Use Bankruptcy to Stop Mortgage Foreclosure

Posted on October 25th, 2009 by Fred

It is sad but true that bankruptcy is a sure-fire way to stop mortgage foreclosure on your home. That being said, you do need to know what you are doing and you do need competent legal help to make it happen. Not everyone qualifies for bankruptcy and you have to file the right kind of bankruptcy in order to stop mortgage foreclosure on your home.

Chapter 13 bankruptcy involves coming up with a three to five year plan to pay back everyone that you owe. This kind of bankruptcy is essentially a way to restructure your debt. You will still need to pay everyone at least a portion of what you owe but it gives you longer to pay them and within terms that work for you. In order to stop mortgage foreclosure with this kind of bankruptcy, you will need to make sure that your mortgage is part of this debt restructuring. A good bankruptcy attorney will make sure that everything is handled correctly to make that happen. This is the only kind of bankruptcy that can stop mortgage foreclosure on your home and allow you to keep your home.

Filing Chapter 7 bankruptcy can delay the sale of your home but you will not be able to keep your home if you file this kind of bankruptcy. This kind of bankruptcy essentially erases all of your debt. If you are willing to give up your home, need to buy some time to find another place to live, and will not be able to pay any of your debt, this may be a good option for you. Again, a good bankruptcy attorney will be able to advise you as to the best option for you.

If you decide to declare bankruptcy to stop mortgage foreclosure on your home, you will need to inform your lender that you have declared bankruptcy. They cannot stop mortgage foreclosure on your home unless they know that you have declared bankruptcy. Bankruptcy is also not a painless solution. It stays on your credit record and will affect any loan that you try to get for the next 7 to 10 years. While bankruptcy can be a good option in order to stop mortgage foreclosure, it is one that has a price. Be sure that you understand what that price is before you decide.

Jill Borash
http://www.articlesbase.com/real-estate-articles/use-bankruptcy-to-stop-mortgage-foreclosure-729204.html

My son is in sales and been really hurting lately. He is in danger of foreclosure. What can he do to stop it?

Posted on October 24th, 2009 by Fred

My son has been a car salesman for years and made a good living. With the economic problems, he has really been hurting! Now he is behind on his mortgage and has received a 7 day letter from his mortgage holder. He has already used up his savings. Is there some gov’t program or intervention that can save his home?

You could lend him the money. Otherwise he needs to go to court and ask them to show the deed. If they cannot produce the deed, he gets to stay until they find it. If they have it, he needs to leave the home

Duration of foreclosure and non payment of property taxes in Los Angeles, CA?

Posted on October 24th, 2009 by Fred

Well, it’s time to make a decision. Lost my job, owe more on my house than it is worth, and my property taxes are $5,000 per year. So, if I stop payment on loan and taxes, how long do I have until I have to move?

All 3 answers are good. Just notify your lender immediately, as they have shifted as well to deal with all the foreclosures. Alot more easier to deal with them if you come clean and you’re honest. You’ll have a good rapport with them as well.

Hang in there, as you’re not alone. My house was on the market for 8 months before I even had a bite. Now they’re coming in droves.

Don’t get me wrong; the real estate issue will never be a good market again, atleast not in our lifetime. It will take centuries to overhaul the issue created by lenders. Along with people living way above their means.

How to stop a foreclosure on a home?

Posted on October 24th, 2009 by Fred

We are 3 months behind on our house payments because my husband recently lost his job. We got a letter in the mail yesterday and have 30 days to come up with the money. If we can’t our home will be foreclosed. If we can’t come up with the money what should we do? I have tried to get a modification loan and the guy to me we didn’t qualify. What are other steps we should take? We live in Kansas if that helps.

If you want to continue living in your house, you need to call your lender again and tell them you need to be considered for a loan modification. If one person says you can’t, then call back and talk to someone else – be persistent! Depending on who your lender is, the number you call is transferred to different parts of the country and the "clerks" that answer the phones may have a different answer. Also, they aren’t always updated or even educated on their loan modification programs, so be persistent.

Being unemployed doesn’t necessarily disqualify you from being approved for a loan mod but having a job definitely helps. You have a legitimate hardship and the lender is supposed to assist you. Did your husband receive a severance package? Or is he receiving unemployment benefits? You’ll need to prove to the lender that he’s trying to get a job for them to consider the loan mod. They want to make sure that, if they modify your loan, you’ll be able to afford the new, lower payment. Don’t settle for a forbearance plan, whereas they’ll let you make catch up payments. Your monthly payment will be higher. That defeats the purpose of what you are trying to do and may even put you into a worse financial situation.

Once the lender has all of the required documentation and information from you (i.e. pay stubs, bank statements, income and expenses, etc.), your file will go into review and the foreclosure process will be postponed, but not stopped, pending their decision of your loan mod. Be sure to follow up weekly with them once you submit everything. Keep on top of things, because if something slips through the cracks, the foreclosure process will continue, sometimes without you even knowing.

If you don’t want to live there anymore, then you need to put your house on the market or short sale it if you owe more than what your house is worth. Enlist the services of a Realtor and they’ll be able to help you with the short sale. Don’t just walk away from the house as this will have a more adverse affect on your credit as opposed to a short sale. A foreclosure will drop your FICO scores about 200 to 300 points whereas a short sale will drop it by 50 to 150 points.

Stop foreclosure in NW Washington

Posted on October 18th, 2009 by Fred

Stop foreclosure in NW Washington. If your home or property is going into foreclosure, we can help. Visit www.kineticstopsforeclosure.org for a free report on steps home owners can take to stop the foreclosure process.

Duration : 26 sec

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To Stop Foreclosure Utah, Keep it Simple

Posted on October 18th, 2009 by Fred

It is not difficult to stop foreclosure in Utah. You just need to keep it simple. Check out this short video and then go to the web site and download your free report and you will be able to stop your Utah foreclosure fast.

Duration : 20 sec

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Don't Give the Mortgage Company Power Stop Foreclosure Utah

Posted on October 18th, 2009 by Fred

The mortgage company knows How to stop foreclosure in the Salt Lake City, Utah area but they are not giving you any help to stop your foreclosure. Watch this video to avoid your home foreclosure.

Duration : 48 sec

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Stop Foreclosure Options

Posted on October 18th, 2009 by Fred

This Video Presents options for those who are in Foreclosure in the Northern Utah area, to help them Stop The Foreclosure

Duration : 47 sec

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Foreclosures

Posted on October 18th, 2009 by Fred

Foreclosures

Foreclosures by Rao, Williamson, Twomey,Carter, Saunders, Saunders, Van Alst, Walsh Edition/Year: 2nd Ed., 2007 w/ 2008 Supplement* ISBN: 9781602480100 Format: Paperback-New SKU: atty40011 Our Low Price: $107.95 Availability: This item ships within 1 to 2 business days. Features: What You Need to Know About Protecting a Home from Foreclosure: How to challenge mortgage servicer abuses Foreclosure litigation, including power of sale, due on sale, and substantive and procedural defenses Raising loan broker and loan originator-related claims against the mortgage holder How to negotiate pre-foreclosure workout agreements, and current workout options with Fannie Mae, Freddie Mac, HUD, VA, and RHS Special rights to stop foreclosure of FHA, VA, and RHS mortgages Special issues for manufactured home foreclosures Tax liens and tax foreclosures. Key Steps to Take Even After a Foreclosure: Setting aside a completed foreclosure Redemption after sale and repurchase at the foreclosure sale Stopping deficiency judgments and claiming surpluses Tax consequences of foreclosure sales Rights of tenants in possession. FREE with your purchase: Four months of supplements and revised editions. Access to companion website as long as you stay current on the title. Four-month, 8-issue NCLC REPORTS newsletter trial subscription. *Important! Supplement Update Policy: This item may be supplemented annually by the publisher. These updates are important in ensuring that your item always reflects the most up-to-date legal information. Your purchase price includes the cost of any current cumulative updates and any updates that may be issued within four months of your purchase. After that period, a subsequent supplement will be sent to you directly from the publisher for your review and purchase. Shipping: This item may arrive separately from other items included in your order.

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mortgage & foreclosure problem?

Posted on October 17th, 2009 by Fred

Hello guys,

I am facing problems in paying the monthly mortgage payments of a house in Virginia, and I am not currently residing in that house, since I moved to California. So the house is vacant. I brought the house for 320,00K and right now the market value of that property is only 210,000K. I have only one lender (primary mortgage only) with around 8.5% APR (it’s a variable APR plan which changes every year) with $300 per month mortgage insurance. This makes my monthly payments to around $3000 per month. I am thinking to stop paying on the payments from this month. Will the bank directly go to foreclosure or will they try for a workout agreement with me. Also, if I go for foreclosure, do I still owe money to the bank considering I have only one lender and also have mortgage insurance? Please suggest what would be best option for me? Where can I get additional information regarding this?
Thanks

oh boy r u in trouble, no they wont go right to foreclosure u have a minimum of 90 days from the last payment u made, and then the legals, sheriffs sale, etc. can take 2-6 months, etc. the problem is u r on the hook for any short fall between what u owe and what they sell it for. pmi protects the lender and not u, so if there is a short fall u will see it along with the foreclosure on ur credit report for years to come. be aware that the clock is always running on the principal and interest late payments, and legal fees which will far out weigh whatever the bank gets for the home. Va. has been hard hit by the housing slump and its not unusual to see homes in this siutation. If you owe more than 210000 on the house you are in serious financial difficulty. it could stop u from buying another property. several ways out of this bankruptcy to stall foreclosure, bankruptcy after foreclosure to erase any short fall, or contact the lender and discuss givng up the deed in lieu of foreclosure. YOU NEED LEGAL HELP TALK WITH A GOOD REAL ESTATE/BANKRUPTCY ATTORNEY NOW BEFORE FORECLOSURE STARTS