Archive for the ‘Foreclosure Process’ Category

Many homeowners lose their jobs and find themselves in foreclosure. People are afraid of foreclosure because they know that foreclosure is going to wreck their credit, and it is going to leave them homeless. Foreclosure is the legal means your mortgage company can use to take your home from you if you do not keep up with your mortgage payments and are in default.

Foreclosure is the last thing that anyone wants to think about but for some people, it is a reality that cannot be ignored. There are certain circumstances that can leave anyone strapped for cash and not able to keep up with bills and mortgage payments. There are many foreclosure victims who have done everything right, yet they face foreclosure due to situations beyond their control.

If you think you may be having a problem with paying your mortgage payments, seek help soon. Do not wait. The sooner you try to do something about your situation, the more likely you will not be in foreclosure.

Facing Foreclosure Alone is always tough. You've got to stay in the loop! So in case you're new here, you may want to subscribe to the Prevent Foreclosures RSS feed. It will keep you up to date with the latest resources and tactics on how to prevent your foreclosure from happening.

Homeowners in foreclosure or facing foreclosure often have questions about how foreclosure will affect their credit. Foreclosure is the situation when a homeowner cannot make mortgage payments. Foreclosure is the procedure by which a lender (mortgage company) obtains both possession of and title to real property. The lender then tries to sell the property in a foreclosure auction. If foreclosure is on your credit report, then your credit score will tank. That means, after foreclosure, you are going to have to do some kind of credit repair in order to borrow any money again. You usually cannot take out a new loan with a foreclosure on your credit report. The good news is that there are many ways to clean up your credit. Below are some good books that can help you with credit repair after foreclosure.

	American Credit Repair: Everything U Need to Know About Raising Your Credit Score (Everything You Need to Know (McGraw-Hill)) List Price: $24.95 Sale Price: $10.00 You save: $14.95 (60%)
	Description The Definitive Guide to Raising Your Credit Score Whether you're recovering from financial problems or need to pump up your score to qualify for a mortgage, you need reliable information and expert guidance to fix and improve your credit rating...

6 Simple Steps to Credit Repair: Rebuild your Credit after Foreclosure and Bankruptcy List Price: $21.95 Sale Price: $11.45 You save: $10.50 (48%)

Description K. Patrice Williams is also the author of 6 Simple Steps to Avoid Foreclosure. She offers practical legal strategies for increasing your FICO score and improving your credit history going forward. She points out the too-good-to-be-true credit repair agencies you should avoid, and offers real credit repair techniques and alternatives that work-right now! While in her first year of Law School, Patrice established a real estate development and consulting business were she acquired over 30 rental properties...

6 Simple Steps to Credit Repair List Price: $9.99

Description K. Patrice Williams is also the author of 6 Simple Steps to Avoid Foreclosure. She offers practical legal strategies for increasing your FICO score and improving your credit history going forward. She points out the too-good-to-be-true credit repair agencies you should avoid, and offers real credit repair techniques and alternatives that work—right now! While in her first year of Law School, Patrice established a real estate development and consulting business were she acquired over 30 rental properties...

	Things You Need To Know Before Filing Bankruptcy List Price: $2.99
	Description Several Things You Need To Know Before Filing Bankruptcy Including Forms.

	Making Big Money Investing In Foreclosures Without Cash or Credit, 2nd Ed. List Price: $18.95 Sale Price: $10.76 You save: $8.19 (43%)
	Description The key to making money in real estate is finding motivated sellers. Financial trouble is often the single biggest motivator. From finding properties in foreclosure, to negotiating with sellers in financial distress, to reselling the properties to realize healthy profits, Making Big Money Investing in Foreclosures without Cash or Credit is a comprehensive money-making guide...

Question: After the home foreclosure process starts and you get current, does it stop?

I think I will be going into foreclosure here in a few weeks, but I know that in about a month I will have enough money to "catch up" with my mortgage payments. If I "catch up", does my home still keep heading to foreclosure?

Answer: No, absolutely not. If you can make up the house payments that you are behind, along with the extra interest, late fees, and other costs, then you won't go into foreclosure.

The bank sues for foreclosure because you are in default of your agreement to make the mortgage payments. They sue to have the government sell the house out from under you to make good on your commitment to pay the loan or give them the property.

But if you aren't in default any longer, then the bank has no reason to sue you and the home foreclosure process will no longer be in effect. They aren't suffering any damages, and you aren't in breach of the contract if you pay them up to being current and they accept the money.

So, without you being behind on the mortgage, the bank can't sue you to force the sheriff sale of the house to pay back the amounts that you are behind. Of course, that doesn't stop fraudulent mortgage companies from doing exactly that, but that is not the majority of cases.