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The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket |  | Author: Stephen Elias
Publisher: Nolo Press
Category: eBooks
This item is no longer available
Rating:  51 reviews
Sales Rank: 96448
Format: Kindle Book
Media: Kindle Edition
Edition: 1
Pages: 250
Number Of Items: 1
Dewey Decimal Number: 346.7304364
ASIN: B001QW3N1Y
Publication Date: September 29, 2008
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| Editorial Reviews:
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: # mortgages, including adjustable rate mortgages (ARMs) # short sales # deeds in lieu of foreclosure # judicial and non-judicial foreclosure # credit counseling # liens, and # using bankruptcy to deal with foreclosure. 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. "
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| Customer Reviews:
Showing reviews 1-5 of 51
 The Foreclosure Survival Guide - My First 5 Star Book Review In A Long Time October 9, 2008
Mark (East Coast)
17 out of 17 found this review helpful
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!
Fantastic wealth of information October 7, 2008
The Three Woods (USA proud to be an American)
6 out of 6 found this review helpful
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.
Arm Yourself With Knowledge October 11, 2008
Bucky (Haunted Mansion, The Magic Kingdom)
6 out of 6 found this review helpful
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.
Practical information: Worth its weight in gold October 4, 2008
Eagle Vision (Southeastern United States)
5 out of 5 found this review helpful
The US Housing Market and the homeowners utilizing adjustable rate mortgages (ARMs) and Interest Only Loans have fallen victim on hard times. A friend of mine, a recently widowed mother of 2 children (one of which is in college), fell victim to foreclosure of her house that lived in for 15 years. I wish I had read this book prior to the loss of her home.
Outlined are the various stages of foreclosure and the practical methods of either saving your property or at least living 'rent free' before you get evicted. They cover many legitimate FREE resources that may help you negotiate your unfortunate situation. It has the tax implications regarding short selling and covers various protections under Chapter 7 or Chapter 13 Bankruptcy. A glossary in the appendix covers unfamiliar terms. An appendix in the back covers state specific guidelines on your rights and timelines (or lack thereof).
I highly recommend this book for anyone who paid for their home with with an ARM (and a leg) or an interest only loan. I also recommend this book for folks who purchased their house but then was called to active duty in the military. It is sad that I hear about people called to serve our country only to end up losing their homes (especially, when they have become disabled).
Maybe this Book Can Help You Keep Your Home September 30, 2008
Gracie Houston (Santa Cruz, California)
4 out of 4 found this review helpful
There is a lot of information in this book, which is, I'm sorry to say, very timely. It seems like all you hear on the news is how the real estate market is in the toilet and I've seen first hand that this is so. I have a good friend who has been a real estate broker for over twenty years and he tells me that he hasn't closed a deal in three months. Now he survives off of foreclosures and that's sad, sad that he has to make a living off of someone else's misfortune.
If you're in that predicament, if you have one of those horrible adjustable rate mortgages, then maybe this is the book for you. Right from the get go the book tells you that you'll learn the ins and outs of foreclosure and whether or not keeping your home is the right option for you. Personally, I think it is. However, there is a discussion in chapter three about when it makes sense for you to give up your house.
In some states if you just hang in there long enough (I know this from first hand knowledge) the bank will give you cash for keys. That mean's that they'll give you up to five thousand dollars to get out by a certain date if you don't trash the house. This is after you've already exhausted all your options. Banks are getting stuck with these houses and they don't want to have to hire people to make them sellable.
All states aren't the same and this book tries to point out the differences, but sadly (again with the sadly) all states seem to be in a crisis. People are losing their homes, politicians are standing on the sidelines, banks are going broke, the folks are too. Maybe, just maybe this book can help you keep your home.
Showing reviews 1-5 of 51
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