir una cláusula para que el banco no reporte los pagos como atrasados, si no el propietario perderá una oportunidad de salvar su crédito".

También advirtió que cuando uno entrega la casa voluntariamente al banco (deed in lieu ) tiene que asegurarse de que el banco no se quede con el derecho de recuperar la diferencia que pueda existir si el banco no recupera todo el préstamo.

Y demás está decirlo, las estafas están a la orden del día. Michael Sichenzia -investigador en jefe de Dynamic Consulting Enterprises, una empresa especializada en identificar fraudes financieros- recomendó: "Nunca, nunca jamás firmes nada entregando tu propiedad a alguien que te ofrece dejarte viviendo en tu casa con un contrato de alquiler con opción a compra. Es la puerta hacia el desastre y seguirás todavía enganchado con la deuda".

 

TOP OF PAGE

Note: This content is for informational purposes only. The Deeb Law Firm makes no warranties and bears no liability for use of this information. The information is not intended, and should not be construed, as legal, tax or investment advice, or a legal opinion. Always contact your legal, tax and/or financial advisors to help answer questions about your business's specific situation or needs prior to taking any action based upon this information.