Hamid Jabbar represents home sellers and buyers through all types of real estate transactions. In today’s market the primary concern for most sellers involves loss mitigation strategies such as short sales, deeds in lieu of foreclosure, or foreclosure. Hamid puts together transactions that protect his clients, and that make sound legal and financial sense. Whether you are a seller already working with a real estate agent or just beginning the process, it is imperative that you involve an experienced lawyer in your real estate transaction.
Common Short Sale Questions Addressed During Representation
- How does a short sale affect credit
- How long does a short sale take
- How to write a perfect hardship letter
- What benefits does a short sale offer over foreclosure
- Whether there is any potential liability after a short sale
- Whether you will get a 1099
- The implications if you have an HOA
- Second mortgages and HELOCs
- Plan B options in the event a short sale is not approved by the lender
Our Short Sale Fee is Worth Every Penny
We currently offer either a very reasonable flat fee or hourly rate structure to consult with you, analyze your closing documents, and provide you with a legal opinion regarding potential liabilities. If you decide to move forward with a short sale, we will recommend a Realtor® who specializes in short sale transactions that you may work with or you can use your current Realtor®. During the short sale listing, if you want us involved, we will ensure that your transaction is handled smoothly and that all documents are in order. We will review all documents proposed by your lender and advise you of any issues. If issues arise, we negotiate directly with the lender on your behalf.
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Private Mortgage Insurance Paying Underwater Borrowers
PMI Group, a private mortgage insurer, has announced that it will be paying some borrowers cash to stay in their homes. The goal of the program is to prevent mortgage defaults, which naturally cost the insurer. Through its subsidiary, Homeowner Reward, borrowers who are underwater on their homes and choose to participate in the program will receive cash incentives of between 10% and 30% of their outstanding principal balances. The catch? Borrowers must remain current on their mortgages from between 36 and 60 months. Homeowners interested in...
read moreBank of America May Not Have Standing to Conduct Arizona Foreclosure
In early June, the Ninth Circuit Court of Appeals Bankruptcy Appellate Panel issued several decisions in similar cases dealing with the issue of whether lender has standing to prosecute a motion to lift the automatic bankruptcy stay. One of these cases, Sardana v. Bank of America, N.A., contains some interesting insights into the way Bank of America assigned notes and retained servicing rights. Sardana involved a Chapter 13 debtor who fell behind on her mortgage payments during the course of her Chapter 13. Bank of America (BAC) moved to lift...
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The modern credit score carries with it so much meaning for most Americans that it has become part of our identities. Potential employers use it to gauge our trustworthiness and consistency. Creditors use it to determine whether to lend to us. Government agencies use it during security clearances and background checks. There is a lot our credit scores do not say about us, however. For those of us who rent our primary residences, our history of rental payments is generally not reported to the credit bureaus (unless you live in one of the 8...
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Looking at the statistics for April 2011, the pace of foreclosures and trustee sale notices has slowed dramatically compared to last year. In Los Angeles the rate is down a full 17.41%. This slowing of foreclosures, however, does not necessarily mean less families are in trouble. Many still are. Rather, the slowing is likely indicative of banks intentionally slowing the foreclosure process as a result of increased scrutiny into their practices. In many markets, the backlog is allowing homeowners to stay in their homes for several years without...
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Depending on who you ask, it always seems to be a good time to buy real estate for one reason or the other. The current flavor of argument goes something like this: The housing market has either bottomed out or does not have too much further to fall; Mortgage interest rates are at historical record lows; and Rents seem likely to rise given low vacancy rates. These arguments, however logical they appear, are entirely market-based. Whether or not buying is a better decision than renting depends on many other factors unique to each...
read moreLoan Modification Law Firms Continue to Prey On Struggling Homeowners
Two years ago another attorney and I filed the first Consumer Fraud complaint in Arizona against a California loan modification company. As a member of the California bar (as well as Arizona) I receive news from both states. California was quick to jump in and warn homeowners about the rampant loan modification scammers in the state—some of whom were actually lawyers. A little over two years after the loan modification scams starting to crop up, California reports that there has been no let up in complaints to the state bar about lawyers...
read moreThe Anti-Deficiency Law and Rental Properties
I seem to get this question a lot and I always end up retyping the same answer via emails to potential clients or current clients. Therefore, let’s just settle this once and for all. Whether or not your property is your primary residence or used as a rental property, the anti-deficiency legislation applies with equal force. In Arizona it does not matter who occupies the house or whether it was a primary residence or rental property to be covered by the anti-deficiency legislation. The anti-deficiency legislation involves two issues: Is...
read moreRobo-Signing Problems in Arizona?
Some may recall when Bank of America halted all foreclosures nationwide last October after news began circulating that some servicers had employed shortcuts such as “robo-signing” during the foreclosure sale process. The problem for Arizona is that almost 100% of so-called “foreclosures” here are not really foreclosures at all. Rather, they are non-judicial sales initiated and conducted outside of court called “Trustee Sales.” Trustee sales do not involve any court filings and many thought they were immune...
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This is a question I tend to get a lot from my clients who are in the middle of a Chapter 13. Most often, the question is from a client who otherwise qualified for a Chapter 7 but was intent on saving their home from foreclosure and decided to file under Chapter 13 to cure arrearages and/or eliminate a second mortgage. After months of making regular plan payments and realizing that Chapter 13 leaves them with absolutely no money to save, some start to question the rationality of doing it in the first place. So why are you doing a Chapter...
read moreProperty Tax Bills Finally Catching Up With Housing Crisis
Arizona property-tax bills are in the mail and they finally are reflecting the decline in housing prices across the state. Many wonder why it took so long for assessments to catch up with the market. According to an article in the Arizona Republic, there is a two year lag. The current property-tax bills are just now using 2008 assessed prices. Just think about the assessed values in two years when 2010 values enter the mix. The lower assessed values do not, however, translate to lower taxes for all people. According to the article,...
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