U.S. foreclosure crisis nearing end, according to RealtyTrac

Posted on Sunday, December 15th, 2013 at 7:46 pm    

A recent report from real estate research firm RealtyTrac said most of the states in America are nearing the end of the foreclosure crisis after a decline in foreclosures was observed last month, according to a report from USA TODAY published on Thursday, December 12.

According to RealtyTrac, compared to last year, a decline of 37 percent was observed in foreclosure activity in November, which is also considered to be the lowest in the past eight years. Vice president of the research firm, Darren Blomquist, expressed optimism on the current data, saying the foreclosure crisis is about to end in many states.

Another economist stated that it is really only those states with longer foreclosure procedures that are dealing with the foreclosure crisis.

The legal team at Chaifetz & Coyle, P.C., works for homeowners in Maryland whose homes are being threatened by foreclosure. If you are facing such a loss due to debt, explore your foreclosure defense options with the help of a skilled lawyer by calling 443-546-4608.    

Free foreclosure prevention workshop for Baltimore residents

Posted on Monday, December 9th, 2013 at 8:54 pm    

A free workshop in which methods to prevent foreclosures was taught was held on December 7 by the Maryland Department of Housing and Community Development (MDHCD) for the benefit of Baltimore residents.

The event was held from 9 a.m. to 2 p.m. at the Mount Pleasant Church Ministries, 6000 Radecke Avenue, Baltimore. Homeowners had a chance to personally consult with certified housing advisers and attorneys regarding how to protect a home from being foreclosed and learn more about the state’s foreclosure prevention laws.

If you are having trouble with your mortgage or a foreclosure is threatening your home in Maryland, a lawyer at Chaifetz & Coyle, P.C., can help you explore your options and possible keep your home. Call 443-546-4608 today to discuss your situation with us.

High foreclosure rates in Maryland

Posted on Wednesday, November 27th, 2013 at 6:14 pm    

The state of Maryland ranked 5th highest in a nationwide poll of new foreclosure cases. According to economist, Jay Brinkmann, mortgage crisis process takes longer in Maryland compared to other states because the state of Maryland requires court intervention before property auctions.

Before a home in Maryland can be auctioned, mortgage services must file court documents in addition to allowing homeowners to obtain mediation for negotiations.

However, despite the high foreclosure rates, Maryland has had fewer delinquent borrowers in recent years. Delinquent loans diminished from 11% in 2009 to 8% in 2013.

If you are in danger of losing your house to foreclosure in Maryland, contact the lawyers of Chaifetz & Coyle, P.C., at 443-546-4608 to find out how we can help you.


Free foreclosure workshop held in Charles County

Posted on Tuesday, November 5th, 2013 at 5:24 pm    

Homeowners and renters in Maryland who are being threatened by foreclosure will have a chance to seek assistance from a free workshop in an effort to learn what they can about preventing their homes from being foreclosed. The workshop will take place from 9 a.m. to 2 p.m. on Saturday, November 9.

In the workshop entitled “Mortgage Late? Don’t Wait!” homeowners and renters in southern Maryland will get a chance to learn worthy information and tap resources from housing counseling agencies, lawyers, and loan servicers that might be able to help them defend their homes from being foreclosed. The workshop, which is free to the public, will be held at the College of Southern Maryland in La Plata.

The legal team at Chaifetz & Coyle, P.C., works to help people in Maryland that are having their homes threatened by foreclosure. To find out what your legal options for fighting foreclosure may be, call us at 443-546-4608.

Los Angeles home of former porn star foreclosed

Posted on Monday, November 4th, 2013 at 9:54 pm    

The Hollywood Hills mansion of former adult star Jenna Jameson was recently lost to foreclosure after she failed to comply with her mortgage, a report on October 20 stated.

According to reports, the mansion of 39-year-old Jameson is  being auctioned by her bank for $1.8 million.

Jameson tried to sell her 3,958 square foot, three-bedroom home in Los Angeles recently for $1.9 million, but she failed to find a buyer. The former porn star refused to maintain the mansion after moving in with partner Tito Ortiz, a Ultimate Fighting champion.

Foreclosure can be frightening. If you or a loved one are facing the loss of your home in Maryland due to debt, an attorney from Chaifetz & Coyle, P.C. may be able to assist you. Please call 443-546-4608 today to speak with an experienced lawyer about foreclosure defense.

Funds to settle mortgage being used by states for budgeting purposes

Posted on Thursday, October 17th, 2013 at 7:46 pm    

The $2.5 billion won by states in a legal settlement to aid troubling homeowners has mainly been used in other non-housing related programs, according to a report from USA Today published Tuesday, October 8.

According to reports, many states are using the funds they received to augment their budget to boost their economy. In the list of the National Conference of State Legislatures, states used the funds in non-housing related programs and other projects for the state. In fact, an estimated $1.4 billion is being spent by states for expenses not related to housing, Andrew Jakabovics said.

The $2.5 billion mortgage settlement fund is supposed to help ailing homeowners who were threatened by foreclosure due to unscrupulous mortgage practices and other prevalent errors in documentation.

Sadly, many people in Maryland are threatened by foreclosure every year. At Chaifetz & Coyle, P.C., our attorneys understand how frightening this can be, but want you to know that you may have options that will allow you to keep your home. Call 443-546-4608 today to find out how we may be able to help you.

Which mortgage is right for you?

Posted on Tuesday, October 1st, 2013 at 8:51 pm    

When seeking a mortgage to buy a home, many Americans may become lost trying to differentiate between different types of loans.

The fixed-rate loan is the most common. Usually lasting over 15, 20, or 30 years, these loans come with no surprises. However, if interest rates fall, buyers will be stuck paying the higher rate.

Some buyers opt for the Adjustable-Rate mortgage. After an initial period, the payments fluctuate based on how the interest rate changes. These may be a little riskier; if interest rates rise, so will loan payments. However, if they drop, loan payments should as well.

Regardless of the type of mortgage, some home owners may find themselves facing foreclosure threats from their banks. If you or a loved one is unable to pay their loan payments, it may be wise to seek legal representation. Please call 443-546-4608 to speak with an experienced mortgage modification lawyer in Maryland at Chaifetz & Coyle, P.C. today.

Citigroup to pay $1 billion in mortgage settlement dispute with Fannie Mae

Posted on Thursday, July 11th, 2013 at 2:30 am    

A mortgage settlement worth $968 million will be paid by Citigroup to real estate housing giant Fannie Mae, according to a report on July 1, 2013.

The two parties agreed to resolve repurchase claims on 3.7 million residential mortgage loans conducted between 2000 and 2012 resulting in the settlement worth nearly $1 billion; however, Citigroup said the deal doesn’t include over 12,000 loans covered by performance guarantees, or special credit enhancement programs and other contractual obligation liabilities. 

The bank affirmed having sufficient mortgage repurchase reserves to pay the $968 million settlement and will add $245 million more for the second quarter.

Citi Mortgage CEO Jane Fraser said the settlement agreement shows the bank’s long standing mutually beneficial working relationship with Fannie Mae.

If you or someone you know is facing foreclosure on your home in Maryland, contact the lawyers of Chaifetz & Coyle, P.C., by calling 443-546-4608 today. We may be able to help you resolve your financial issues without you losing your home.

Many Maryland homeowners facing further actions from home lenders

Posted on Monday, July 1st, 2013 at 4:54 am    

Many Maryland homeowners are being summoned to court long after they’ve lost their houses due to foreclosure. Because many homowners believe that going through foreclosure is the end of their commitment to addressing financial matters related to that home and mortgage, many homeowners are surprised to discover that they still owe money, sometimes hundreds of thousands of dollars, on the home.

Alys Cohen of the Washington National ConsumerLaw Center, said it is based on an ongoing legal strategy called “deficiency judgment,” which is being practiced in 40 states including Maryland, Virginia, and Washington. Through deficiency judgments, lenders seek the difference between what the house was worth at the time of foreclosure and what theloan amount was.

Retired University of Houston Law Center professor John Mixon stressed that deficiency judgments are utterly distressing in terms of the unexpected financial woe it brings to the foreclosed homebuyer. Since the 2008 mortgage crisis, 400 homeowners in Maryland have been given new court actions in past foreclosure lawsuits by lenders to collect any remaining debt, including attorneys’ fees and other expenses, 57 of which were filed early this year, according to a Washington Post story.

Experts say the only way out of a deficiency judgment is through a short sale, a “deed in lieu,” or by filing for Chapter 7 bankruptcy. But because of the Bankruptcy Reform Act of 2005, most Maryland homeowners will have to resort to a restructured debt plan under Chapters 11 and 13 bankruptcy.

If you or someone you know is having trouble with mortgage payments and is worried about the possible foreclosure of a home in Maryland, speak with an attorney from Chaifetz & Coyle, P.C., by calling 443-546-4608 today.

Greater demand for homes increases prices and potentially short sales

Posted on Wednesday, May 22nd, 2013 at 1:17 am    

According to a recent survey, March showed a 10.5% increase in the prices of homes in the United States – the highest since March of 2006 – while available homes for sale decreased by 17%.

This increase in the prices of homes, which has happened for the past 13 months, is due to more demands on a smaller supply of available homes in the market, according to real estate data source Core Logic. 

Home prices rose in 46 states, led by Nevada, California, Arizona, Idaho and Oregon. Short sales, which are sales in which homes are sold for less than the current mortgage debt, will most likely also increase as more homeowners end up selling their houses to buyers who wish to take advantage of the current home market trend and want avoid dealing with any further price increase.

If you are having difficulties paying your mortgage and want to avoid the foreclosure process, a short sale may be your best option. Consult with the legal team of Chaifetz & Coyle, P.C., about how to best handle your situation
by calling 443-546-4608.