The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket [Paperback]

Stephen Elias Attorney (Author)

Book Description

Series: Foreclosure Survival Guide: Keep Your House or Walk Away | Publication Date: October 15, 2009

Facing foreclosure? Know your options!

Foreclosures climbed a record 81% in 2008, with over 860,000 families losing their homes. In 2009, an additional 3 million foreclosures are predicted as temporary postponements end and homeowners are increasingly incapable of paying the mortgage during this brutal recession.

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:

evaluating factors and risks when determining whether to stay in your home

staying in your home payment-free while saving money

using Chapter 7 bankruptcy to buy time while considering a workout or other options

using Chapter 13 bankruptcy to save your home

avoiding "foreclosure rescue" scams and using free government resources

utilizing "last resort" strategies if all else should fail


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 in your state.

The 2nd edition of the nation's bestselling book on foreclosure is updated with the latest information on federal legislation to help struggling homeowners and bank-implemented foreclosure-delay programs. Thorough and easy to understand, The Foreclosure Survival Guide can help you stay in your home or walk away with money in your pocket. (20081020)

Editorial Reviews

Review

Bankruptcy attorney Elias targets the estimated two million American homeowners who are currently in default on their mortgages. Elias explains how foreclosure works, what options there may be for keeping a home when in default, and what to do when that is not possible. He includes instruction on negotiating a workout with a lender as well as chapters on how to use bankruptcy to avoid foreclosure. Elias's section on fighting foreclosure in the courts helps readers understand the circumstances in which they may be able to delay or stop a foreclosure action. The appendixes provide summaries of each state's foreclosure laws, a glossary, and information on finding and working with lawyers and bankruptcy petition preparers. Straightforward and timely, this is recommended for most public libraries.- (LIBRARY JOURNAL )

"Nolo's just published The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket by Steven Elias "discusses the most recent laws designed to help homeowners deal with the crisis and points them to resources (nonprofit housing counselors, government agencies and so on) that may help," says Mary Randolph, Nolo's senior vice president of editorial. Elias, a practicing attorney, former Nolo associate publisher and current president of the National Bankruptcy Law Project, advises that readers not panic. "Even if the lender does foreclose on the house, the process takes months at the least. You're going to have time to evaluate your options and make smart choices." (Publishers Weekly )

From the Publisher

According to the data service RealtyTrac the number of home foreclosures in the U.S. rose 79.2% in 2007, with increases in 86 of the top 100 metropolitan areas.
In 2008 there will be an estimated 1.4 million new foreclosures.

Biting news for sure but Nolo, a pioneer in legal empowerment, offers its latest salve: The Foreclosure Survival Guide.

Written by a practicing lawyer who has helped hundreds of homeowners keep their homes or come out of foreclosure financially sound, The Foreclosure Survival Guide will help readers:

Gain real perspective on a financial situation

Decide whether to refinance or make up payments

Determine whether it makes sense to leave a home

Learn what a deed in lieu of foreclosure is

Absorb the basics of personal bankruptcy

The Foreclosure Survival Guide is a thorough, easy-to-understand, and compassionate look at options for those facing foreclosure, and for the foreseeable future this resource will prove a valuable and vital guidebook for those homeowners affected by the foreclosure crisis. --This text refers to an out of print or unavailable edition of this title.

See all Editorial Reviews

Product Details

• Paperback: 304 pages
• Publisher: NOLO; 2 edition (October 15, 2009)
• Language: English
• ISBN-10: 1413310591
• ISBN-13: 978-1413310597
• Product Dimensions: 8.9 x 7.1 x 0.7 inches
• Shipping Weight: 1.2 pounds (View shipping rates and policies)
• Average Customer Review: 4.5 out of 5 stars  See all reviews (54 customer reviews)
• Amazon Best Sellers Rank: #360,466 in Books (See Top 100 in Books)
  • #58 in Books > Law > Business > Bankruptcy
  • #98 in Books > Business & Investing > Real Estate > Law

More About the Author

Stephen R. Elias is an attorney and former associate publisher at Nolo, as well as the current President of National Bankruptcy Law Project. He is the author of many Nolo books, most recently Bankruptcy for Small Business Owners. Other titles include Special Needs Trusts: Protect Your Child's Financial Future, How to File for Chapter 7 Bankruptcy, and Legal Research: How to Find and Understand the Law. He is also one of the original authors of Nolo's bestselling WillMaker software. Steve holds a law degree from Hastings College of Law and practiced law in California, New York, and Vermont before joining Nolo in 1980. He has been featured in such major media as The New York Times, The Wall Street Journal, Newsweek, Good Morning America, 20/20, Money magazine, and more. Steve's blog on bankruptcy and foreclosure law can be found at Nolo's Bankruptcy & Foreclosure Blog.

Customer Reviews

Most Helpful Customer Reviews

24 of 24 people found the following review helpful:

5.0 out of 5 stars The Foreclosure Survival Guide - My First 5 Star Book Review In A Long Time, October 9, 2008

By 

Mark "Technology, Music and Movies" (East Coast) - See all my reviews
(VINE VOICE)    (#1 Hall OF FAME REVIEWER)    (TOP 100 REVIEWER)    (2008 HOLIDAY TEAM)   

This review is from: The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket (Paperback)

(What's this?)

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!

12 of 12 people found the following review helpful:

3.0 out of 5 stars Great info but educate yourself on every aspect too!, July 21, 2009

By 

Gail Petry (New York) - See all my reviews

This review is from: The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket (Paperback)

This is great information. One thing that I would like to mention is that I would have liked more information on is what happens when you get a deficiency judgement from the bank or a promissory note? For those of you in preforclosure make sure you educate yourself on this because it can save you thousands. Google IRS form 982 and learn how you can use that to walk away from the house free and clear and be able to really move on with your life.
Hope this helps.

9 of 9 people found the following review helpful:

5.0 out of 5 stars Fantastic wealth of information, October 6, 2008

By 

The Three Woods "mommy2lile" (USA proud to be an American) - See all my reviews
(VINE VOICE)   

This review is from: The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket (Paperback)

(What's this?)

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.