2012 Update on Avoiding Foreclosure: The Practicalities of Dealing with Mortgages in Arrears Seminar Materials

Information

The foreclosure surge continues. More and more of your clients may be facing the unhappy prospect of losing their homes due to their inability to make mortgage payments in a timely manner. What can you do to help them avoid this potentially life-shattering experience? This timely program will provide the insight and information you need to effectively and ethically counsel your clients.

Looking at mortgage foreclosure from the homeowner’s perspective, this program is designed for general practitioners and real estate attorneys. You’ll gain an understanding of working with lenders, of possible defenses to foreclosure actions in Virginia, and of various options available to your clients when faced with foreclosure.

These seminar materials were published in March 2012. They are available only as a PDF download; however, the user has a license to print the materials if this format is more desirable. Please see the information on electronic books.

 
Copyright © 2012 Virginia Law Foundation. All rights reserved.

Table of Contents

WHAT ARE LENDERS WILLING TO DO?

I. OVERVIEW MATERIALS

II. COUNSELING OPTIONS
    A. Brief of Counseling Debtors Facing Foreclosure
    B. Contact Your Loan Servicer
    C. Talk to a Housing Counseling Agency
    D. Alternatives to Foreclosure that Involve Keeping the Home
    E. Alternatives to Foreclosure that Involve Losing the Home
    F. Recent Developments Benefitting Homeowners Facing Foreclosure

III. ADDITIONAL RESOURCES

APPENDICES:
    Va. Code Ann. § 55-59 (2008)
    Va. Code Ann. § 55-59.1 (2008)
    Va. Code Ann. § 55-59.2 (2008)
    Va. Code Ann. § 55-59.3 (2008)
    Forbearance Agreement
    Loan Modification Agreement
    Exhibit A: Legal Description
    Deed in Lieu

THE SHORT SALE ERA: SUCCESSFULLY WORKING-OUT & CLOSING SHORT SALES

I. SHORT SALE FUNDAMENTALS

II. THE SHORT SALE LISTING & RETAINER

III. THE SHORT SALE CONTRACT

IV. FRAMEWORK OF THE SHORT SALE TRANSACTION

V. THE CLOSING

VI. BANKRUPTCY AND THE SHORT SALE TRANSACTION

VII. HOME AFFORDABLE FORECLOSURE ALTERNATIVES (HAFA) PROGRAM

REQUEST FOR MORTGAGE ASSISTANCE (RMA)

HELP FOR AMERICA’S HOMEOWNERS

FEDERAL AND STATE LAW CLAIMS TO AVOID FORECLOSURE

FEDERAL LAW:

Truth-in-Lending Act (TILA)

Home Ownership and Equity Protection Act (HOEPA)

Real Estate Settlement Procedures Act (RESPA)

Fair Debt Collections Practices Act (FDCPA)

STATE LAW:

Virginia Home Solicitation Sales Act

Virginia common-law fraud

Virginia lost-note requirement

Other State Law Claims

AVOIDING FORECLOSURE: IS BANKRUPTCY AN OPTION FOR YOUR CLIENT

I. CONSIDERATIONS

II. THE AUTOMATIC STAY

III. AVAILABLE CHAPTERS

IV. TYPES OF PLANS

V. TAX CONSEQUENCES
    A. BANKRUPTCY
    B. FORECLOSURE SALE
    C. SHORT SALE    
    D. LOAN MODIFICATIONS
    E. MORTGAGE FORGIVENESS DEBT RELIEF ACT OF 2007

VI. HYPOTHETICAL (RE BANKRUPTCY AND TAX CONQEQUENCES
SECTIONS)

Authors

Todd E. Condron, Leggett, Simon, Freemyers & Lyon, PLC / Reston and Ekko Title, L.C. / Vienna

Kristi Cahoon Kelly, Surovell, Isaacs, Petersen & Levy, PLC / Fairfax

Jeremy B. Root, Blankingship & Keith, P.C. / Fairfax

Scott A. Weible, Law Office of Scott Alan Weible, PLLC / Haymarket

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