Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket by Stephen Elias

Synopsis

The No. 1 topic of conversation in the news and around the office today and tomorrow? Foreclosures. They rose in the U.S. by over 79 percent last year--and over two million more are expected in the next two years. Such numbers led us to create our latest book, The Foreclosure Survival Guide.

Written by a practicing lawyer who has helped hundreds keep their homes or come out of foreclosure financially sound, The Foreclosure Survival Guide provides practical solutions and information that can help readers make the best decisions possible.

It covers:

• what to expect from foreclosure
• whether it's worth trying to keep the house
• walking away from a house with money in hand
• building liquidity
• opportunities and resources for a workout
• using Chapter 7 to buy time
• using Chapter 13 bankruptcy to save a home

According to the data service RealtyTrac the number of home foreclosures in the U.S. rose 79.2% in 2007, with increases in 86 of the top 100 metropolitan areas. In 2008 there will be an estimated 1.4 million new foreclosures.

Biting news for sure but Nolo, a pioneer in legal empowerment, offers its latest salve: The Foreclosure Survival Guide.

Written by a practicing lawyer who has helped hundreds of homeowners keep their homes or come out of foreclosure financially sound, The Foreclosure Survival Guide will help readers:

• Gain real perspective on a financial situation
• Decide whether to refinance or make up payments
• Determine whether it makes sense to leave a home
• Learn what a deed in lieu offoreclosure is
• Absorb the basics of personal bankruptcy

The Foreclosure Survival Guide is a thorough, easy-to-understand, and compassionate look at options for those facing foreclosure, and for the foreseeable future this resource will prove a valuable and vital guidebook for those homeowners affected by the foreclosure crisis.

Joan Pedzich - Library Journal

Bankruptcy attorney Elias targets the estimated two million American homeowners who are currently in default on their mortgages. Elias explains how foreclosure works, what options there may be for keeping a home when in default, and what to do when that is not possible. He includes instruction on negotiating a workout with a lender as well as chapters on how to use bankruptcy to avoid foreclosure. Elias's section on fighting foreclosure in the courts helps readers understand the circumstances in which they may be able to delay or stop a foreclosure action. The appendixes provide summaries of each state's foreclosure laws, a glossary, and information on finding and working with lawyers and bankruptcy petition preparers. Straightforward and timely, this is recommended for most public libraries.

Biography

Stephen R. Elias is an attorney and former associate publisher at Nolo, as well as current President of National Bankruptcy Law Project. He is the author of many Nolo books, most recently The New Bankruptcy: Will It Work for You? Other titles include Special Needs Trusts: Protect Your Child's Financial Future, How to File for Chapter 7 Bankruptcy, and Legal Research: How to Find and Understand the Law. He is also one of the original authors/designers of Nolo's bestselling WillMaker software. Steve holds a law degree from Hastings College of Law and was a practicing attorney in California, New York and Vermont before joining Nolo in 1980. He has been featured in such major media as The New York Times, The Wall Street Journal, Newsweek, Good Morning America, 20/20, Money magazine, and more.