Keep reading for an exclusive Q&A interview with HoganWillig's Paul Pochepan regarding bankruptcy and how one may qualify to file.
Each year, the city sells the properties of owners who are delinquent on their taxes and utility fees at its in-rem auction. At these auctions there are often intense bidding wars. These bidding wars result in the sale price being driven way above what’s needed to cover the back taxes. Here’s the catch: The city is only entitled to keep the amount that is owed, but this rarely happens.
Are you interested in buying a foreclosed property? Not only should you enlist the help of a real estate agent who has a background in buying and selling these types of properties, but you should also plan to consult with a real estate attorney who understands foreclosure laws and regulations—they are tricky and vary from state to state.
At HoganWillig, we work hard to help our clients keep their homes in the face of a foreclosure. However, there are times when it does not make financial sense to continue sinking money into an “underwater” home.
Before a landlord can reclaim possession of leased property, he or she must terminate the tenancy. First, there must be a notice of default given, depending on the nature of the default. For example, the law requires three days notice for unpaid rent or 30 days notice to terminate a tenancy in the event of a month-to-month tenancy. In no event should a lease contain time frames greater than those that are required by the law.
Our real estate department handles all types of real estate related matters, including foreclosures. This might be an unpleasant task, however the local lenders we represent are very understanding and sympathetic to their borrowers’ plights. I have had our banks agree to postpone actions and sales, and to work out payment plans, or allow a home to be sold for less than the loan amount very often. (Although this is not the point of this blog entry, I would like to state that this alone is a good reason to consider a local bank if you are re-financing, or borrower money to purchase a home.)