Archive for April, 2011

Bankruptcy to Solve Foreclosure

Friday, April 15th, 2011

Article by Samanta Parks/Foreclosure Data Online/April 15th, 2011

People who don’t have a clear understanding about bankruptcy will suffer because they will not consider it as a helpful mode of solving their problem. Here are some helpful guides for you to know how bankruptcy works:

1. You need to give complete lists of your property and assets when filing for bankruptcy. This is just to make sure that you will not have problems along the way. A lot of people worry a lot regarding bankruptcy because they are thinking that the court will take away everything from them. What you don’t know is that the court will do nothing with your belongings if you will just submit complete documents that are asked of you. All the listed items the court will get from you will be protected under the law so you don’t have to worry about those things because it will not be taken away from you.

2. You need to be prepared for a credit report that is messy. When you file for bankruptcy will not be a solution to solve your bad credit rating. if you have a bad credit standing, it will remain the same so you don’t have to believe myths that says bankruptcy may also cover and polish your credit score because it won’t be helpful. You also need to be prepared because bankruptcy will be on your credit record for more than 7 years and may last up to 10 years depending on the severity of the debts you also have. This is the reason why a lot of people are so scared to declare bankruptcy too.

3. Lies may lead to case dismissal – you need to be sure you are on the right track before you decide to push through with bankruptcy because in the case of lying before the court, you will be punished or may lead to dismissal of the case which you don’t want to happen in the first place. Before filing for bankruptcy, you need to make sure that all the documents you have are authentic and you need to make sure that what is written there are true. You need to hire a bankruptcy lawyer along the way to help you get started with the process. He will not just represent you in court but he will also prepare you for the process you must go through.

4. Avoid having new debts because it will not be helpful. It will just worsen the scenario

Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg and the Tampa Bay area.

If you would like more information on our practice, please consult our website at: www.bankruptcyfortampabay.com
or call (727) 254-1704.

Foreclosures Slow but Housing Market Still Hurting

Tuesday, April 5th, 2011

Article by Reuters

Published: Thursday, 31 Mar 2011 | 1:53 PM ET 

Home foreclosures slowed in the fourth quarter, but that is likely to be a brief reprieve once banks move more aggressively back into this area following a review of their mortgage servicing practices, according to a report released by U.S. banking regulators Thursday.

New and completed foreclosures are expected to increase in the coming quarters with this pause having ended, according to the report from the Office of the Comptroller of the Currency and the Office of Thrift Supervision. The OCC regulates national banks and the OTS regulates the national thrift industry.

In the fourth quarter, completed foreclosures dropped by almost 50 percent to 95,067, while newly initiated foreclosures fell by almost 8 percent to 352,318.

Foreclosures in the pipeline actually increased because the number of newly initiated foreclosures was larger than those completed in the fourth quarter.

The inventory of foreclosures being processed jumped more than 7 percent to 1.3 million in the fourth quarter.

Carolyn Secor is a Clearwater bankruptcy attorney and Clearwater foreclosure attorney serving Palm Harbor, New Port Richey, Oldsmar, Tarpon Springs, Seminole, St. Petersburg and the Tampa Bay area.

If you would like more information on our practice, please consult our website at:

www.bankruptcyfortampa.com