Sacramento Bankruptcy Lawyer Blog

Have you ever hired a bankruptcy lawyer ?
Have you ever been shocked by the fees for initial consultations ?

Some lawyers charge for an initial assessment of your case $500.00 or more.

Free consultations by Bankruptcy Lawyers in Sacramento: You can find it !

Call around and ask a lawyer if you can get a free evaluation of your case. It is possible and in fact it is becoming more accepted. People who consider bankruptcy mostly need any assistance they can get without having to fork out large sums of money before they even know whether a bankruptcy lawyer can help them.

I have made it a habit to offer free bankruptcy consultations to all clients. It is a great advantage for the client and for me. Often I can offer the client a solution without bankruptcy. As a foreclosure and bankruptcy lawyer in Sacramento, Fairfield and Walnut Creek I am in the middle of the foreclosure crisis. Many of my clients coming in for a bankruptcy can be helped with a loan modification or a debt settlement.

Advantage of the Free Initial Bankruptcy Consultation

You can walk away if you do not like the bankruptcy lawyer. If you live in Sacramento for example you can even talk to a bankruptcy lawyer in Fairfield or Walnut Creek if you like the approach of the lawyer. Do not get rushed into hiring the first bankruptcy attorney. The advantage of the free initial consultation is that there is no attorney client relationship. You can simply walk away without having to cancel or ask for any deposit back.

Rinne Legal is a bankruptcy and foreclosure law firm with offices in 1990 North California Blvd. Walnut Creek CA 94596, 1104 Corporate Way, Sacramento CA 95831 and on 1652 West Texas St. Fairfield, CA 94533. Give us a call for a free consultation at: 1800 303 2964

Are you current on your Mortgage or missed a few payments ?

Do you wonder what the Obama Plan can do for you ?
Do you wish to get rid of your second mortgage or get a principal reduction ?

Homeowner Affordability and Stabilty Plan

Bankruptcy and Foreclosure Lawyer in Sacramento and Walnut Creek explains three key issues

Dear Reader my name is Michael Rinne. Many of my clients are struggling with their mortgage payments and want to know if the government plan could benefit them. The short answer is it depends. Every client is different so is every mortgage. However there are certain things you should know about the program.

Do I have to be late on my mortgage ?

No. Under the Homeowner Affordabiity and Stability Plan you do not have to be late in order to qualify for a government supported loan modification. However your loan should be backed by Fanny May or Freddy Mac. Further only primary residences qualify.

What about my rental properties ?

I have negotiated numerous loan modifications for rental properties. However these modifications are being accomplished through internal bank programs. It is all about convincing the mortgage lender that foreclosing would be more costly than reducing the interest rate, stretching out the loan or even reducing the principal loan balance.

Is your house under water, upside down ?

You still qualify for a governmet supported loan modification if your first loan will not be more than 105% of the current market value of your home.

Do I qualify if I have a second mortgage ?

Yes as long as the second mortgage holder agrees to stay in second position once the loan is modified. Remember if a different investor than Fanny May or Freddy Mac owns your mortgage special rules may apply and I recommend talking to an attorney familiar with foreclosure rules in Sacramento or Walnut Creek.

What if a loan modification is not enough ?

A Chapter 13 bankruptcy can be the solution. Call an experienced bankruptcy lawyer in Sacramento or Walnut Creek if you live in Sacramento or Contra Costa county. A good bankruptcy attoreny will be able to analyze your financial and legal situation and tell you whether you can "lien strip" the second mortgage. There cannot be any equity in the second mortgage to qualify, your secured debts cannot by higher than approximately $1010000.00. However what exactly secured debts means when many mortgages are only partially covered by the equity in the house is controversial and needs to be discussed with a bankruptcy lawyer.

For more information give me a call at 1800 303 2964 or email me at michael@rinnelaw.com.
I am a bankruptcy lawyer in Walnut Creek, Fairfield and Sacramento.

As a bankruptcy lawyer in Walnut Creek, Sacramento and Fairfield I talk to clients every day about the legal options and limitations bankruptcy offers to people in financial hardship. The number one reason why the most of my clients are doing bankruptcy is that their mortgage payment went up.

The Lethal Mortgage Spiral

A lot of my clients had teaser rates. They used these mortgages to afford their home. During the last two years these sub-prime mortgages have hiked upwards in an unpredictable manner taking my clients by surprise.

First the starting interest rates were very low and then either gradually or abruptly they hiked upwards to 8% and more. Banks have proven to be little help in negotiating lower mortgage payments. Attorneys have had more success getting mortgage lenders to agree to modify these loans.

" Stripping" the Second Mortgage

Can you get rid of your second mortgage ?

In a Chapter 13 Bankruptcy the bankruptcy judge can remove the second mortgage to lower the debt amount of the home owner. The rules are complicated. Only an experienced attorney familiar with Sacramento bankruptcy lawyer rules or Contra Costa bankruptcy laywer rules can force the lender to remove the second lien from the house.

Contra Costa will go through tougher times in Foreclosure

Working as a foreclosure lawyer in the East Bay I witness the worsening foreclosure crisis. It is moving west from Sacramento to the cities of Antioch, Pittsburgh, Concord, Martinez and even Walnut Creek. I help many of my clients to avoid bankruptcy by getting the mortgage lender to agree to lower their interest rate, stretch out the loan and forgive part of the principal balance of the loan.

Lenders negotiate with bankruptcy lawyers. They know a lot is at stake for them.
Using the possibility of bankruptcy is a powerful tool that has generated many successful results.

For a detailed description of foreclosure prevention and bankruptcy tools check out our website at www.rinnelaw.com
As a Sacramento and Walnut Creek bankruptcy lawyer I know the local bankruptcy rules. I also work out of my office in Fairfield where I live with my family. Our offices are at: 1104 Corporate Way, Sacramento, CA 95831 at 1990 North California Blvd. 8th Floor, Walnut Creek CA 94596 and in Fairfield at 1652 West Texas St. 94533. Call us at: 1800 303 2964

If yes read on. If not continue and find out what can happen if you are late on your mortgage payments. My name is Michael Rinne. I am an experienced foreclosure prevention and loan modification lawyer in Contra Costa County, Sacramento and Solano County. I offer free advice in this article

Is your house located in Sacramento or Solano or Contra Costa county ?

If yes give us a call. We can help. We have offices in Fairfield and in Sacramento to serve our clients who need help negotiating their loans and to stop foreclosure.

How much time do you have the Notice of Default ?

Answer:

It depends. But the foreclosure clock is ticking. If you just received a recorded Notice of Default the mortgage bank has to wait at least three months before they can send you a Trustee's Sale Date. Use this time wisely. During this time you need to get a legally binding agreement with the bank. I recommend you consult an experienced Sacramento or Contra Costa loan modification lawyer. It is important that the attorney who is handling your loan modification has dealt with your situation before. To get the best result your attorney must be persistent and use negotiation as well as legal tools. The right attorney can get the bank to agree to a modification that makes financial sense to you. It can save you thousands of dollars in mortgage payments. Reduce interest rate, lower principal balance I have reduced interest rates some times to 2,5% and even had the bank agree to cut off $100,000.00 off of the principal loan balance. Find out if I can reduce your mortgage payments.

Obama Plan

Take advantage of the government bailout for home owners. Ask me if you qualify under the Home Owner Affordability and Stabiity Plan. Do you need more information ? Read my next blog article tomorrow.

Rinne Legal offers bankruptcy, foreclosure prevention and loan modification services to people in Sacramento, Walnut Creek, Fairfield and the surrounding areas. You can call for more information at 1800 303 2964 As a bankruptcy lawyer in Sacramento I am familiar with the rules applied by the eastern district and the northern district. Visit our offices in 1104 Corporate Way, Sacramento California, 95831, or our Fairfield or Walnut Creek offices.

We often talk about complicated legal issues regarding filing bankruptcy in Sacramento. This article talks about the bases of all, what bankruptcy means to you as a part of the society.

The decision to file for bankruptcy should be based on whether or not it makes economic sense to do so. However, many people suffer under an ever-increasing amount of debt simply because they feel ashamed of having to file. We record foreclosures in Sacramento and in the surrounding counties. We also see record bankruptcy filings in Sacramento and in other cities in California.

More and more people call Bankruptcy Attorneys in Sacramento

Self-pride thus prevents them from enjoying the safe-haven the US bankruptcy system offers to people with overwhelming debt. Most economists and legal scholars agree that bankruptcy is an essential societal tool that encourages economic resources to be put to their most efficient use and allows consumers and entrepreneurs to make a fresh start.

This article will focus on some common misconceptions surrounding bankruptcy and discuss why people should not feel guilty if they find they have to rely upon this area of law in their time of need.

As opposed to popular belief, most people who end up filing for bankruptcy in Sacramento or in any city in California do not do so because they engaged in excessive consumer spending. Rather, most cases stem from unfortunate circumstances such as being laid off, experiencing health problems, or going through a divorce. These are events that can happen to anyone and in no way reflect poorly upon the character of the person who suffers them. These circumstances cause that bankruptcy filers have excessive credit card debt. Filing for bankruptcy will wipe out these debts. Often clients come into my Sacramento office because they have been harassed by debt collectors. Too often do I find a violation of the Fair Debt Collection Practices Act (FDCPA) or the California Rosenthal Act. Good bankruptcy lawyers in Sacramento will be able to fight debt collectors effectively.

Small Business file bankruptcy in Contra Costa County

As a bankruptcy lawyer in Contra Costa County I witness receive an increasing number of calls from small businesses.

Being a bankruptcy lawyer in Walnut Creek

Being a bankruptcy attorney in Walnut Creek means dealing with helping and restructuring small businesses on a regular basis.
Another occurrence that can lead to bankruptcy is the failure of a small business venture. Here again, however, owning an unsuccessful business is no reason to be ashamed. Some of the most wildly successful entrepreneurs in history have had to file for bankruptcy protection, including Henry Ford, Walt Disney, and Donald Trump.

The great thing about our bankruptcy laws is that they encourage people to learn from their mistakes. It is often said that good parenting involves being brave enough to let your children fail. The child who is not allowed to fall will never learn to walk. Similarly, our economic system encourages innovation and risk-taking by ensuring that our business failures are not held over our heads for eternity. You can get a fresh start.

In closing, bankruptcy can be a valuable option for individuals who need a fresh start and should not be looked upon as a cop-out. It's often a crucial step in allowing families to stay together and remain in their homes. But it all depends on one's own circumstances. I offer free consultations for people considering bankruptcy to help them make sense of the process and highlight the factors that determine whether filing would make economic sense given their unique situation.

If you are looking for a bankruptcy lawyer in Sacramento, Fairfield or Walnut Creek give us a call: 1800 303 2964

As a bankruptcy lawyer in Walnut Creek I talk to clients every day about the legal possibilities and limitations a bankruptcy filing has for people in financial distress. The number one reason why the majority of my clients is faces with bankruptcy is that their mortgage payments became unaffordable.

Mortgages adjusting upwards

Many of my clients had so-called teaser rates which helped them purchase their home. Over the last few years these so-called sub-prime mortgages have adjusted upwards in a way that was often unpredictable and came as a surprise to many of my clients.

Often the initial interest rates started at 4% and went up through several hikes to 9% and higher. Banks often inflexible in negotiating lower interest rates force people to consider legal avenues to get out of the mortgage trap.

"Lien Stripping" the Second Mortgage

Fortunately there is a legal tool called "Lien Stripping".

In a Chapter 13 Bankruptcy the bankruptcy judge can remove the second mortgage thus lowering the overall debt burden dramatically. There are fairly complicated rules that have to be followed and not every second mortgage can be removed. It makes sense for someone wanting to get rid of his/her second mortgage to consult with a bankruptcy lawyer to find out if the bankruptcy rules allow him/her to remove the second mortgage.

Contra Costa faces tough times in Foreclosure

As a practicing foreclosure lawyer in the East Bay I experience the worsening foreclosure crisis moving west from Sacramento on a daily basis. Some clients can be helped without using bankruptcy by negotiating with the client's mortgage lenders to lower the interest rate and principal amount of the loan.

Being a bankruptcy lawyer helps in my negotiations with lenders. Lenders know that if they do not negotiate their client is represented by an attorney who can use bankruptcy as a means to cut off the lender from any claims against the borrower. This possibility alone is often enough to get the lender to negotiate and offer a mortgage that is affordable to the client.

For a detailed description of foreclosure prevention and bankruptcy tools check out our website at www.rinnelaw.com