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Archive for Foreclosures
Feb
18
Have You Gone Thru Foreclosure & Chapter 7?
Posted by: | CommentsWe recently filed Chapter 13 to avoid foreclosure, but now I am thinking about letting the house go and changing to Chapter 7? We can’t afford the house mtgs, taxes and insurance on our reduced salary. Question – in a chapter 7 can the creditors (?) come in and take stuff from your house? If so, what are they looking for – high ticket items? We do not have any. Husband is afraid they will come in and take all kinds of stuff. I disagree. With all the foreclosures coming down right now, they do not have the time or expense to chase all these down.
What about the 2 cars we are behind on payments on?
Has anyone gone thru this?
Jan
20
What Is The Latest News On Help For Foreclosures?
Posted by: | CommentsThe gov has been working on a solution to help avoid foreclosures but I am having a tough time finding the latest news on what the plan is. Can anyone steer me in the right direction?
Jan
19
Loan Modification, Bankruptcy Avoid Foreclosures & Save your Home
Posted by: | CommentsThe economy is facing recession and with it comes the struggle to keep up with the monthly mortgage bills. In such a case the strategy and ability to protect your home from foreclosure depends on where you are on the foreclosure timeline which one should be aware of to avoid foreclosure. The foreclosure timeline is-
When a borrower has missed several months of mortgage payments (generally about three months) the lender files a Notice of Default with the county recorder. The NOD identifies the default amount and the date by which the borrower must pay off the default.
When a Notice of Trustee Sale is sent after 90 days has elapsed after the NOD is filed when the lender has the right to file a Notice of Trustee Sale. It is done 20 days prior to the sale. It contains the date, time and location of the sale and posted on the property and in public location as well.
When Trustee Sale Auction held at the place and time as mentioned in the Notice of Trustee Sale. The successful bidder receives a trustee’s deed to the property once the sale is completed. Now when you are aware of the time line, it is important to ascertain and come to a conclusion on saving your dream home from an unfortunate foreclosure. The most obvious way to save your home is to work out a mutually beneficial payment plan with your lender, or to revise the terms of your original loan agreement in order to make manageable mortgage payments to your lender. Lenders can help you out in the loan modification process but it can be frustrating for the borrower due to pressure of work on the lender. In such a case online law firms looks at all of the aspects of your loan agreement and gives you the best possible leverage when negotiating the terms of your loan with your lender.
Borrowers can also feel protected from engaging in unfair lending practices through a number of federal laws. Borrowers can be the victim of predatory lending practices without even knowing a bit about it. In such a scenario, a forensic loan audit is done on the original loan documents and if you have been a victim of predatory lending, you may have the right to file a lawsuit against your lender and to put a stop to the foreclosure process for the duration of the suit.
The next best option is to declare Bankruptcy which puts an immediate stop on the foreclosure process, hence providing with an opportunity to start fresh on your finances. It is the solution that you can resort to when you are the facing the difficulty in paying your monthly mortgage bills and getting into additional debts. The solutions are, therefore attainable to enter into a loan modification process and working out on a mutually beneficial payment plan, protection from predatory lending practices on the part of the borrower and declaring bankruptcy in order to avoid foreclosures. Online law firms have expert attorneys who specialize in loan modifications and foreclosure prevention to help out in moments of recovery.
Jan
17
Homeowner Strategies for Avoiding Foreclosure
Posted by: | CommentsMany homeowners are struggling to keep their homes these days; some are scrimping and saving to continue with their mortgage payments while others are fighting a losing battle and can no longer afford to pay their monthly payment. Regardless of the individual struggle at hand, it is easy to see that many homeowners are in dire need of some help to keep them in their homes.When you have an event happens in your life that is likely to get you behind on your mortgage payments the first thing that you need to do is to contact your mortgage lender. Be proactive; the more that you try to avoid dealing with the problem, the worse it will be. Keep the lines of communication open between you and your lender during the entire process so that you are sure to have all the facts at all times.To free up some funds, cut your spending wherever possible so that you are spending less money on things that aren’t necessary. The less money that you waste on things that you “want”, the more that you can put into the things that you “need”—like shelter.The next step that you need to look into is arranging for housing counselling through the US Department of Housing and Urban Development. Counselling is available through them at a very reasonable cost and can drastically increase your chances of finding a solution to the problem and avoiding a foreclosure. Don’t pay a foreclosure prevention company to help you negotiate with your lender; the counselling available through HUD can help you negotiate with your lender for a very small price. Also avoid any business that contacts you as a foreclosure avoidance company who offers to help you keep your house if you pay them a large sum or require you to sign your home over to them “temporarily” to avoid foreclosure.Don’t be afraid of asking for help if you and your family are struggling to make ends meet and keep your mortgage paid up to date; there are programs out there to help families who are having a hard time keeping up with their payments that greatly increase your chances of working your problems out so that you can stay in your home. Get involved with finding a solution to the problem as soon as you think there might be an issue with your ability to keep on top of your payments to keep your credit in good shape.
If you’re interested in finding the nicest Nashville homes, visit NashvillesMLS.com to search for Brentwood TN MLS listings.
Jan
13
Avoid Foreclosure Loan – Stop Foreclosure Programs
Posted by: | CommentsThe current housing crisis, combined with ever rising unemployment, has brought the horror of foreclosure to many families.
Foreclosure on a loan is something which should be avoided on all costs since it means not only the loss of house and home but a lifetime of bad credit, and may even keep a person from ever owning their own home. Realizing this problem, many companies, charities and even the federal government have stepped up to halt foreclosures.
Natalia Osorio Editor of the “Loan Modification Foreclosure” website — http://www.LoanModificationForeclosures.com — pointed out;
“…Many charities are helping people avoid foreclosure by giving them help and options. Anyone who is facing foreclosure should look for charities in their area that can help them negotiate with their lender or the person currently holding their loan so that the interest rate or payment is decreased…”
It is, of course, not possible to avoid paying off the loan entirely, but most corporations are not eager to end up losing thousands on the loan by not having it repaid, especially since the house they would receive in the foreclosure is of no use to them. Smart negotiators and clever intermediates are working hard to help people renegotiate their payments to something more reasonable with their current financial situation.
The government is also stepping up to the task by offering a program through the Fannie Mae corporation. “…Persons whose loan has been purchased by Fannie Mae can contact them to negotiate a lower rate of interest, which they will almost certainly grant if it will avoid foreclosure. Unfortunately, this cannot help someone who has no income or savings and cannot make any payments at all…” N. Osorio added.
Further information about how to get professional assistance with a mortgage loan modification by http://www.LoanModificationForeclosures.com
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.