Customer Reviews

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

5 star:		(36)
4 star:		(13)
3 star:		(3)
2 star:		(0)
1 star:		(2)

 

 

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!

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.

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.

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.

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!

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.

When you are worried about losing your home, you can become paralyzed with fear. Sometimes you don't even want to open your mail because it is such a terrifying thought: what else is going to happen now? You are afraid to answer the door because it could be a bill collector or maybe even the sheriff, there to evict you. Your imagination runs wild, and you sometimes feel like your feet aren't even on the ground. The stress is enormous, and you feel lost, not knowing what to do to save your home. Unfortunately, I speak from experience. The stress is debilitating and paralyzing....you just don't know where to turn or what to do to save your home.

If that is you, get this book, now. In it you will find comfort, support, and solid legal answers on how to proceed down the long and scary road of saving your home. I have always had excellent experiences with NOLO books in the past, and this one surpassed my wildest expectations. It is solid legal information and advice, in easy-to-understand format, with lots of supportive and practical comments throughout. I highly recommend that you get this book, which will both hold your hand and tell you what to do in order to survive a foreclosure. Take that first step out of the fear and into the solution. Best of luck to you!

I've been keeping an eye on the market for some time now, and pretty much gave up on the amount of incorrect information on the Internet. Half of it is wrong, and the other half is part of a scam. So this book is a real breath of fresh air. The author clearly outlines all the information you need to work with a lender, and describes what you need to know to get done what you want. While I am not personally in the situation where I'd need the information in the book, it is good to learn what banks can and can not do, as it will assist me in offering help to others who do not have easy access to this information.

The book is well written, like most other Nolo publications, and the author is honest and very easy to understand.

Bottom line; anyone who owns a house should read this book, even if they are current on their property. Banks have proven in recent weeks that they don't care about anyone, so it pays to be one step ahead of them.

Foreclosure Survival Guide an Eye Opener
A review of Stephen Elias' "The Foreclosure Survival Guide"
By Michael DeMeritt

In the wake of recent financial developments in the USA, I decided to take a look at a self help book in an area of law I really want to understand better: Foreclosure. I have read a lot of internet based ideas in the area of "what to do with a home you can't afford and has become worthless" and the talk is amazingly vast, and often contradictory. Attorney Stephen Elias does a masterful job of walking you through the motivations, emotions, and complex rules of this frightening process.

Elias is primarily a bankruptcy lawyer and his thoughts often turn to that issue, encouraging the use of bankruptcy as the ultimate protection when you are out of cash, have suffered lost income, and have a home with negative value equity. The first thing he wants you to understand is that, in his opinion, foreclosure is not a bad thing when you really need it. He spends a few paragraphs asking the reader to answer the deep questions, what does the home really mean to you, what is the value of the idea of home versus the place that is your house? He pushes the reader to understand a house is not a home, home is where your family is, where you can be you, and a house is just a place.

The truly interesting questions for me are the financial ones. When has a house devalued too much to no longer retain it? When has it become a bad investment? How do you make the decision that a foreclosure is required? When do you fight for a new deal to keep the house? How much of a restructuring can you hope to get? How do you ask for it? This book answers all of these questions with simple language in a straight to the facts approach. One of the best attributes is the appendix, which is a state by state breakdown with the specific rules of each. After reading the book the meaning of these charts becomes clear, and their usefulness indispensable.

One of the true shocks of the text is just how long you could stay in a home without paying a cent of mortgage. Once your credit rating is trashed from entering into foreclosure, you could see at least 3 months and perhaps as much as 18 before actually being asked to leave. If you have any income you could save and save and save and end up having the security deposits and moving costs to become a renter with bad credit. In some cases, new owners will pay you a fee to leave the house in a timely manner to prevent any chance you will rip out the stove, microwave, dishwasher and all the fixtures before you exit.

Of course Elias explains all the other options; short sale, deed in lieu of foreclosure, chapter 7 and chapter 13. He gives a meaningful chapter on how to try and keep the home, who you should trust and who you should avoid. He explains the way scammers will try and get to you, the oddball rules of some states, and the big difference between a deed of trust and a mortgage. It is an eye opener, whether or not you need the guidance. We have become a nation where you more than likely know someone who does.

This book saved us from foreclosure and answered questions when we couldn't get answers from our lawyer or creditor.This book is written in a easy to understand manner.
We were very frustrated waiting to have questions answered about the foreclosure process, by our lawyer. A lot of paperwork has to be filled out , by the client, before you can even get in for a consultation on a foreclosure case.We no longer felt comfortable talking with our creditor at this point.
In just a short while, I was able to find the rules for the state of Georgia, and what type of time table we could expect on the length of r the foreclosure to take place,and what our options and rights were.
We did not know that we had the option to make up the payments you are behind on and pay any lawyers fees already in process ,and that you can stop the foreclosure right up to before the auction of the property in Georgia.I highly recommend this book. Thank youvery much, Mr. Elias.