How to Save Inherited Property from Foreclosure

Below is an article written by Attorney Peter Francis Geraci with instruction on how to stop foreclosure on an inherited property. Read more articles written by PFG at https://www.infotapes.com/Articles.

At Geraci Law, we sometimes have a client whose relative died, and they are an heir. For instance, Son is Mom’s only heir, Mom passes away, but Mom’s house is in her name, she left no will, and she had a $40,000 mortgage with payments of $600 a month.

Son obviously wants to get the title changed into his name, so he will have to file a lawsuit in Probate Court to get an Order Declaring Heirship and Distribution of the Estate.  This may take 6 or 8 months. In the meantime, Son finds out that the mortgage is a year behind, and the mortgage company his filed a foreclosure. 

Son wants to prevent the mortgage company from foreclosing, force it to accept a payment plan on the arrears, and force the mortgage company to accept payments on the mortgage going forward, since he does not want to pay it off. Son wants to keep paying Mom’s mortgage because he can’t refinance until the Probate Court transfers the property to him.

Good news. Son can file Chapter 13 to propose a payment plan on the past due mortgage payments, and force the mortgage company to accept his payments on mom’s mortgage in the future. 

One way to get the title to the property in Son’s name immediately, if there are other heirs who do not want any part of the property, would be to get all the heirs to sign an affidavit of heirship, identifying all the heirs and stating that they all agree on the transfer of the property to Son, and have them each sign on a warranty deed from them to Son. Then, record the affidavit of heirship at the recorder of deeds, and then record the deed.  Son now not only has an “equitable inheritance interest” that would enable him to file Chapter 13 regarding the property, but also title interest. Assuming Mom had no other property that required Probate, his problem is solved!

Many mortgages contain a “due on sale clause” stating that if the borrower dies or files bankruptcy, the full amount of the mortgage balance becomes immediately due. That clause is not enforceable, because of a provision in the Garn-St. Germain Act of 1982 12 U.S. Code § 1701j–3.”Preemption of due-on-sale prohibitions” which exempted inherited property from having a “due on sale” clause enforced. The Act does permit acceleration of a mortgage when property is sold, but not when a person dies and the heirs want to make the mortgage payments.

The other situations where a “due-on-sale clause’ can’t be enforced are when a home equity loan or other lien is placed, when a surviving joint tenant takes title, on transfer to a spouse or child of a co-owner because of divorce and the spouse or child will life in the home, or when a borrower transfers property into an inter-vivos living trust.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Do You Live in a Bankruptcy Assistance Desert?

Below is an article written by Attorney Peter Francis Geraci titled, “Do you live in a Bankruptcy Assistance Desert?” You can read more articles by Attorney Geraci at https://www.infotapes.com/Articles.

Below is an article written by Attorney Peter Francis Geraci titled, “Do you live in a Bankruptcy Assistance Desert?” You can read more articles by Attorney Geraci at https://www.infotapes.com/Articles.

Do you live in a “Bankruptcy Legal Desert”? According to the American Bar Association’s 2020 Profile of the Legal Profession, you may. 40% of America’s counties have less than 1 lawyer per 1000 residents, and some have way less.

And it gets worse depending on what you need a lawyer for. An article in the Indiana Lawyer journal says “simply having lawyers in a county doesn’t guarantee they are available to the public”, because many work for governments or corporations.

Depending on what you need an attorney for, it may be a real problem. You may have to drive for an hour, or even longer, to the location of an attorney that is able to represent you in a specific matter.

Take bankruptcy, for instance. Outside of major cities, there are usually only 1 or 2 lawyers who practice consumer bankruptcy law. And often, they don’t do much of it, only a case here and there, and may do only Chapter 7 cases, not Chapter 13 repayment plans which are at least 1/3 of bankruptcy filings nationwide.

One reason is, once you get away from the “big city”, there aren’t a large number of bankruptcies, because the population is thinner. In sparsely populated areas, there may not be any lawyers for any particular kind of matter. The lawyers in those counties, therefore, don’t get the experience of an attorney who practices exclusively in bankruptcy court.

They may be excellent lawyers, but your options are very limited, both by the lack of lawyers, and the lack of lawyers who actually practice bankruptcy law. It used to be even worse for bankruptcy, because the bankruptcy courts are Federal courts, and usually only located in downtown office buildings in the largest cities, such as Orlando, Indianapolis, Chicago, and Milwaukee.

Chapter 13 trustees for an entire region of millions of people may be 2 hours away from those living outside the downtown areas. Lawyers, as well as clients, had to waste an entire day traveling to court, standing around waiting for a hearing, and getting back to the office or home. But not any more!

What happened? COVID! Lawyers and courts discovered Zoom, and learned how to keep the courts running remotely, or “virtually”. Geraci Law was providing remote, or “virtual” bankruptcy services to its clients for years. Geraci Law bankruptcy clients enjoy the Geraci Law “Client Corner” client portal, and can set virtual or office appointments, message their attorney, sign and upload documents, and even attend bankruptcy hearings, remotely, on their cell phones!

This means that if you live in a rural area, or even in a big city, you don’t have to battle rush hour, find a sitter, take a day off work, or drive an hour to find a bankruptcy lawyer.

All you need is your cell phone or computer. Geraci Law is available to help you virtually! Use the Geraci Law Office Locator at www.infotapes.com to find a virtual or physical Geraci Law office near you. Get your basic information by going to www.bankruptcybookbypeterfrancisgeraci.com and using the Search tool. You’ll find the answers to the most often-asked bankruptcy questions, before you call to become a Geraci Law client, and get debt-free!

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Behind on Your Mortgage? Call PFG. 

The number of serious delinquencies is at a 10 YEAR HIGH – if you are behind on your mortgage, call Geraci Law.

Behind on Your Mortgage? Call PFG.

After the housing bubble burst in 2008, millions of Americans faced foreclosure on underwater properties. Over a decade later, homeowners are facing a new battle – job loss as a result of COVID-19.

Federal protections like the CARES Act halted foreclosure and eviction actions. But those protections ended on 7/31/2020. According to Black Knight – a mortgage/home data company, the number of SERIOUS delinquencies meaning a homeowner is at least 90 days behind is at a 10 year high.

The GOOD news, bankruptcy can help in most cases. If you are behind on your mortgage, filing a Chapter 13 bankruptcy with Geraci Law can STOP the foreclosure. You are in a repayment plan to get current with your mortgage.

Chapter 13s are court supervised repayment plans. Once a chapter 13 case is filed, you are under bankruptcy protection from foreclosure or collection effort from your creditors. The BETTER news, Geraci Law can file a case in as little as ONE DAY to stop the foreclosure. We routinely file Chapter 13s for no money down.

If you got behind and you can afford your house – do not wait! Call Geraci Law for a free consultation to figure out a solution to keep your shelter in place.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 30,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

What Can a Chapter 13 Do For Me?

Worried about your driver’s license? Is the repo man knocking on your door? Have you been served with a foreclosure summons? Geraci Law is here to help solve your problem with a Chapter 13 bankruptcy. 

What Can a Chapter 13 Do For Me?

Worried about your driver’s license? Is the repo man knocking on your door? Have you been served with a foreclosure summons? Geraci Law is here to help solve your problem with a Chapter 13 bankruptcy.

Chapter 13 bankruptcies are debt repayment plans. You are consolidating debt to fit YOUR budget. A Chapter 13 bankruptcy can:

  • STOP foreclosure
  • STOP vehicle/property repossession
  • STOP wage garnishments
  • LIFT driver’s license suspensions for parking tickets, red light tickets

The payment plan is based on your debt, income and assets. We can create a plan to get you back on track. If life happens and something changes DURING your Chapter 13 plan, our team is here to figure out a solution.

Some attorneys file the case and then disappear. You talk to voice mail instead of a live person. At Geraci Law, we are available to figure out a solution. Our staff is available to YOU.

The best part? A Chapter 13 bankruptcy is the EXACT same fee no matter what law firm you hire. You pay the same price if you hire an attorney who has NEVER filed a bankruptcy petition or a Geraci Law team of attorneys with over 40 years of bankruptcy experience.

Wait, it does get better. If you are working full-time with a steady source of income, you could qualify for no-money down. You get the FAST relief without the worry of coming up with a lump sum of attorney fees. We can do your case in a day. Call Geraci Law – we’re ready to solve your problem.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 25,000 5-star reviews 5starsince November 2016!

Read ALL ABOUT DEBT RELIEF at www.bankruptcybookbypeterfrancisgeraci.com.

Geraci Law Reverses Sheriff Sale

When you’re unable to make your payments on a house, a mortgage company may get a judgment of foreclosure. Then they pay the County Sheriff, or an appointed officer, to sell it at an auction. If you failed to stop a foreclosure suit, interfacing Sheriff Sale, read this.

When you’re unable to make your payments on a house, a mortgage company may get a judgment of foreclosure.  Then they pay the County Sheriff, or an appointed officer, to sell it at an auction.  If you failed to stop a foreclosure suit, interfacing Sheriff Sale, read this.

Here are some rules about stopping foreclosure:  File chapter 13 House2

  1. Before your mortgage company files a foreclosure suit
  2. Before a foreclosure suit goes to judgment
  3. Before a judgment proceeds to a Sheriff sale

In other words call Geraci law soon as you get behind, because the longer you wait, the more the mortgage company will cost you, and the harder it is. What if your house is actually been sold at a Sheriff sale?

Before coming to Geraci Law, a single mom filed a Chapter 13 with another law firm.  That case was dismissed, and that other so-called law firm told her there was nothing she could do. She was devastated, but her aunt told her to call Geraci Law. She inherited the house from her mother with her aunt on title.

Geraci Law filed a counter attack in the State Chancery Court. Before the sheriff sale, there are several court appearances and notices that must be “serviced.” She never lived at the residence that the mortgage company claimed to have served her at.

friends huggingGeraci Law was able to prove the client was not property served with the foreclosure notice. The judge sided with Geraci Law and the sheriff sale was REVERSED. The woman called for a group hug in the court room ecstatic by the work of Geraci Law. Then, Geraci Law filed a 2nd Chapter 13 to repay the past due mortgage and force them to take her future payments.

Dial 1-800-CALL-PFG for a free phone mini-consultation, or make an appointment online 24/7 at www.infotapes.com.  Bankruptcy laws are in place to help you.  Who knows bankruptcy like Geraci Law?  Geraci Law has 20,000 5-star reviews 5starsince November 2016!  Read more at www.bankruptcybookbypeterfrancisgeraci.com.