Short Sale as an alternative to Loan Modification by uhb20986


									B   NOVEMBER 6-12, 2009 • NORCAL ASIAN JOURNAL                                                    Community Journal                                                • (650) 583-6818

       highLights                      Short Sale as an alternative to Loan Modification                                                                 approve the short sales.
                                                                                                                                                            Question: Who are the best
                                                                                                                                                                                               cannot afford to pay the mort-
                                                                                                                                                                                               gage even before a Notice of
                                       sale works?                           of the borrower on the loan. The      credit information.                   professionals that can handle a       Default has been recorded.
                                          Answer: In a short sale, the       borrower is able to lessen dam-          Question: Which one is a bet-      short sale approval?                     Question: What should i do if i
                                       lender agrees to discount the         age to his or her credit history      ter option, leaving a property to        Answer: The best profession-       have concern about a short sale
                                       loan balance because of an            and get better control of his or      allow foreclosure or applying for     als that can handle short sales       or a loan modification?
                                       economic or financial hard-           her finances. A short sale is typi-   short sale?                           approval are those specialized           Answer: You should consult
                                       ship on the part of the borrow-       cally faster and less expensive          Answer: Applying for a short       in loss mitigation and real estate    with an attorney who specialized
                                       er. The homeowner/borrower            than foreclosure.                     sale is the better alternative be-    lawyers handling short sales.         in loss mitigation and short sale.
                                       sells the property for less than         Question: What is the effect       cause the borrower has extra             Question: What are the tax is-        Note: This is not a legal ad-
                                       the outstanding balance of the        of a short sale on the credit re-     time to stay in the property while    sues of a short sale?                 vice. You need to talk to an at-
  Atty. Crispin LozAno                 mortgage loan and turned over         port?                                 the short sale is in progress and        Answer: Public Law 110-142         torney about your specific case.
                                       the proceeds of the sale to the          Answer: A short sale is a type     the impact on his or her credit       makes discharges of indebted-         Our office offer FREE initial con-
   Question: What is a short           lender.                               of debt settlement and it ad-         report is less severe.                ness as a result of a short sale of   sultation on Loan Modification
sale?                                     Question: Why do the bor-          versely affects a person’s cred-         Question: Who approve short        primary residence a nontaxable        and Short Sales only.
   Answer: A short sale is a sale      rower and the lender agree to a       it report although its negative       sales?                                event. Short sale of a primary                       ***
of real property in which the sale     short sale?                           impact is less compared to a             Answer: There are several          residence at less than the loan          Crispin Caday Lozano is an active mem-
proceeds fall short of the balance        Answer: A short sale is simply     foreclosure. Short sales remain       parties that approve short sales.     amount will result in forgive-        ber of the State Bar of California and he spe-
owed on the property’s loan. It        the most economical solution to       in the credit report for seven        The bank that hold the first and      ness of an obligation that is tax     cializes in immigration law. His offices are
happens when the borrower can-         the problem of both the lender        years whereas a bankruptcy            second mortgage has to ap-            exempt.                               located at 17057 Bellflower Blvd. Suite 205,
not pay the mortgage loan on the       and the borrower. In this situa-      and foreclosure remain in the         prove the short sale. In addition        Question: When is the best         Bellflower, CA 90706 and 1290 B Street,
property and the lender decides        tion nobody is giving a favor to      credit report for ten years. A        the Home Equity line of credit        time to start preparing for a         Suite 205, Hayward, California 94541 and
to sell the property to a third par-   the other party. The lender will      person with a short sale credit       lien holder (HELOC), the Home         short sale?                           at 777 N. First St., Suite 333, San Jose, CA
ty at a moderate loss rather than      benefit because it will incur less    report can obtain another mort-       Owners Association special as-           Answer: A short sale offer can     95112. You can contact him at telephone
pursuing a foreclosure action.         financial loss than foreclosure       gage in one to three years de-        sessment liens, the IRS and oth-      be started when the borrower          (562) 461-1355 and (510) 538-7188.
   Question: How does a short          or the continued non-payment          pending on the person’s other         er tax liens are also required to     decided that his or her finances                            (Advertising Supplement)

   iMMigRaNt LiViNg:
    101 aND BeYOND
                                       Log off and enjoy your hot chocolate                                               LegaL Rights                   Common mistakes in immigration
                                                                                                                                                         worker is not displaced by a          application is pending, an
                                          “The happiest people don’t have the best                                                                       foreign employee. The process
                                                                                                                                                         usually involves meaningful
                                                                                                                                                                                               applicant may face long delays
                                                                                                                                                                                               before final USCIS adjudication.
                                       of everything… They just make the best of                                                                         recruitment of qualified American     Adjustment applications for those
                                                                                                                                                         workers. Labor certification is an    born in affected countries will be
                                       everything that they have.”                                                                                       approval from the Department          “shelved” until their respective
                                                                                     —Author Unknown                                                     of Labor. No green card or            priority dates are current and
                                                                                                                                                         work permit will be given after       ready for adjudication based on
                                       this life is fast eroding. That is    world encroaches. If you spend          Atty. Johnson LAzAro                a labor certification unless an       service center processing times.
Monette AdevA MAgLAyA                  why I regard social networking        even only a few hours on the                                                adjustment of status application        The current retrogression
                                       with a bit of trepidation and         internet each day, then you             SOME immigration laws are
   (the article below is a             suspicion. And frankly, who’s         are a de facto active, living,        hard to understand. This has             Retrogression is a term that affects many,
personal favorite.)                                                                                                led one immigration official to
   I SKIM and scan FWD
                                       got the time? I am probably one
                                       of a vanishing breed, always
                                                                             breathing denizen of Cyberville,
                                                                             part of the audience of the           declare publicly that “attorneys      especially intending nurses in the US. But
messages when I can. I’m not
big on forwarding stuff, leaving
                                       itching to get out of the virtual     world stage. Witness Susan            who      practice      immigration
                                                                                                                   law are worth they weight in
                                                                                                                                                         we still see people who do not have a clue
                                       world and into the real world of      Boyle’s instant global fame in
that for others to do. I still         doing things, creating, fixing,       the audition of “Britain’s Got        gold.” There are laws, rules          on how retrogression affects their future.
prefer personal one-liners.            cooking, gardening, making            Talent,” which has over 50            and regulations and practice
   Communication has become            memories        and    connecting     million hits on youtube in a          procedures and codes that make        Retrogression has to do with priority dates
efficient, almost done by rote,
and sometimes borders on the
                                       personally and laughing until
                                       my sides are nearly split. By
                                                                             matter of days. What we see is
                                                                             a frumpy, dowdy old maid from
                                                                                                                   the practice of immigration law
                                                                                                                   so complicated. The best and
                                                                                                                                                         and visa availability. No one is given
cold and impersonal. I still don’t     choice, I am offline and often        Scotland who lives alone with         brightest lawyers in the field        an immigrant visa unless there is a visa
enjoy being part of a network          unwired on the weekends. My           her cat, a complete unknown,          of immigration will agree that
to be used for someone’s               personal motto these days: LOG        wowing the judges, even snarky        the complexity of immigration         available to be issued.
purpose or agenda. There’s             OFF AND LIVE.                         Simon Cowell and pretty much          law can lead to fundamental
a stubborn part of me that                There’s so much living yet         the skeptic audience and the          mistakes       for     immigrants.    is filed with the Immigration         in visa availability for the EB-3
rebels and chafes at becoming          to do: so many recipes to try,        rest of us in Cyberville. By her      Mistakes are inevitable given the     Service.                              Professional and Skilled Worker
part of a statistic or used for a      seeds to plant, topiaries to          plaintive song, her magnificent       enormous amount of information           Another               common       category      adversely    affects
purpose to advance someone’s           shape, weeds to pull, walls and       singing and just by being true        surrounding immigration. Let’s        misconception is the term             health care professionals who
agenda. We’ve all become easy          blank canvasses to paint, places      to herself, the world sat up          review some of the common             retrogression.      Retrogression     were born in China, India, and
targets for privacy intruders.         to see, photos to shoot, plays to     and took notice. How many             mistakes or misconceptions            is a term that affects many,          the     Philippines—nationalities
Nothing seems sacred or                watch, games to play, puzzles to      can do that these days? Boyle         that    immigrants       commonly     especially intending nurses in        heavily represented in the health
private anymore. There’s more          solve and mysteries to unravel,       has become somewhat of a              encounter.                            the US. But we still see people       care industry. If retrogression is
than enough out there in the           books to read, people to meet,        phenom for our times, which             First let’s look at what Labor      who do not have a clue on             not understood, there is a danger
public records to fill a dossier       goals to achieve, skills to learn     prompted one wag of a British         certification is not. It is not an    how retrogression affects their       that one can file an application
on anyone with an SSN. We              and courses to take, stuff to         publication, to ask the question      approval to stay in the United        future. Retrogression has to          for adjustment and be denied
are living in the Information          give away, stories to write, naps     of our obsession with sexy,           States permanently. Time and          do with priority dates and visa       because a visa is not available.
Age and the currency we                to take and a thousand and one        good looks: “Is Susan Boyle           time again we encounter people        availability. No one is given an         Another common mistake
trade in are bits and bytes of         more things to feel, see, touch,      ugly or are we?”                      who believe that once there is a      immigrant visa unless there is a      is talking too much at the port
information. It’s like living          taste, hear and soak in before           Personally, I am rooting           labor certification, permanent        visa available to be issued. Since    of entry during secondary
in glass houses these days.            the end game. With all that’s         for her and every Charisse            stay is permitted. This is a          2005 the employment-based             examination. We see people at
There’s too much transparency          in the past, life still feels like    Pempengco,       every     Arnel      dangerous        mistake.    Labor    category for professional has         the port of entry at the airport
and I am becoming resentful.           a tabula rasa —lots of living to      Pineda and every phenom who           certification is the procedure that   been regressing – visa issuance       who sing like canaries when
   No wonder our sense of              do, so little time. Sigh.             whacks us out or our smug             an employer must complete to          has slowed. When priority dates       confronted by immigration
mystery and awe at anything in            It doesn’t help that the virtual                            PAGE B3      insure that a qualified American      retrogress while an adjustment                                  PAGE B4

To top