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Power of Attorney

What is a power of attorney and how does it work? To keep a board game running while one player takes a break, that player could say to another 'roll the dice and move for me.' They are granting the second player power to act fully within the game rules. This... read more

What Is A Short Sale?

When a lender releases an existing mortgage for a payoff that is less or 'short' of the total amount due, the transaction is called a 'short sale.' Lenders sometimes accept short sales as an alternative to repossession and foreclosure, which can be expensive. ... read more

Deed In Lieu

Deed In Lieu' is a common short-hand term for this situation: a borrower can't make loan payments, and hands over their deed to the property instead, so that the lender does not have to take the home. The full phrase is 'deed in lieu of foreclosure' -- they'r... read more

Foreclosure Defense

In a foreclosure, a lender takes legal possession of collateralized property from a borrower who has not met the financial conditions of the loan. Foreclosure defense is the term for legal strategies to stall or stop foreclosure. Foreclosure defense strategie... read more

Common Types of Power of Attorney

Imagine a board game player telling a friend 'roll for me, but don't sell anything'. Would the friend continue to roll when the player returned? Probably not. In game terms, they were granting a limited, temporary power to act on their behalf. These two concep... read more

Probate Basics

The legal distribution of assets and property left by someone who has died is called 'probate.' It is a process of law, involving government and courts, that ensures proper and legal distribution of their assets. Even if the deceased person had a legal will, pr... read more

Understanding Wills and Trusts

A will is a written document that defines how your assets will be distributed after you die. Trusts are legal arrangements that involve a separate legal entity to hold and distribute assets -- during your life, after your life, or both. As an alternative to wil... read more

Bankruptcy Basics

Bankruptcy is a set of legally-defined ways for individuals or businesses to settle debts without full payment, by following rules that govern their assets and financial actions for a period of time. There are two broad types, liquidation and reorganization. Un... read more

Bankruptcy Protection

When a person or business concludes that meeting their debts is not realistic, they may file for bankruptcy in Federal Bankruptcy court. A bankruptcy filing places an automatic stay on debt-related actions and judgements, including wage garnishment -- court-orde... read more

What is A Bankruptcy Petition?

Filing for bankruptcy starts with disclosing all financial information. This is done on a form called a 'bankruptcy petition', provided by the US Bankruptcy Court. The bankruptcy case starts when the bankruptcy petition form is filed. Both individuals and bus... read more