Top Ten Reasons People File for Bankruptcy

Posted on October 31st, 2010 by Fred

1. Eliminate the legal obligation to pay many of your debts..
This process of wiping the slate clean is called a discharge of
debts. The goal of a discharge is to reduce debt to give you a
fresh start. Whether it is through straight bankruptcy (Chapter
7 Bankruptcy) or through reorganization (Chapter 13 Bankruptcy),
most or all of your debts can be cleared.

2. Stop foreclosure on you house and allow you to effectively
make payments to catch up on missed payments of your mortgage.
If your home is in foreclosure, Chapter 13 Bankruptcy will stop
the foreclosure any time prior to the sale. Bankruptcy does not
eliminate mortgages on your property without payment. Rather,
bankruptcy will structure a plan in order to repay your mortgage
arrears (the amount that you are behind). <stop foreclosure>

3. Prevent your car or other property from being repossessed.

Even if the creditor has repossessed your car, filing bankruptcy
can effectively force them to return your car or other personal
property (if the bankruptcy is filed quickly enough). The past
payments you have missed will be consolidated into your Chapter
13 Bankruptcy plan. After this you will no longer pay the
finance company, rather you will make monthly payments to the
trustee of your Chapter 13 Bankruptcy who will then pay the
finance company.

4. Reduce or even eliminate high medical bills.

Sometimes an unfortunate accident or major recently discovered
illness can completely ruin a family. Many families have to make
choices on allocation of bills. Often, bills that were once
important become insignificant to the large medical bills
acquired by a loved one. Filing Chapter 7 Bankruptcy can greatly
reduce the amount of medical bills. 5. Recent loss of
employment.

Studies show that loss of work is one of the most common reasons
people file for bankruptcy. This is very easy to see. A family
can get comfortable on two maybe even one salary. They can take
on regular amount of debts, join clubs, and pay normal bills
with relative ease. All of a sudden one or both spouses lose a
job and a family must go from two salaries to one. Losing a job
is closely tied to high medical bills. Losing a job means this
family may be left without the protection of insurance that was
once provided by their employer. Often times these two factors
combined create an almost impossible mountain to climb without
the help of bankruptcy.

6. Stop harassing behavior from creditors.

Some creditors do not always take the right course of action
when attempting to collect a debt. Often, creditors will
persistently call the home of a particular debtor with demeaning
and abusive behavior. Not only is this unethical it can rise to
the level of unlawful. In essence, bankruptcy will put on hold
the demands of many creditors and stop the harassing phone calls
and other inappropriate behavior all together.

7. Restore or prevent your utilities from being shut off.

As you have probably seen many of these reasons overlap. Some
lead to another. If your home is in risk of foreclosure then
your utility bill may also be in risk of being terminated.
Filing bankruptcy can prevent the utility company from leaving
you in the dark.

8. Provide help for large amounts of student loan debt. <student loans>

While it is true that your student loans will not be eliminated
like several other types of unsecured debt, bankruptcy can
consolidate your student loan debt. This consolidation will
allow a debtor to make monthly payments through Chapter 13
Bankruptcy that are within the financial ability of the debtor.

9. End wage garnishments.

Chapter 7 Bankruptcy will stop wage garnishment. Wage
garnishment basically takes away your weekly earnings often
times leaving you without necessities. Chapter 7 Bankruptcy
allows you to purchase necessities for you and your family.
Chapter 13 Bankruptcy will also help in this regard.

10. Challenge certain claims of fraudulent creditors.

Bankruptcy will allow you to challenge these claims from
creditors who are trying to collect more money from you than you
really owe. An attorney can provide the support and the backing
you will need to step up to these creditors. Attorneys often
even the playing field between a big creditor and a single
debtor. Filing bankruptcy with an attorney can stop fraudulent
reporting by a creditor.

Bankruptcy Home
http://www.articlesbase.com/debt-consolidation-articles/top-ten-reasons-people-file-for-bankruptcy-831.html

Utah Stops Foreclosure, You Can Too.

Posted on October 30th, 2010 by Fred

If you need to stop foreclosure in Salt lake City Utah, you can. Stopping foreclosure in Utah does not have to be difficult. Check out a free report at www.StopForeclosureSaltLake.com to find out how other people in Utah have stopped their foreclosure.

Duration : 52 sec

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Evite el foreclosure,Obtenga su modificacion. Avoid Foreclosure.Get your loan modification

Posted on October 30th, 2010 by Fred

Easy step by step guide to avoid foreclosure and de your own loan modification.Save your home without paying thousands of dollars.Free bonuses Programa muy facil de usar para hacer su modificacion de prestamo y evitar la ejecucion hipotecaria. Ahorre miles de dolares. bonos gratis

Duration : 5 min 4 sec

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Stop Foreclosure Tampa David M

Posted on October 30th, 2010 by Fred

Stop Foreclosure Tampa David M testimonial, from David M short sale homeowner happy with Jennifer Richards with Charles Rutenburg Realty and TLC Property Solutions llc to Avoid Foreclosure in Tampa. Information, go to www.StopForeclosureTampa.net

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How to Stop Foreclosure in Ohio CI Homes LLC

Posted on October 30th, 2010 by Fred

How to stop foreclosure in Ohio CI Homes LLC. CI Homes is a Real Estate Investment company who is highly trained in the foreclosure niche in the Greater Dayton and Springfield areas in Ohio. If you have been having trouble making your mortgage payment give us a call at 937-754-1111 or visit us at http://www.ImBehindOnMyHousePayment.com

Duration : 1 min 23 sec

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Free Foreclosure Help!

Posted on October 30th, 2010 by Fred

Free Foreclosure help from Integrity Investments. Let us help you stop the free fall of your credit. There are other options other than foreclosure, choose the right one for you and your family.

Duration : 1 min 39 sec

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what happens if i stop paying my mortgage in florida?

Posted on October 28th, 2010 by Fred

are there any new laws pertaining to foreclosures?
i owe about 195 on our first mortgage and 25 on our second.
we are current with our payments.

the house is worth about 105k right now.
what are some of our options?

Correction Landlord: Florida is a recourse state. The mortgagee has the option of seeking a deficiency judgment. Florida enacted a new law last July regarding foreclosures. The mortgagee is now required to attend mediation with the defendant after the action has been filed. If your second mortgage is with a different lender, they will loose out if foreclosure is filed. Concentrate on working with your first mortgagee.

realtor.sailor

Why are banks have stop all foreclosures, what kind of scam did the gov’t and Goldman Sachs have come up with?

Posted on October 28th, 2010 by Fred


There are a couple of problems.

The most recent is that new legislation requires the banks to review and attempt to mitigate the problems before foreclosures and they weren’t doing that. They weren’t even reading the paperwork.

The other problem they are still not talking about is that the financial traders were buying and selling mortgages like trading cards. The problem is that all liens against property and ownership needs to be filed and transferred and they didn’t do that. The banks doing the foreclosing are only those services the loans and often don’t own them. Only the holder of the lien should be able to foreclose and in some cases they aren’t even sure who that would be since the paperwork was never done.

I had one loan that was traded four times, including bank buyouts, and none of the changes were filed.

It’s a mess. Still.

Can you really Stop Foreclosure and come out ahead?

Posted on October 28th, 2010 by Fred

A Stop Foreclosure company is likley legitimate and willing to assist me. But they want to negotiate a"modification" and other terms for bringing me current. Do I win by increasing an already unaffordable payment by adding principal and back interest to a loan I am upside down on? (The value of the home is $200,000 below the loan balance),

Loan modification in your case would only be good if you have enough equity in your home and you need more time to sale your house.

If that is your plan then you really don’t need a stop foreclosure company to work on your behalf, they are doing the same thing you can do. You are already cash strapped and paying them is a waste of money.

my 2 cents.

does anyone know about registering online for naca.com? it’s to stop home foreclosure.?

Posted on October 28th, 2010 by Fred

We have two days to stop the auction on our home and my father whom is old fashioned doesn’t know about computers. he was at the convention center this last week and gave them my wrong email address and now we can’t access our file online and can’t seem to get through on the customer service line that i’ve been trying all day. We are desperate. I hope someone who has experience with this reads this. Please help us. Will do anything.. PLEASE. THANK YOU. GOD BLESS

I hav never heard of NACA but, depending where you live and how much work you are willing to do in 48 hours..

What state do you live in? Last week 3 major lenders revealed problems which have led to a moratorium on foreclosures in the 23 states that require lenders to use a judicial foreclosure process (put link below with article that lists states)

Is his loan serviced by FNMA or FHLMC? Government sponsored modification programs such as HAMP and HARP-loans serviced by these two are mostly eligible to apply for these programs.
Once you APPLY, the lender is forbidden from taking foreclosure steps until it is decided whether or not he will qualify. If you call his bank and tell them you want to apply for HAMP or HARP (long as the basic reqs are met and again I will put the website link which will give you the specifics), they are legally obligated to stop until it is determined if he is eligible for the initial trial ( this process can take several months to determine whether the bank must modify or if they can start foreclosure)

I am feeling feisty tonight and I have a soft spot for the elderly so I am going to give you a couple of the inside type of stuff that usually gums up the works on the lenders end. Call the lender and
demand proof that they actually are in possession of the note and deed of trust/mortgage soca that he signed at closing. Legally, bank can’t proceed with foreclosure action if they can’t prove that they actually have the standing (during the crazy years when we were buying and selling loans, paperwork that was to follow and complete the transactions never made It to the new "owner" of the loan. Couple of days ago big article about this citing especially Countrywide for never completing their sales and now the new owners of the loans are scrambling to find what warehouse the docs are in because they have started foreclosures and are supposed to be able to produce upon request, couple of lawyers requested and everyone started realizing we have no idea where these docs are. Don’t get me wrong, the lender once they find them is in the right but they can’t proceed until they do find them so it is a delay tactic to just buy time.

Lastly, the one most people don’t know-pull all of the original loan closing docs-the Truth In Lending, the Note and the security instrument (deed of trust), all of these docs have very specific manners and info which was legally required to actually enforce the transaction, there have been a smattering of low profile suits where lenders had to vacate mortgages because they had not stated the APR within the federally mandated tolerance, or someone used the wrong instrument or numbers…again, during the crazy years, there were a lot of unqualified, overworked employees in the industry who made A LOT of mistakes… This tactic will require you to find and get into an attorney’s office ASAP but it is very effective if it pans out.

I am not a believer in using loopholes