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Allmand Law May 2013

Allmand Law May 2013

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Published by Allmand Law Firm
In this Issue:
Avoiding Foreclosure
Consider This...Chapter 7 Laws
Benefits of Board Certification
Credit Questions and Answers
In this Issue:
Avoiding Foreclosure
Consider This...Chapter 7 Laws
Benefits of Board Certification
Credit Questions and Answers

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Published by: Allmand Law Firm on Jun 24, 2013
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May

214.265.0123

The History of Cinco De Mayo, see page 3

Typically foreclosure begins after a homeowner falls behind on mortgage payments. The lender begins the legal process of selling your home at auction in order to get payment for the loan. In Texas. lenders may foreclose on mortgages in default typically in 60 days. That's not much time. Non-Judicial Foreclosure Texas is a non-judicial state. The non-judicial process of foreclosure is used when a "power of sale" clause exists in a mortgage. Power of Sale A "power of sale" clause is the clause in a mortgage in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. Generally, after the court declares a foreclosure, the property will be auctioned off to the highest bidder. A power of sale clause specifies the time, place and terms of sale, then the specified procedure must be followed. Otherwise, the non-judicial power of sale foreclosure is carried out as follows: 1. The lender must mail the borrower a letter of demand, informing the buyer he has 30-day notice of default and accelerate the note due. Then it is 21 days notice before foreclosure sale the first Tuesday of the month (see #3). 2. At least twenty one (21) days before the foreclosure sale, a foreclosure notice must be: a) filed with the county clerk; b) mailed to the borrower at their last known address; and c) posted on the county courthouse door. 3. The foreclosure sale will take place on the first Tuesday of any month, even if said Tuesday falls on a legal holiday, but only after the proper preliminary notices have been given. The sale is on the courthouse steps by auction to the highest bidder for cash. Anyone may bid, including the lender. Bankruptcy may help you save your home from foreclosure. Typically, Chapter 13 is used to allow the debtor time to resume making regular mortgage payments post bankruptcy. Filing Chapter 7 on the eve of a foreclosure will stop the sale however it is not a guarantee that it will stop the sale at a later date. Either way, bankruptcy may help you save your house from foreclosure. If you want to learn more about how, call the office of Allmand Law. The attorneys of Allmand Law promise results. For more information, visit us at www.allmandlaw.com or call us at 214-265-0123.

Avoid or Delay Foreclosure of Your Home by Seeking Bankruptcy Protection

5

Fresh Start
A Newsletter for Individuals Facing Difficult Financial Decisions

May 2013

Get a "Fresh Start" With a Chapter 7 Bankruptcy

Consider This...Chapter 7 Laws

In a Chapter 7 bankruptcy you wipe out your debts and get a financial fresh start. Chapter 7 bankruptcy is a liquidation where the trustee collects all of your assets and sells any assets which are not exempt. Certain debts cannot be discharged in a Chapter 7 bankruptcy, such as alimony, child support, certain taxes, and student loans. But, in the vast majority of cases this type of bankruptcy is able to completely eliminate all of the filers debts.

Canceling Tax Liability for Certain Property Loans

Thanks to new laws, you no longer face tax liability for losses your mortgage or homeimprovement lender incurs as a result of your default, whether you file for bankruptcy or not. However, the new tax law doesn't shield you from tax liability for losses the lender incurs after the foreclosure sale if: •

the loan is not a mortgage or was not used for home improvements (such as a home equity loan used to pay for a car or vacation), or

This is where Chapter 7 bankruptcy helps. It will exempt you from tax liability on losses the lender incurs if you default on these other loans.

the mortgage or home equity loan is secured by property other than your principal residence (for example, a vacation home or rental property).

2

Fresh Start

Hiring the right bankruptcy attorney is paramount to the success of your case. You don’t want an attorney who dibbles and dabbles in bankruptcy, handling a couple of cases a year. You want an experienced bankruptcy attorney who is well versed in the technicalities and intricacies of bankruptcy law. You want a BOARD CERTIFIED BANKRUPTCY ATTORNEY—You want Reed Allmand of Allmand Law. Here's why: 1. Reed Allmand is board certified in consumer bankruptcy law. That means he must meet a ‘years of experience’ test, be endorsed by his peers and pass a written test. Bankruptcy attornies can be found anywhere, but Board Certified Consumer Bankruptcy Attornies are few and far between. • Reed Allmand has 13 years of experience—all of it practicing bankruptcy law. You won't find that much experience anywhere else in the Dallas/Ft. Worth area. • You want a firm who does bankruptcy law...and that's it. Bankruptcy law is all that Allmand Law does. That's why they are the largest bankruptcy law firm in Texas and has been for the past 10 years. • Allmand Law has systems and procedures in place to ensure they deliver the outcome expected. And, they just don't help you get a financial fresh start, they guide you to a secure financial future with credit education and counseling. You'll want to take Allmand Law's 7 STEPS TO 720 course following your bankruptcy discharge. No one else offers this continuing financial education.

You Want a Board Certified Bankruptcy Attorney

Information Exchange

ALLMAND LAW'S 7 STEPS TO 720 Your credit score is your lifeline to healthy financial living. It determines how much interest you will pay on any kind of loan, from credit cards to car loans to your mortgage. Today, because of the credit crisis and the recession, having a high credit score is more important than ever. Allmand's 7 Steps to 720 board certified bankruptcy attorney and credit specialist, Reed Allmand, has developed a 7-step action plan to get your score up quickly— and keep it there! In this program, you will learn (and achieve): • A Higher Credit Score (720 guaranteed or we'll pay you $500) • How to Get Better Credit AND KEEP IT! • What are Good Credit Card & Credit Limits - Good Credit Cards for Good Credit vs. Bad Credit Cards for Bad Credit - Utilization Rates • Bank's Big Lie About Credit • How to Fix Credit Scores • How to Build Credit • How to Get a Car or Mortgage or Loan • How to Manage Your Credit Call today for more information!

Cinco de Mayo's Origin & History

On May 5, 1862, the Mexican army defeated the French army at the Battle of Puebla. This single military battle signified defeat of a European colonial power and a victory for the Mexican people. This single battle was the roots of Cinco de Mayo. Cinco de Mayo is not the celebration of Mexican Independence which is celebrated on September 16th. What Cinco de Mayo has come to be is much more than one battle in the colonial history of Mexico. Rather, it has come to signify Hispanic and Mexican pride and a time to celebrate the rich culture.

Today, this holiday is celebrated by Mexicans, and especially the Hispanic community in the U.S. It is a time of song, dance, partying, and in general a time to be proud to be of Hispanic descent. Happy Cinco de Mayo to all of our valued clients.

The nation's largest banks will begin sending payments this week to millions of Americans who may have been wrongfully foreclosed on during the housing crisis. A total of $3.6 billion in cash will be distributed to 4.2 million borrowers who lost their

Banks Send Foreclosure Checks

Out for 'Robo-Signing' Settlement
About 90% of borrowers whose mortgages were serviced by 11 of the banks will receive payments by the end of April, the agencies said. homes or were at risk of foreclosure. Payments will range from $300 to $125,000.

The mortgage industry has fought any effort to authorize a disinterested third party like a bankruptcy judge to help solve the nation’s credit problems. We regularly speak to homeowners who fall behind a month or two, apply for a modification program, are strung along for months only to learn days before a scheduled foreclosure that their application for modification was denied. We can tell you from many client experiences that no one is benefitting from today's bankers actions. We have a banking system that simply will not negotiate, and appears to be going out of its way to avoid anyone who is in need of loan modification before foreclosure. If you ever had any illusions that your bank will voluntarily help you in a moment of crisis, let that illusion disappear. What does this reality mean to you and how should it affect your future mortgage dealings if you are behind in your payments? I’ll offer my you my services because you will need them.

Why You Should Not Expect Your Bank to Voluntarily Rewrite Your Loan

April 2013

3

Charitable News

Donations: You can help achieve a world without breast cancer by contributing financially in a way that is meaningful to you. Your gift will support the mission to provide local community grants, help people in our community access education, screening and treatment. Your funds also support lifesaving research initiatives that will enable scientists to discover the cures for breast cancer. You can give at: http://www.komengreaterfortworth.org/make-a-donation/donateonline/

Our Race for the Cure is over, but the battle against breast cancer wages on. The 2012 Susan G. Komen Greater Fort Worth Race for the Cure was held Saturday, April 14, 2012 at Ridgmar Mall. A record 10,570 individuals participated in the Race, raising nearly $1.3 million of funds for the fight against breast cancer to date. The Race for the Cure raises funds and awareness for the fight against breast cancer, celebrates breast cancer survivorship and honors those who have lost their battle with the disease.

Susan G. Komen Race for the Cure, Greater Fort Worth, April 2013, Sets Records

Law is committed to its community and charitable giving. Each month we highlight—and contribute to—a local charity or event. We encourage our employees, clients and readers to participate via donations and/or service. Let us know if we can help you!

Do You Have a Charity You Care Deeply About? Let us know. Allmand

Q. Should I use my 401k to pay off my credit cards? No! No! No! At the very least, discus this with a qualified attorney and tax professional before you make any decisions to do so. Your 401k is completely protected in bankruptcy. If your debt situation is significant enough to consider wiping out any portion of your retirement, then STOP and get help. You may be able to completely erase your debt, lower your car payments and KEEP ALL OF YOUR RETIREMENT! Q. My neighbor's house was in foreclosure. He filed for bankruptcy and said he gets to keep his house, cars and does not have to pay his $90,000 second mortgage. How is that possible? By working with an experienced bankruptcy attorney, many homeowners are able to save their homes from foreclosure. The arrears (i.e. past due payments) can be put into a repayment plan at 0% interest over a 60 month period, allowing the homeowner to bring the mortgage current over time. Additionally, a second mortgage or line of credit lien can be stripped off or erased in a Chapter 13 bankruptcy if that loan is unsecured, meaning the house value is less than what is owed on the first mortgage. This can be a huge savings and can help put the homeowner in a much better position to start rebuilding equity. GOT CREDIT QUESTIONS? Use our Ask an Attorney form at our website to ask your credit questions. We'll get you answers! www.allmandlaw.com

Credits Questions & Answers

Credit Exchange

(214) 265-0123 www.allmandlaw.com

Allmand Law

5646 Milton St., Suite 120 Dallas, TX 75206

214.265.0123

www.allmandlaw.com

Free Book:
The Secrets About Foreclosure What You Need to Know Call Allmand Law at 214.265.0123 or visit www.allmandlaw.com and order your free book.

a $1499 Value

• Repossession

The Problem.

Car Problems?

• Restructure the debt and lower your payments! Lower the interest, too! These are ACTUAL results achieved by some of our clients at Allmand Law. Every situation is different that is why we offer you a free case evaluation for your specific situation. For more information, call Allmand Law at 214-265-5189. • Car payment are too high

• Need to replace old car, but owe too much

• STOP the repossession and reverse it. Get your car back! • But act fast. Deadlines could be short! • Walk away from old car and the DEBT!

The Solution.

WE HELP GOOD PEOPLE THROUGH BAD TIMES.

We can help stop lawsuits and repossessions.
For a free consultation, call

214.265.5189

Don't pay up-front fees. Foreclosure consultants are prohibited by law from collecting money before services are performed. Don't ignore letters from your lender or loan servicer. Responding to those letters is your best bet for saving your house. Don't transfer title or sell your house to a "foreclosure rescuer." Beware! This is a scam to convince homeowners they can stay in the home as renters and buy their home back later. It might also be part of a fraudulent bankruptcy filing. Either way, a scammer can then evict the victim and take the home. Don't pay your mortgage payments to anyone other than your lender or loan servicer. Mortgage consultants often keep the money for themselves. Never sign any documents without reading them first. Many homeowners think that they are signing documents for a loan modification or for a new loan to pay off the mortgage they are behind on. Later, they discover that they actually transferred ownership of their home to someone who is now trying to evict them.

Tips to Avoid Being Scammed

Today In Bankruptcy – May 2013

We are partnering with New Start Auto, 1000 North Central Expressway in Richardson, to help good people who file bankruptcy get a new or used automobile. If you see a car at this lot you would like to have and want to learn about how to get it, call us today!

Our Website Now offers all information in Spanish. Visit www.allmandlaw.com and choose Spanish as your language option.

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