For homeowners facing foreclosure, understanding the process of foreclosure and the options they have to stop missed payments from leading to foreclosure is important. If a homeowner can get together with his or her mortgage lender early on, and the mortgage lender is willing to work with the homeowner, the lender may offer the homeowner… [Continue Reading]
Reverse Mortgages
The television advertisements offering older Americans an opportunity to get a reverse mortgage are well known. They describe offers and terms for homeowners, age 62 years or older, to convert the equity in their homes into money that they can use for their own needs and expenses. Not all reverse mortgages are a bad idea,… [Continue Reading]
Pet Trusts in Michigan
Pets are considered family members by many pet owners. The owners therefore worry about what will happen to their beloved pets after they die and can no longer look after them. Pet owners in this situation may want to ensure that their pets are taken care of by establishing a pet trust with the pet… [Continue Reading]
Buying a Home After Foreclosure
Although it is sometimes difficult to do so, it is possible for a person who has been through foreclosure to buy a house after the foreclosure is behind him or her. A person who wants to buy a home after foreclosure should consider the reasons that led to the foreclosure before, whether it was from… [Continue Reading]
Disclaiming an Inherited Gift in Michigan
Not every person who receives an inheritance is able to accept and keep the property. A person may seek to avoid an inheritance because of the tax implications of accepting it, to avoid the difficulties that may be associated with reselling the gift, or because the gift is not worth much to him or her.… [Continue Reading]
Can Bankruptcy Help With My Student Loans?
Owing a large amount in student loans can cause a borrower a lot of stress as he or she tries to figure out a way to make payments and still afford other necessities. The unaffordability of student loans can cause the borrower to consider declaring bankruptcy. While bankruptcy can help with handling student loan debt,… [Continue Reading]
What Happens to My Debt After I Die?
When a person dies, his or her debt does not always die, too. This can be a major concern for a person with a large amount of debt and who does not want his or her heirs to inherit this debt upon his or her death. The person may own few assets and not want… [Continue Reading]
Foreclosure With More Than One Loan Against Your Property
A foreclosure may not be the end of a homeowner’s financial problems if the homeowner has multiple loans secured by the home. These additional loans are generally known as junior liens, and they can take the form of second mortgages or home improvement loans. The lenders of these loans are usually behind the original mortgage… [Continue Reading]
What Happens if a Gift Left in a Will No Longer Exists?
In estate planning, the term ademption refers to a situation in which a gift given in a will by a testator cannot be transferred to a beneficiary because the gift no longer exists or has already been transferred by the time of the testator’s death. A testator is the person who leaves his or her… [Continue Reading]
Filing a Quiet Action Title
When a person acquires real estate under certain conditions, and there may be other people who can possibly lay claim to that property, under Michigan law, he or she may file a quiet title action in order to get the title to the property free and clear. In filing a quiet title action, the plaintiff… [Continue Reading]
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