The famed Hard Rock Hotel has also been feeling the crunch of the struggling economy, even more so now that a group of lenders has filed their notice of foreclosure on the property. It is possible that this group could take control of the hotel and casino and put it up for public auction on Feb. 7 if they are successful. 

The group, NRFC HRH Holdings LLC, is in control of a large portion of the $1.36 billion loan that was used to acquire, expand and renovate the Hard Rock. They have worked with Morgans Hotel Group and DLJ Merchant Banking Partners since 2007 to rejuvenate the property in the hope of boosting sales and profit. The primary goal was to make the hotel more appealing to a class of clientele that could afford higher priced vacations. 

The renovation and hotel expansion was completed last year. It cost everyone involved $750 million.

Planning to file for Chapter 11 due to foreclosure?  Contact us to work with a San Antonio bankruptcy lawyer.

Some homeowners that are facing foreclosure will have until next year for federal loan applications to become available. Washington, along with 31 other states, will receive funds from the Department of Housing and Urban Development's Emergency Homeowners Loan Program. The monies provided will go to supporting homeowners who are in danger of foreclosure because they became victims of wage cuts, layoffs or a medical condition.

At this time HUD in Washington is still trying to decide who will administer the new program that will bring $56,272,599 in funds to the state for zero-interest loans. Although they had hoped to have the applications prepared for this month, they are now realizing that they will have to be pushed back further.

Interested homeowners could be eligible for up to $50,000 in loans to pay for mortgage arrears as well as payments towards their taxes, insurance, mortgage insurance premiums, interest and principal.

Do you have questions pertaining to foreclosure? Contact us to speak with a San Antonio bankruptcy lawyer.

The holidays have turned some financial institutions a little soft, prompting them to halt foreclosure hearings and evictions during this season. Fannie Mae and Freddie Mac are taking Christmas and New Year's off; Bank of America will cease foreclosure sales from "late December through New Year's Day" but only on loans in its portfolio or that are held by investors who agree to the moratorium.

In Broward, Florida, the 17th judicial circuit has taken the liberty to cancel all foreclosure auctions until the end of the year. Any foreclosures that had already been scheduled for that period must be rescheduled.

However, another Florida county, Miami-Dade, has not been ordered to halt foreclosure sales. Yet, County Clerk of the Court Harvey Ruvin has said that "as a matter of custom and tradition" he will shut down sales for the final two weeks of the year.

At this same time last year major lenders also halted evictions. Yet this year was different as terrible paperwork and faulty legal processes had already slowed the process down for many loan servicers starting as early as September.

Need assistance with bankruptcy orforeclosure?  Contact our firm to get assistance from a San Antonio bankruptcy attorney.

In Carson City, it has been reported that a loan modification and foreclosure consulting firm was fined $50,000 by the state of Nevada. The firm received the fine after allegations were made that it had mishandled the money of homeowners.

Additionally, the state Division of Mortgage Lending issued a closure order against U.S. Loan Modification Services, which is owned by Jeff and Gail Strum. 

The new order alleges that the business didn't keep the money of its clients in a separate account. This measure is required by law.  Allegations were also made that the company converted the money from homeowners for the owners personal use.  The company gained its license in January. 

Are you thinking about filing for Chapter 7 or Chapter 13 bankruptcy due to foreclosure?  If so, contact our law firm now to discuss your options with a San Antonio bankruptcy lawyer who can review your case and financial circumstances.

According to experts, if you are behind on your mortgage payment, one of the best things you can do is contact your lender.  Experts say that lenders may be open to working out a plan with you that will enable you to avoid foreclosure.  The key is that you must act quickly.

Some options for avoiding foreclosure on your commercial or residential property include loan modification, short sale, or bankruptcy.  You can also ask for a forbearance to get your mortgage payments temporarily suspended for a period of time.

Most people are unsure of their options and wait too long to get help when they know they are on the verge of foreclosure and struggling with debt.  Instead of waiting, it is important to confront the situation head on by speaking with your lender or a San Antonio bankruptcy attorney. 

To learn how you can prevent foreclosure, contact us today!

This week Monday, Bank of America made an announcement that it would resume foreclosures in the 23 states that currently require judicial approval.  Bank of America decided to move forward with foreclosures despite much controversy over how financial institutions have handled thousands upon thousands of eviction notices.

According to Bank of America, there was not a single example of a foreclosure proceeding that was brought about due to error.  Now, it is said that more banks will be encouraged to resume foreclosure processes that threaten the residences of over 2 million homeowners in the U.S.

The bank said that it had plans to begin filing new paperwork for 102,000 foreclosures by Monday, leaving many homeowners panic stricken.

Are you facing foreclosure in the city of San Antonio?  If so, you shouldcontact our law office today and set up a consultation with a San Antonio bankruptcy lawyer.  We can evaluate your case and suggest options which may help you remain in possession of your home.

News sources are reporting the Obama administration's mortgage relief efforts are not bearing fruit or easing the foreclosure crisis in the country as more than half of those who have enrolled in the programs have actually fallen out of the programs and failed to obtain successful modifications.

In August, it was reported by the Treasury Department that 680,000 homeowners applied for mortgage modification, but 51% have been disqualified.  In July, the figure was 48%, meaning there was an increase in disqualifications last month.

The recent report is giving ammunition to critics who have said the program has failed to decrease foreclosures. The critics say it's better to let homeowners lose their homes and leave home prices fall.

According to Anthony Sanders, a finance professor at George Mason University, "the problem is just so huge in magnitude that there's no viable solution that can come out of the government to solve it."

Since December 2007, 2.5 million homes have been lost to foreclosure in the U.S.

Need help with foreclosure or bankruptcy in San Antonio?   Contact us to work with a San Antonio bankruptcy lawyer.

Many news sources are reporting on the United States Misery Index, which details the 10 worst cities to live in throughout the country.  The Misery Index considers factors like unemployment rates, bankruptcy rates, crime rates and health data in populous cities throughout the U.S.  and claims life is much harder in some regions than others.

After compiling data, WalletPop claims that the following are the worst cities to reside in:

• El Centro, California
• Cleveland, Ohio
• Detroit, Michigan
• Las Vegas, Nevada
• Oklahoma City, Oklahoma
• Los Angeles, California
• Phoenix, Arizona
• Newark, New Jersey
• Miami, Florida
• Memphis, Tennessee

Due to tough economic times, many people are finding it difficult to make a living, pay their bills and stay out of debt.  If you are struggling with debt and considering Chapter 7 or Chapter 13 bankruptcy in Texas, know that a San Antonio bankruptcy attorney from the Malaise Law Firm can help you explore your options.  To learn more about how we can help you, contact our law office today to set up an initial consultation.

What is foreclosure?
Foreclosure is a process that occurs when a homeowner falls behind on his or her mortgage payments to lenders or financial institutions.  Once homeowners fail behind on their monthly payments, lenders initiate legal proceedings to regain possession of the homeowners' properties. 

Are there alternatives to foreclosure?
Yes, there are several alternatives to foreclosure.  Some of these alternatives include loan modification, debt settlement and in some cases, filing for consumer bankruptcy.

Can bankruptcy stop foreclosure?
In some cases, filing for bankruptcy may put a stop to the foreclosure process.  However, the answer to this question will vary person-to-person.  For this reason, it is advised that people facing foreclosure in San Antonio consult with a San Antonio bankruptcy lawyer that can review their individual financial situations.  

Are you facing foreclosure?  If so, contact the Malaise Law Firm and arrange a consultation with an attorney from our team.  We would welcome the opportunity to speak with you and will provide you with reliable advice.

At the Malaise Law Firm, we are committed to helping clients throughout the Houston area fight foreclosure. We understand that facing foreclosure is an incredibly unsettling situation to be in. Foreclosure not only brings about stress and anxiety over losing one's home, but many people also feel a sense of shame or embarrassment that they "allowed" things to get so bad that they now risk losing their home to foreclosure.

At the Malaise Law Firm, we don't look at things this way. Having worked in the bankruptcy field for many years, we know that most people fall behind on their mortgage payments due to circumstances beyond their control. Maybe they were laid off from their job and haven't been able to find a new one? Perhaps they accumulated a great deal of debt after suffering a serious injury? Maybe they got a divorce and are now unable to afford the mortgage on their own? There are countless reasons why people fall behind on their mortgages, and when this occurs, it's our job to find a solution to the problem.

What is a Short Sale?

One way to fight foreclosure is to enter into short sale. In a short sale, the lender agrees to allow the homeowner to sell the home for less than what is still owed on the house. Although the lender may lose money on the property, some lenders feel it's a better option than dealing with foreclosure. And although the homeowner will lose their home in the end, it's a much better option than allowing a home to go into foreclosure. There are many negative consequences associated with foreclosure, the most prominent being the damage that will be done to the homeowner's credit rating.

If you are interested in learning more about short sales as way to avoid foreclosure, please feel free to contact a Houston bankruptcy attorney at the Malaise Law Firm. We have helped countless clients fight their foreclosures to much success. If entering into a short sale may not be what you had in mind, we'd be happy to discuss some other alternatives to foreclosure with you. To arrange a consultation to discuss your situation, contact the office today by calling (713) 952-1427.

If you are one of the millions of Americans facing foreclosure, you should take a moment to contact a Dallas bankruptcy attorney at the Malaise Law Firm about ways to fight foreclosure. While there are many alternatives to foreclosure, one of the most effective ways of fighting foreclosure is by filing for Chapter 13 bankruptcy.

Chapter 13 gives people struggling with debt the opportunity to reorganize their debts and finances without the pressure of banks, lenders, or creditors breathing down their necks. During a Chapter 13 bankruptcy the debtor not only is given the opportunity to reorganize his or her finances, but also works out a plan with the bankruptcy court to repay their debts over the course of three to five years. Sometimes the court will agree to let the debtor include mortgage debt as part of the repayment plan, thus saving the debtor from losing their home in foreclosure. Once the repayment plan has been approved, an automatic stay will be imposed that will stop any foreclosure action from moving forward.

The threat of foreclosure is a frightening thing to face. If you are interested in learning more about ways you can fight foreclosure, consider contacting a knowledgeable and highly experienced Dallas bankruptcy lawyer at the Malaise Law Firm today. We look forward to speaking with you and helping you save your home!