The Foreclosure Survival Guide Keep Your House or Walk Away With Money in Your Pocket
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.
User Ratings and Reviews
4 Stars Help Has Arrived
I read the uncorrected proof, so I’m sure all of the minor edits will be taken care of eventually, but the book is great. It is very hands on and easy to understand for an everyday person. The book covered the myths surrounding the foreclosure process and had lists of various states to show when a particular point was pertinent to that state. This book is great for readers who are in a financial bind and are wondering what their options are to save (or let go through foreclosure) their home. Great and valuable tool.
5 Stars Enjoyable to read; Full of useful information
This book is surprisingly enjoyable to read although the topic is obviously depressing. The very useful information provided will make a reader feel more confident in overcoming the challenges of a potential foreclosure.
At the end of the book, I discovered that the author is a lawyer. That must be the reason why he’s such a good writer. I looked him up. He’s a graduate of UC Hastings College of the Law, one of the best law schools in the nation, and has been practicing law for almost 40 years.
4 Stars Very Good Overview of Alternatives
I would like to commend the author, Stephen Elias, on tackling a complex topic. It is challenging enough in that laws vary by state and it is made more difficult in that the issue is somewhat of a moving target in light of recent Congressional action. The Hope for Homeowners Act of 2008 and other more recent, and pending, legislation makes this a dynamic topic. After I read a book I like to scan the Amazon reviews to see what others’ perspectives are and to see if they have additional insight to offer. It was encouraging to see the author respond to some of the reviews. It is admirable that he considers the book a work in progress and already has plans to address further issues with future editions. I encourage you take the advice he offers at the beginning of the book by checking his blog at bankruptcyforeclosureblog for numerous important updates of key legislative changes and there are also other resources at Nolo.
A reading of the book shows Mr. Elias is compassionate about this critical issue. More impressively, a reading of his replies to comments on the Amazon reviews shows a refreshing candor related to this topic compared to others. His comment that some people would have been (and will be) better off as renters is powerful and I agree that some people need to reassess what the American dream involves.
I respect that the author targeted this book to a specific audience that might not always be able to afford an attorney in light of the circumstances of their situation. The approach is to give them an overview of their options while not providing the definitive source for all foreclosure information. It just gives them the basic information to help them make more informed decisions while avoiding the scam artists out there trying to further aggravate the situation. That being said it does give an effective overview of the process of foreclosure while letting people know their main options. It demystifies the process while discussing whether they should attempt to stay in their home or walk away and whether they should pursue loan modifications, non-profit counselors, or go through chapter 7 or chapter 13 bankruptcy. You even have an attorney giving an honest representation of when one should use an attorney and what one can do on their own. It also deals briefly with other less common alternatives.
The glossary of terms is comprehensive and yet concise as is the attempt to summarize the unique situation in each of the 50 states effectively. While it is impossible to touch on every situation while also controlling the cost, and size, of the book this approach allowed the author to take a more tactful encouraging “coach’s” approach to the process. I think this achieved the right balance.
I will digress for a moment and be less tactful for a moment. I am disgusted by what I perceive as Congressional actions over an extended period of time that, at best, contributed to this mess. I think creating an environment that allowed lenders to dramatically relax the debt-to-income ratio beyond their traditional levels of 28% to 36% (the book mentions 25% to 33%) is nauseating. Couple this with basically 7 million of the 14 million mortgages issued during the peak of this frenzy involving 2/28, 3/27, interest only, negative amortization, no doc, alt-a, or other forms of creative finance ARMs and we had the recipe for this disaster. Fannie, Freddie and Wall Street buying these loans and the excessive use of piggyback loans to avoid PMI could have been, and should have been, prevented. However, political and economic motives got in the way. The inability of the above parties to be proactive is problematic enough; however, their attempts to be reactive have oftentimes been even more troublesome. Add the lobbyists for the banks and their role in all of the above, as well as their successful efforts to change the bankruptcy laws right before the bottom fell out and we see why there is so much mistrust. This is all water under the bridge and I think it is important to look forward and offer solutions rather than dwell on the past and I am glad this book took the high road even though I felt compelled to mention the above.
I don’t know if I share the rosy outlook that recent legislation will somehow wave a magic wand and make lenders more willing to entertain short sales. Even with recent legislative actions, the universe of people that qualify for loan modification programs is still severely limited and by the time they are eligible, damage has already been done. Plus, the bottom line is loan modifications are problematic no matter what moving part one examines. I view extending the amortization period to 40 years as something that benefits the banks / mortgage servicers and the ultimate investors in the MBS/CDOs more than the homeowners. It buys them time while the homeowner might just be postponing an inevitable foreclosure and the ability to start their life over. I view reducing interest rates as a noble effort, but not something that will make the monthly payments affordable enough for most people. Finally, while the courts have been granted more authority to modify loan amounts and the author is an advocate of doing so for both chapter 7 and chapter 13 bankruptcies, I have a philosophical distaste for this solution, even though I tend to think it might be needed at this point for the best interests of all.
I think home prices will still move down further in most markets and as more people become upside down (or even more underwater than they already are) more people will just walk away. It’s human nature, they have no skin in the game, and they have little-to-nothing to lose.
I do have a few specific suggestions for improvement on future editions that might benefit readers. First, recourse vs. non-recourse loans was specifically mentioned at the beginning of the book and they are alluded to in later portions of the book. I think many people would benefit from a more thorough discussion of this concept. I appreciate that this concept varies and can be hard to summarize for all 50 states; however, I think the ramifications of recourse loans needs more attention.
Next, I really like the effort to expose some of the common scams that prey on people facing foreclosure. I have noticed the deplorable individuals behind these scams have gotten increasingly aggressive in their tactics and I think some of the more recent scams should be highlighted. Finally, I do think a few pages on credit consequences of the alternate courses of action should be highlighted. It should be summarized and distinguished how some of the different actions will remain on one’s credit report for seven years, for ten years and indefinitely. I admire, and agree, with the assertion that some people will be better off without credit anyway, and maybe this can be part of the summary.
One final point on the American dream mentioned in the book. I agree that home ownership is overrated and the true holding and transaction costs of home ownership are grossly understated by most. I applaud the effort to take some time to deal with the emotional effects of foreclosure instead of just the financial impact. Amen to defining the American dream in the context of democracy, freedom and education and not just the clich? of owning a home. I have not had to deal with foreclosure nor will I; however, I am not na?ve enough to state that this crisis does not affect me. This crisis directly, or indirectly, impacts all of our assets and more importantly all of our lives. We are in this together and though discussion, debate, and time, we will find our way through this crisis as we have all past challenges.
5 Stars WHAT YOU NEED IF YOU HAVE THESE PROBLEMS!
I am actually going thru or have gone thru several of these processes now. When I just couldn’t continue to pay on this house, I have a rental property that I was told they were going to Foreclose on. But after reading this book, I requested a Deed in Lieu of Foreclosure. They suggested a Short Sale. But this book is very thorough in explaining the tax ramifications as well to each of these, which has allowed me to make a more intelligent move. In the middle of all this, I found a buyer who made a rediculous offer, but it has held up the whole process with the lender. They have now (after almost 3 weeks) turned down their offer, so I am back to square one. It is absolutely criminal what the lenders are doing to people like me caught in the middle. If this property crosses year end, I will again be liable for more taxes, utilities, and even dues assessment in the private community that this house is in, to the tune of $1000 + minimum dues! I can tell you that they are procrastinating doing anything, even though I call every week. This book is really a “Survival Guide” and I would be lost without it. Hope you find it as useful as me.
4 Stars Calm, clear-eyed advice
Nolo is the ultimate layman’s legal resource, both for the practicality of their advice and the clarity of their presentation. Foreclosure is not only complicated, but it’s scary, especially in the context of losing your house and the disruption of your financial and personal life. Stephen Elias understands all of this and provides a clear blueprint for approaching a variety of foreclosure situations. There are several ways to approach foreclosure, ranging from a “workout” with your bank to the filing of bankruptcy. Elias gives you rules of thumb for which one to choose, and provides an introduction to the procedural steps involved. All of this is very helpful for getting your nerves unjangled and attaining the realization that what is happening to you is not the end of the world. After that, the practical advice contained in this book is invaluable. If you’re facing this increasingly common occurrence, this is a great place to start.
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