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The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket
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Product Description
Facing foreclosure? Know your options!
According to Harvard's Joint Center for Housing Studies, "the number of homeowners paying more than half their income on housing rocketed from 6.5 million in 2001 to 8.8 million in 2006... The number of homes entering foreclosure nearly doubled to 1.3 million in 2007 from about 660,000 in 2005."
If you're having trouble making your mortgage payments or are already in jeopardy of foreclosure, The Foreclosure Survival Guide compassionately gives you the practical information you need, step by step.
An essential tool for anyone at risk of foreclosure, The Foreclosure Survival Guide provides key information about:
The Foreclosure Survival Guide gathers all the information Attorney Stephen R. Elias has used to help hundreds of clients over 30 years of practicing law and shows you how to deal with foreclosure.
Like many hardworking people facing foreclosure in this rough economy, you deserve answers to your pressing questions. Thorough and easy to understand, The Foreclosure Survival Guide can help you stay in your home or walk away with money in your pocket.
Product Details
- Amazon Sales Rank: #24156 in Books
- Published on: 2008-09-29
- Original language: English
- Number of items: 1
- Binding: Paperback
- 250 pages
Editorial Reviews
Review
"Nolo's just published The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket by Steven Elias "discusses the most recent laws designed to help homeowners deal with the crisis and points them to resources (nonprofit housing counselors, government agencies and so on) that may help," says Mary Randolph, Nolo's senior vice president of editorial. Elias, a practicing attorney, former Nolo associate publisher and current president of the National Bankruptcy Law Project, advises that readers not panic. "Even if the lender does foreclose on the house, the process takes months at the least. You're going to have time to evaluate your options and make smart choices." --Publishers Weekly - October 20, 2008
"Nolo's just published The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket by Steven Elias "discusses the most recent laws designed to help homeowners deal with the crisis and points them to resources (nonprofit housing counselors, government agencies and so on) that may help," says Mary Randolph, Nolo's senior vice president of editorial. Elias, a practicing attorney, former Nolo associate publisher and current president of the National Bankruptcy Law Project, advises that readers not panic. "Even if the lender does foreclose on the house, the process takes months at the least. You're going to have time to evaluate your options and make smart choices." (Publishers Weekly )
Bankruptcy attorney Elias targets the estimated two million American homeowners who are currently in default on their mortgages. Elias explains how foreclosure works, what options there may be for keeping a home when in default, and what to do when that is not possible. He includes instruction on negotiating a workout with a lender as well as chapters on how to use bankruptcy to avoid foreclosure. Elias's section on fighting foreclosure in the courts helps readers understand the circumstances in which they may be able to delay or stop a foreclosure action. The appendixes provide summaries of each state's foreclosure laws, a glossary, and information on finding and working with lawyers and bankruptcy petition preparers. Straightforward and timely, this is recommended for most public libraries.- (LIBRARY JOURNAL )
Bankruptcy attorney Elias targets the estimated two million American homeowners who are currently in default on their mortgages. Elias explains how foreclosure works, what options there may be for keeping a home when in default, and what to do when that is not possible. He includes instruction on negotiating a workout with a lender as well as chapters on how to use bankruptcy to avoid foreclosure. Elias's section on fighting foreclosure in the courts helps readers understand the circumstances in which they may be able to delay or stop a foreclosure action. The appendixes provide summaries of each state's foreclosure laws, a glossary, and information on finding and working with lawyers and bankruptcy petition preparers. Straightforward and timely, this is recommended for most public libraries.-Joan Pedzich, Harris Beach PLLC, Rochester, NY --LIBRARY JOURNAL
From the Publisher
According to the data service RealtyTrac the number of home foreclosures in the U.S. rose 79.2% in 2007, with increases in 86 of the top 100 metropolitan areas.
In 2008 there will be an estimated 1.4 million new foreclosures.
Biting news for sure but Nolo, a pioneer in legal empowerment, offers its latest salve: The Foreclosure Survival Guide.
Written by a practicing lawyer who has helped hundreds of homeowners keep their homes or come out of foreclosure financially sound, The Foreclosure Survival Guide will help readers:
The Foreclosure Survival Guide is a thorough, easy-to-understand, and compassionate look at options for those facing foreclosure, and for the foreseeable future this resource will prove a valuable and vital guidebook for those homeowners affected by the foreclosure crisis.
From the Author
10 Things To Do When The Bank Calls About Missing Mortage Payments
By Stephen Elias author of THE FORECLOSURE SURVIVIAL GUIDE:Keep your House or Walk Away With Money in Your Pocket (Nolo 2008)
This book is based on advice I've given to hundreds of people facing foreclosure. It directly reflects my 30 years of practicing bankruptcy law and my 25 years of writing law books for laypeople.
Over and over, I've seen people become terrified when foreclosure looms. They're afraid that they'll be without a roof over their heads and will never be able to own another home. Neither is true, and one of my main goals in this book is to reassure readers, just as I reassure my clients. I want to help readers deal with foreclosure and get past denial, panic, and shame. (I've found that clients faced with losing a house often go through all the classic stages of grieving, from denial to anger to eventual acceptance, just like people losing a loved one.) I remind them that despite what the housing and lending industries would have us believe, you can have a home without owning a house, and that not owning real estate does not make you a failure or shut you out of the "American dream."
I take readers by the hand and help them make the most important decision in all foreclosure situations: should they fight to keep the house or let it go? I help them answer key questions: Can they afford the house? Do they see it as an investment or a place to raise a family, apart from the house's value? If affordability is an issue, I outline steps they can take to make it more affordable.
I encourage all readers to talk to a free, nonprofit HUD-certified housing counselor to see whether they can get a better mortgage or lower payment from their lenders, which can greatly affect whether they choose to keep the house or leave it. And I explain the options for holding on to a house, from negotiating with the lender to fighting the foreclosure in court.
Unlike any other foreclosure book I'm aware of, I explain how bankruptcy can be a positive step towards keeping a house, and I show how it works in some detail. Also, I show how, if a homeowner decides to give up a house, the typically drawn-out foreclosure process can be their friend. It lets them keep living in their home payment-free for at least several months, and in many states a year or more. This gives them a chance to save money and come out of the foreclosure better able to start fresh. It also keeps houses from becoming vacant and blighted by disrepair, vandals, and thieves--benefitting the community (and even the foreclosing lender) as well as themselves.
In short, I wrote this book to help hardworking people all over the country who are like the folks who call me looking for help. Down on their luck in a tough economy, they are scared, embarrassed, and sometimes panicked. They deserve answers.
--Stephen Elias
Customer Reviews
The Foreclosure Survival Guide - My First 5 Star Book Review In A Long Time
The The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket is a great volume on a timely topic that succeeds in two opposing areas: it covers a lot of ground yet it does not wander. NOLO press is a resource I have used in the past for a variety of legal topics. I am very picky with books in general and I make no bones about that. In the case of NOLO books, they are generally good but this text is particularly good.
Stephen Elias lists his extensive credentials, including many contributions to NOLO press and a successful bankruptcy law practice. His straightforward writing style makes this volume very readable. And the clear organization of the book also makes it useful as a reference. A very nice section goes state by state and lists some basics about the different real estate laws applicable in each one.
The book's focus goes way beyond the foreclosure process alone. It offers concrete information in several real estate and legal areas such as bankruptcy and it's relevance to real estate ownership. Clearly the focus on foreclosure will find a captive audience in the current economic climate. Still, one needn't be at risk of foreclosure in order to get something of value out of this book.
The book covers common legal practices relevant for foreclosure. The relevance of whether or not a state follows a judicial process for foreclosures is explained. The outlined worksheet makes it easier to quantify the pros and cons of keeping your property versus keeping as much money as possible in the cases where it's in your best interest to give up on the property. The author covers all the bases, including negotiating with lenders, selling your property, contemplating bankruptcy, and disputing the foreclosure.
Bankruptcy is covered in depth, which is not surprising given the author's practice as a bankruptcy attorney. The differences between chapter 7 and 13 bankruptcy are explored with the costs and benefits relative to foreclosure.
A basic treatment of forthcoming legislation provides a good primer on other options. He also covers scams to avoid, including companies who offer assistance that is not always above board. Some of those *dos and don'ts* might be obvious to some but most of us will be glad to have them.
All legal areas have complexities that cannot be covered by any single text. Many references are given, and this is a great primer. But this does not cover every possible scenario. Ultimately, if you have to go to court you will need an experienced attorney for guidance and representation.
Pros
+ Straightforward writing simplifies complex subject
+ Very well organized chapters
+ A nice state by state reference section
+ Great primer for real estate professionals
+ Good references on how to get additional information
Cons
- Won't prepare you to argue your case in court
- Can't cover every case due to complex subject
Conclusion
This book has been put together in a clean and concise way. For individuals who work in related fields, such as real estate agents or credit counselors, this is a great primer on the subject. For people facing foreclosure or interested in learning more, this book provides a nice blueprint on the key considerations. Just keep in mind that this is only a beginning and you will have a great start.
Definitely one of the better reads I've had in a while. Considering this is a reference text, that's really saying quite a lot.
Enjoy!
Arm Yourself With Knowledge
Nolo Press has been printing books on law and legal issues for laypeople for almost 40 years, and as someone with a legal background, I have always been impressed with their products. The Foreclosure Survival Guide is no exception. As I write this review, the US economy is undergoing an unprecedented period of turmoil as the result of irresponsible lending practices in the mortgage market. It is quite possible that some of the people reading this review are undergoing or will be undergoing the horrific process of home foreclosure. If so, my heart goes out to you. I suggest you get this book and read it carefully. It outlines the process of foreclosure (and includes a glossary for those unfamiliar with legal mumbo-jumbo), what your rights are, what the mortgage-holder's rights are, and what options you may have to prevent, forestall, or help you just survive what lies ahead. Knowledge in these circumstances may not be power, but it will tell you what to expect, which is more comforting than going through foreclosure blind. There is also a section that briefly describes each state's foreclosure rules. This book was obviously written with great compassion for people going through foreclosure, but it also offers clear-eyed advice regarding the homeowner's options. This book may give you some ideas, or inform you of rights you may not have known you had. I highly recommend it.
Fantastic wealth of information
With so many foreclosures taking place around us and with there being an uncertain future with finances, I decided to check-out The Foreclosure Survival Guide. I'm so very glad that I did. The author, Attorney Stephen Elias, writes in a very easy to understand way. He walks you through some of the hardest decisions you will have to make about your home such as "Does it make sense to give up your house instead of fighting foreclosure?" He gives great insight on ways to keep your home (if it's financially wise) and how to slow down a foreclosure to help you get your footing in life. The book also clears up what a Chapter 7 & a Chapter 13 bankruptcy is and what it means when it comes to your credit. It definitely gives you the tools you need to understand how to negotiate your way through a foreclosure. Before reading the book, I had very little understanding of what actually takes place before, during and after a foreclosure. He answered all of my questions - directed me where to search for more information and explained my state laws (WOW!) all in 10 chapters. He also lists the different mortgage scams out there and how to protect yourself from them. The final chapter gives you resources to legitimate companies, counselors, books, etc. that will help you on your way to understanding your options. If you are losing sleep over what to do with your home, I'd definitely recommend getting this book.
