The Foreclosure Survival Guide Keep Your House Or Walk Away With Money In Your Pocket

Posted In: Foreclosures

Emeline Tarsis says...

I must admit to a personal bias in favor of Nolo Press books because I've been using them for many years to help me deal successfully with a number of challenges relating to law and the to the building of a small business. This book has earned its place among the many other excellent titles published by Nolo.



If you're in foreclosure, if you believe you're heading for foreclosure, or if you only want to learn more about foreclosure, read this book before you do anything and certainly read it before you sign anything!Never let a lender bully you into giving up your home. Do your due diligence by learning about your rights as they relate to foreclosure because you may be able to save your home. This book is an excellent, and inexpensive, place to begin your research. While it may or may not prevent you from needing to hire an attorney, you'll have a better understanding of the law and know how to protect your rights in either case.

Posted on June 1, 2011

Latarsha Wigington says...

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).

Posted on June 2, 2011

Kerri Bethoney says...

I'm typically a big fan of Nolo products and as someone who does a little real estate investing and writing, I jumped at the opportunity to grab this title as a quick reference. Unfortunately, the book was a bit on the simplistic side to use as a reference; for example, it was written just before the new housing legislation was passed shortly after (Notice - review is for advance proof copy of book) so only the most basic info was covered. Likewise, a great deal of the other information was a bit simplistic and assumes the reader has little to no background information or understanding of foreclosures, how mortgages work, self protection in dealing with predatory schemes etc...



So, in a nutshell, it wasn't nearly as "in depth" as most of Nolo's offerings BUT for someone actually facing foreclosure, especially someone with limited understanding of the mortgage process etc, this would be a very good book. Not only would it help walk you through what to expect, consider all your options and then help avoid predatory schemes but it takes the reader step-by-step with what to do/when and how much you should expect to pay along the way.



The resource section of the book may also come in handy for investors or short sale buyers interested in properties across state lines; item such as which states deal in mortgages versus deed of trust, which states typically participate in judicial versus non-judicial judgements etc are certainly worthe more than the purchase price of the book itself.



Easy to read, a bit lighter on substance than most Nolo books but probably a suitable resource for someone facing foreclosure.

Posted on June 2, 2011

Farah Cotner says...

Wow, this is a good book. The subjects of bankruptcy and foreclosure are shrouded in myth and urban legend - fueled by outlandish stories and frightful tales.This book gives you a "no nonsense", straight to the facts approach.Here are just a few of the questions it helps you answer:

-Should I declare chapter 7 bankruptcy?

-Should I declare chapter 13 bankruptcy?

-I am being foreclosed on, how can I keep my home?

-Should I try to save my home?

-Do I need an attorney (in the vast majority of cases, no)?

The best parts about this book are:

-It is written in plain English, so you don't need a law degree to understand it

-It is an easy & interesting read (I started it and couldn't put it down, so I finished the whole thing in one night!)

-It has a glossary at the back for legal terms that must, on occasion be used

-It has an appendix at the back that summarizes the particulars for each state (the rules are different in each state)

-It is VERY well organized, so you can jump right to the parts that pertain to you, and skip the stuff that doesn't (without missing anything important)

-It explains what is true, and what is a common myth (and where that myth comes from)

-It contains links to websites that keep reference material current (as laws change, the book stays useful)

-If you go down any of the foreclosure/bankruptcy paths, the book walks you through specific timelines (what exactly you need to do, by when) with tips and pointers on how to do it

Posted on June 3, 2011

Ernesto Hertenstein says...

I found this to be an excellent resource about Foreclosure, one that is surely needed in these difficult economic times. Other reviewers have offered extensive details about the book, including the chapters and bullet points so I'll be brief.



This book is written by an experienced attorney, contains legal details for EVERY state, and is easy to read. There just aren't that many books out there that help you save your home or at least make the system work for you rather than against you. Most seem to be about buying foreclosures and profiting from others misfortunes. Most books (in my experience)are either full of legalize or so generalized that you get little help.



The breath of this book is pretty remarkable. It's hard to keep a book comprehensive while maintaining simplicity and organization. This book discusses reverse mortgages, compares bankruptcy types, the marital and personal stresses of going through a foreclosure, as well as a complete primer on Foreclosure, plus methods of keeping your home and reordering your finances. It comes with a Glossary, a Directory of further resources, and a State by State Legal Guide. Wow.



I hope neither you nor I ever need this book. However, for anyone facing Foreclosure this is a must read. It is good preparation for seeing a lawyer. I even got good money management tips and some prevention ideas from Mr. Elias.

Posted on June 5, 2011

Althea Dohan says...

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.

Posted on June 5, 2011

Joye Pachter says...

I'm an attorney and ordered this book for two reasons: (1) I'm getting more and more questions from those who are having financial difficulties and (2) opposition research.I do not represent debtors but all lawyers get hit up for advice in areas where they do not regularly practice (relatives, friends, etc.).I wanted something handy and concise that summarized the major points.This book does a good job in that respect.Also, while I don't regularly represent creditors, I frequently encounter situations where it is good for me to see how debtors think and anticipate what kinds of actions their advisors may tell them to take.This book was also good in that respect.



Overall, the book is simple and intuitive and contains good advice.I thought the advice to debtors about how to avoid scams was particularly insightful.I would only stress that people who are concerned about losing their home would be best to buy the book BEFORE they get a foreclosure notice. The earlier you get started on taking defensive measures, the better.

Posted on June 6, 2011

Adrianna Kaleel says...

I kind of liked this book. It serves a purpose and it is reasonably well written. And I'm not aware of another book for people FACING foreclosure to turn to before they seek advice and counsel from a bankruptcy attorney. The book has 10 chapters and two appendices as follows:



1. Foreclosure: The big picture

2. Foreclosure nuts and bolts

3. Can you keep your house? Should you?

4. Negotiating a workout

5. How Chapter 13 Bankruptcy can delay or stop foreclosure

6. How Chapter 7 Bankruptcy can delay or stop foreclosure

7. Fighting foreclosure in court

8. If you decide to leave your home

9. How long can you stay in your house for free?

10. Resources beyond this book

A. Glossary of Terms

B. State Information regarding foreclosure law



The book is written from the perspective of a bankruptcy attorney. The author acknowledges that he is a bankruptcy attorney. And I can verify that he knows what he is talking about regarding foreclosure and bankruptcy because at one point in my career I was a bankruptcy attorney myself. Over the years I have handled in excess of 200 Chapter 7s, 15 Chapter 13s, as well as worked for a creditor in numerous Chapter 11s. And it is not all that unusual for a debtor to be faced with foreclosure.



I probably would have written this book differently if I had been the author. The Table of Contents for the book I would write hypothetically would probably look something like the following:



0. Introduction: Debtors facing foreclosure

1. What is a mortgage? And what are foreclosures?

2. What is involved in a foreclosure lawsuit from a creditor's perspective?

3. What is involved in a foreclosure lawsuit from a debtor's perspective?

4. Bankrutcy and its Automatic Stay protection for debtors

>>Drag out the foreclosure process in order to save money for a new future

>>Chapter 7 liquidation and a new start

>>Chapter 13 reorganization and something of a new start

5. Are you facing foreclosure and you have a lot of equity in your home?

>>Debtor has no source of income or prospect of getting ajob

>>Debtor has a source of income or will get one shortly

6. Are you facing foreclosure and you have little or no equity in your home?

>>Debtor has no source of income or prospect of getting a job

>>Debtor has a source of income or will get one shortly

7. Costs and legal fees to expect if you challenge a mortgage foreclosure

A. Resources beyond this book

B. State Information regarding foreclosure law

C. Glossary of Terms



As one can see, I am not too keen on the layout of the instant book being reviewed. But the book I like doesn't exist. So we are stuck with the "The Foreclosure Survival Guide." Get a copy and read it before you seek help from a bankruptcy attorney. 4 stars!

Posted on June 7, 2011

Rosaline Der says...

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!

Posted on June 11, 2011

Brain Shi says...

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.

Posted on June 12, 2011