Who gets what when you get divorced? This is one of the questions most people think about when the topic of divorce comes up. The Answer? Equitable Distribution.
Equitable is not always Equal. Dividing up marital assets and deciding who has to pay which debts can be rather tricky, especially since the real estate crash. Beginning in 2007 and continuing until last year, many homes fell in value. Some Marital Homes lost more than 60% of their pre-crash value. Over 2013 we have begun to see reversals and many homes are once again gaining value and in some cases Equity. Is this the right time to file for Divorce? Call me at 407-645-3297 to set a time to discuss your particular situation. You can always visit my website at www.aubreylaw.com
Dividing Equity can usually be done either by trading other assets, including retirement accounts or buying out the other party's interest. Of course you know Equity is that portion of the value of the home that you own, that value above the mortgages. For example: A $250,000 home with a mortgage of $180,000 and a Home Equity Line of Credit (HELOC) of $20,000 would have Equity of $50,000. Were the owners to sell the home and divide the equity they could each receive $25,000 (Of course this assumes two owners, and no selling costs).
Equitable Distribution begins to get more complicated when the home is "underwater" owing more in mortgages than the actual value of the home. Owing more than a home is worth may lead parties to consider a "Strategic Default."
For example, someone who purchased their home in May, 2007, may owe more than twice what the home is worth. Home values in the Orlando area hit their peak according to Zillow.com (www.zillow.com) between May 2006 and August 2007. A home in the 32801 zip code purchased in May 2007 for $225,000 could be worth as little as $114,000 today due solely to market forces. Who is willing to pay the $200,000 mortgage still owing on the home that is worth so little today.
Strategic Default http://schott.blogs.nytimes.com/2010/03/26/strategic-defaults/ is the homeowners plan to default on the mortgage and stay in the home as long as possible, rent free, until the foreclosure is completed and the bank forces them out. The New York Times had this to say about Strategic Default. http://www.nytimes.com/2010/01/10/magazine/10FOB-wwln-t.html You might think this is an awful thing to do, but the Home Mortgage Bankers Association did the same exact thing in Washington DC. http://dealbook.nytimes.com/2011/02/04/mortgage-groups-old-building-flipped-for-a-profit/
When homeowners face foreclosure, the extra stress can lead them to consider divorce as one alternative. If you are facing divorce, call me or visit my website www.aubreylaw.com
I will be here to help.
Showing posts with label modification. Show all posts
Showing posts with label modification. Show all posts
Wednesday, September 4, 2013
Friday, August 23, 2013
Parental Alienation Syndrome -Seminar Sunday- Real Enough for Canada
Every week or so I get an email from the Parental Alienation Awareness Organization, PAAO, with resources for families experiencing Alienation by one parent. Sometimes the information includes very helpful links to outlines ( http://www.paawareness.org/video/BrianLudmer-Short%20.pdf, )seminars (https://www3.gotomeeting.com/register/484691638) , etc.
Sunday August 25, PAAO is hosting an online webinar regarding Parental Alienation entitled: Organize Your Own Court Case.
The Seminar link is https://www3.gotomeeting.com/register/484691638.
I recommend NOT attempting your own litigation in a complex divorce case involving Parental Alienation. The risks are just too high.
Child Custody, or Timesharing as we refer to it in Florida is a critical component of your child's development.
Timesharing also impacts Child Support. It never fails in a Modification Case seeking additional timesharing that the party against whom the pleadings are filed believes the
Many people don't consider the implications on Child Support when they work out their Parenting Plan.
If you have Questions, Call Me! 407-645-3297 or visit my website at www.aubreylaw.com
Sunday August 25, PAAO is hosting an online webinar regarding Parental Alienation entitled: Organize Your Own Court Case.
The Seminar link is https://www3.gotomeeting.com/register/484691638.
I recommend NOT attempting your own litigation in a complex divorce case involving Parental Alienation. The risks are just too high.
Child Custody, or Timesharing as we refer to it in Florida is a critical component of your child's development.
Timesharing also impacts Child Support. It never fails in a Modification Case seeking additional timesharing that the party against whom the pleadings are filed believes the
Many people don't consider the implications on Child Support when they work out their Parenting Plan.
If you have Questions, Call Me! 407-645-3297 or visit my website at www.aubreylaw.com
Monday, June 24, 2013
Frequently Asked Questions: Mortgage Modification Mediation
For the past year, I have been involved in a company which trains attorneys to defend Foreclosures through Bankruptcy and the Mortgage Modification Process.
While normally mediations in foreclosure proceedings are not very successful, (less than 5 percent result in loan modifications or the owner being able to remain in the home) we have seen great success through a relatively new bankruptcy court proceedure requiring Mediation. In the Orlando area, more than 70 percent of homeowners have been able to modify their mortgages and keep their homes through this program.
Yes, you read that correctly, higher than 70 % success rate through Mortgage Mediation in Bankruptcy in the Orlando Division of the Middle District of Florida!
While the program is taylored toward bankruptcy, any attorney can benefit from the training provided. To learn more, visit www.mortgagemodificationeducation.com or call me at 407-645-3297.
Now for those FAQs:
Do I have to file bankruptcy to save my home? No, but you must not rule out this alternative.
Why do the banks make it so hard to get a modification? Banks and their underwriters have VERY STRICT Guidelines to qualify a home mortgage for modification.
Why does the bank want to foreclose my home? The bank DOES NOT WANT YOUR HOME. The bank wants a PERFORMING LOAN. In fact the bank must meet very specific guidelines once the foreclosure is completed in selling the home which results in significant lost value. For this reason, banks attorneys are very reluctant to move foreward with the foreclosure and will even resist completing the foreclosure on anything other than their own timeframe.
Is it too late to save my home? Not if the Foreclosure is still pending. However, once the home is sold at auction, and title is issued by the court, you probably cannot save the home. However, you may be allowed to negotiate your leaving on favorable terms with the new owner.
Should I hire an attorney to represent me? Yes, but be very careful that the attorney is familiar with the Mortgage Mediation Program of the Bankruptcy Court. Avoid simple Foreclosure Defenses as they seldom result in Modification of the Mortgage allowing you to remain in the home.
For additional information, visit www.mortgagemodificationeducation.com my website at www.aubreylaw.com or call me at 407-645-3297.
I look forward to speaking with you! Aubrey
While normally mediations in foreclosure proceedings are not very successful, (less than 5 percent result in loan modifications or the owner being able to remain in the home) we have seen great success through a relatively new bankruptcy court proceedure requiring Mediation. In the Orlando area, more than 70 percent of homeowners have been able to modify their mortgages and keep their homes through this program.
Yes, you read that correctly, higher than 70 % success rate through Mortgage Mediation in Bankruptcy in the Orlando Division of the Middle District of Florida!
While the program is taylored toward bankruptcy, any attorney can benefit from the training provided. To learn more, visit www.mortgagemodificationeducation.com or call me at 407-645-3297.
Now for those FAQs:
Do I have to file bankruptcy to save my home? No, but you must not rule out this alternative.
Why do the banks make it so hard to get a modification? Banks and their underwriters have VERY STRICT Guidelines to qualify a home mortgage for modification.
Why does the bank want to foreclose my home? The bank DOES NOT WANT YOUR HOME. The bank wants a PERFORMING LOAN. In fact the bank must meet very specific guidelines once the foreclosure is completed in selling the home which results in significant lost value. For this reason, banks attorneys are very reluctant to move foreward with the foreclosure and will even resist completing the foreclosure on anything other than their own timeframe.
Is it too late to save my home? Not if the Foreclosure is still pending. However, once the home is sold at auction, and title is issued by the court, you probably cannot save the home. However, you may be allowed to negotiate your leaving on favorable terms with the new owner.
Should I hire an attorney to represent me? Yes, but be very careful that the attorney is familiar with the Mortgage Mediation Program of the Bankruptcy Court. Avoid simple Foreclosure Defenses as they seldom result in Modification of the Mortgage allowing you to remain in the home.
For additional information, visit www.mortgagemodificationeducation.com my website at www.aubreylaw.com or call me at 407-645-3297.
I look forward to speaking with you! Aubrey
Wednesday, October 24, 2012
Monday, August 29, 2011
Attorney Suspended for Loan Modification Business
The August 15th, Florida Bar News reported an attorney in South Florida was suspended for operating a Loan Modification Business with several non-lawyers. The Lawyer admitted to the Bar that he had between 2,500 and 3,000 cases, so many he did not know all of his clients or the status of their cases.
Talk about Too Big to Fail!
The Florida Supreme Court granted an Emergency Suspension because the facts clearly and convincingly established the lawyer was causeing "great public harm."
What do you do when the Lawyer you trust to assist in your time of need, becomes the problem?
The Lawyer in question charged his clients between $1,500 and $3,000 in "up front fees" which the non-lawyers primarily set in each case. Worse, the lawyer was paid more than $26,000 in fees by another law firm to take over its cases. The non-lawyers solicited clients on behalf of the lawyer on a nationwide basis, even though the lawyer is only admitted to practice in the State of Florida.
The hiring of an attorney is an important matter that should not be based solely on advertising.
Selecting an attorney should certainly not be based on nonattorney solicitation. When you hire an attorney, you are establishing a relationship time-tested by the courts to protect you. Decisions should be based on referrals from other attorneys, trusted friends or colleagues, and most of all, the attorney's ability to handle your problem in a time effective manner. You are the final link; you must have a comfort that this is the attorney for you.
My practice has included Elder Law, Family Law and Guardianships for more than 10 years. The current recession has required that I also include Mortgage Modification and Foreclosure Defense for many of my clients. Further, I have been somewhat involved in assisting the Bankruptcy Court of the Middle District of Florida in establishing the Mortgage Modification Mediation Program, one of only three in the country, and one of the most effective programs nationwide addressing the Mortgage Foreclosure Crisis.
If you need assistance in any area I practice; Divorce, Guardianship, Probate, Custody, Medicaid Qualification, Timesharing, or Domestic Violence Injunctions, please call me at 407-645-3297 or visit my website at http://www.aubreylaw.com/
I look forward to hearing from you.
Talk about Too Big to Fail!
The Florida Supreme Court granted an Emergency Suspension because the facts clearly and convincingly established the lawyer was causeing "great public harm."
What do you do when the Lawyer you trust to assist in your time of need, becomes the problem?
The Lawyer in question charged his clients between $1,500 and $3,000 in "up front fees" which the non-lawyers primarily set in each case. Worse, the lawyer was paid more than $26,000 in fees by another law firm to take over its cases. The non-lawyers solicited clients on behalf of the lawyer on a nationwide basis, even though the lawyer is only admitted to practice in the State of Florida.
The hiring of an attorney is an important matter that should not be based solely on advertising.
Selecting an attorney should certainly not be based on nonattorney solicitation. When you hire an attorney, you are establishing a relationship time-tested by the courts to protect you. Decisions should be based on referrals from other attorneys, trusted friends or colleagues, and most of all, the attorney's ability to handle your problem in a time effective manner. You are the final link; you must have a comfort that this is the attorney for you.
My practice has included Elder Law, Family Law and Guardianships for more than 10 years. The current recession has required that I also include Mortgage Modification and Foreclosure Defense for many of my clients. Further, I have been somewhat involved in assisting the Bankruptcy Court of the Middle District of Florida in establishing the Mortgage Modification Mediation Program, one of only three in the country, and one of the most effective programs nationwide addressing the Mortgage Foreclosure Crisis.
If you need assistance in any area I practice; Divorce, Guardianship, Probate, Custody, Medicaid Qualification, Timesharing, or Domestic Violence Injunctions, please call me at 407-645-3297 or visit my website at http://www.aubreylaw.com/
I look forward to hearing from you.
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