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Riverside Bankruptcy Law Blog

Distressed home sales on the decline in Southern California

A report issued by the National Mortgage Professional this month may hold some good news for residents in Southern California: sales of distressed homes are on the decline. This is a far cry from previous years, especially during the years following the housing market crash. According to the report, home sales valued at less than $200,000 fell 45.7 percent last month alone.

But it’s the decline in sales of distressed homes such as foreclosures and short sales that we wanted to focus this week’s blog post on because it signals one thing: less people are finding themselves in a financial crisis that is bad enough to impact the ownership of their home.

Bankruptcy court orders former billionaire to pay $41 million

No one here in California wants to go through financial problems. But whether it’s the result of hard times or a divorce, the decision to file for bankruptcy because of a financial problem is often a difficult one to make. But what if it’s your divorce that causes someone else to file for bankruptcy? Perhaps even someone that you would never expect to have to file?

This was the case for former billionaire Timothy Blixseth, owner of the Yellowstone Club in Montana, back in 2008 when he went through a divorce of his own. According to his ex-wife, who was awarded 50 percent of the club in their divorce agreement, Blixseth looted the company and took the money. Unfortunately, this forced at least three states to file involuntary bankruptcy petitions in 2011, one of which was our very own California.

Could banks have put new lenders at risk of foreclosure already?

When the housing market crashed a few years ago, the first thought on people’s minds was whether it would ever recover. But in the midst of so many short sales and foreclosures, a new question emerged: what would banks do to prevent such a problem from happening again down the road?

Because the market is now stabilized, many people here in California may believe that banks have corrected the issues that led to the market crash. But a new report seems to suggest differently, which may lead some of our readers to the question in this week’s blog post title: could banks have put new lenders at risk of foreclosure already?

New suggested proposal could simplify student loan repayment

Unless your parents saved extensively for your education when you were young, chances are you graduated from college with a shiny new degree and a heap full of student loan debt. You’re like most Americans that realized getting a good job meant getting a good education. But if there is one thing our schools don’t teach us it’s how to manage this debt without falling into a financial crisis.

Facing copious amounts of repayment options with little insight into which one best fits each situation, some debtors find themselves struggling to make payments. If this issue gets too bad, they may even find themselves considering bankruptcy. But because most creditors will not discharge student loan debt in Chapter 7 and Chapter 13 bankruptcy, many of our readers here in California know that they will need to find another way to manage their finances.

Southern California home sales drop to lowest level in six years

Despite the fact that the housing market is on the rebound across the nation, some areas in the United States are still struggling to put the housing market crash behind them. Some areas in Southern California are just such places that are struggling to replenish the market with affordable homes. And in February, with homes sales dropping to the lowest level in six years, some experts are wondering what might be the underlying problem.

Some real estate experts believe that they will be able to determine the issue by looking at the March-through May data. So far, there are two theories. The first has to do with current supply. Many homes currently on the market are too expensive for home buyers to consider. A lack of affordability is enough to make any sales rates go down.

Attorney general arrests 7 for mortgage fraud scheme

Homeowners during the worst of the recession found themselves in a difficult predicament: pay your mortgage or feed your family. As many of our readers know, this forced a lot of people into rather problematic financial situations and even forced many more into bankruptcy. During this same time also came the housing market crash, which brought with it even bigger complications.

As some of our readers may remember, there were a lot of debt companies that began offering loan modifications. Hoping to save their homes from foreclosure, many California residents bought into the promise of reducing mortgage payments with little to no risk. But unfortunately for many across the state, some of these loan modification services were not what they appeared to be.

Oksana Grigorieva files for bankruptcy to eliminate debt

A lot of people in California assume that individuals who receive child support and maintenance payments have it made in the shade. Unfortunately, these folks can have financial problems, too.

Oksana Grigorieva is a singer who currently lives in Los Angeles. She is best known for her rocky relationship with actor Mel Gibson that ended in 2010. Grigorieva recently filed for bankruptcy.

California couple shows how you can save your home

Homeowners who have followed the news about the economy over the past several years have probably become accustomed to the constant drumbeat of unemployment and foreclosure stories. It's important not to let this barrage of bad news be disheartening. The story of a California couple explains why.

Not long ago, the couple was facing foreclosure. Their mortgage lender had already begun the foreclosure process. It looked like the couple would need to find a new place to stay.

Baywatch's Eggert files for individual bankruptcy in California

Despite the close proximity of the Pacific Ocean, life is certainly not a beach for folks who are dealing with unpaid bills and other debt problems. One California celebrity can attest to this based on her personal experience.

Many fans of primetime dramas on TV will remember Nicole Eggert, who played Summer Quinn on "Baywatch." It's been a few years since that show's 1990s-era heyday, and Eggert has recently filed for individual bankruptcy.

Short sale may be an option for struggling California homeowners

Much has been made of the improving housing market in California. Indeed, the numbers are a lot more encouraging than they were at this time last year. But when examined through the lens of recent history, the numbers are still bad. Hence, a lot of homeowners in Riverside may be seeking an alternative to foreclosure.

The results of a recent national survey show this quite clearly. The study sought to determine the number of completed foreclosures that happened in December. Nationwide, about 45,000 homes were taken in the foreclosure process in December. This is a marked improvement from December 2012, when 52,000 units went through the foreclosure pipeline.

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