Pelham - Windham News 6 - August 6, 2010


Piece of the Pie Maintaining Your


MORE ABOUT MODIFYING YOUR MORTGAGE, AND OTHER OPTIONS


Last week we discussed options for modifying your mortgage both in bankruptcy, and outside of bankruptcy. This week, we’ll discuss the options in more detail. • Modifications Outside of Bankruptcy are strictly a matter of negotiation between you and the lender. The only exception is the Government’s Home Affordable plan . However, for non-bankruptcy modifications other than “Home Affordable”, that means that the lender either offers a modification or it does not. The lender’s guidelines are not made public, and there is no way to know whether or not a particular lender will offer a modification, and (if it does), what the terms will be. Current research shows that most modifications offered by Loss Mitiga- tion are similar to a reorganization in Chapter 13: you are allowed to pay your regular mortgage payment, along with a portion of the past due payment, until you are caught up. These modifications are usually not helpful to homeowners who are experiencing long-term financial hardship. There are other options that do not involve bankruptcy, and can be negotiated with the mortgage lender. • Deed In Lieu Of Foreclosure: A deed in lieu of foreclosure


allows the homeowner to deed the property to the bank. Usually, the bank will require proof of hardship and loss of income, just as it would with a loan modification. Under the current law, if your home is worth less that the mortgage balance, the IRS will not consider the difference “income” to you. The “deed in lieu” works well if you have only one mortgage; if you have a second mortgage (home equity loan or line of credit), the second mortgage lender must also agree to the transfer. • Short Sale: A “short sale” allows you to sell your home to a willing buyer for less than the mortgage balance. The lender must consent to the sale, and be willing to accept the “market value” of the home, which is less than the mortgage balance. As with the deed in lieu, the short sale works well when you have only one mortgage; if there is a second mortgage, that lender must also consent. • Sale: Of course, if you are one of the lucky few who still


have equity in your home, you always have the option to sell it, as long as there is enough money to pay off the mortgage(s). Next week, we will discuss the foreclosure process. Just keep in mind that this information is not a substitute for legal advice based on your specific situation. You can check out past articles on our website, www.dmdatlaw.com


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Don’t miss all the happenings around town. Turn to page 2,


Take a Peek “Good for the Community” to get the scoop.


Driver’s Sandal Catches on Gas Pedal, Causing Car Crash into a House


submitted by Pelham Police Department On July 27 at approximately 4 p.m., members of the Pelham


Police and Fire Departments responded to Russell Drive for a report of a motor vehicle that had crashed into the house. Upon arrival, officers observed that a maroon 2002 Honda CRV had crashed into the corner of the residence, causing significant damage. The operator of the vehicle was identified as Madeline Dreusicke, 62, of Pelham. She stated that she was driving north on Russell Drive when her sandal became stuck on the gas pedal. Dreusicke was trying to get the sandal loose when she drove off of the roadway and onto the property on Russell Drive. Her vehicle hit a tree and then struck the corner of the residence.


On-scene investigation concluded that the initial contact with the tree played a role in slowing the vehicle down prior to hitting the house. There was a 4-year-old female in the vehicle at the time of the


crash. The juvenile suffered minor injuries and was transported to the Parkland Medical Center by the Pelham fire personnel. The residents of the home were in the house at the time of the crash. There were four young children watching television in the


room that the vehicle struck. Luckily, no one was injured. Pelham Building Inspector Roland Soucy responded to evaluate the damage to the house. He deemed the structure safe prior to having the vehicle towed from the scene.


Lowell Man Arrested with Stolen Vehicle and Prowling


submitted by Pelham Police Department On July 26 at approximately 1:11 a.m., the Pelham police responded to Linda Avenue after receiving a report from a resident of a suspicious vehicle. Responding officers located the


Marco P. Simoes


vehicle in the cul-de-sac of Linda Avenue and requested a check of the vehicle through the National Crime Information Center (NCIC); the 2011 Toyota Camry was found to have been stolen from Billerica, MA, on June 1. In checking the vehicle, the officers


found that the vehicle appeared to have been recently running, as the hood area of the vehicle was hot. Officers requested that the New Hampshire State Police respond with a K-9 unit in order to search the area. The New Hampshire State Police arrived and began a search of


the area using a police K-9. A short time after beginning, the unit observed a male individual at the intersection of Rite Ave and Bridge Street wearing a black ski mask, black shirt, and black gloves. The State Police Trooper ordered the male subject to remain where he was, at which point he fled on foot. The male was then pursued by the K-9 unit across Bridge Street on Main Street, where the K-9 was released in order to apprehend the individual after numerous verbal commands by the Trooper to stop. The K-9 apprehended the male, who was then taken into custody


by officers and was identified as Marco P. Simoes, 23, of Lowell, MA. In searching Simoes, officers located two screwdrivers, a multi- purpose tool, a McGard lug nut remover, a Garmin GPS, a Motorola cell phone, and an Apple iPhone in the backpack that he was wearing. Simoes has been charged with Receiving Stolen Property (Vehicle); Resisting Arrest; Prowling; and Possession of Burglary Tools. Simoes was held at the Pelham Police Department in lieu of $25,000 cash bail and was scheduled for arraignment before the Salem District Court.


Dog Lovers Beware: Would-Be Scammers Barking Up Your Tree


by Doug Robinson New Hampshire Attorney General Michael A. Delaney announced that consumers should be aware of classified advertising scams targeting dog lovers—also known as the Puppy Scam. This scam has circulated over the years and has begun to resurface again, targeting New Hampshire residents. The scam involves the promised delivery of a puppy when the


purchase price and all requested fees such as vaccination and shipping costs are paid, when, in fact, the seller does not have any puppies for sale. Some scam artists use fake or stolen photos in their ads, claiming they are pictures of puppies for sale. The advertisement instructs prospective buyers to wire money in


advance and refers them to a money wiring service such as Western Union or Money Gram. In other cases, the scammer sends a check or money order to the victim in advance to cover shipping or insurance costs. They typically spend too much money and instruct the victim to forward the overpayment by wire transfer. Of course, their method of payment turns out to be fake, which the consumer only discovers after wiring the money to the scammer. When the puppy is not delivered, the buyer discovers he/she has been scammed and all attempts to contact the seller are unsuccessful. In


the latest incarnation of this scam, the dog owner claims to be a missionary serving in Africa. In order to avoid these types of scams, the Attorney General’s Consumer Protection Bureau offers this advice: Wiring money is like sending cash. Never wire money or give your account information to anyone unless you are absolutely sure you want that person or company to have it. Purchases online should be made via methods that offer fraud protection. The NH Attorney General also suggests that you should know the person with whom you are dealing and independently confirm your seller’s name, address, and telephone number. Ask for and verify references. Resist pressure to “act now.” If an offer sounds too good to be true, it usually is. Always check to make sure there are no scam alerts issued against the seller. You can search for that information on the Internet, or by contacting the Federal Trade Commission or the Attorney General’s office. Always trust your instincts. If you do not feel comfortable with the seller or with the suggested arrangements, walk away from any further dealings with that person or company, advises the NH Attorney General. If you have doubts as to whether an advertisement is legitimate, call the Consumer Protection and Antitrust Bureau at 271-3641 or 1-888-468-4454, according to the NH Attorney General. For more information on consumer fraud, you can also visit the Bureau’s Website at www.state.nh.us/nhdoj/consumer/index/html.


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