The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket

by Leon Bayer, Amy Loftsgordon, Stephen Elias

Book Overview

In foreclosure? Know your options If you re one of the millions of Americans in danger of losing your house, "The Foreclosure Survival Guide" provides the practical information you need, including:... This description may be from another edition of this product.

• Format: Paperback
• Language: English
• ISBN: 1413310591
• ISBN13: 9781413310597
• Release Date: October 2009
• Publisher: NOLO
• Length: 304 Pages
• Weight: 1.90 lbs.
• Dimensions: 0.7" x 7.0" x 9.1"

Customer Reviews

Arm Yourself With Knowledge

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.

A valuable and timely resource for those facing economic hardship

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.

The Foreclosure Survival Guide - My First 5 Star Book Review In A Long Time

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

Fantastic wealth of information

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.

Practical information: Worth its weight in gold

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).