Congress Approves $1 Billion for Homeowners Who Need Help Paying Mortgages

July 29, 2010

Homeowners facing a job loss or health problem who need short-term help making mortgage payments will be pleased to know that Congress included a $1 billion provision in the Wall Street reform bill which is aimed at helping homeowners with their mortgages.

The Emergency Mortgage Relief program will make more than $1 billion in federal funds available to families about to lose their homes. Homeowners may borrow up to $50,000 if they can show they have a reasonable prospect of resuming mortgage payments within 24 months.

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Announcing New $225 Flat Fee Educational Consultation with an Attorney Regarding Your Foreclosure, Short Sale, and Bankruptcy Options

July 19, 2010

Are you facing a foreclosure? Considering bankruptcy or a short sale?

If that sounds like you, you should obtain legal advice regarding your individual options.  In order to help homeowners and individuals who are experiencing financial difficulties with the loss of a job or a pending foreclosure, Plastiras & Terrizzi is announcing a new discounted rate one-time consultation with an attorney to answer questions, evaluate options, and strategize a unique approach tailored to your personal situation.

While the consultation will focus on your concerns and questions, your meeting may include any of the following topics:

The consultation with an attorney from Plastiras & Terrizzi will include a one-time, 45-minute meeting either in person or via phone for a $275 $225 flat fee.*

In order to be sure the consultation is as productive as possible, please bring with you copies of all relevant documents and correspondence between you and all of your mortgage lenders, or send copies to our office prior to the meeting if doing the consultation by phone.

While we encourage loan modifications when feasible, our firm does not handle negotiations with creditors or mortgage lenders. However, we often assist clients in determining whether or not such loan modifications are likely to be successful.

To set up an appointment, call us today:

Attorneys At Law
24 Professional Center Parkway, Suite 150
San Rafael, CA 94903
Phone: (415) 472-8100
FAX: (415) 472-8110

*  This information may be considered advertising in some jurisdictions under applicable laws and ethical rules. The material above has been prepared by Plastiras & Terrizzi. The material is for informational purposes only and does not constitute legal advice.  Plastiras & Terrizzi does not perform loan modification services or other loan forbearance services for residential real estate or collect advance fees for helping negotiate residential loan modifications.


S.F. Chronicle publishes John Corcoran op/ed: “Feds should reject California’s loan modification rule”

April 19, 2010

The San Francisco Chronicle today published Plastiras & Terrizzi attorney John Corcoran‘s op/ed, “Feds should reject California’s loan modification rule”:

Shortly before April 15, California lawmakers passed a bill that will provide relief to Californians who have lost their home to foreclosure, sold their home in a short sale or obtained a loan modification by conforming state tax policy to federal rules that do not tax homeowners for forgiven mortgage debt. That bill is a step in the right direction, but earlier legislation, SB94, which prevents anyone from taking up-front fees to negotiate a loan modification, definitely is not.

And now the Federal Trade Commission wants to take that bad law nationwide.

SB94 by Sen. Ron Calderon, D-Montebello (Los Angeles County) was designed to crack down on greedy loan modification companies that took thousands of dollars from desperate homeowners but produced few or no results for them.

Those consumers need protections. That’s why the measure passed by an overwhelming margin.

But the bill contained major flaws that have resulted in unintended consequences….

You can read more by clicking here.

The Chronicle published another article on the front page today which discusses the increasing frequency with which banks are pursuing second mortgage debt for individuals whose homes have already been foreclosed on:

California is a nonrecourse state, meaning lenders cannot pursue borrowers for unpaid balances on home-purchase loans. However, home loans not used for the purchase – home equity lines of credit and second loans taken out after purchase – are recourse loans, which means lenders are legally entitled to collect the unpaid balance. Depending on the type of loan, they have four to six years to pursue borrowers.

You can read the full article here.

John Corcoran is an Associate with Plastiras & Terrizzi law firm in San Rafael, California (Marin County).  He advises clients on real estate matters, small business issues, estate planning, and general civil litigation.  He may be reached at jcorcoran@ptlegal.com or (415) 472-8100 x211.


Debut of Plastiras & Terrizzi e-Newsletter

March 4, 2010

Today, Plastiras & Terrizzi debuted its first e-newsletter, which will provide legal news and analysis on a range of subjects, including real estate, civil litigation, community association law, legal malpractice, and debt restructuring/bankruptcy, among other areas.  Check it out here.


Former NBA Star Chris Webber Sued by Landlord for Unpaid Rent on Sacramento Restaurant

March 2, 2010

Former five-time NBA All-Star Chris Webber, who played for the Golden State Warriors and Sacramento Kings, has become the latest victim of the economic downturn with the closing of his Sacramento-area restaurant.

Webber was sued Feb. 23 by his former landlord, the Promenade at Sacramento Gateway Shopping Center, for $1.8 million under the terms of the 20-year lease signed by Webber and his business partners.

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North Bay Biz Magazine Features Article by John Corcoran

December 23, 2009

North Bay Biz magazine has published P&T Attorney John Corcoran‘s article, “Colorado’s ‘Balloon Boy’ Presents Cautionary Tale.”

Here is an excerpt:

[W]hat can the Colorado balloon boy incident teach us about our own lives? …  The initial goal, aside from the hoax, was innocent enough—to generate publicity for a reality TV show. However, what if, instead of trying to generate publicity on his own, he’d hired a professional PR firm or a publicist? What if he had a good relationship with an attorney he could call and ask about the legal consequences of pulling such a stunt? Certainly, these professionals would have advised him to choose another course of conduct, and maybe they could have come up with another way of generating the publicity he desired.

Click here to keep reading….


5 Steps to Take When Considering Bankruptcy

October 8, 2009

It’s not often a fast food restaurant closes, much less files for bankruptcy protection. But that’s exactly what happened recently when the owner of 70 Jack In the Box fast food restaurants throughout northern and Central California suddenly shut down all his stores.

Abe Alizadeh of Kobra Associates Inc., who owns and operates the restaurants, suddenly closed all 70 of his restaurants in mid-September when his negotiations with his debtors broke down and he had to file bankruptcy.

Sadly, this story has been more of a common occurrence during the past year, with numerous businesses and individuals going through bankruptcy. It wasn’t so long ago, however, that it seemed Congress had high hopes of dramatically decreasing the number of bankruptcy filings.

When Congress did a major revamp of the bankruptcy law in 2005, the goal was to decrease the number of bankruptcies each year by making it more difficult for people to file bankruptcy. A secondary goal was to force more people to repay their debts over time through a Chapter 13 plan rather than liquidating their debts through Chapter 7. Read the rest of this entry »