Terms - Law Firm Weisberg Law, P.C. Attorneys Morton, Pennsylvania

Subprime Mortgage Crisis-The subprime mortgage crisis is an ongoing financial crisis triggered by a dramatic rise in mortgage delinquencies and foreclosures in the United States, with major adverse consequences for banks and financial markets around the globe. The crisis, which has its roots in the closing years of the 20th century, became apparent in 2007 and has exposed pervasive weaknesses in financial industry regulation and the global financial system.
Foreclosure- Legal and professional proceeding in which a mortgagee, or other lien holder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the borrower the equitable right of redemption if the borrower repays the debt. While this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lien holders can also foreclose the owner's right of redemption for other debts, such as for overdue taxes, unpaid contractors' bills or overdue HOA dues or assessments.

Predatory Lending- Dishonest or deceptive practices by lenders taking advantage of borrowers.
Fraud- Intentional deception made for personal gain or to damage another individual.

Breach of Contract- A legal concept in which a binding agreement or bargained-for exchange is not honored by one or more of the parties to the contract by non-performance or interference with the other party's performance.

Fair Credit Reporting Act and Fair Debt Collection Practices Act- (FCRA) An American federal law that regulates the collection, dissemination, and use of consumer credit information. Along with the Fair Debt Collection Practices Act (FDCPA), it forms the base of consumer credit rights in the United States. It was originally passed in 1970, and is enforced by the US Federal Trade Commission.

Foreclosure Rescue Scam- A scheme that targets those whose house is facing potential foreclosure. The scheme preys on desperate homeowners whose mortgages are in default by offering to prevent the foreclosure. There are various ways in which foreclosure rescue schemes work, causing different types of harm to the homeowners, but all ultimately with the likely end result of the owner being forced out of his/her home and losing even more money.
Civil Rights- A class of rights and freedoms that protect individuals from the government and state power and assure the ability to participate in the civil and political life of the state.

Predatory Lending- The dishonest or deceptive practices by lenders taking advantage of borrowers.
Legal Malpractice- The term for negligence, breach of fiduciary duty, or breach of contract by an attorney that causes harm to his or her client. In order to rise to an actionable level of negligence, the injured party must show that the attorney's acts were not merely the result of poor strategy, but that they were the result of errors that no reasonable attorney would make. Furthermore, legal malpractice requires the showing of an injury that would not have happened had the attorney not been negligent. If the injury would have occurred despite different (non-negligent) actions by the attorney, no cause of action will be permitted. Legal malpractice can also occur when an attorney breaches a fiduciary duty to his or her client. This occurs when attorneys act in their own interest instead of to their client's, to the detriment of their client. A claim for legal malpractice may also arise when an attorney breaches the contract they sign with their client. A common basis for a legal malpractice claim arises where an attorney misses a deadline for a filing of a paper with the court, such as a statute of limitations, and this error is related to the loss of the client's cause of action.

Section 1031- United States Internal Revenue Code, the exchange of certain types of property may defer the recognition of capital gains or losses due upon sale, and hence defer any capital gains taxes otherwise due.

LLC- Limited liability company, flexible form of business enterprise that blends elements of partnership and corporate structures.
LLP- Limited liability partnership, a partnership in which some or all partners (depending on the jurisdiction) have limited liability. It therefore exhibits elements of partnerships and corporations. [1] In an LLP one partner is not responsible or liable for another partner's misconduct or negligence.