Archive for the ‘Foreclosure Consequences’ Category
Foreclosure & Homelessness
January 10th, 2011
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.
Credit Repair after Foreclosure
January 7th, 2011
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.
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Posted in Foreclosure Consequences | 
Tags: credit, credit repair, credit report, credit score, Foreclosure | 
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Foreclosure Nation: Mortgaging the American Dream
August 25th, 2009
Foreclosure Nation: Mortgaging the American Dream is an informative book that is very detailed. If you want a better understanding of the current foreclosure crisis, this is definitely a book to consider. If you want help understanding how the mortgage and foreclosure processes work in general, this is also a great book. Olefson has laid it all out in the most understandable format.
The family residence is the backbone of the American economy, the most valuable and enduring asset for those who have achieved a financial foothold. Yet today record numbers of households confront foreclosure. In the next year it is estimated that over two million Americans will lose their homes and almost two billion dollars of wealth will disappear in the process. How did the traditional "American Dream" morph into a nightmare for so many?
Real estate attorney and educator Shari B. Olefson, a recognized expert in the current mortgage crisis and its effects on homeowners, explains how America slipped to the edge of this dangerous stagnation-recession precipice. In plain language that is easily understandable to the average person, she clarifies legal and financial terminology and describes how our country's mortgage system really works. Utilizing real-life lender and borrower interviews, she exposes its intrinsic flaws and often discriminatory practices, from the mortgage application process to the securitization of bundled mortgages by large investment firms. She also provides evidence to show the government's and Wall Street's roles in both causing and solving the problem.
Above all, Olefson offers expert tips, tools, and resources to help you:
- Choose a mortgage professional and understand what's motivating him or her
- Decide what mortgage product fits best and when to refinance
- Get the best fees, interest rate, and service
- Create your own solutions for navigating the credit crunch
- Know what to do when you can't afford your mortgage
- Protect your home if you are at risk of foreclosure
- Understand how to proceed if you are already in foreclosure
- Capitalize on emerging opportunities and avoid the scams and mortgage fraud
- Prepare for coming changes
Foreclosure Nation demystifies the real estate bubble and the subprime mortgage crises that followed. With bold, clear visuals like inventory, absorption, and price trend graphs, Olefson pinpoints exactly when and why experts are predicting a recovery. She also cites statistics that strongly suggest the number of foreclosures will surge in the fall of 2008 and again in 2009, with increased reverberations felt throughout the US and global economies. Foreclosure Nation will prove indispensable to explaining what is happening and guiding readers through.
Whether you are planning on buying your first home, struggling to meet your current mortgage payments, facing foreclosure, or wondering how your investments will be affected, this comprehensive book will assuage the fear of the unknown, empowering you to make wise choices and protect your most valuable assets.
About the Author
Shari B. Olefson, JD, LLM (Fort Lauderdale, FL), is a partner and the head of her office's real estate department at a national law firm.
Posted in Foreclosure Consequences, Foreclosure Laws, Foreclosure Process, Mortgage Problems |
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