Lien on house: Convince creditor that house is worthless

Lien on house: Convince creditor that house is worthless

Q My divorce was final two years ago, and in the divorce decree I was awarded the house. But prior to my getting a spousal transfer deed, one of my ex-spouse’s creditors put a lien on the house which prevented me from completing a short sale.

If one of us or both end up filing bankruptcy, which looks inevitable, is there any way to get the lien removed so the house can be sold and prevent a foreclosure?

A You’d have to convince the creditor that the house is worthless and there is no cash coming out of it. The creditor might be convinced by an appraisal of the property and a report that lists what other nearby homes have sold for.

Home Ownership in the U.S.: Rethinking Big Part of the American Dream

Home Ownership in the U.S.: Rethinking Big Part of the American Dream

It’s time to have a serious conversation about the American approach to home ownership and mortgages. A system once celebrated for putting so many families into their own homes and for making mortgages so widely available has become, as one housing economist puts it, “a case study in failure.”

Beyond the complexities of securitization, the merits of home ownership tax breaks and the politics of Fannie Mae and Freddie Mac lurk two fundamental issues.

One, the U.S. has for decades overemphasized the virtues of home ownership.

Two, many Americans are addicted to a unique, and costly, strain of mortgage—a 30-year fixed-rate loan that can be paid off at any time without penalty.

Roy Oppenheim: Weston lawyer among growing number of attorneys turning to foreclosure defense –

Roy Oppenheim: Weston lawyer among growing number of attorneys turning to foreclosure defense

Weston’s Roy Oppenheim among growing number of lawyers defending struggling homeowners hour-long foreclosure defense workshop, Weston lawyer Roy Oppenheim called for questions and turned to Ailene Colini. Laid off, stuck with an “underwater” mortgage and fed up with her lender, she wanted to know about a radical option.

“Strategic default: How do you go about getting involved with it?” Colini asked, repeating a term she heard Oppenheim use frequently to refer to borrowers who stop making at least one house payment. “I’ve begged for help, and I can’t get it.”

A dozen people attended the free presentation June 2 in the lobby of Oppenheim’s law office just off Interstate 75. About 100 more were watching at home on a live Internet stream. He hopes at least a few will become clients.

Squatters cozy up in mansion

Squatters cozy up in mansion

The 8,000-square-foot mansion was dark and in foreclosure for years. So last weekend when the for-sale signs came down and the lights lit up, neighbors were relieved.

“We were like — ‘finally, somebody’s going to make that place a home,’ ” says one.

But then some new signs went up.

“No trespassing,” the signs say. “Privately owned property. Not for sale.”

Can ‘Trading Down’ Still Bankroll Your Retirement?

Can ‘Trading Down’ Still Bankroll Your Retirement?

Trading down to a smaller home is a retirement-planning staple. According to an April study by the Society of Actuaries, 20% of not-yet retirees say they plan to downsize after the last child leaves the nest.

But it is getting a lot harder to do, even for wealthier people.

A study by the Joint Center for Housing Studies at Harvard University, scheduled to be released on Monday, shows that while mobility has slowed across all age groups during the real estate bust, “mobility rates among seniors have posted the sharpest drop.” Trade-downs in March comprised about 8% of total home sales, down from 12% in October 2008, the first year for which there are historical comparisons, according to the National Association of Realtors.

Why are pre-retirees staying put? The housing crash has pounded the higher end of the market, to which many 50- and 60-somethings have graduated. That has narrowed the price gaps between the upper and middle markets, meaning smaller homes aren’t always much cheaper.