AboutMichael Brotherton Expertise Consumer/Debtor Rights Advocate. FORECLOSURE and LOSS MITIGATION.
Current President of Financial Emergency, inc also known as Debt Mediation & Financial Counseling. Inc,
28 years in the credit and collections industry. Former loan officer and debt collector. Managed two middle to large finance companies.
I am well versed in Loss Mitigation practices and the legal collection process. I have helped literally thousands of people overcome serious financial problems such as foreclosure, creditor lawsuits and abuse by debt collectors. For more information about resolving your "financial emergency" visit www.financialemergency.com.
We actively promote Fair Debt Collection Practices and other consumer protection laws. We teach DEBTOR RIGHTS and enforcement of those rights. It is my opinion that the more informed you are of your rights in the credit and collections practices the more peace you can have dealing with your FINANCIAL EMERGENCY.
Most financial problems are fairly common and as such have some very common solutions. The key is understanding your rights in the collection process and how to enforce them if need be.
Primary business- Debtor Rights Advocacy and Debt Mediation relating to foreclosure, creditor lawsuits, and other serious financial problems.
www.financialemergency.com (copy and paste in browser)
Experience Former loan officer and credit manager for two mid to large finance companies. Total years in financial services industry 28 years.
Author- Financial Emergency Kit, consumer training manual in 1995.
Organizations Former Individual Development VP for the Junior Chamber of Commerce, JayCees, for 5 years from 1989 thru 1994. Founded non-profit foundation offering "debt negotiation" and resolution of creditor legal action relating to debt.
Publications www.financialemergency.com
I personally developed a Loss Prevention and Bankruptcy Management manual for Associates Financial Services in 1997. The manual became a standard tool used in training Branch Managers.
Education/Credentials No sheepskin. I began in industry when college was not required. Went to work with first finance company in 1979, completed VA sponsored OJT program, Keystones to Credit Management 1980-1982. Promoted to Branch Manager 1983 mid size branch in Dayton, Ohio. I have been in management ever since.
Awards and Honors Many honors and awards in my field. Letters of acknowledgment of numerous accomplishments.
Question My wife and I are about to go into foreclosure on a construction loan. Due to the market conditions, we would have ended up upside down immediately, so we decided to buy a home before our construction loan matured and ended up on our credit report. We are going to voluntarily foreclose on the construction property and we were wondering if the bank can put a lien on our new property, garnish our wages, or levy our bank accounts. We are in CA and in need of some advice. Thanks, Eric
Answer If you let the property go into foreclosure without trying to negotiate a deed in lieu of foreclosure there may be a deficiency balance and they could potentially come back at you and attempt to attach other assets and garnishee wages. Depending on how far you got with the construction they may consider the DIL and release you from any deficiency. However, if you never broke ground this could be a problem. I would need more information before I can give you any more feedback.
I would like to discuss this with you in more detail. Give me a call at 877 270 8204 if you wish to discuss your options. I am in the office 9-6pm EST.
If you wish to research the subject just google deed in lieu of foreclosure and you should get plenty of information but before you do anything get all the facts and don't believe everything you read. Some people blow a lot of smoke and have no clue when it comes to this subject. You can verify anything I tell you so let me help you sort this out before you take any action.
