Green Burials

The goal of a green burial (or a natural burial) is to return the body to the earth in a manner that does not inhibit decomposition and allows the body to recycle naturally. It is an environmentally sustainable alternative to existing funeral practices.

A conventional burial in the United States typically involves embalming, a casket made of hardwood or steel, and a concrete grave liner or vault. A green burial in contrast, usually entails a biodegradable wrapper and no embalming. The grave is typically marked by a flat memorial stone or other grave marker such as a tree or other planting.

Whether you prefer a conventional burial, a green burial or even a cremation, contact the Law Offices of the Artin Yadegarian at 818-649-8501 or visit us on the web @ www.yadegarianlaw.com. We have the experience in drafting the proper documents to provide your burial instructions.

For a partial list of green cemeteries in the United States, CLICK HERE.

Starting a Business

For those who want to start a business but don't have the extra funds to hire an attorney for legal advise, the California Secretary of State website has a step by step guide for starting a business.

CLICK HERE for the link.

Call the Law Offices of Artin Yadegarian @ 818-649-8501 for a FREE CONSULTATION or visit us on the web at www.yadegarianlaw.com.

We will help you with corporate formation, corporate upkeep and business transactions.

Can I use it as a tax deduction?

I know it's tax season and I just read this very interesting post by MSN. It's an article entitled "10 'don't even try it' deductions." I thought this might be beneficial to our current and potential clients are our reading our posts.

So here it is in order:

1. Advertise on a car, deduct the car
2. Life insurance premiums
3. Brokers' commissions
4. Tax and insurance reserves
5. Homeowners association fees
6. Credit card interest
7. Moving expenses
8. Losses inside an IRA
9. Sewer, trash and garbage collection fees
10. Slavery reparations

To read about each deduction in detail or the full article, CLICK HERE.

Review Your Will...No Matter the Size!!

The NY Times recently published an article, Smaller Though It May Be, It’s Time to Look at the Estate, explaining that all wills should be reviewed on a regular basis regardless of the size of the estate and changes to the federal estate tax.

The article published by the NY Times on March 20, 2009 goes on to say "Despite the political sparks that the tax set off during the Bush administration, it actually affects a mere 2 percent of estates, according to the Internal Revenue Service. It now affects estates over $3.5 million, or $7 million for married couples, with a top tax rate of 45 percent. (Without Congressional action, the tax was to disappear in 2010, then revert in 2011 to the lower exemption levels and higher taxes that prevailed a decade earlier.)

But estate planning is not primarily about avoiding a tax that few have been subject to since it was instituted in 1916. The primary goal has always been how to bequeath what you have to the heirs you picked. And if handled wrongly, wills can become a vehicle that destroys families."

For the complete article, CLICK HERE.

No matter the size of your estate, the Law Offices of Artin Yadegarian can help draft the necessary estate planning instruments to make sure you take advantage of all tax benefits as well as making sure you bequeath what you have to the heirs you pick. Call us at 818-649-8501 for a FREE CONSULTATION.

Tax Benefits - WSJ

There have been several significant tax-law changes that could affect your returns for 2008. Some of the changes include: (1) Recovery rebate credit (2) Standard deduction (3) Mileage (4) Homebuyer credit (5) Mailing your return.

The following is an article published by Tom Herman of the Wall Street Journal. Click here for the full article found at wsj.com.


----

Even if you've done your own tax returns for years and think you're an expert, get ready for some extra work this year.

There are several significant tax-law changes that could affect your returns for 2008. One that already has led to considerable confusion is the "recovery rebate credit," which is related to last year's economic-stimulus payments.

Another complex change involves a special tax credit designed to encourage people to buy homes -- a benefit which Congress recently enhanced.

"It's quite a bit more complicated this year" for millions of people, says Greg Rosica, tax partner at Ernst & Young in Tampa, Fla. "We've had multiple pieces of tax legislation -- and many changes within each act."

Here are some of the major changes and advice from tax professionals:

Recovery rebate credit: Many people are claiming this credit even though they aren't entitled to it, Internal Revenue Service officials say. Others have taken the wrong amount or made other bloopers, with about 15% of all returns filed early this year having some errors involving this one item.

The idea behind the credit sounds simple: It's designed to benefit millions of people who didn't get the full amount of last year's stimulus payment and now may qualify for some, or all, of the unpaid amount because of a change in circumstances -- such as a sharp drop in income last year or having a child.

Most taxpayers who received a stimulus payment last year aren't eligible for anything more. So for most people, the correct entry on that line "will be either blank or zero," the IRS says. When in doubt, enter "RRC," and the IRS will figure out whether a credit is due, and, if so, how much. For more details, see "Avoid Rebate Credit Confusion" on the IRS Web site (www.irs.gov).

Some people aren't sure if last year's stimulus payment is taxable. The short answer: No, it isn't taxable, says Eric Smith, an IRS spokesman.

Standard deduction: About two-thirds of taxpayers usually claim the standard deduction, instead of claiming "itemized deductions" -- such as charitable donations and mortgage interest -- on Schedule A of Form 1040. For 2008, the basic standard deduction is $10,900 for married couples who file jointly. For most singles, it's $5,450. There are higher amounts for those who are 65 or older, or blind.

Two significant changes for 2008: You can claim an additional standard-deduction amount for net disaster losses from federally-declared disasters. And your standard deduction also is increased by the state and local real-estate taxes you paid -- up to $500, or as much as $1,000 for joint filers, the IRS says.

Mileage: Many people deduct the costs of using their car or other vehicles for work, medical or moving purposes. They can choose to deduct their actual costs or use the IRS's optional standard mileage rates. Usually, there's one IRS rate for the entire year. But there are two separate sets of rates for 2008 because the IRS changed rates around mid-year to reflect higher gasoline prices.

The IRS business mileage rate was 50.5 cents a mile for the first half of 2008 and 58.5 cents in the second half. The IRS rates for medical and moving purposes were 19 cents for the first half of 2008 and 27 cents in the second half. (Note that, by law, the rate for charitable purposes is a flat 14 cents a mile.)

Homebuyer credit: Officially, it's called the "First-Time Homebuyer Credit." But, as the IRS's newly issued Form 5405 indicates, that title can be misleading. In general, you're considered a "first-time" homebuyer if you bought your main home in the U.S. after April 8, 2008 and before Dec. 1, 2009 and if you (and your spouse, if married) didn't own any other main home during the three-year period ending on the date of purchase. If you owned a home before that period, you still may qualify.

The credit works differently depending on when eligible taxpayers bought the home. If they bought last year, the credit essentially amounts to an interest-free loan that must be repaid over 15 years.

But it's even better if you're eligible and buy during the 2009 period: You don't have to repay the credit unless "the home ceases to be your main home within the 36-month period beginning on the purchase date," the IRS says.

In an unusual twist, eligible taxpayers who buy a home this year may claim the credit on their return either for 2008 or 2009.

Generally, the credit is $7,500, or $8,000 if you bought the home in 2009 (but only half of that amount if married filing separately), or 10% of the home's purchase price, whichever is smaller. But you aren't eligible if your income exceeds a certain amount. For example, you can't claim it if your modified adjusted gross income is $95,000 or more, or $170,000 or more if you're married and filing jointly.

You also can't claim it if the home is outside the U.S., or if you bought it from "a related person," such as your spouse or parents. For more details, see Form 5405 and the related instructions.

Mailing your return: Taxpayers in several areas who file paper returns are supposed to send them to different IRS offices this year. "If you received an envelope with your tax package, please use it," the IRS says.

Taxpayers who file electronically won't be affected by the address changes.

Lender/Servicer Loss Mitigation Phone Numbers & Contact Information

I just received an email with the following phone numbers and contact information and thought it might benefit our current and potential clients. Since we have our own database we use for contacting the loss mitigation departments, we're not sure how accurate the following data is. Feel free to comment to let us know if the information is accurate.
____________

ABM AMRO Mortgage (800) 783-8900
Web: https://www.mortgage.com/C3/application.bus

Accredited Home Lenders(877) 683-4466

AMC Mortgage Services (Also handles loans originated by Ameriquest and Argent) (800) 211-6926
1600 McConnor Parkway
Schaumburg, IL 60173
Web: https://www.myamcloan.com/malwebapp/begin.do

American Home Mortgage Corp.(877) 304-3100*

Ameriquest Mortgage (Debt collection -- see AMC Mortgage Services) (800) 211-6926

Aurora Loan Services (Debt collection) (800) 550-0508
By Overnight Mail:
601 5th Avenue
Scottsbluff, NE 69361
Attn: Customer Service
By Regular Mail:
P.O. Box 1706
Scottsbluff, NE 69363
E-mail: ccnmail@alservices.com
Web: https://www.alservices.com/Consumer/UI/SSL/Authentication/Login.aspx?ReturnUrl=%2fConsumer%2fUI%2fSSL%2fServ icing%2fDefault.aspx

Avelo Mortgage LLC (866) 992-8356*

Bank of America(800) 846-2222

BB&T Mortgage (800) 827-3722*

AmTrust Bank (fka Ohio Savings Bank) (888) 696-4444

Beneficial (800) 333-5848

Central Pacific Bank (800) 342-8422*

Charter One (800) 234-6002

Chase (800) 446-8939
Chase Home Finance (800) 848-9136 (customer service) (858) 605-2181 (delinquency customer service)
Chase Home Finance-New Jersey(800) 446-8939*Chevy Chase Bank(800) 933-9100*
Web: https://chaseonline.chase.com/chaseonline/logon/sso_logon.jsp?fromLoc=ALL&LOB=COLLogon

Chase Manhattan Mortgage
(800) 446-8939 (Ohio Servicing Center)
(800) 526-0072 (Florida Servicing Center)
(800) 527-3040 x533 (Florida Servicing Center)

Chevy Chase Bank (800) 933-9100
Web: https://www.chevychasebank.com/htm/payment.html (Payment Addresses)

Citi Financial Mortgage (800) 753-3673

Citimortgage (800) 283-7918

Countrywide (800) 262-4218
https://customers.countrywide.com/se...t_login254.asp

Ditech (800) 852-0656 (800) 449-8582

Downey Financial Corp.(800) 824-6902, ext. 6696

Deutsche Bank National Call Number on Mortgage Statement

EMC 800-723-3004
P.O. Box 141358
Irving, TX 75014-1358
Web: https://www.emcmortgageservicing.com/ccn/ccnsecurity.asp

EverBank (800) 669-7724 ext. 4730

Equity One (Debt collection) (866) 361-3460

First Horizon Home Loans (800) 489-2966*

Fifth Third Bank (800) 375-1745 Option 3

First Merit Bank (888) 728-9931

Flagstar Bank (800) 968-7700, ext. 9780

Fremont Investment & Loan (866) 484-0291

GMAC Mortgage (800) 850-4622

GreenPoint Mortgage Funding (800) 784-5566, ext. 5383*

Green Tree (877) 816-9125

Homecomings Financial (800) 850-4622*

HomeEq Mortgage Servicing ( Debt collection) (866) 822-1471

Household Finance (A HSBC Co.) (800) 333-5848

Household Mortgage (800) 333-4489

HSBC Mortgage (800) 338-6441
Default Resolution Team (if long term problem)
2929 Walden Avenue
Depew, NY 14043
(888) 648-3124 Loss Mit
(732) 352-7519 Fax
Web:http://us.hsbc.com/personal/mortgage/existing/difficulties.asp

Huntington National Bank (800) 323-4695

Indymac Bank (877) 736-5556
C/O Loan Resolution Department
P.O Box 7014
Pasadena, CA 91107
(Monday - Friday 6:15am-7:15pm. (Pacific Time))
Web: https://www.indymacbank.com/contactus/loanResolution.asp

Irwin Mortgage (888) 218-1988
P.O Box 7014
Pasadena, CA 91107
Web: https://www.irwinmortgage.com/wps/portal/!ut/p/cxml/04_Sj9SPykssy0xPLMnMz0vM0Y_QjzKLN4g3sdAvyHZUBAAqwx 9c
E-mail: deliquency.prevention@irwinmortgage.com

James B. Nutter & Company (800) 315-7334

Key Bank (800) 422-2442

LaSalle National Bank (800) 783-8900

Litton Loan Servicing (800) 999-8501 or (800) 548-8665
Fax (713) 966-8820
4828 Loop Central Drive
Houston, Texas 77081-2226
Web: https://www.littonloan.com/index.asp

Loss Mitigation Department Hours:
Monday Eastern: 9 a.m. - 7 p.m. Central:8 a.m. - 6 p.m. Mountain:7 a.m. - 5 p.m. Pacific:6 a.m. - 4 p.m.
Tuesday-Thursday Eastern:9 a.m. - 9 p.m. Central:8 a.m. - 8 p.m. Mountain:7 a.m. - 7 p.m. Pacific:6 a.m. - 6 p.m.
Friday Eastern:10 a.m. - 6 p.m. Central:9 a.m. - 5 p.m. Mountain:8 a.m. - 4 p.m. Pacific:7 a.m. - 3 p.m.
Default Counseling Department representatives are also available most weekends on Saturday from 8 a.m. to 12 p.m. and Sunday from 10 a.m. to 2 p.m. (CST).

Midland Mortgage (800) 552-3000 or (800) 654-4566
Web: https://www.mymidlandmortgage.com/MyMortgage/Login/Login.asp

Mortgage Lenders Network (800) 691-0129
E-mail: customerservice@mlnusa.com
Web: http://www.mlnusa.com/customers/info_credithelp.asp

Mortgage Electronic Registration Systems (888) 679-6377

National City (800) 367-9305, Ext. 53221 or (800) 523-8654
Attention: Homeowner's Assistance
3232 Newmark Dr.
Miamisburg, Ohio 45342
(8AM-10:30PM ET, Monday - Thursday)
(8AM-5PM ET, Friday)
(8AM-Noon, Saturday)
Web: http://www.nationalcitymortgage.com/service_assistance.asp

Nationwide Advantage Mortgage Company (800) 356-3442, ext. 6002*

NationStar Mortgage (888) 850-9398* Press 0 for operator

New Century Financial Now Carrington Mortgage Services (800) 790-9502 or (877) 206-9904
(6:00 a.m. to 7:00 p.m. Pacific Time, Monday - Thursday)
(6:00 a.m. to 6:00 p.m. Pacific Time, Friday)
Web: https://myloan.newcentury.com/webapps/servicing/myloans/index.do

NovaStar Mortgage Loan Resolution Department (888) 743-0774 Non-English: (888) 743-0774, ext. 4523

Ocwen Federal Bank (800) 746-2936 or (877) 596-8560
Web: http://www.ocwencustomers.com/csc_fa.cfm

Attention: Financial Information
12650 Ingenuity Drive
Orlando, Florida 32826
or
Ocwen Financial Corporation
1661 Worthington Rd., Suite 100
West Palm Beach, Florida 33409
Phone: 877-226-2936

For serving Ocwen with legal process, please send to their registered agent:
Corporation Service Company
2711 Centerville Road, Suite 400
Wilmington, DE 19808
Phone: 561-682-8000, x8386

Option One (866) 711-1962 or (888) 275-2648
Web: http://www.oomc.com/servicing/servicing_baifaqs.asp

PHH Mortgage (Formerly Cendant) (800) 257-0460
For borrowers facing possible delinquency: (800) 330-0423*
For borrowers in the foreclosure process: (800) 750-2518
Web:https://www.phhmortgage.com/sso/mq/login.jsp?TYPE=33554433&REALMOID=06-9153316d-cf4d-4425-a5d7-c0b20a7b098d&GUID=&SMAUTHREASON=0&METHOD=GET&SMAGE NTNAME=phhmort-stb&TARGET=$SM$https%3a%2f%2fwww%2ephhmortgage%2ec om%2fhome%2flandscape%3fjpid%3dLogIn%26loginmode%3 dregistered&SMSESSION=NO

ResMae Mortgage Corp.(877) 473-7623, ext. 5944

Saxon (800) 665-7367

Select Portfolio Servicing (888) 818-6032
Fax: (801) 293-3936
Loan Resolution Department
P.O. Box 65250
Salt Lake City, UT 84165-0250
(Monday - Thursday 10:00 a.m. - 10:00 p.m. EST)
(Friday 10:00 a.m. - 7:00 p.m. EST)
(Saturday 9:00 a.m. - 1:00 p.m. EST)
Web: http://www.spservicing.com/services/customer/loanresolution.htm

SkyBank (800) 290-3359

Sun Trust Mortgage (800) 634-7928
PO Box 26149
Richmond, VA 23260-6149
Mail Code RVW 3003Web: https://www.suntrustmortgage.com/generalquestions.asp#

Third Federal Savings (888) 844-7333

US Bank (800) 365-7900

Wachovia Bank of Delaware (866) 642-8608

Washington Mutual (866) 926-8937 or (888) 453-3102 or (800) 478-0036 or (800) 254-3677

Waterfirld Mortgage (800) 957-7245
Fax: (260) 459-5390
c/o Loss Mitigation Dept.
7500 W. Jefferson Blvd.
Fort Wayne, IN 46804
(7 am - 10 pm EST Monday - Thursday)
(7 am - 9 pm EST Fridays)
(8 am - 2 pm EST Saturdays)
E-Mail: saveyourhome@waterfield.com
Web: http://www.waterfield.com/scripts/cgiip.exe/WService=wfg/pub/borrowerservices/delqasst

Wells Fargo (877) 216-8448 or (866) 261-5642 or (800)766-0987 or (800) 678-7986 for payment assistance
Borrower Counseling Services
Monday - Friday 8:00 a.m. - 9:00 p.m., CT
Saturday 9:00 a.m. - 2:00 p.m., CT
Web: https://www.wellsfargo.com/mortgage/account/

Wendover Financial Services Corporation (800) 934-1081 or (800) 436-1022
Web: http://www.wendover.com/borrowers.html

Wilshire Credit Corporation (888) 502-0100
P.O. Box 8517
Portland, OR 97207-8517
From 6 a.m. to 5 p.m. (Pacific time) Monday through Friday
Web: http://www.wfsg.com/borrower/borrower.aspx

Attorney General Brown Sends Message to Loan Mod Scammers

I am glad that our California AG Brown put down the hammer and sent a serious message to foreclosure scammers.

In the press release dated March 9, 2009, Attorney General Brown said “While doing nothing to help and pocketing all the money, these individuals ripped off desperate California homeowners who paid thousands of dollars to stop the foreclosure of their homes.”

CLICK HERE for the full article.

FOR A FREE AND CONFIDENTIAL LOAN MODIFICATION CONSULTATION, CONTACT THE LAW OFFICES OF ARTIN YADEGARIAN @ 818.649.8501.

You’re Dead? That Won’t Stop the Debt Collector

As if the economy isn't bad right now and people aren't experiencing financial hardship, the New York Times reports this week that collection agencies are now working to collect debts owed by the dead.

The article explains that trained employees are calling the heirs of the recently departed and very kindly asking them to pay up the outstanding balances on credit card debt, car loans, and the like. If an estate is filing an official probate proceeding, creditors have a process for filing claims against the decedent's property. Interestingly, that's not who these collection agents are calling. They're calling the relatives of people who have died...

CLICK HERE for the article.

ABA Real Property, Trust and Estate Law Journal Law Student Writing Competition

The following announcement is from the ABA's Section of Real Property, Trust and Estate Law:

The Real Property, Trust and Estate Law Section's 2009 Student Writing Contest is open to all law and LL.M students currently attending an ABA-accredited law school. It is designed to encourage and reward law student writing on real property, trust and estate law subjects of general and current interest. Complete rules as well as the entry form are available online. For more information, please contact Amanda Pauli at paulia@staff.abanet.org. The deadline for submitting essays is June 19, 2009.

The 2009 first place winner will receive $2,500 and a one year membership in the RPTE Section. The winner will also receive free round trip airfare and weekend accommodations to attend the RPTE Fall Leadership Meeting, November 19th – 22nd at the St. Regis Hotel in Dana Point, California (valued at approximately $1,000). In addition, the first place winner's essay will be considered for publication in a future issue of the Real Property, Trust and Estate Law Journal and will be announced in Probate & Property, the Section magazine. Both the second and third place winners will be announced in Probate & Property. The second place winner will receive $1,500, and the third place winner will receive $1,000.

The goal of the RPTE student writing contest is to encourage and reward law student writing on real property and trust and estate law subjects of general and current interest. As part of this effort, the Section sponsors the RPTE writing contest, which invites law school students to submit original essays on current topics in the fields. The essay contest is designed to attract students to these law specialties and to encourage scholarship in these areas.

Apply Online for a Loan Modification Consultation

We now have our online application for our clients to fill out at their convenience. All information will be strictly confidential and handled with the utmost care and integrity. We do not sell, share or distribute your information in any way, shape or form.

CLICK HERE for the online application. If you feel more comfortable to come in and talk to us in person, please call us at (818) 649-8501.

How Much Estate Tax Will You Pay?

Ever wonder to yourself "how much estate tax will I pay?" Well we came across a website with a calculator which will answer your question.

CLICK HERE

Disclaimer: The website and the calculator are for illustrative purposes only. The Law Offices of Artin Yadegarian does not guarantee that the estate tax calculations are accurate. For a more accurate answer, please contact us at (818) 551-9901 for a free and confidential consultation.

Obama Mortgage Plan Unveiled

The Obama administration kicked off a new program Wednesday launching what it calls the "Making Home Affordable" initiative. The administration said that borrowers will have to provide their most recent tax return and two pay stubs, as well as an "affidavit of financial hardship" to qualify for the $75 billion loan modification program, which runs through 2012. Borrowers are only allowed to have their loans modified once, and the program only applies for loans made on Jan. 1 2009 or earlier. Up to 4 million borrowers are expected to qualify. Mortgages for single-family properties that are worth more than $729,750 are excluded.

There are two portions to the plan. One portion allows non-delinquent homeowners who have underwater mortgages to refinance to a lower rate, and the second portion allows delinquent homeowners to get a loan modification. According to Wisebread.com, here are the general guidelines in detail:

Making Home Affordable Refinance Guidelines

* The home being refinanced must be your primary residence. This includes 1-4 unit homes, condominiums, and manufactured homes.
* The loan must be secured by Fannie Mae or Freddie Mac. You can find out if your loan is owned by these institutions by calling 1-800-7FANNIE, or 1-800-FREDDIE. You can also find out online at www.fanniemae.com/homeaffordable or www.fanniemae.com/homeaffordable
* You must be current on your mortgage payments. This means that you do not have late payments in the last 12 months.
* All loans that are refinanced will be refinanced into 15 or 30 year fixed rate loans. The interest rate would be based on the market rate on the day of closing. The loans also would not have any prepayment penalties or be a balloon note. Borrower will be responsible for fees associated with the refinance.
* The amount you owe on your first mortgage cannot be more than 105% of the value of your home.
* You also need a stable income to qualify for a new mortgage.

Making Home Affordable Modification Guidelines

* The mortgage in question must be on your primary residence. This includes 1-4 unit homes, condominiums, and manufactured homes.
* You must demonstrate significant hardship such a loss of an income. If you have enough liquid assets to pay your mortgage then you do not qualify.
* The mortgage to be modified must have been originated on or before January 1st, 2009.
* The unpaid principal balance must be equal or less than the following:
o 1 Unit: $729,750
o 2 Units: $934,200
o 3 Units: $1,129,250
o 4 Units: $1,403,400
* Each mortgage can only be modified under the program once.
* If you qualify for the program you can receive a Pay-for-Performance Success Payment that pays for the principal balance on the loan as long as you are current on the payments. You can receive $1,000 per year for up to five years.
* Foreclosures will be suspended while borrowers are being considered for a modification.
* The program targets a front end debt to income ratio of 31%. This means that the loan should be modified so that the borrower's principal,interest,taxes,insurance, and HOA is 31% or less of his or her gross income. The government will allow services to reduce the ratio to 38% and then kick in a cash subsidy to reduce the amount to 31%.
* If the borrower has a back end debt ratio of more than 55% then they are required to speak to a HUD-approved counselor. The back end debt ratio is the total amount of debts the borrower has to pay each month. This includes credit cards, car payments, student loans, and any other obligations.
* The modification will last 5 years. The floor for interest rates is 2% and the cap is the market rate on the day of the modification. If the loan is modified through temporarily lowering interest rates then it would go back up to the market rate after five years.
* No modification fees will be paid by the borrower.
* Current late fees on the delinquent balances will be waived.
* Servicers will be compensated $1,000 for each eligible modification.
* Servicers will also receive a $1,000 per year Pay for Success fee for up to three years. This is payable 12 months from the time the borrower starts the program and makes timely payments.
* Lenders or investors will be paid a $1,500 one time incentive for each successful modification.

"Produce the Note" Tactic

What this means is that if you are in foreclosure trouble, and the bank or lending company threatens to take your home, you can buy some time and possibly renegotiate a new mortgage if you ask the bank to “produce the note.” Evidently, in a large number of cases, banks are having a tough time producing the promissory note since mortgages are packaged up, sold, bundled again, and re-sold and the original promissory note gets lost in the process.

Watch this video by the Consumer Warning Network:

Violations Rise with Foreclosures - LA TIMES

GLENDALE — The number of code violations, such as unkempt landscape, incomplete construction and mounting trash, on foreclosed homes has increased throughout the city since the housing market downturn, officials said.

With the rise of foreclosed homes in Glendale, the city’s Neighborhood Services Department inspectors have been conducting checks on the properties and found that many of them have been neglected and some owners have walked away from their homes, department supervisor John Brownell said.

City staff try to work with property owners of foreclosed homes, Brownell said. But if nothing is being done to the properties, owners have two options: fix it or tear it down, he said.

“They either have to put money into the property to make it presentable or tear it down and clear the lot,” Brownell said.

A home in the 1400 block of Columbia Drive has been an eyesore since it went into foreclosure and a bank took ownership of the property, he said. Permits were issued for renovation of the home’s garage, but the owner let the permits expire and never finished construction, Brownell said.

“The building went under disarray,” he said.

Inspectors have issued the bank a notice to demolish the home and clear the lot, Brownell said.

Another property was demolished in January after the city declared the Adams Hill home unsafe because it wasn’t being taken care of by the bank, who owned it, and the real estate company that was selling it, officials said. The hillside home’s foundation was cracked, it was beginning to collapse and squatters had moved in.

Foreclosed homes and code violations haven’t really been a major issue in Adams Hill, said Chris Welch, Adams Hill Homeowners Assn. president.

About 80% of homes listed for sale in the Adams Hill area are in distress, said Realtor Hattie Ramirez of Coldwell Banker Real Estate.

Of 12 homes listed in the area, three were bank-owned and had foreclosed, five were under a short sale, which is pre-foreclosure, and one property was facing bankruptcy, said Ramirez, who is an association board member.

Home owners lost their homes because they either bought into the properties three years ago when the market was high or refinanced their homes and took the money out from their properties, but now can’t make up difference, she said.

The association, she said, always encourages residents to report code violations to the city’s Neighborhood Services.

The city is hard on banks who own neglected properties because they have the money and more opportunity to fix them, but give more leeway to home owners because their budgets are tighter, Brownell said.

As the housing market and economy continue to spiral downward, he said, the city will likely see more code violations.

Most violations that have been issued were because the property’s exterior was not properly maintained, he said.

When checking foreclosed homes, inspectors look for overgrown vegetation, piles of trash and peeling paints as telltale signs that the properties were abandoned, Brownell said.

Only a few foreclosed properties have been deserted by the owners, who have essentially stopped making payments on the homes and walked away from them, Brownell said.

Inspectors often give warnings, monitor the properties, conduct checks and look for new foreclosed homes in newspaper listings, he said. They also want to make sure the properties are not abandoned so that squatters don’t move in, he said.

By Veronica Rocha

Pasadena Foreclosure Workshop

PASADENA - The city will co-sponsor a free workshop, "Save Your Home," from 9 a.m. to 1 p.m. on March 21 at Lake Avenue Church, 393 N. Lake Ave.

The workshop is intended for people who have received a notice of default, are behind in their mortgage payments, or are at risk of losing their home to foreclosure.

Participants will receive home loan reviews and debt counseling by representatives from American Home Mortgage Servicing/Option One Mortgage, Chase Bank, EMC Mortgage, Freddie Mac, GMAC, IndyMac Federal Bank, Washington Mutual, Wells Fargo and other lenders.

Homeowners who attend should bring copies (not originals) of loan documents, current mortgage statements, bank statements and pay stubs for the last two months, tax returns for the last two years and rental contracts or roommate agreements if applicable.

Also required are a completed registration form and Pasadena Neighborhood Housing Services intake form. Both are available at www.cityofpasadena.net (look under What's New), or by calling (626) 744-8331.

Free parking is available with entrances at Maple Street and Villa Street.

For more information, call (626) 405-4222.

by: Pasadena Star-News

Why Use a Loan Modification Attorney?

When it comes to loan modifications, lenders aren’t really willing to help unless you have legal representation. The following are reasons why a loan modification attorney can help you get real results.

1. A loan modification attorney knows the right way to talk to banks. When we present your loan modification application, we’ll be armed with all the documents and the right negotiation techniques.

2. They get the best Loan Modification Settlements. Lenders will take you more seriously when you have a loan modification professional by your side.

3. They have established connections. A good loan modification attorney has contacts with all of the major lenders. Combined with a good track record, this helps them more attractive offers, such as a lower interest rate or even principal balance reductions.

Call the Law Offices of Artin Yadegarian @ (818) 649-8501 for a FREE consultation.

Good Advice Makes All the Difference in Estate Planning

If you've been wondering whether it's worth your time and money to have an attorney prepare your estate plan, read this new article by the New York Times: Good Advice Makes All the Difference in Estate Planning - by: Deborah L. Jacobs

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