Debt Management & Frugal Living by David Giller Esq.

Attention Creditors: Don't mess with my clients. You might regret it.

davidgiller@gillerlaw.com — 2012-01-24T22:30:47-05:00

This is a true story demonstrating how one particular credit card company, through their high-priced attorneys, tried to intimidate and harass my clients, but didn't get away with it. ...They used their credit cards to purchase groceries, gasoline, and used the convenience checks that their favorite credit cards often send out to cardholders - in order to pay their utility bills and even make a few mortgage payments, expecting and hoping that their income would return to a "normal" level by the time the bill arrived, so that they could pay it in full - or at the very least make the minimum payment during the next payment cycle. Shortly after filing their bankruptcy petition, I received a subpoena from the attorneys representing one particular credit card, demanding that my clients appear in their Manhattan office with voluminous personal and business financial documents. ...These same high-priced, fancy-suit attorneys also ignored the rules which prohibit them from asking my New Jersey clients, who filed their case in a New Jersey court, to trek down to midtown Manhattan with boxes of unnecessary documents. ...Oh, did I mention that these attorneys asked my clients to bring in 3 years' worth of tax returns, one year's worth of every personal and business bank statement, utility bill, transportation expense, medical and drug expense, and other documents the nature of which are extremely excessive and irrelevant to their bankruptcy filing? ...Instead of having my clients gather their documents and prepare for a trip to Manhattan, I decided to file a “Motion to Quash” their subpoena, arguing that it was procedurally defective, over-burdensome and outright harassment of my clients who came to the Bankruptcy Court in order to protect themselves from the type of bullying they were experiencing through this subpoena. ...When my adversary received the Order, he reached out to me, attempting to claim that he never got a copy of my motion and didn't even know about the hearing. I emailed him an MP3 file containing a message he left for me, just several days after he received my motion…asking me to call him back on this motion which I filed on this particular case. ...After he received my email with the MP3 file of his own voice, he decided to file a Motion for Reconsideration, asking the same judge to re-visit this issue..claiming that he didn't know anything about my motion because a clerk in his office inadvertently updated their database indicating that this case was closed. ...A clerk updated the database indicating that the case was closed, yet he still got my mail, and still called me to talk about my motion, which he now claims he knew nothing about? ...

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How Will Settling My Credit Card Accounts Impact My Credit Report?

davidgiller@gillerlaw.com — 2012-01-22T21:25:38-05:00

I am often asked to help clients negotiate their credit card debts. I’ve certainly done it before, quite successfully…but there are always some caveats that I warn clients in advance. One of them relates to the impact of a settled account - on their credit reports. While your account gets settled and you only pay a fraction of the debt owed to your credit card companies, these credit card companies report these simple (and true) facts to the credit reporting agencies. Your accounts will have a notation in the credit report indicating that they were “settled,” meaning that you paid less than the amount actually owed. No, this is not a good thing to have on your credit report…but it’s the lesser of two evils, when the only other option is to have the credit card companies sue you for unpaid funds, and they would end up placing a lien on your bank accounts or garnishing your wages until the entire balance is paid in full. For more on this subject, you can check out this recent article posted online by Fox Business News.

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David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com or call 201-478-7412.

Bankruptcy and Divorce

davidgiller@gillerlaw.com — 2012-01-22T21:13:22-05:00

I’m not a therapist, but as a bankruptcy attorney I can tell you that I have definitely seen a very strong correlation between martial stress and financial stress. Very often divorce is followed by bankruptcy or bankruptcy follows divorce. If you find yourself in this situation, there are some critical issues and concepts you should be aware of. This posting should help you gain a better understanding of these issues.

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I Received A Letter From The IRS - What Should I Do Next?!

davidgiller@gillerlaw.com — 2012-01-22T21:05:56-05:00

Your heart is beating so strong, that you can’t even make sense of the words on the paper, even though they are written in simple English. ...Most people put the letter back in the envelope, and toss it in the pile of mail, magazines, and bills that they will get to…eventually. Most people do absolutely nothing because they are so terrified of being faced with the IRS, that they become paralyzed….somehow hoping that the issue with just disappear…resolve itself….and the IRS will just forget about it, since they didn’t get a response. Do you think that the IRS will just forget about it? ...I have met many clients who came to my office with stacks of sealed envelopes from the IRS…sent certified mail, return receipt requested. ...If you’ve recently received some mail from the IRS, please take the first step and open it up. ...Now, call your accountant, or an experienced attorney, for a better understanding of what you should do before the IRS puts a lien on your bank account. ...

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Recent Articles Worth Sharing - Jan 19, 2012

davidgiller@gillerlaw.com — 2012-01-19T22:28:52-05:00

6 Credit Card Services You Don’t (Usually) Need - by WiseBread ...3 Ways to Take Control of Your Finances in 2012 - by DailyFinance (AOL) ...Lawsuits Ease Over Credit Card Debt - by BankruptcyHome.com How Donald Trump Uses Bankruptcy to Become More Successful - by National Bankruptcy Forum If Your Debts Are Mostly Secured, Should You File for Bankruptcy? - by National Bankruptcy Forum Will I Lose My Tax Refund If I File Bankruptcy? - by National Bankruptcy Forum Using Bankruptcy to Restore Your Driver’s License - by National Bankruptcy Forum

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5 Signs Your Finances Are On The Brink

davidgiller@gillerlaw.com — 2012-01-19T22:07:32-05:00

You might feel that the financial pressure is “on” - but you’re not sure if it’s considered normal, or you’re truly in trouble. This recent article from MSN Money highlights 5 signs to help you identify if you’re in need of a serious financial makeover. Here are the core takeaways: ...You keep overdrawing your checking account. ...Your credit card payments are dwindling. ...Your have to choose which bills to pay. ...Your credit score is below 620.

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In Response To Those Argue That Bankruptcy Is Immoral and Unethical

davidgiller@gillerlaw.com — 2012-01-06T09:12:36-05:00

If the debtor went ahead and took out loans without any intent to pay them back, or used their credit cards in order to make purchases they knew outright that they would simply find ways to avoid, then I agree wholeheartedly that it would be immoral and unethical to pursue bankruptcy as an attempt to avoid repaying those debts. ...However, every debtor I've met to date has been an individual who made purchases with their credit cards or took out loans that they intended to repay, upon earning a better income which would allow them to fund their day-to-day living expenses as well as paying back these outstanding debts. To those debtors who still feel that pursuing bankruptcy as a viable option is immoral and unethical, I invite you to open the Bible, and look at Deutoronomy 15:1-2 (דברים פרק טו) ...2 And this is the manner of the release: every creditor shall release that which he hath lent unto his neighbour; he shall not exact it of his neighbour and his brother; because the LORD'S release hath been proclaimed. For even further elaboration, I will include the detailed explanation of these passages by Rashi - both in English translation as well as the original Hebrew: At the end of seven years [you shall make a release]: One might think that this means seven years [starting from the transaction] of each loan. ... But if you say [that] “seven years” [means] for each loan, after each individual loan, how has it approached? ...to release the hand of every creditor: [lit. to release every master the loan of his hand, which makes no sense. Therefore, Rashi interprets the verse to mean] to release the hand of every creditor [from reclaiming the loan]. ...

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Federal Reserve: Foreclosure is NOT the Best Solution to the Housing Crisis

davidgiller@gillerlaw.com — 2012-01-04T22:33:02-05:00

Ben Bernanke, the Federal Reserve Chairman, has finally said it. In a 26-page white paper on the current housing crisis, the Federal Reserve agrees that more lenders should proactively pursue mortgage modification in lieu of costly, time consuming and self-destructive foreclosure actions. As published in this recent article published in the Huffington Post, and this one published in the Wall Street Journal, the US Federal Reserve declared that foreclosure is not the ideal solution for financially distressed homeowners who are behind in their mortgages. Instead, Bernanke urges lenders to aggressively pursue mortgage modifications in order to reach a broader economic recovery in today’s market. ...Mortgage modifications are certainly better than lenders foreclosing on homes, taking possession of them, and after the homeowner vacates the premises…having empty abandoned homes further damage the housing market for the neighboring properties. The lenders are still left with properties that are not producing income, the neighboring properties continue to decline in value and the homeowners are now applying their reduced income towards a rental property. Unfortunately, most banks don’t see it this way, or at least don’t have the incentive (yet) to change their approach. ...

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Recent Articles Worth Sharing: Jan 4 2012

davidgiller@gillerlaw.com — 2012-01-04T20:52:09-05:00

MoneyNing Blog: 4 Ways to Use Your Money to Buy a Little More Happiness The Simple Dollar: Avoiding Lifestyle Inflation Consumer Commentary: 12 Alternative Financial Resolutions for 2012 CashMoneyLife: Improve Your Credit Score Without Using Credit Cards The Simple Dollar: Spend Less Than You Earn Bankruptcy Home: Bankruptcy and 3 Excellent Reasons for Protection National Bankruptcy Forum: Beginning the Bankruptcy Process

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In or Out of Mortgage Trouble? A Study of Bankrupt Homeowners

davidgiller@gillerlaw.com — 2012-01-04T20:42:03-05:00

The general public often makes broad (and incorrect) assumptions regarding people who file for bankruptcy. The American Bankruptcy Law Journal recently published a fantastic study, highlighting the various sundry issues which cause homeowners to lead down the path of filing for bankruptcy. This paper includes descriptive details about bankrupt homeowners, such as the number of missed mortgage payments, use of adjustable rate mortgages, mortgage brokers, mobile homes and refinancing or home equity lines of credit. This article provides tremendous insight into the factual, economic, psychological and socio-economic components associated with the subject of bankruptcy filing for families struggling to stay afloat during difficult economic times.

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Study Criticizes Debt Collection Industry

davidgiller@gillerlaw.com — 2012-01-04T20:26:34-05:00

Many people have trouble understanding the harassment and humiliation associated with the practices of collection agencies. Many people have adopted the following perspective: “Hey, if you owe the debt and haven’t paid, you deserve to he humiliated.” Debt collectors, however, often engage in illegal practices in attempts to collect the outstanding debts owed to them. This recent article, published by CBS St. Louis, highlights this issue in more detail.

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Bringing Expired Debt Back to Life

davidgiller@gillerlaw.com — 2012-01-04T20:22:20-05:00

The Wall Street Journal recently ran this article called Bringing Expired Debt Back to Life, where a 27 year old man from White Plains, NY was persuaded by a credit card company to pay $400 for a credit card debt that was legally eliminated…just for the honor of having a fresh credit card in his pocket. Huh? Yes. Read the article for the full story.

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Independent Foreclosure Review Underway

davidgiller@gillerlaw.com — 2012-01-04T19:51:57-05:00

Under the enforcement actions taken in April by the OCC, the Federal Reserve, and Office of Thrift Supervision, 14 large mortgage servicers were required to correct deficiencies in their servicing and foreclosure processes and to engage independent firms to conduct a multi-faceted independent review of foreclosure actions that occurred in 2009 and 2010. Independent consultants are charged with evaluating whether borrowers suffered financial injury through errors, misrepresentations, or other deficiencies in foreclosure practices and determining appropriate remediation for those customers. ..."The independent foreclosure review is a significant component of the mortgage servicers’ compliance with our enforcement actions," said acting Comptroller of the Currency John Walsh. "These requirements help ensure that the servicers provide appropriate compensation to borrowers who suffered financial harm as a result of improper practices identified in our enforcement actions." Today, the 14 mortgage servicers covered by the enforcement actions began mailing letters to eligible borrowers that explain how to request a review of their case if they believe they suffered financial injury as a result of errors, misrepresentations, or other deficiencies in foreclosure proceedings related to their primary residence between January 1, 2009 and December 31, 2010. ... Assistance with requesting a review and answers to questions about the process are available at 1-888-952-9105, Monday through Friday from 8 a.m. to 10 p.m. ..."The challenge is substantial, but the steps we have required the servicers to take are vitally important to resolving these issues in a way that respects the rights of those who have been harmed and helps to restore confidence in the system." ...Work related to correcting these deficiencies is also underway and includes enhancing oversight of third-party foreclosure service providers, upgrading management information systems associated with mortgage servicing and foreclosure processing, and improving communication with customers by establishing a single point of contact and eliminating "dual tracking," in which servicers continue to pursue foreclosure even though a borrower may have been approved for, or is performing under the terms of a modification or trial modification, among other steps. ...Walsh added that while independent consultants will be responsible for conducting the independent review and servicers will be accountable for taking other corrective actions required in the consent orders, the OCC and other federal regulators will continue to hold the mortgage servicers accountable for complying with all aspects of our orders. ...

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Recent Articles on Personal Finance & Debt Management

davidgiller@gillerlaw.com — 2011-12-29T17:31:28-05:00

CNN Money: Foreclosure Free Ride: 3 Years, No Payments FoxBusiness: 5 Ways Your Home Can Slash Your Tax Bill Before Year End WiseBread: 10 Spa Treatments You Can Do at Home ...WiseBread: How Simplifying Your Accounts Can Improve Your Finances Get Rich Slowly: How I Lost 25 Pounds & How It Can Help Your Finances Bankruptcy Home: Homeowner Association Fees - A Debt Not Totally Discharged CNN Money: Foreclosure Free Ride: 3 Years, No Payments

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Several Recent Personal Finance/Debt Management Articles Worth Sharing

davidgiller@gillerlaw.com — 2011-12-28T11:07:09-05:00

Fox Business: You May Have Paid Off the Debt, But Financial Scars Run Deep Bankrate: Does the Bank Take Your House in Bankruptcy? ...Bankrate: Companies with the Most Job Layoffs in 2011 National Bankruptcy Forum: A Brief Overview of Nondischargable Chapter 7 Bankruptcy Debts Credit Slips: One in Five American Families Have Medical Bill Problems Wise Bread: 25 Small New Year’s Resolutions You Can Start Today SmartMoney: 10 Things Debit Card Issuers Won’t Tell You ...

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How Bankruptcy Can Turn the Tables for the Debtor

davidgiller@gillerlaw.com — 2011-12-15T14:55:59-05:00

Most people consider bankruptcy as a quasi-crime. Clients often assume that they will lose their homes, their jobs, their vehicles and the contents of their home upon the filing of bankruptcy. In most cases, this is not true…so long as there is minimal equity in the homes, cars and other personal property. In fact, what most people don’t realize is that bankruptcy laws were designed to PROTECT debtors, while adhering to very detailed and intricate rules in order to ensure that these laws only apply to people who truly need protection. Further, bankruptcy laws typically turn the tables on creditors, whereby the debtor is in control, using the bankruptcy code in order to protect his or her assets and eliminate those debts which are overbearing. This recent blog posting by Stephen Trezza, a fellow bankruptcy attorney, highlights the concepts mentioned above. Take a moment and get enlightened.

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Dodging Delinquency: Foreclosure & Your Landlord

davidgiller@gillerlaw.com — 2011-12-15T13:55:41-05:00

You might be renting an apartment, house, or store front. Suddenly you become aware of the fact that your landlord is in foreclosure. Does this mean you should stop paying your rent? Does this mean you should make payments directly to the landlord’s lender? Does this mean that you will be evicted? All of these questions are very common in this scenario. This article, recently posted on Lawyers.com, highlights some of the issues that arise for a tenant when the landlord’s property goes into foreclosure. ...

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10 Last Minute Tips for a Debt Free Holiday

davidgiller@gillerlaw.com — 2011-12-15T13:50:32-05:00

The holidays are coming, but that doesn’t mean you need to get deeper into debt to get your nephew an iPod. Put down your credit cards. Now take a deep breath, and read this insightful article on how you can enjoy the holidays, give presentable gifts, and keep your sanity during the entire process.

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Homeless Shelter in FL Files for Bankruptcy to Stop Foreclosure Auction

davidgiller@gillerlaw.com — 2011-12-15T13:47:58-05:00

No, I didn’t make up that headline. A homeless shelter in Florida has recently filed for bankruptcy in order to stop the foreclosure auction of their property. Click here to read the full story.

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HS Students in Fair Lawn NJ Learn Financial Literacy

davidgiller@gillerlaw.com — 2011-12-15T13:39:43-05:00

High school students in Fair Lawn, New Jersey are getting an educational experience that will hopefully become more commonplace across the United States. These fortunate students are learning fundamental basics about income, money management, spending and credit, savings and investing. Students are creating personal and household budgets, simulate use of checking and savings accounts and are learning about insurance and taxes. Click here to read an article recently posted on NorthJersey.com regarding this wonderful component of the Fair Lawn High School.

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What Went Wrong With Foreclosure Aid Programs

davidgiller@gillerlaw.com — 2011-12-12T12:34:45-05:00

Over the past three years, many of us have heard radio commercials, seen websites, and perhaps received letters in the mail regarding HAMP, HARP and various other programs expected to provide some relief to homeowners struggling to make their monthly mortgage payments. While a minority of people (including some of my clients) have successfully obtained mortgage modifications, hundreds of thousands of other homeowners have found no relief whatsoever in these programs. What happened? This article, recently posted in USA Today, highlights the sundry issues with these initiatives.

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Foreclosure or Bankruptcy: Which is Worse For Your Credit?

davidgiller@gillerlaw.com — 2011-12-12T12:28:24-05:00

I often get calls from clients who are already in foreclosure, they haven’t paid their mortgage company in several months (if not a year or more) and they are behind on their credit card payments. As soon as I suggest that these clients file for bankruptcy, I typically hear the following response: ...That will kill my credit score!” I’ve got news for you: If you’re already in the situation I just described, your credit score is already damaged significantly. Bankruptcy can certainly help repair…yes, r-e-p-a-i-r your credit score by eliminating these debts which you are unable to pay. Once those balances become zero, and clients remain current on their other outstanding financial obligations (with their utility company, cellphone provider, etc.), their credit scores will improve significantly. This article, recently posted online by another bankruptcy attorney, highlights the impact of both foreclosure and/or bankruptcy on your credit report.

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Dealing With Debt In Relationships - Overcoming Your Issues

davidgiller@gillerlaw.com — 2011-12-12T12:25:24-05:00

Relationships tend to suffer when debt is introduced into the equation. This article, recently posted online, introduces some insight on the subject.

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Understanding Debt Obligations After Foreclosure

davidgiller@gillerlaw.com — 2011-12-12T12:21:12-05:00

Many clients who are in foreclosure are concerned about the deficiency, after the mortgage company sells the property for less than the amount owed on the mortgage. Am I liable for the deficiency after the Sheriff sells my property when the foreclosure case is over? This article, recently posted in the Los Angeles Times, explains the Mortgage Forgiveness Debt Relief Act of 2007.

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Mortgage Modifications Wind Down As Foreclosures Heat Up

davidgiller@gillerlaw.com — 2011-12-08T17:01:32-05:00

Many homeowners are still eagerly trying to get mortgage modifications. Money is tight. Income is down. Living expenses have been increasing, and the credit card bills are continuing to increase. Mortgage modification requests have been increasing as homeowners continue to see the current trends increase and finances continue to become strained. This article recently posted on CNBC highlights a new trend indicating that mortgage modification requests are being denied at an increasing rate, while lenders are moving forward on foreclosure actions across the United States.

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Bank of America Opens Customer Assistance Centers in NYC Area

davidgiller@gillerlaw.com — 2011-12-06T12:45:44-05:00

NEW YORK, Dec 06, 2011 (BUSINESS WIRE) -- Bank of America announced today it has opened customer assistance centers in Brooklyn and West Hempstead, Long Island to serve its mortgage customers throughout the region. Borrowers will have the opportunity to meet face-to-face with Bank of America home retention specialists at each location to review options for home loan modifications or other alternatives to foreclosure, as well as review loan modification files already in progress. "Face-to-face dialogue is a dynamic and effective way to build on the thousands of permanent loan modifications we have completed in New York City and on Long Island," said Rebecca Mairone, national mortgage outreach executive for Bank of America Home Loans. ...The customer assistance center teams will follow each customer file through the entire loan modification process, make on-site decisions in many cases, and assist with other available foreclosure prevention solutions if a modification is not possible. ...While each center provides a permanent presence for distressed homeowners, staff from both locations will make regular trips to other New York City boroughs and counties throughout Long Island. ...As part of its commitment to distressed homeowners, Bank of America has held numerous customer outreach events in New York City and on Long Island. ...Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 58 million consumer and small business relationships with approximately 5,700 retail banking offices and approximately 17,750 ATMs and award-winning online banking with 30 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. ...

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What Will Happen Next if I Simply Stop Paying My Credit Cards?

davidgiller@gillerlaw.com — 2011-12-06T11:42:45-05:00

You’ve been making minimum payments on your credit cards. You want to avoid going into collection, you don’t want those annoying calls coming to your home phone, your work phone, your cellphone. You’re terrified of being the subject of wage garnishment. Suddenly you realize that you can’t even afford to make the minimum payments on your credit cards. ...Will they just come to my house and take away my personal belongings? Will my credit be shot? ...This article, recently posted on the Fox Business website, highlights what you can expect to happen after you stop paying your credit card bills.

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Paying with Plastic? You're Probably Spending Too Much

davidgiller@gillerlaw.com — 2011-12-06T11:40:07-05:00

Most of us refuse to admit it. American Express, Discover, Visa and MasterCard love you for that! Studies consistently show that when you go shopping with plastic, you inevitably spend more money than you would if you used that green colored paper most of us refer to as c-a-s-h. This article, recently posted on the Fox Business website, explains in a bit more detail.

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Financial Harmony Between Spouses - Impossible?

davidgiller@gillerlaw.com — 2011-12-06T11:37:02-05:00

Many marriages experience financial tension. One spouse is a spender, while the other is a saver. One is trying to pay off debt, while the other is trying to save for a vacation. How do we find harmony in these situations? This article, recently posted on the CNN Money website, addresses these issues. I thought you might find it helpful. Enjoy.

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Spending Wisely After Recovering From Tough Times

davidgiller@gillerlaw.com — 2011-12-06T10:11:36-05:00

Many families have been hit hard during the current economic recession. Job loss, increased debt, falling behind in mortgage payments - are all common issues. A successful recovery from these difficult times takes patience, consistency and embracing some fundamental basics. This article, posted on the CNN Money website, highlights the Stubb family, and their rebound from a job layoff in 2009.

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Jean Chatzky: Lending Money to In-Laws

davidgiller@gillerlaw.com — 2011-12-05T12:17:28-05:00

This recent video posted by Jean Chatzky, from an appearance on the Today Show on NBC discusses some of the common issues to consider in this scenario:

Visit msnbc.com for breaking news, world news, and news about the economy

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NY Times: Private Colleges That Keep the Avg Student Debt Low

davidgiller@gillerlaw.com — 2011-12-05T12:13:26-05:00

This recent article from the NY Times highlights some private colleges that provide enough financial aid to get their students across the finish line without the long lasting financial bruises that are all too common with most graduating students. Some of the colleges that make the list include: ...- Yale University ...- Harvard University - Claremont McKenna College - Pomona College - California Institute of Technology ...

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Financial Literacy for the College Student

davidgiller@gillerlaw.com — 2011-12-05T12:08:30-05:00

College students typically start their adult lives with an enormous amount of debt in the form of student loans. On the college campus, credit card companies are eagerly pursuing these college students the way kids come running back to the dinner table as soon as you announce “dessert time!” This article highlights some of the vital concerns and issues associated with providing our youth with fundamental lessons in securing a job and becoming financially responsible adults - instead of making public spaces in our cities their homes, in the name of “corporate greed” while becoming a nuisance to society.

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NJ Rahway Students Get Lesson in Financial Literacy

davidgiller@gillerlaw.com — 2011-12-05T12:01:09-05:00

Students at Rahway High School participated in an awesome program focused on financial literacy. Here is a link to an article highlighting this notable event. I wish more schools integrated financial literacy into their programs, in order to teach our youth about being financially responsible, learning to avoid credit card debt, live within their means, and only buy what they really need. In the meantime, we can at least deliver this message to our own children!

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VIDEO: Bankruptcy - Explained in 71 Seconds

davidgiller@gillerlaw.com — 2011-12-02T12:37:18-05:00

Bankruptcy is a confusing and intimidating concept. Bankruptcy is not a crime. Filing for bankruptcy does not mean that you cannot own a home or car. Filing for bankruptcy does not mean that your name will be in the newspaper. This video explains some of the fundamental concepts involved in bankruptcy in 71 seconds. I hope you find it helpful.

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VIDEO: Mortgage Modifications - Explained in 68 Seconds

davidgiller@gillerlaw.com — 2011-12-02T12:30:54-05:00

This video will address (in 68 seconds) the fundamental question of: “What is a Mortgage Modification?”

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Foreclosure Timeline Lenghtens to Record 21 Months

davidgiller@gillerlaw.com — 2011-12-02T12:00:06-05:00

If you are a homeowner, and were recently served with a Summons & Complaint in foreclosure, you are scared, confused and intimidated by the entire process…let alone the prospect of being forced to leave your home. This recent article, published by Time Magazine, indicates that the average timeline for the foreclosure process to end has reached a record high of 21 months. During this time, any homeowner in foreclosure should not just sit by waiting for the Sheriff to come knocking on the door. Please speak with a qualified and experienced attorney in order to identify what options are available to you and help you achieve your goals during this stressful and confusing experience.

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Tips for Selling Your Home in a Cool Market

davidgiller@gillerlaw.com — 2011-12-02T11:57:28-05:00

Many people are trying to sell their homes right now. Buyers have many options available as there are many homes on the market. Prices keep dropping and it makes it more challenging for sellers to break even just to walk away from their homes. Here are some tips, recently published by the Wall Street Journal, on selling your home in a cool market. http://blogs.wsj.com/developments/2011/11/29/tips-for-selling-homes-in-a-cool-market/? mod=WSJBlog I hope you find some of these tips helpful.

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5 Ways to Spend Less This Holiday Season

davidgiller@gillerlaw.com — 2011-12-02T11:53:50-05:00

Looking for creative ways to get through this holiday season without getting deeper into debt? Hopefully this article will provide you with some insightful suggestions: http://www.savvysugar.com/Holiday-Saving-Tips-6528700 Enjoy.

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Financial Literacy: Teaching Your Kids to be Rich

davidgiller@gillerlaw.com — 2011-12-02T11:32:58-05:00

We teach our children proper hygiene, manners and penmanship. How many of us actually teach our children some fundamental basics on being financially responsible? This video, posted recently on the Wall Street Journal, SmartMoney website, offers some good advice for parents seeking to provide their children with some important life lessons in financial literacy.

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Justice Department Investigates S&P's Improper Ratings of Mortgage Companies

davidgiller@gillerlaw.com — 2011-08-18T14:10:17-04:00

The Justice Department is currently exploring whether or not Standard & Poor improperly rated mortgage securities for several years prior to the current economic crisis. Click here to read the full article in the NY Times.

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Latest Foreclosure Defense Developments in New Jersey

davidgiller@gillerlaw.com — 2011-08-10T10:42:26-04:00

Mitchell et al, the Appellate Division vacated a sheriff’s sale, final judgment and summary judgment for reasons related to the plaintiff’s lack of standing to pursue the foreclosure complaint. Although no stay was sought by the homeowner pending the appeal, the appellate division rejected plaintiff’s invitation to dismiss the appeal as moot because the issues are important and no third party rights were impacted. ... Ford the court found that the plaintiff did not have standing to file the complaint because it did not have the assignment of mortgage at the time of the filing of the complaint and it did not demonstrate that it had possession of the note underlying the mortgage. The court engaged in a lengthy analysis of the UCC requirements for enforcement of notes and ultimately held that the Plaintiff “could not cure the defect in the initial complaint, filed one day before obtaining the assignment, by filing an amended complaint following the assignment.” The court also held that the proofs presented by the plaintiff in support of summary judgment were inadequate in part because the assignment was not authenticated by an affidavit or certification based on personal knowledge. ...Laks that the failure either to identify or to properly identify the lender in the Notice of Intention to Foreclose requires the dismissal of the foreclosure complaint, not a new notice issued after the complaint. The Laks case arose on a Pro Se homeowner's Motion to Vacate Default (later default judgment) and to dismiss the complaint. ... The Appellate Division engaged in a lengthy statutory construction analysis of the Fair Foreclosure Act and concluded that the New Jersey Legislature intended to require the lender to identify itself in the Notice of Intention to Foreclose prior to the commencement of foreclosure proceedings. The Appellate Division noted that it is confusing to homeowners to receive a foreclosure complaint from an entity that was not the originator and also not named in the Notice of Intention to Foreclose. ...

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S&P Downgrade - What It Means For You

davidgiller@gillerlaw.com — 2011-08-09T00:22:21-04:00

Many people are concerned and confused about the recent S&P downgrade of the US’s ability to resolve this country’s debt problems. Below are some recent articles to help educate and enlighten you on what this means for you: S&P Downgrades: So What? ...S&P Downgrade Could Feed Home Buyer Anxiety (WSJ) Obama Gives Statement About Economy In Wake of S&P Downgrade (Huffington Post) American Pride Takes A Hit With S&P’s Downgrade (NPR) Fannie & Freddie Downgrade Won’t Hurt Housing, Yet (TheStreet Network)

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NJ Division of Consumer Affairs Takes Action Against Illegal "Mortgage Loan Modification" Operations

davidgiller@gillerlaw.com — 2011-08-04T14:40:22-04:00

Dow and the State Division of Consumer Affairs filed administrative actions against seven businesses for illegally offering mortgage modification services to homeowners in dire financial straits. State law requires that anyone providing these services in New Jersey be licensed as a Debt Adjuster by the Department of Banking and Insurance, or be otherwise authorized. The Division of Consumer Affairs filed Notices of Violation against the illegitimate businesses, which offered mortgage loan modification services even though they were not licensed to do so in New Jersey. ...The Notices of Violation also provide that the companies, cited for violating the state’s Consumer Fraud Act and Debt Adjustment and Credit Counseling Act, must cease and desist from offering debt adjustment services. ...Calcagni, Director of the State Division of Consumer Affairs, said that the violations were filed as part of the Division’s ongoing initiative to crack down on mortgage modification businesses operating outside the law. ...Calcagni noted that the Division of Consumer Affairs created its Financial Fraud Unit, within its newly reorganized Office of Consumer Protection, specifically to focus on mortgage-related frauds that prey on the hopes and fears of homeowners struggling amid financial hardship, and desperate to keep their homes. In March 2011, the Financial Fraud Unit filed Notices of Violation against 11 fraudulent mortgage loan modification providers, seeking a total of $126,000 in consumer restitution and $55,000 in civil penalties (see the March 9 press release, www. ...To help consumers learn about more about avoiding mortgage-related scams, and how to obtain genuine assistance, the Division of Consumer Affairs has written a consumer brief that can be viewed at www. ...Consumers who believe they have been cheated or scammed by a business, or suspect any other form of consumer abuse, can file a complaint with the State Division of Consumer Affairs by visiting its website, www. ...

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The Rise of Student Loan Debt and What Can You Do About It

davidgiller@gillerlaw.com — 2011-08-03T11:24:56-04:00

Student loans are becoming an increasing burden on students and their parents. This article, recently published on Moolanomy, highlights some of the concerns, issues and strategies for handling these types of debts.

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Collection Agency Sued for not Disclosing it was a Debt Collector

davidgiller@gillerlaw.com — 2011-08-03T11:21:48-04:00

If you are receiving calls from collection agencies, they must disclose that they are a debt collector. Here is an example of one situation, where a woman from Denton County in Texas, sued a New York collection agency for this very issue.

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Debt Collectors Harassing Consumers Who Don't Owe Them Money

davidgiller@gillerlaw.com — 2011-08-03T11:18:49-04:00

Are debt collectors calling you, even though you don’t owe them any money? Do you owe someone money, but they are calling your friends, relatives or neighbors? Unfortunately, these are very common issues which are violations of the Fair Debt Collection Practices Act. This article, recently published on CT Watchdog, highlights some of the issues and strategies to handle this situation.

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Is Debt Making You Sick? Eliminate the Worry through Bankruptcy

davidgiller@gillerlaw.com — 2011-08-03T11:16:21-04:00

This recent article, published on JD Supra, highlights how bankruptcy can address the enormous pain and stress experienced by debtors who have fallen behind in the credit card and mortgage payments due to decreased income and increased cost of living.

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Bank of America Said to be Seeking Separate Home Mortgage Foreclosure Deal

davidgiller@gillerlaw.com — 2011-08-03T11:13:03-04:00

For quite some time now, Bank of America has been negotiating with various states on a settlement in response to their questionable practices associated with foreclosures and robo-signing. This recent article from Bloomberg highlights the current status of these negotiations.

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Federal Program Gives Cash to Homeowners Facing Foreclosure

davidgiller@gillerlaw.com — 2011-07-22T10:58:27-04:00

A new federal program might help you save your home. Read this article from NBC New York, and watch the video below, to learn more about this program.

View more videos at: http://nbcnewyork.com.

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Your Credit Score: Not Always What You're Told It Is

davidgiller@gillerlaw.com — 2011-07-21T13:17:58-04:00

Mortgage companies, credit card companies and collection agencies all try to convince us that our credit scores are critical to all significant financial decisions and transactions. We are told that a perfect credit score will help us get approved for a mortgage and tap into the most competitive rates available on the market. How your credit score is generated, and how various companies interpret your credit score vary widely. This article recently posted on CNN highlights how some families with perfect credit are still denied mortgages.

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6 Sneaky Ways Online Purchases Are Hurting Your Budget

davidgiller@gillerlaw.com — 2011-07-21T13:12:28-04:00

This article recently published on Forbes.com highlights various ways that online purchases might be hurting your budget.

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Foreclosure Mediation Efforts Fail to Stem Foreclosure Tide

davidgiller@gillerlaw.com — 2011-07-21T11:05:34-04:00

This article recently published on MSNBC highlights some interesting insights regarding the impact of Maryland’s foreclosure mediation program on attempts to help local families avoid foreclosure.

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Getting Out of a Slump at Work

davidgiller@gillerlaw.com — 2011-07-19T09:43:52-04:00

Many people who are lucky enough to be employed, are finding their jobs to be boring and dull. This leads to lack of motivation, inspiration and begins a slow slippery downward spiral which can impact every area of your life. This recent article from the Wall Street Journal highlights how to get out of a slump at work. Enjoy.

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What Your College Freshman NEEDS vs. Wants

davidgiller@gillerlaw.com — 2011-07-19T09:26:35-04:00

Starting mid-summer, every retailer across the country will begin promoting their wares...everything from linen to groceries to furniture or electronics...specifically for the college student. Their message is essentially the same: “Your college freshman NEEDS ________________” You can fill in the blank with everything from Poland Spring water to Macbooks. Don’t get caught up in this trap. Don’t let your college freshman get caught up in this trap. This article, recently posted by Dave Ramsey, addresses some of the most common blunders made by college freshmen and their parents when preparing for the upcoming school year.

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Is Your Doctor Selling a Credit Card?

davidgiller@gillerlaw.com — 2011-07-19T09:23:21-04:00

Many doctors...particularly plastic surgeons (no pun intended), are pushing credit cards for their patients who are having trouble financing a particular medical procedure. An article recently posted on the WSJ website highlights this trend. Click here to read the full article.

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How to Spend Less Money at the Pharmacy

davidgiller@gillerlaw.com — 2011-07-19T09:21:05-04:00

This recent article on the US News - Money website highlights how to spend less money at the pharmacy. I thought you might find it worthwhile.

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JPMorgan Chase Revamps Troubled Mortgage Unit

davidgiller@gillerlaw.com — 2011-07-19T08:46:37-04:00

According to this article on CNBC’s Money Control website, JPMorgan Chase is renaming their “Loss Mitigation” Department to “Borrower Assistance,” in an attempt to put a kinder, gentler face to their mortgage modification group. Let’s only hope that there is more substance behind this change, and not simply a new name. You can read the full article here.

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CBS News Video: New Program Helps People Avoid Foreclosure

davidgiller@gillerlaw.com — 2011-07-15T13:13:43-04:00

This is a fascinating news story reported by CBS News, highlighting a new program in Boston to help homeowners avoid losing their homes in foreclosure. Click here to read the entire story as posted on the CBS News website.

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White House Provides Help To Jobless Homeowners

davidgiller@gillerlaw.com — 2011-07-07T22:43:38-04:00

Check out these articles from various publications - on a new initiative by the White House to try and help unemployed homeowners: Unemployed Get Extension to Avoid Foreclosure - CBS News Obama Administration Boosts Aid for Unemployed Homeowners - LA Times ...New Rule to Help Out of Work Homeowners - The Salt Lake Tribune Unemployed Get New Federal Help to Pay Their Mortgages - Washington Post Government Aids Unemployed Homeowners - Associated Press, published on Forbes.com

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Facing Foreclosure? Get up to $50k from the US Government (Video)

davidgiller@gillerlaw.com — 2011-07-07T22:23:19-04:00

... ...In order to ensure that program funds are made available in a fair and impartial manner, homeowners interested in applying must first complete a Pre-Applicant Screening Worksheet (see below). ... Homeowners whose completed worksheets meet this standard will be randomly selected, and these homeowners will be invited to apply for an EHLP loan in the order they are selected. Unfortunately, due to the limited amount of resources available through the EHLP, some qualified homeowners will not be selected to complete an application. Furthermore, some homeowners will complete an application but not will not ultimately be approved to receive assistance if their applications are incomplete or if they do not otherwise meet all of the program's eligibility criteria. Homeowners who are randomly selected will be called by their local EHLP housing counseling agency to schedule an appointment to complete the EHLP application packet. ... It is very important for all homeowners to be familiar with all of the EHLP documentation requirements and have all specified documents prepared to submit at the time of their application appointment. ...If you live in one of these states, click on that state's name to find out more about Hardest Hit Housing Market Program that is available where you live. ...

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Personal Finance Headlines - July 7, 2011

davidgiller@gillerlaw.com — 2011-07-07T11:21:20-04:00

...How Do I Pay My $80,000 Credit Card Bill? - Fox Business Secrets to Getting A Mortgage with “So-So” Credit - CNN Money Is Now the Right Time to Buy A House? - Bankrate.com How Do I Lower My Credit Card Interest? - Bankrate.com ...10 Signs You’re Headed for Credit Card Debt - About.com Are You Keeping Financial Secrets from Your Partner? - Cash Money Life

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US Government Ranks Colleges by Affordability

davidgiller@gillerlaw.com — 2011-07-07T11:03:41-04:00

Are you looking for an affordable college for your son/daughter? Photo credit: kcolwell on flickr The US government, for the first time ever, ranked American colleges and universities by affordability. You can access this information through a new interactive tool, called the College Affordability and Transparency Center, created by the Department of Education. Check it out today.

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How To Save Your Home In Foreclosure

davidgiller@gillerlaw.com — 2011-07-07T00:59:26-04:00

...Although fighting to save your home in state court is an uphill battle, more bankruptcy judges across the country and forcing lenders to prove that they have the appropriate documentation to proceed. Bankruptcy law provides debtors with more protection while imposing a higher burden of proof for the lender to substantiate their claim that they are the appropriate lender to sue the homeowner in foreclosure. ...We are talking about a fundamental and basic requirement where the entity suing the homeowner in foreclosure must prove that they have “standing” to sue this homeowner in foreclosure. ...You made payments for 10-15 years to Wells Fargo until you lost your job and were no longer able to make your payments. ...You are simply puzzled that this foreclosure lawsuit was started by an entity who is unknown to you, as you never received a single notice, invoice or signed any agreement with these other lenders. Shouldn’t these lenders be required to prove that they somehow inherited, purchased, or were otherwise assigned the right to sue you in the name of Wells Fargo? Well, in State court, many judges are allowing foreclosure cases to proceed eventhough the lenders cannot prove that they have the right to sue the homeowners. ...If you are in foreclosure, or know someone who is, please seek out the advice of a competent and experience bankruptcy and foreclosure defense attorney to help address and resolve these issues. ...

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Are Debts Discharged in Bankruptcy Considered Taxable Income?

davidgiller@gillerlaw.com — 2011-07-07T00:25:02-04:00

...If you've been through bankruptcy, and your debts have been discharged, those debts will NOT be considered taxable income by the IRS. ...If you borrow money from a commercial lender and the lender later cancels or forgives the debt, you may have to include the cancelled amount in income for tax purposes, depending on the circumstances. ... When that obligation is subsequently forgiven, the amount you received as loan proceeds is normally reportable as income because you no longer have an obligation to repay the lender. The lender is usually required to report the amount of the canceled debt to you and the IRS on a Form 1099-C, Cancellation of Debt. ...If the lender is unable to collect the remaining debt from you, there is a cancellation of debt of $8,000, which generally is taxable income to you. ... • Insolvency: If you are insolvent when the debt is cancelled, some or all of the cancelled debt may not be taxable to you. ... • Certain farm debts: If you incurred the debt directly in operation of a farm, more than half your income from the prior three years was from farming, and the loan was owed to a person or agency regularly engaged in lending, your cancelled debt is generally not considered taxable income. • Non-recourse loans: A non-recourse loan is a loan for which the lender’s only remedy in case of default is to repossess the property being financed or used as collateral. ...

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Watch this movie: Maxed Out

davidgiller@gillerlaw.com — 2011-07-06T13:38:17-04:00

This movie highlights the American addiction to plastic debt, and provides an interesting perspective on the credit card industry.

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Which Debts Are Not Dischargeable In Bankruptcy?

davidgiller@gillerlaw.com — 2011-07-06T11:51:25-04:00

...While bankruptcy will eliminate most of your debts, there are some debts that are generally not dischargeable in bankruptcy. ...Wrongful Conduct that Would Make Some Debts Non-Dischargeable • Incurring credit card without the intent or ability to pay ...It is important to realize that bankruptcy doesn't wipe out mortgages or liens. If you have overdue payments and future payments on property (house or car), you must continue making these payments if you want to keep these pieces of property. Chapter 13 can help you by providing you with more time to pay off any arrears (overdue or outstanding balances), but in order to keep the property in your name, you must repay past payments and continue to make regular payments.

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Personal Finance Articles Selected for You

davidgiller@gillerlaw.com — 2011-06-30T21:42:48-04:00

Below is a selection of personal finance articles that I thought you might find worthwhile. ...The Top 6 Benefits of Starting A Home Based Business - Forbes ...How My Generosity Got Me $8,000 In Debt - Get Rich Slowly Outsourcing Household Chores: Cost-Effective Move or the Ultimate In Anti-Frugal? - Frugal Dad ...Best Money Tips: Save Money While You Sleep - Wise Bread Schedule Regular Fridge Cleanings to Prevent Food Waste - Wise Bread

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US Mortgage Modifications Down 10.5% From Year Ago

davidgiller@gillerlaw.com — 2011-06-30T11:01:06-04:00

Credit: Dingnindadrebelde from flickr Dow Jones Newswires reports that the number of troubled US homeowners receiving help with their mortgages fell by more than 10% from a year ago, as fewer borrowers qualified for help. Click here to read the full article, as published on the NASDAQ website.

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If You're In Foreclosure, Consider "Cash for Keys"

davidgiller@gillerlaw.com — 2011-06-28T23:24:34-04:00

As a matter of fact, I always ask clients what their preference is with regard to their homes, eventhough they haven’t been able to pay their mortgage in the past 6 months to 2 years. About 90% of the time, clients tell me that they want to hold onto their home for as long as possible, and my goal is to help them reach this objective utilizing innovative foreclosure defense strategies and other creative solutions. ...These clients have reluctantly come to grips with the logical financial aspects of trying to hold onto their house, which is worth far less than the mortgages encumbering it, realizing that their current household income will never enable them to pay off their mortgage during their lifetimes. I admire these clients’ ability to think clearly and logically about their situation, realizing that although holding onto their house would be ideal...the household income and fair market value of the property make it completely impossible. ...Of the 10% of clients who accept the fact that staying in the house long term is simply not a realistic option, there are even fewer clients who are eager to walk away from the property even sooner. This happens when clients have landed a new job at another location, requiring them to move; when clients have recently divorced or gotten remarried, and the premises are vacant; or when clients are simply ready to “cut ties” with the old property and start a new life at another location. ...“Cash for Keys” is when the mortgage company offers the homeowner several thousand dollars as an incentive to move out of the foreclosed property expeditiously, and in good condition. The lender benefits by not having to wait many months until the entire foreclosure process ends, while the homeowner is provided with the cash incentive to help pay for the first month (or two) of a rental property at another location. If you find yourself in foreclosure, and have been considering a short sale, deed in lieu of foreclosure, bankruptcy or mortgage modification, talk to an experienced attorney regarding the “Cash for Keys” option, which might be available to you from your mortgage company. ...

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Why Smart People Make Bad Spending Decisions

davidgiller@gillerlaw.com — 2011-06-28T14:08:25-04:00

This is one great article, which helps bring a fresh perspective to those who argue: ...I got it on a great discount! ...For only $___ more, I upgraded to a better model! ...The store had a fantastic financing deal, so I don’t have to pay for another 90 days! ...Give it some thought, and try to make some positive changes with your personal finances today.

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It's True: You Can Travel Without A Credit Card

davidgiller@gillerlaw.com — 2011-06-28T13:47:41-04:00

...I can’t tell you how many times I meet a client who tells me that they can’t cut the umbilical cord with the credit cards because they “need it for traveling.” My response is always the same: “I have a debit card, and I’ve used that for travel in the past without any problems whatsoever.” If credit cards are so critical to the travel industry, it really begs the question how anyone was able to pay for hotels, airfare, gas or car rentals before they got a credit card. ...I understand that most hotels and car rental companies will try to encourage customers to have a credit card on file. These same companies will be more than happy to take your debit card instead of your credit card. This article, posted by Dave Ramsey, explains the simplicity and practicality of using your debit card instead of your credit card when traveling. ...

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Foreclosure News

davidgiller@gillerlaw.com — 2011-06-23T00:19:18-04:00

Backlog of Cases Gives a Reprieve on Foreclosures Is There Light at the End of the US Foreclosure Tunnel? Connecticut’s Pending Home Foreclosures Will Take 10 Years to Process Mortgage Debt, A Lasting Burden Are Homeowners Fixing Their Balance Sheets?

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College Students and Credit Card Debt

davidgiller@gillerlaw.com — 2011-06-22T22:41:43-04:00

With tuition rates that reach $55,000 annually, the cost of books and coffee, and the financial pressures of a blooming social life, students use a credit card to cover expenses. ...Though many students are finance-savvy and learn to balance their credit histories, others achieve a low credit score from the get go. ...In order to apply for a credit card, students under the age of 21 must have a co-signer or proof of a source of income. ... With a low or nonexistent credit score, a student’s ability to acquire a job is hindered, as well as his/her ability to take out loans. ... Not only will these students lack a credit history, but also the financial knowledge and experience that comes with card ownership. As the debit versus credit debate rages on, students continue to move towards credit cards with little financial consideration. To prevent college students from falling victim to interest payments and credit debt, here are some tips for finding and owning a card appropriate for today’s college student: ...• Check the Annual Percentage Rate (APR), which is relevant to interest charges, and identify whether it will rise after time. ...If you can’t seem to escape the plastic trend, prepare yourself and others on how to be financial independent and smart. ...

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Personal Finance: Selected Articles

davidgiller@gillerlaw.com — 2011-06-22T17:16:23-04:00

Below are a selection of articles that I recently came across - focused on personal finance, living frugally and managing debt. ...5 Ways to Live Below Your Means ...Personal Finance 101: What is an Asset? ...5 Ways to Dress the Family for Less Why It’s Time to Buy A Home 7 Ways to Maintain a Good Credit Score Make-Ahead Food: 10 Things to Cook on a Sunday

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Fox Business News Quotes David Giller on Handling Foreclosure Cases

davidgiller@gillerlaw.com — 2011-06-15T17:36:07-04:00

Several weeks ago I received a call from a reporter at Fox News. She introduced herself, and mentioned that she came across my name while researching attorneys who handle foreclosure defense and mortgage modifications successfully in the country. Believe it or not, there aren’t THAT many attorneys who handle foreclosure defense, because most attorneys shy away from clients who are on the lower end of the financial spectrum. She asked me a few questions regarding how I handle foreclosure cases, what solutions I am able to find for my clients, and how successful I’ve been at getting these issues resolved. She graciously thanked me, and I didn’t hear from her again. Today I received an alert from Google that my name appeared in this article, titled: “Is it Time to Sue Your Mortgage Lender?” In the article, Gina Pogol mentions the horrible experience that most homeowners face when requesting a mortgage modification from their lender or servicer, and she gives from fantastic practical advice on how to approach the situation in an effective manner.

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College Students Overwhelmed with Debt

davidgiller@gillerlaw.com — 2011-06-14T11:21:35-04:00

College students fresh on the college campus have every right to feel like they are “grown up.” ...Within the first few days of school, they visit the college campus bookstore to pick up the books they need for the upcoming semester. Before they walk in, credit card companies are eagerly waiting to greet them outside the college bookstore, giving out free t-shirts and mugs for new cardholders. ...These same college students have never been provided an education on how to use credit cards, how to budget, or how to save. They sign up for the credit cards, start making innocuous purchases - for books, groceries and gas. ...They continue to use the credit cards as they visit restaurants with their friends, going out to the movies on weekends, and maybe even book their first winter break trip with some college buddies. ...Then go talk to your favorite college student, and try to help them avoid the debt trap which is so prevalent around college campuses throughout the country. ...

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MSNBC: Renters Are Next Victims of the Housing Market

davidgiller@gillerlaw.com — 2011-06-14T10:00:05-04:00

Renters typically feel immune to issues like foreclosures and dramatic decreases in property value. Renters are now starting to experience some of the pain, through sudden increases in rental fees by landlords who are strapped for cash. Read the full article from MSNBC right here.

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Go from Surviving to Thriving at Work

davidgiller@gillerlaw.com — 2011-06-14T09:42:04-04:00

Most people aren’t overly excited about their work. “That’s why we call it work,” most people say. “Just ___ days away from the next weekend!” It really doesn’t have to be that way. I’m not suggesting that you pack up your stuff and quit. I’m suggesting taking on a slightly different perspective, and making small changes to the way in which you manage yourself within your current job, in order to make it more fulfilling, rewarding and enjoyable. Check out this interesting article that I recently found on the Psychology Today website, which dives a little deeper on this subject. ...

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Handling Unwanted Telephone Marketing Calls

davidgiller@gillerlaw.com — 2011-06-13T23:00:31-04:00

In response, the Federal Communications Commission (FCC) adopted rules that require anyone making a telephone solicitation call to your home to provide his or her name, the name of the person or entity on whose behalf the call is being made, and a telephone number or address at which that person or entity can be contacted. The original rules also prohibit telephone solicitation calls to your home before 8 am or after 9 pm, and require telemarketers to comply with any do-not-call request you make directly to the caller during a solicitation call. ...Once you have placed your home phone number or numbers, including any personal wireless phone numbers, on the national Do-Not-Call list, callers are prohibited from making telephone solicitations to those number(s). ...The term does not include calls or messages placed with your express prior permission, by or on behalf of a tax-exempt non-profit organization, or from a person or organization with which you have an established business relationship (EBR). ... After these time periods, calls placed to your home phone number or numbers by that person or entity are considered telephone solicitations subject to the do-not-call rules. ...Whether or not your home phone number or numbers are registered on the national Do-Not-Call list, the FCC requires a person or entity placing voice telephone solicitations to your home to maintain a record of your direct request to that caller not to receive future telephone solicitations from that person or entity. ... Unless your home phone number or numbers are registered on the national Do-Not-Call list, however, you must make a separate do-not-call request to each telemarketer from whom you do not wish to receive calls. ...Except for emergency calls or calls made with the prior express consent of the person being called, autodialers and any artificial or prerecorded voice messages may not be used to contact numbers assigned to: ...During or after the message, the caller must give the telephone number (other than that of the autodialer or prerecorded message player that placed the call) of the business, other entity, or individual that made the call so that you can call during regular business hours to ask that the company no longer call you. ... • whether you have an EBR with the caller (specifically, whether you or anyone else in your household made any purchases of property, goods, or services from the individual or company that called, or made any inquiry or filed an application with the individual or company prior to receiving the call); and • whether you or anyone in your household previously asked the caller or individual or company whose property, goods, or services are being advertised or sold NOT to call, and when you made the request.

Debt Collectors Seek New Media Tactics: Email, Cellphone & Text Messages

davidgiller@gillerlaw.com — 2011-06-13T22:58:33-04:00

On Monday, June 13, 2011, the Association of Credit and Collection Professionals introduced a new approach to collect debts. If you've provided your cellphone number or email address to a creditor, they will leverage this information to reach you regarding your outstanding debt. Read the entire article on ABC News.

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HUD: "Bank of American Hindered Foreclosure Probe"

davidgiller@gillerlaw.com — 2011-06-13T22:56:27-04:00

US officials, from the Department of Housing & Urban Development (HUD), acknowledged that Bank of America Corp. "significantly hindered" HUD's investigations in Bank of America's foreclosure practices. Read the full story in this WSJ article.

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First Steps After A Job Loss

davidgiller@gillerlaw.com — 2011-06-12T23:53:52-04:00

Try to put as much money as possible away for the time period when your severance will end...just in case you haven’t been able to find a replacement job by then. Try to put as much as you can in an emergency fund, which you will come to rely on after the severance checks stop. ...Either way, you need to not only clearly identify how much money you can allocate to each of these expenses, but in order to do that properly, you need to identify how much you have been spending on each of these items during the past 6 months. ...I can’t tell you how many clients I’ve met who were reluctant to look for, or take, a particular part time job because they felt the “cushion” provided by American Express, Visa, MasterCard and Discover. “Hey, I’m earning points towards a vacation by putting another month’s worth of living expenses on my American Express card, while I look for a BETTER job.” ...If you took Step #5 seriously and cut up your credit cards, you’re now looking at many part time jobs that you wouldn’t even have considered otherwise. ...I’m telling you to get creative and look for part time jobs, utilizing your skills, talents and experience at local organizations, schools and businesses. ...I meet many clients who tell me that they remained unemployed for longer than 6 months because they had trouble finding a job that was precisely like the one they had before. ...If you were a hotel manager before you were laid off, you might have trouble finding hotels with job openings, as the hotel industry is perhaps struggling enormously right now. ...

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Foreclosure Myths, Debunked

davidgiller@gillerlaw.com — 2011-06-12T13:28:56-04:00

A recent article, which was written by Lew Sichelman for the Los Angeles Times, focused on common foreclosure myths. I wanted to share this article with you, while highlighting some of the common myths mentioned in this piece: • If I tell the mortgage company I’m having a problem, it will speed up the foreclosure process. ... • I’m receiving so many offers from people who say they are trying to help me save my home that they all must be scams. ... • If I’ve been turned down for a loan modification, there is no point in seeking further help. If you are faced with a pending or active foreclosure lawsuit, you should definitely seek the advice of an experienced and qualified attorney who can help you sort out fact from fiction. Learn more about your rights in foreclosure, and what alternatives are available to help you get back on your feet and keep your home.

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June 12 2011: Personal Finance Roundup - Selected Content to Help You Survive This Economy

davidgiller@gillerlaw.com — 2011-06-11T23:12:21-04:00

Indeed.com watches job postings across 13 industries, such as health care, media and retail, using over 10,000 job sources worldwide, including listings from private companies and websites like CareerBuilder.com. ...Invariably, the commercials feature testimonials from people who have participated in the program, and show these participants surrounded by all the expected trappings of luxury, hoping to take advantage of the typical greed of the American consumer. One of these companies has been sued by the Federal Trade Commission for making misleading claims about the amount of money one could be expected to earn by using their products. ... The feds are also going after one of the company’s customers who appears in the commercial, a woman who lied about how much money she made participating in the program. ...Most of the money people earn with the product and company targeted in this suit — Russell Dalbey’s “Winning in the Cash Flow Business” — made money not by the techniques taught in the program but by selling the program to other customers. ...Regardless of the business plan, the FTC is only concerned with the misleading claims of profiting in minutes, without explaining that customers need to keep paying the company for marketing materials — products that allow customers to become salespeople and continue spreading the product while sending income up the side of the pyramid. ...Credit reporting agency Transunion says there is a growing number of Americans who are paying their mortgages late so they can pay their credit card bills on time. ...Debt collector contact via cell phone and without express consent, is a violation of The Telephone Consumer Protection Act, the same law that offers protection against telemarketing calls, according to national consumer law firm Weisberg & Meyers, LLC. ...As far as Dunn's statements about protections against harassment offered by the Fair Debt Collection Practices Act, these limitations on creditor conduct only apply to collection agents, but not to the actual creditor, says Illinois contributor Andy ... ...

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NY Times: Big Banks Penalized for Performance in Mortgage Modification Program

davidgiller@gillerlaw.com — 2011-06-10T02:01:47-04:00

If your requests for a mortgage modification have not been successful, you are not alone. Many homeowners have reached out to their mortgage companies and mortgage servicers, requesting a mortgage modification. In response to their inquiries, homeowners are typically instructed to complete a rather simple set of documents, include bank statements, paystubs, tax returns and a hardship letter to the mortgage modification department for review. Typically, homeowners are told that they are denied HAMP or any other mortgage modification program currently available, for various reasons including missing documents, income which is either too high or too low, or one of many other assorted excuses that frustrate homeowners at all levels. If you are one of these homeowners, you are not alone. In fact, on Thursday, June 9, 2011, the Treasury Department penalized three of the country’s largest banks - Bank of America, JPMorgan Chase, and Wells Fargo, for their inadequate participation in the Home Affordable Modification Program, or HAMP. Click here to read the entire story.

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'Sesame Street' Teaches How to Get to Sunnier Days Financially

davidgiller@gillerlaw.com — 2011-06-07T17:39:38-04:00

‘Sesame Street’ has done a great job of teaching two generations about reading, counting, manners, and other fundamental life lessons. ‘Sesame Street’ now takes on financial literacy. How awesome?! The characters of ‘Sesame Street’ have a lot of work ahead of them - teaching our society about minimizing debt, saving money and living frugally. Check out this video to see more about this story.

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WSJ: Second Mtg Misery: Over 40% Who Borrowed Against Homes Are Underwater

davidgiller@gillerlaw.com — 2011-06-07T17:21:46-04:00

Perhaps a few years ago you had equity in your home, you were interested in taking on a renovation project, consolidating other high interest loans, or wanted to splurge on a vacation. Millions of people took out home equity loans for any of these reasons along with many others, like starting up a new business, lending money to relatives, or even investing it in the stock market. Mortgage brokers offered generous lines of credit, reminding you that the interest would be a tax deduction. ...According to this June 7, 2011 article in the Wall Street Journal, almost 40% of homeowners who took out second mortgages are underwater on their loans...more than TWICE the rate of owners who did not take out such loans. ...Today, with overwhelming credit card debt, auto loans, student loans, high unemployment, increasing property taxes, increasing medical bills due to either loss of insurance coverage or simply increased costs by medical care providers - have all added to the pressure that most homeowners face in today’s economy. ...As a matter of fact, if your home’s current value is less than your first mortgage, then Chapter 13 bankruptcy can help you eliminate your second mortgage entirely. ...By eliminating credit card debt, medical debt, and a second mortgage, families are able to “make ends meet” even with a lower household income. This allows families to pay their remaining mortgage, utilities, property taxes and other living expenses on their current lower income scale, while still looking for creative ways to increase the household income.

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Just In Case You Thought You Were Alone, Struggling To Stay Afloat..

davidgiller@gillerlaw.com — 2011-06-06T11:22:43-04:00

A recent report from NBC News and recent article from the New York Times on the economy points to increasing rates for unemployment, the housing market situation in the country and the fact that more families fall deeper into debt with each passing day. At the same time, homeowners who are not even in foreclosure are losing billions of dollars in home equity from the continuing decline of housing prices in their local neighborhoods. The continuing slide of the housing market is causing otherwise stable mortgages to become underwater, as the fair market value for homes falls below the current balance on the mortgages. You are not alone. However, you should not simply throw your hands up in the air in despair and give up. You can take steps to lower your debt, address your credit card bills and other outstanding loans, obtain a mortgage modification and stop your foreclosure while you continue looking for ways to increase your household income.

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What The Credit Card Companies Don't Want You To Know

davidgiller@gillerlaw.com — 2011-06-05T23:20:30-04:00

Most people actually believe that they cannot build a credit history without credit cards. I can’t even begin to tell you how many clients try explaining to me that they cannot succeed in business without using credit cards. ...Have we all truly bought into the premise that American Express and Discover are the critical tools that we need in order to succeed? Did you know that credit reports show your payment history with your creditors, of whom credit cards are just a fraction? You really do have other creditors such as your utility company, your landlord, your mortgage company, auto loan company, cellphone company and cable company. If you fall behind on any payments to those creditors, you can be certain that they will report your delinquency to the credit reporting agencies. Do you truly believe that you cannot succeed in business unless you use a piece of plastic which encourages you to take on more debt than you can handle? David Bach is the author of several outstanding books including "The Automatic Millionaire," "Start Late Finish Rich," and "Start Over, Finish Rich." ...In this clip, David explains some of the tactics used by the credit card companies to put you far deeper in debt! ...David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com or call 201-478-7412.

FDIC: Save Your Home - Mortgage Modification Programs Are Available

davidgiller@gillerlaw.com — 2011-06-05T20:53:07-04:00

If you are having financial difficulties - due to a job loss, a higher mortgage payment, or any other reason - you are not alone. ... The good news is that many people who were finding it difficult to make their mortgage payment have been able to save their home, and you can too. ... Get in touch with a counselor and your servicer (the company to whom you send your monthly mortgage payment) today. ...Many servicers implemented new loan modification programs in 2009 to assist homeowners experiencing financial difficulties by lowering their monthly mortgage payments. Plus, many servicers are participating in the government’s Making Home Affordable Program and are working with non-profit counseling agencies through HOPE NOW. ...Call your servicer even if your request has been turned down before, as you might qualify under a new program. Be patient and persistent if you don’t reach your servicer on the first try, as other homeowners are seeking help as well. If you don’t know who services your loan or how to contact them, check your mortgage statement or look on-line at http://HopeNOW.com/index.php. ...In a mortgage loan modification, you and your servicer agree to permanently change one or more of the mortgage’s terms to make the payments more manageable for you. The changes could include reducing the interest rate, extending the term of the loan, forbear-ing (interest free) or forgiving principal, or a combination of these factors. ...David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act.

Florida Homeowners Foreclose on Bank of America After Wrongful Foreclosure!

davidgiller@gillerlaw.com — 2011-06-04T23:38:32-04:00

I love this story. Homeowner, Maurenn Nyergers and her husband purchased their home in Collier County, Florida for cash. They were a bit surprised when Bank of America suddenly sued them in foreclosure, demanding payment for a mortgage which never existed. They hired a local foreclosure defense attorney, Todd Allen, who turned around and sued Bank of America. The homeowners won. The homeowners did exactly what Bank of America would have done. They coordinated having the Sheriff’s Deputies come to a local Bank of America branch, in order to seize assets belonging to Bank of America. You can watch a video of the entire story here. David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com or call 201-478-7412.

Office of Comptroller of the Currency signs Cease and Desist Order with MERS Corp

davidgiller@gillerlaw.com — 2011-06-04T23:14:19-04:00

The Office of the Comptroller of the Currency has just signed a Cease and Desist settlement agreement with MERS Corp (Mortgage Electronic Registration Systems). Among other things, the Cease and Desist order finds, “We have identified certain deficiencies and unsafe or unsound practices by MERS and MERSCORP that present financial, operational, compliance, legal and reputational risks to MERSCORP and MERS, and to the participating Members.” ...Noted attorney Philip Kramer, a senior partner at the law firm of Kramer & Kaslow provides insight, “MERS Corp is the owner of Mortgage Electronic Registration Systems (MERS), one of the cornerstones of the current banking crisis. In order to cut up loans and move the pieces around the world at the speed of electronics again and again and again, until no one is sure who owns what, financial institutions have been using MERS as the “beneficiary”, a legal term which in practical terms means they are entitled to foreclose on behalf of the lender – except MERS is nothing more than an electronic database. ... However in order to legally be named as beneficiary they would have had to put up funds on the loan. ...Everyone knew that MERS didn’t have the right to appear as a beneficiary, but it would have been inconvenient to act on this because MERS was in widespread use throughout the banking industry. ...Kramer is a licensed real estate broker and has spent considerable time providing legal services in connection with real estate issues relating to loan modification and loss mitigation, land use and zoning, environmental issues, easements, construction and development, finance, and landlord tenant matters. ...Kramer is admitted to practice before all courts in the State of California, the United States Supreme Court and the United States Court of Military Appeals. ... He has appeared on nationally televised programs regarding pre-trial procedure and trial strategy and has appeared as a guest lecturer on topics ranging from constitutional law to trial practice, and Mr. ...Kramer is also a past president of the Los Angeles West Inns of Court, a national organization dedicated to bringing professionalism and civility back into the legal profession. ...David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act.

Court Ruling Gives Hope to Homeowners Facing Foreclosure

davidgiller@gillerlaw.com — 2011-06-04T23:03:05-04:00

Is your home in foreclosure and you’re struggling in trying to figure out what to do? Was the foreclosure lawsuit initiated by MERS? If so, you might be interested in reading this article, which explains how a family in Michigan fought back, arguing that the lawsuit was completely invalid because it was brought by MERS. ...MERS is a company used by lenders to streamline the packaging and selling of mortgages. Although MERS has started many foreclosure proceedings against homeowners, MERS typically does not own the mortgage in order to have the legal standing to sue on behalf of the true owner of your mortgage. If you are currently in foreclosure, you must speak with an attorney who is experienced in this field. Don’t wait until the Sheriff’s Sale. Don’t wait until you have just a few days to evacuate the premises. ... David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com or call 201-478-7412.

Fortune/CNN Reports: Examination of BofA's Mtg Docs Raises More Questions - Are BofA's Foreclosures Legal?!

davidgiller@gillerlaw.com — 2011-06-03T12:24:02-04:00

According to this report, Fortune explored some of the documents relied upon by Bank of America in foreclosure lawsuits around the country. Of course, Bank of America claims that their documents are solid, thereby giving them the right to foreclose on homeowners who haven’t been able to make mortgage payments over an extended period of time. However, after deeper examination of the documents in question, Fortune magazine reports that the validity behind arguments made by Bank of America raise even more questions regarding their legal standing to sue in many foreclosure lawsuits. Fortune’s investigation corroborated the testimony of a former Countrywide employee who testified in court that many loans handled by Countrywide (and later purchased by Bank of America) were not properly handled, raising many questions regarding the validity of Countrywide’s securitization process. If Countrywide’s handling of the mortgage was invalid, then Bank of America could have purchased questionable mortgages, which are difficult to enforce when Bank of America sues homeowners in foreclosure lawsuits throughout the country. Click here to read the entire article in Fortune. If you think this situation might apply to you, speak with an experienced foreclosure defense attorney. David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com.

WSJ Reports: Homeowners in foreclosure are successfully arguing "SHOW ME THE PAPERS!"

davidgiller@gillerlaw.com — 2011-06-02T10:26:29-04:00

Yesterday’s Wall Street Journal reports that homeowners who are in foreclosure have successfully argued “Show Me The Papers” requiring lenders to prove that they are the proper lender to be suing the homeowner. Mortgage companies are struggling to come up with the necessary paperwork and judges across the country are starting to realize that there is significant legitimacy to these arguments, where mortgage companies are either unable to produce proper paperwork, or they submit forged documentation, attempting to evict homeowners from their homes. Click here to read the full article and listen to an audio segment regarding this story. If you are in foreclosure, doing nothing is the worst thing you can do. Pick up the phone and call a foreclosure defense attorney. It could be the most important call you make in order to save your home. David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com.

Recent Articles on Managing Debt and Living Frugally

davidgiller@gillerlaw.com — 2011-06-01T09:26:12-04:00

It occurred to me that I didn’t do a good enough job of explaining the process of having your name removed from the mailing lists sold by the credit bureaus. ...I personally never tutored since I didn’t have the patience for it, but one of my college roommates made $15 an hour giving voice lessons to fellow music majors! ...[Matt About Money] 9 Secret Ways to Persuade and Influence People — Have more success persuading and influencing people by catching them when they are mentally fatigued. ...Before you use one of those little convenience checks that come in the mail or run to the ATM to withdraw money, make sure you understand how taking cash advances on credit cards works. ...I’m not a coffee drinker, but I can understand why people pay $1,000 a year in order to help wake themselves at a certain time. ...It’s actually part of the findings of a recently published study on the accuracy of credit reports by an organization called the Policy and Economic Research Council, or “PERC.” ...This does not mean you can’t get a house, a car, a loan, or a credit card for ten years. ...I also saw career promotions happen sometimes because of that omission, but I also saw some serious career setbacks because someone didn’t play fair with credi... ......online banks Credit and credit cards How to choose a credit card Essential credit card skills An introduction to credit reports and credit scores How and when to cancel a credit card The anatomy of a credit score How to obtain your free credit report Investing The extraordinary power of compound returns What is a Roth IRA and why should you ... ...Top 5 Articles Four Lessons My Mom Taught Me about Family and Money — One of the things your mom may have taught you growing up was to spend money on experiences. ...David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act.

If Collection Agencies Are Harassing You...

davidgiller@gillerlaw.com — 2011-06-01T08:12:23-04:00

If you feel that you are being harassed by debt collectors, collection agencies from your credit cards, outstanding medical bills and late mortgage payments, you need to learn about the consumer protection laws that are available to protect you. ...A debt collector may not charge you an interest, fees, or collection charges, except those amounts that were authorized by the agreement with the creditor to whom the debt is owed. ...A debt collector may not use any false statements when trying to collect a debt. ... • They will seize, garnish, attach, or sell your property or wages, unless the collection agency or the creditor intends to do so and they have the right to do so. ... • Use a fake or false name, unless that name is allowed by state law and properly registered with the state, if required. ... • Deposit a post-dated check more than 5 days before the date on the check, without giving you notice of when they intend to deposit it. ...A debt collector is prohibited from applying any payments you send in to debts that you believe you do not owe. ...You have the right to sue a debt collector within one year from the date you believe the law was violated. ... If you do not bring your lawsuit within one year of the violation, your claim will be forever barred by a statute of limitations. If you win your lawsuit, you may recover money for the damage you suffered, statutory damages of up to $1,000 plus court costs and your attorney's fees. ...David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act.

Q&A: I just received a Notice of Intent to Foreclose. What should I do?

davidgiller@gillerlaw.com — 2011-06-01T07:36:43-04:00

Answer: If you just received a Notice of Intent for Foreclose, and you live in New Jersey, you can expect that approximately 30 days later you will be served with a Summons and Complaint, which will officially start the foreclosure process with the court system. ...You need to speak with an attorney who is experienced in both foreclosure defense and bankruptcy. Believe it or not, bankruptcy can HELP YOU KEEP YOUR HOUSE while eliminating your credit card debt, and depending on the current fair market value of your house, bankruptcy could help you eliminate your second mortgage entirely while providing you with a repayment plan in order to make the foreclosure lawsuit disappear altogether. Yes, bankruptcy is often the ideal solution to help homeowners stop the foreclosure lawsuit and get the mortgage modification they desperately seek. Depending on your current household income, bankruptcy will allow you to choose if you want to keep your house and pay back the arrears over the course of 5 years, or surrender the property and walk away from the mortgage altogether. If foreclosure defense is the most appropriate route for you, then an experienced foreclosure attorney should defend the foreclosure, negotiate with your mortgage company in order to try to obtain a mortgage modification and apply to the New Jersey State Foreclosure Mediation Program. ...The worst thing you can do is to do nothing. Unfortunately, this is what most homeowners do, until they are informed about an upcoming Sheriff’s Sale. ... David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com.

Q&A: My home has been foreclosed on and I recently received written notification about an upcoming Sheriff's Sale which is scheduled for June 20th. Must I vacate by then?

davidgiller@gillerlaw.com — 2011-06-01T07:32:42-04:00

Answer: Although your time in the house is probably quite limited by now, NO, you do not need to vacate by the date of the Sheriff’s Sale. On that date, the Sheriff will auction off your house to the highest bidder. After the sale, the Sheriff’s office will notify you regarding a date of eviction. You will likely have only a few weeks until you are required to vacate the premises. David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com.

Q&A: My mortgage is upside down, my lender won't change my mortgage from an adjustible to a fixed rate. Soon I won't be able to afford to pay. What are my options?

davidgiller@gillerlaw.com — 2011-06-01T20:57:50-04:00

You've reached out to your lender, explaining that money is tight and proactively trying to do the "right thing." However, although you've submitted all of the paperwork they requested, you find yourself in the same situation and inevitably, you will no longer be able to make the monthly mortgage payment. ...For starters, I would like you to know that you've been doing the RIGHT thing. It's not your fault that they haven't provided you with a mortgage modification. You hear about HAMP and many other mortgage modifications in the news and on the radio and wonder "What about me?!" Talking to your lender is definitely the most appropriate first line of defense. ...Learn more about the New Jersey Home Ownership Preservation Effort. ...Speak with an experienced bankruptcy attorney to learn if you might qualify for stripping your second mortgage in Chapter 13 bankruptcy. ... David Giller, Esq. is a Consumer Law attorney, providing professional, confidential and compassionate legal advice throughout New York City and northern New Jersey in financially stressful matters including bankruptcy, foreclosure defense, debt settlement, Fair Debt Collection Practices Act and Fair Credit Reporting Act. To learn more about David or his law practice, visit www.gillerlaw.com.