Devery Law Group

My Favorite Tweets from the Week of November 8th

StefanieDevery — Mon, 15 Nov 2010 14:54:16 +0000

Here is the first list of my favorite tweets from the past week:

REAL ESTATE

1. Foreclosing on Recovery http://yhoo.it/crntBE

2. Homeowners say loan mods led them to foreclosure http://yhoo.it/bnKuNF

3. JPMorgan to resume foreclosures this month http://yhoo.it/bDa85T

4. Experts share solutions to solving the foreclosure mess http://bit.ly/bYnhmw

5. Wells Fargo erred in thousands of foreclosures http://bit.ly/cYcBXH

SOCIAL MEDIA

6. 317 Ways to Succeed in Social Media http://j.mp/bn1FzK (from Danny Brown, via Gini Dietrich)

7. Social Media for Women Lawyers http://ow.ly/37nk2 Well worth it w/ @carolynelefant and @nikiblack

8. Online Privacy Is Poised for Regulatory Showdown - NYTimes.com http://ow.ly/37nmk Very interesting thoughts. (via Susan Cartier Liebel)

SOLO PRACTICE UNIVERSITY

9. New from #SPU - The Value of Hard Work http://ow.ly/386bo Columnist @j2_whittington Jack Whittington

10. Welcome to the new FREE Guest Lectures page at #SPU where you can listen, download and share! http://ow.ly/375pW Gotta love learning

My Twitter Feed

StefanieDevery — Sun, 14 Nov 2010 22:22:22 +0000

I am addicted to Twitter. I love it. I get information, news, recipes, friendships and everything else from it. I try to check in on my Twitter feed at least twice a day (sometimes more). I have become a faculty member at Solo Practice University because of Twitter and I have made some amazing friends. Some of my friends I have never met in real life (Gini Dietrich and Gina Madsen) and some I have (Jeena Belil, Susan Cartier Liebel and Andrea Cannavina).

As such, I wanted to create a weekly blog post where I post some of my favorite tweets from the past week. Some will be from me directly, some will be from others but all of them will be tweets that I think are the best of the week.

I feel as though I have gained so much from being a part of the Twitter community that I want to share some of it with those of you who are not on Twitter.

For the ease of reading them and for those of you who aren't on Twitter, I will post the information as "reader" friendly as I can. But as always, I will give credit to the person who either tweeted the information or where the information came from. (As my first order of business, I want to thank Andrea Cannavina, aka "LegalTypist", for the idea.)

I hope you enjoy the information and you might even get a recipe or two. Enjoy.

My Friend Told Me…

Stefanie Devery — Wed, 27 Oct 2010 19:10:39 +0000

Real Estate Law is one the areas of law where everyone who is NOT a Real Estate attorney thinks they know everything. Real Estate is talked about on the news, in politics, on the radio, among family members and at the dinner table. Everyone assumes that because they read some articles about Real Estate and watch CNN, they understand real estate and how it works. At least once a week, I receive a phone call from a client who starts out the conversation with "My friend/brother/sister/mother/aunt told me that…" More often than not, the information they convey to me is wrong.

The five minute blurb about loan modifications that you hear on the radio is only a very small piece of the story. Reading an article in the newspaper about local Real Estate is a very small piece of the story. Reading a blog post about short sales is a very small piece of the story.

Your friend/mother/sister/uncle has different financials than you do and their situation is different from yours. Just because something worked for them does not mean it will work for you.

Be informed. I am not saying that you shouldn't. However, make sure you have the advice of a Real Estate attorney when it comes to your Real Estate investments.

Banks Halting Foreclosures

Stefanie Devery — Mon, 04 Oct 2010 16:27:48 +0000

Over the past 5 days, Bank of America, GMAC and JP Morgan Chase, have announced that they are halting all of their foreclosures. These banks have stated that they are going to stop all pending foreclosures and are going to to back and start looking at the foreclosures that have already taken place for discrepancies, fraud and other inconsistencies in their foreclosure process.

There have been a significant amount of articles written on this topic recently. You can view some of them here:

1. Flawed Paperwork Aggravates a Foreclosure Crisis

2. Bank of America and Chase implicated in foreclosure ‘robo-signing’ scandal

3. Bank of America to Freeze Foreclosure Cases

4. JP Morgan Chase halts foreclosures: second large bank to do so

5. GMAC Mortgage Stops Foreclosures in 23 States

What does this mean for me?

Here is my thinking…this is NOT a good thing for a lot of people involved. The people who bought foreclosed homes from the banks (known as REO’s – Real Estate Owned) will have to defend their purchases. The banks that lent money to these borrowers will have to defend themselves. The title companies that insured these properties will have to defend themselves. All of this is expensive and will clog the courts.

For the people whose homes were foreclosed upon, if it is determined that they were foreclosed upon “wrongly”, now what? Lawsuit. Suing the bank can be an expensive proposition. In most states, there is no right to give them back their home. (For good reason, the people who bought the foreclosed home had the right to buy it. They cannot get thrown out of a home that they rightfully purchased). Each one of these banks are going to have more lawsuits against them than they can handle.

However, for the people who are in pending foreclosure may have a silver lining to this situation. While the banks may not proceed with the foreclosure at this time, they will eventually. So the banks may be much more willing to grant loan modifications. Really grant loan modifications. Not just putting people on trial modifications indefinitely.

This is not a free pass to borrowers who are struggling. Once the banks get through this, they will begin the foreclosure process again and probably more efficiently. Applying for a loan modification now may be the best plan. If borrowers take advantage of this situation, there may be a lot of people who get to keep their homes and have a much more affordable payment.

My paralegal and I were just talking about this situation and what we think is going to happen. She and I realized that last week, we had over 6 permanent modifications come through for clients from 2 of these 3 banks and 5 more trial modifications. That made me wonder…are the banks going to process the modifications and approve modifications more readily?

Only time will tell. What I can tell you is that now is the time to apply for a loan modification.

Related Posts:

1. I Don’t Want My House Anymore

2. When Is It Ok to Walk Away From My Mortgage?

3. Foreclosure: The Bank Must Prove They Own The Note

4. The Loan Modification Process: Why Doesn’t It Work?

Renting A Home or Buying A Home?

Stefanie Devery — Thu, 08 Jul 2010 14:36:37 +0000

In this Real Estate market, we get asked a lot, “Should I rent a home or buy a home?” While I believe that this a personal decision, there are definitely pros and cons of owning a home. For many people, there is a personal satisfaction in owning a home. However, the financial burden of owning a home can be too much for many people. Renting a home is many times a better decision, both financially and emotionally.

Recently, there was a great article on Moolonamy, about this topic. The article entitled, “Is It Better to Buy or Rent?“, gives some excellent facts and figures. There is an wonderful chart outlining the costs and benefits of renting vs. owning a home.

In this economy, with the uncertainty that comes with your job and your financial stability, buying a home is a big decision and renting may be a better option.

How To Choose A Realtor

Stefanie Devery — Tue, 11 May 2010 14:54:45 +0000

Recently there was an article on Mint.com titled “What To Look For In A Realtor“. This article gives some excellent advice about to how to choose a realtor and what you should look for. For most people, buying a home will be the most expensive purchase they ever make. Further, most people will only buy or sell a house a few times in their life so you want to make sure that you have seasoned professionals in your corner. That includes your Realtor. You will spend more time with your Realtor than any other person involved in the purchase or sale of a home, so you want to make sure that they are the best.

Some points to remember when choosing your Realtor:

1. Make sure you like them

Like I said above, you are going to spend a lot of time with them. If you are buying a home, you are going to go with them to open houses and showings. You are most likely going to be in a car with them driving between homes and then with them at the homes. You have to like them and trust them. If you are not happy with your Realtor, find another one. There are plenty to choose from.

2. Ask Questions

You should feel comfortable enough with them to ask any and all questions you have. If you are selling your home, you should ask them questions such as “Will my home be listed on the Multiple Listing Service?” and “How long will my house be listed with you?” If you are buying a home, you should always ask whether the Realtor is working for you or the seller. Many times the Realtor is the Listing Agent and is working on behalf of the seller to help them sell the house. Any questions you have you should get an answer that is clear and concise. You should not be left wondering what is going on.

3. Referrals

If you ask your Realtor for a referral, remember that it is just a referral. You are in no way obligated to use the attorney, appraiser, or mortgage broker that they recommend. You are always free to choose whomever you wish to represent your interests. However, Realtor’s can usually give you a referral to someone in the area and most likely, they have a relationship with them.

Remember that buying or selling a home is a lengthy, complicated process that requires you to be involved in every step. Make sure that you are choosing someone that you are comfortable with to have a relationship with for a few months.

I Don't Want My House Anymore

Stefanie Devery — Tue, 09 Mar 2010 17:12:45 +0000

Unfortunately, there are so many people that feel as though they do not want their house anymore. They just want to let it go into foreclosure and the bank can have it. This is a TERRIBLE option. Just giving up on paying your mortgage is not a good option.

There are so many options out there is you are struggling with paying your mortgage:

1. Loan Modification

I have written many blog posts about loan modifications and there is a ton of information out there about them. This is an option for you whether or not you are qualified under the MHA. Most banks have their own internal loan modification program, if you do not qualify for the MHA.

2. Refinance

Qualifying for a refinance is your biggest obstacle here. If your house has some equity in it, you want to talk to a licensed mortgage broker or your bank about the possibility of refinancing. Refinancing does have costs associated with it; however, with interest rates as low as they are, the costs may be worth it. You will also need to have a good credit score (620 or higher).

3. Streamlined Refinance

A Streamlined Refinance is a refinance of your existing loan with the same lender and the costs are significantly lower than in a traditional refinance.

4. Deed-in-Lieu of Foreclosure

If you are already behind on your mortgage, a deed-in-lieu of foreclosure may be an option. Under this option, you will need to contact your bank and determine if they are willing to take back the house. You will turn over the deed back to them. The banks are sometimes willing to do this to avoid the foreclosure process and the fees that are associated with it. There is some negotiating that will have to be done here. You want to make sure that the bank releases you from the mortgage and any deficiencies. You do not want to turn your house back over to the bank to then find out that you still owe the balance of the mortgage.

5. Short Sale

A Short Sale is where you sell your house for less than you owe on it, pending approval of the bank. You will need an attorney to negotiate the short sale for you but here, there is also the opportunity to make sure that you do not owe anything to the bank. Your attorney should be able to help you negotiate this and make sure that any deficiencies in the sale price and mortgage amount are “wiped” away.

6. Cash for Keys

Some banks are now offering a program called “Cash For Keys.” This is a program where the bank pays you to move out of your home. You are released from the mortgage and most of the time, any deficiencies between what you owe on the mortgage and what the bank sells the house for. Once again, all terms of this need to be negotiated before it is finalized.

There are so many options if you are in danger of losing your home. Don’t just walk away. There are scams out there so you need to be careful, but you do have options.

Related Posts

1. Should I Stop Paying My Mortgage?

2. Streamlined Refinance As An Alternative to A Loan Modification

I Was Offered a 100% Guarantee On My Loan Modification

Stefanie Devery — Mon, 01 Feb 2010 17:12:42 +0000

Over the course of the last month, I have received numerous phone calls from prospective clients regarding loan modifications. I have been told over and over that they were offered a 100% guarantee on a loan modification by either another attorney or a loan modification company. This is my response, “RUN!” There is NO ONE who can give you a 100% guarantee on a loan modification. No one. Anyone who offers that to you is out for one thing…your money.

New York State law requires that anyone who charges an upfront fee to handle a loan modification be either a license attorney in the State of New York or a licensed mortgage broker in the State of New York. There is a very good reason for this. New York State wants to make sure that you are receiving the best advice about your mortgage as possible. A loan modification is not always the best option for someone and an attorney can help you to determine what other options are available to you. A loan modification company only handles loan modifications and therefore, they are not in the business of telling you that they cannot get you a loan modification.

There are no guarantees with a loan modification. The are many factors that are in play when a loan modification is submitted to a bank. The bank, your financials, the investor that holds your loan, the negotiator and many other factors will determine if your loan modification is approved. Further, if you do not qualify for the Making Homes Affordable Act, your lender has internal programs that you may qualify for and those internal programs change constantly.

There can be no guarantees. Anyone who offers you a guarantee is only setting you up for disappointment.

2. Should I Stop Paying My Mortgage?

3. Streamlined Refinance As An Alternative To A Loan Modification

My Favorite Places To Find Blogging and Website Tips

Stefanie Devery — Mon, 28 Dec 2009 15:00:28 +0000

I have had a website since 2004. However, I am new to blogging. I haven’t even been blogging for a year, yet. I still have a lot to learn when it comes to blogging and maintaining my website. Today, I wanted to mention the bloggers that who have shaped the way I blog and helped me make some sense of all of it. I really enjoy reading about how to blog and what works and what doesn’t. They always have another suggestion to make the most of my blog and my website. I hope you find them as helpful and their information as useful as I do. There are a few of them I am sure you have heard of, but they are all worth mentioning. I am always willing to learn. Like I said, I still have a lot to learn.

1. Problogger by Darren Rowse

If you blog at all, you know him. He has amazing tips for bloggers, amazing tips for Twitter, and a fabulous newsletter. I read his blog everyday without fail and I learn something new every time. I have had some contact with him during his 31 Days To A Better Blog series. As busy as I am sure he is, he was quick to handle what I needed from him. His blog posts are honest and helpful. You cannot ask for more from someone teaching you how to blog.

2. John Haydon’s Blog

I have mentioned John before on my blog. I really love reading his posts, because not only are there excellent blogging tips, but he gives some practical advice on how to maintain your blog. John’s advice is always clear, concise and useful. Once again, everything that you need someone who is teaching you how to blog and maintain your website should be. Starting January 1st, John is doing “31 Day Challenge: Optimize Your Blog With Social Media.” I cannot wait. I know that I am going to learn some fabulous tricks and tips.

3. Blogging For A Living

Blogging For A Living is part of a larger website called The Freelance Writing Jobs Network. This is a fabulous website. I have yet to be able to get through all of the information that is on this site, but every day I find something else that engages me. There is so much information that is so useful. There is blog tips, blog tools, blog traffic, blog jobs, community building and monetize blogs. They give so many tips for making your blog work for you an how to integrate it into your website and make it part of your marketing efforts. You are going to love this site.

4. Men With Pens by James Chartrand

There has been a lot of controversy surrounding this website lately, but it does not change the information that is given. James gives amazing information on copywriting and website design. There are many different sections of this blog that focus on different areas of your blog and website, including Better Writing, Better Blogging, and Better Business. If you can’t write, you can’t blog. James has some incredible articles that spark ideas for me and I am never disappointed. Check out the lists and lists of blog ideas and website improvement. I promise you will not be disappointed.

5. Copyblogger

The ideas here for getting readers, maintaining readers, and writing better copy are astouning. Once again, this is a website that has so much information that I have not gotten through all of it. I always feel like a sponge when I read this website. The articles always lead me to try something else. To try something new. To try something different. Further, since there are many different bloggers that contribute to this website, there are many different ideas and ways of apporaching blogging. I like that. New, fresh ideas are what makes blogging great.

There are so many people out there who can help you make your website better and your blog better, but these are the blogs that I love. Where do you go for inspiration and to learn something new about your website and blog?

2. My Favorite Attorney Blogs

3. The Lovely Blog Award

My Favorite Marketing, PR, and Consultant Blogs

Stefanie Devery — Fri, 18 Dec 2009 17:23:55 +0000

Yesterday, I wrote about my favorite attorney blogs. Today, I am going to show you my favorite marketing, PR, and legal/advertising/marketing/social media consultant blogs. The following blogs are the places I begin when I need some inspiration for my business. There are literally hundreds of blogs like these but these are some of the best (as far as I am concerned).

1. The Fight Against Destructive Spin by Gini Dietrich

Gini is the CEO of Arment Dietrich, a Public Relations firm in Chicago, Illinois. I LOVE Gini. I think she is fabulous. I truly look forward to her blog posts and feel a little disappointed when there is not a new one. She makes it all seem so easy. You want to learn how to use a certain Web 2.0 tool, she is your woman. You want some advice on how to market yourself, she is your woman. Her blog posts are always useful and she is a wonderful person. Follow her on Twitter at: @ginideitrich.

2. Legal Marketing Blog.com by Tom Kane

Tom is a former attorney who has an excellent blog all about marketing for any size law firm. His blog has some excellent tips and tricks that help focus your marketing efforts. Presently, he is running some older blog posts due to a death in the family. Even these older posts have given me some new ideas.

3. Outspoken Media by Rae Hoffman, Rhea Drysdale and Lisa Barone

These three ladies have a great blog that covers topics such as blogging, branding, SEO, and social media. Their blog posts are entertaining and informative. They are definitely one of my favorites to read. You can find them on Twitter at: @OutspokenMedia.

4. Mark Merenda’s SmartMarketing Blog by Mark Merenda

Mark’s blog is awesome. He is funny, informative, and his insight on many different topics is always entertaining to read. Mark is number one on my list of people to hire next year. His work on marketing for attorneys is incredible and his work always speaks for itself. He is active in a numerous list-servs and always willing to help. You can follow him on Twitter at: @markmerenda.

5. Ducttape Marketing by John Jantsch

John is a small business marketing expert. He has a list of credentials to back up everything that he says. Many of his blog articles are collections of information that is full of useful information. I like that his blog links to so many other sites, where I can find new people to connect with and learn from. You can follow him on Twitter at: @Ducttape.

What are you reading? What am I missing?

Related Posts

My Favorite Attorney Blogs

One Lovely Blog Award