Bankruptcy doesn't have to be something bad.
It can actually be the start of something good.
Your situation is unique, and it's personal.
Your attorney should be as well.

Things Birmingham homeowners should ask when protecting home from foreclosure

Birmingham homeowners often find it difficult to defend their home in a foreclosure procedure due to the fact that the state follows a “nonjudicial foreclosure” procedure. Struggling homeowners who want to contest the foreclosure case could file a lawsuit to the court so a judge could intervene for them to possibly ask for the following:

  • Momentarily stop any ongoing foreclosure procedures
  • Preliminary injunction
  • Permanent injunction

Struggling homeowners who are considering contesting a foreclosure procedure should sue their lender and trustee in court. The judge will then weigh each argument to figure out if the procedure should continue or not. Oftentimes, homeowners could reason to the court that they are likely to suffer an irreparable injury if the foreclosure is completed. Homeowners, however, should know that bringing their case in court could be arduous and expensive.

If you want to know more on how you could prevent your home from being foreclosed, working with an experienced lawyer is beneficial to ensure your family’s security. Find out how a Birmingham lawyer at Greenway Bankruptcy Law, LLC may work on your behalf today by calling (205) 324-4000.

Things Alabama homeowners should know about foreclosure process

Homeowners should know how the foreclosure process works in Alabama for them to better avoid getting in trouble with lenders once they have started to be considered delinquent.

In Alabama, foreclosure is primarily done outside the court (non-judicial) but does often occur within one as well (judicial). In non-judicial foreclosure method, delinquent homeowners should strictly abide by the terms of their mortgage. Under this method, a lawyer is given a “power of sale”, where they can foreclose on the property to obtain the defaulted loan amount owed by the property owner. On the other hand, a judicial method is the type of foreclosure that is decided by the court. Delinquent homeowners should know that it is possible for them to contest the foreclosure complaint filed against them. Homeowners could also prolong or prevent foreclosures by filing for bankruptcy or demand a delay in selling their house.

In the situation that your home is being threatened with foreclosure, enlisting a skilled attorney is a viable option to explore other ways to prevent it. Discuss your situation with an attorney of the Greenway Bankruptcy Law, LLC in Birmingham today by calling (205) 324-4000 to learn more about your legal options.

Nationwide foreclosure inventory decreases as completed foreclosures increase

A California-based real estate information provider observed that there was an increase in completed foreclosure procedures nationwide, but the foreclosure inventory has decreased, a November 8 article of Housing Wire reported.

According to CoreLogic’s September data, there was a 31.1 percent decrease in yearly nationwide foreclosure inventory, which amounts to a 3.1 percent decrease on a monthly basis. CoreLogic noted the recent trend can still be perceived positively because the housing market has been eliminating its inventories faster than homeowners who are starting to file for foreclosures. The completed foreclosure rate nationwide increased in September by 5.2 percent in monthly terms. However, the rate is still down by 7 percent annually.

Though foreclosure levels across the nation continue to improve, the attorneys at Greenway Bankruptcy Law, LLC understand that many Birmingham homeowners are still threatened with foreclosure every year. If this happens to you, we can offer you legal assistance with foreclosure defense. Learn more about your options from us today by calling (205) 324-4000.

Nationwide foreclosure level normalized

Levels of foreclosure activity in the U.S. have decreased to a pre-recession level, a mydaytondailynews.com article stated on October 13.

Overall foreclosure data provided by RealtyTrac noted in September that foreclosure filings nationwide have reduced by 24 percent compared to the data recorded in the same month last year. Recent data also revealed that foreclosure levels have reduced by 13 percent compared to a month earlier. RealtyTrac also reported that the recent foreclosure rates are similar to levels recorded before the housing market collapsed in 2007. Real estate expert Daren Blomquist noted that this year’s recent record shows overall foreclosure levels continuously improve year by year.

Though recent data is projecting that the housing market is actively recovering from the horrors of the crisis, there are still many homeowners who are at risk of losing their home to foreclosure. If you are in such a situation in Birmingham, a lawyer at Greenway Bankruptcy Law, LLC may work for you. Call our office today at (205) 324-4000 to find out how we could protect your home from being taken away from you.

US foreclosure inventory has significantly decreased since 2007

A September 13 article released by CoreLogic revealed the foreclosure inventory rate in the U.S. significantly fell in July compared to the same month in previous years, an article of the National Mortgage News stated.

According to reports, the foreclosure inventory recorded in July was an estimated 355,000, compared to the 501,000 recorded in the same month in 2015. CoreLogic also said that completed foreclosures dropped by 16.5 percent compared to previous years. Economist Frank Nothaft attributed the foreclosure decline to the continuous housing industry improvement since the housing crisis. Though foreclosure inventory rates, in general, continue to decline, there are some states, such as North Dakota, which are still plagued by foreclosure.

The attorneys at Greenway Bankruptcy Law, LLC understand that many Birmingham families are facing risks of losing their homes to foreclosure every day. If this situation is happening to you, we may be able to offer you legal assistance to prevent your foreclosure. Call our office today at (205) 324-4000 to find out how we may be able to work on your behalf.

What should foreclosure victims do to buy another home?

Individuals should know that there are steps they can take to buy a home after completing a foreclosure procedure. Buying a home should be an option families consider because continually renting a home can become expensive and mortgage rates are becoming affordable for many.

As most foreclosures happen due to financial problems, potential home buyers should consider improving their finances by avoiding unnecessary expenses and starting a savings account. Be aggressive in paying off your debt and refrain from applying for new loans and maxing out your credit card as it can badly hurt your credit score. Previous homeowners should know that the Federal Housing Administration is providing financial assistance for those who have completed foreclosure or bankruptcy proceedings. Potential home buyers should do their research to avoid falling prey to shady real estate agents and lenders that offer “unbelievable” deals.

Undergoing foreclosure proceedings is a frustrating experience, especially if you are currently experiencing other unavoidable circumstances that lead to a serious financial loss. However, if you are facing foreclosure in Birmingham or the surrounding area, the Greenway Bankruptcy Law, LLC attorneys may be able to help you. Call our office today at (205) 324-4000 to find out how we may be able to work on your behalf.

Distressed borrowers given foreclosure protection under new mortgage rules

Under the new mortgage rules approved on August 4 by the Consumer Financial Protection Bureau (CFPB), certain distressed homeowners who are being threatened with foreclosure may get relief, an article of Reuters reported.

The CFPB will now require mortgage payment servicers to help struggling borrowers keep their homes from being foreclosed if they have made their payments on time. Unlike before, borrowers may now receive protections, such as mortgage modifications, several times. The new rulings are designed to aid borrowers who are dealing with sudden financial loss, such as from the death of a relative or losing a job. Mortgage servicers now are also required to provide information to struggling homeowners about their possible options. The rulings aim to reduce the effects of the foreclosure crisis that has plagued the country since 2006.

If your home is being threatened with foreclosure in Birmingham, the attorneys at Greenway Bankruptcy Law, LLC may be able to help you prevent it. Find out how we can help you protect your family’s home today by calling (205) 324-4000.

Foreclosure looms for NFL legend Terrell Owens

Former professional football player Terrell Owens is at risk of losing one of his properties to foreclosure after he failed to settle mortgages of over $900,000, an August 6 article of Realty Today reported.

According to reports, Owens defaulted $905,417.06 on his $2.2 million San Fernando Valley property that he and his former spouse Rachel Snider bought in 2014. The 42-year-old ex-member of the San Francisco 49ers and Dallas Cowboys reportedly made the property available for sale for a slightly higher price. However, no one as of reporting has shown interest in buying it. The 90-day extension given by the bank to Owens to settle his debt has already expired and he decided not to pay his mortgage since he is already selling his home, reports said. Owens, who admitted in past reports that he is already broke despite making 70 million dollars in the NFL, is also selling his 4,250 sq./ft. house in Sherman Oaks for $2.35 million.

If you are facing foreclosure, working with a skilled attorney is important,  especially if you are unfamiliar with the complicated process. Find out how an experienced attorney at Greenway Bankruptcy Law, LLC may work for you in Birmingham today by calling (205) 324-4000.

Homeownership rate in the US declines

A July 28 report of Bloomberg revealed that this year’s homeownership rate is the lowest in decades. In the recent data released by the U.S. Census Bureau, the nationwide homeownership rate was 63.5 percent in the first quarter, and it fell to 62.9 percent before the third quarter. This year’s homeownership rate marks the lowest rate since 1965.

The bureau found that people who are in the 18-35 age bracket and those looking forward to buying their own house are having a hard time finding affordable mortgages. Many people have turned to renting as a viable option. A real estate expert noted that while the trend of decreasing homeownership rates hurts people who are looking to buy a house, increasing renting trends are benefiting families who were victims of the foreclosure crisis.

Due to home prices increasing faster than salaries, the attorneys at Greenway Bankruptcy Law, LLC in Birmingham understand that many families are liable to lose their homes to foreclosure. If you are facing potential foreclosure, we may be able to offer you legal options to save your family’s shelter. Find out how we can work on your behalf today by calling (205) 324-4000.

Foreclosure rate in Russell County among highest in state

Real estate experts recently observed that the Russell County foreclosure rate is one of the highest in the state of Alabama, making its way to the 9th spot, an article of wtvm.com reported on June 30.

According to reports, of every 1,200 homes in Russell County, at least one is being foreclosed upon. Members of the community do not find this development to be a surprise, since The Department of Defense cut 3,000 jobs at the nearby military base, Fort Benning. Military personnel either own or lease many of the houses in Fort Mitchell since it makes an easy commute to Fort Benning, which is one of the biggest employers in the area. Although the foreclosure rate in the area has increased, increased foreclosures translate to lower prices for buyers.

Many families are left in trouble when their homes are foreclosed on. If you were the victim of a foreclosure, enlisting a qualified attorney can help you protect your home. Speak with an attorney at Greenway Bankruptcy Law, LLC in Birmingham today by calling (205) 324-4000 to learn more about your options.

"When I had my power cut off because I just didn't have the money to pay the power bill, a friend suggested I call Paula Greenway. From the moment I walked in her office I felt like a burden was lifted from my shoulders."
Robin M
"I would just like to say that I was impressed by the staff of Greenway Bankruptcy Law, LLC and their attention to professionalism. They made the bankruptcy process not only pleasant but simple."
Jennifer S.
I can't tell how comforting it is to know your attorney is working on your case. I would and have recommended their service to friend and associates."Ed H.
"I would like to thank Greenway Bankruptcy Law, LLC for the way in which they handled my bankruptcy case."
Robert M.
Schedule an Appointment
In the News

Greenway Bankruptcy Law, LLC
505 20th St N #1220
Birmingham, AL, 35203
Phone: (205) 324-4000
Tuscaloosa: (205) 737-3350
Gadsden: (256) 467-6650

Archives

Categories

Blogroll

Admin

home  |  firm profile  |  practice areas  |  articles  |  faqs  |  blog  |  contact us  |  evaluation  |  sitemap  |  Log in
Greenway Bankruptcy Law, LLC All rights reserved. We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code. The following language is required pursuant to Rule 7.2, Alabama Rules of Professional Conduct. No representation is made that the quality of legal services to be performed is greater than the quality of legal services performed by other lawyers. This web site is designed for general information only. The information presented at this site should not be construed to be formal legal advice nor the formation of a lawyer/client relationship.

Greenway Bankruptcy Law, LLC 505 20th St N #1220, Birmingham, AL, 35203 | Phone Number: (205) 324-4000 |  Directions | Paula Greenway+