Prevent Foreclosures » avoiding foreclosure

How to Prevent Foreclosure

admin — Wed, 20 Oct 2010 21:27:29 +0000

Question: Need to know how to prevent foreclosure?

I bought my house from an individual who agreed to hold the note I obtained both the title and the deed to the property. The original owner died a year ago and I have since made out the payments to the "Estate of.."

I lost my income and am diligently looking for work but as of tomorrow I will owe 3 months on my mortgage and the nephew [executor] has said he is going to foreclose.

What are my rights and options? Can I protect myself via bankruptcy? Can I sell? Need help on how to prevent foreclosure fast!

Answer: Contact the people below, they offer Free consultation on any foreclosure related issues. You can ask them about how to prevent foreclosure. They will go over the options you have. They have helped many save their homes.

Some of the important things that you could do to prevent foreclosure are: –

Know about ‘Loss Mitigation Process’ - ‘Loss mitigation Process’ was initiated by the government of America to help people get out of a Foreclosure situation. This clause has many options, such as -

Loan modification - Under this, the terms of the loan mortgage could be modified for the ease of homeowner and help him get out of foreclosure.

VA loan modification or refunding - Under this option, homeowners loan is bought by the VA (Veterans Affairs).

Short Payoff – this is another option where the lender may chose to buy the property from the borrower so that the latter is able to get out the foreclosure situation.

Deed-in-lieu – in this, those homeowners who need to sell their house in a foreclosure situation (and their property has been on the sale for 90 days), get a repayment plan. This is valid for those who are past due for two or more months in their payments.

How to Prevent Foreclosure is a post from: Prevent Foreclosures

Walk Away from Foreclosure

admin — Mon, 17 Aug 2009 18:23:46 +0000

Sometimes, when people are in foreclosure and they do not have a way out, they just want to walk away. But, do you know if it is wise to do so or if you can even do it? Can you walk away from all of your mortgage or foreclosure problems? Sometimes, it is easy to do so but you need to know what the consequences are. Even if you are willing to give up your house to the mortgage company and just be gone, it might not be that simple.

Should I just walk away?

Firstly, you should not think about walking away if there is a chance that you can save your home. There may be solutions that you are not aware of. Most homeowners do not know all the options available to them. But, the experts who deal with foreclosure situations daily may know and may be able to suggest something that can help you.

Don't Lose your Famliy Home. 95% success rate in matching you with loan modification firms- Act Now!

If there is nothing that can be done, you can consider walking away from your home and your mortgage obligations. However, you need to be sure that the mortgage company (or companies) is not going to sue you later. It could be years before they decide to sue you. If you just have a first mortgage to worry about, then it might make sense to try to make sure that you are going to walk away free and clear and the mortgage company will not come after you. There are many homeowners that thought their problems were behind them until, after the foreclosure sale, they found out the hard way that the lenders had no been paid off and they wanted money from the homeowners still.

If the lender cannot sue you, then you probably have a non-recourse loan. You need to check with your state what the lenders can or cannot do. State laws vary from state to state.

Should I walk away if I have a second mortgage too?

Usually walking away will not get you free from the second mortgage debt and the second mortgage lender would likely come after you for the money you owe.

Walk Away from Foreclosure is a post from: Prevent Foreclosures

The Foreclosure Survival Guide

admin — Fri, 31 Jul 2009 14:33:17 +0000

As we have already mentioned in many posts that there are many options that are available to homeowners who are facing foreclosure. However, you have to act fast. The faster you try to get help, the better your chances of getting out of foreclosure are. One of the biggest problem is that most homeowners in foreclosure are in denial about their situations until it is too late. Many homeowners do not tell anyone, do not ask for any help and just ignore the bank during the foreclosure process. Finally, a day or a week before the foreclosure auction, they speak up and ask for help. By that time, they only have very few options available to them, if any. This book called The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket will help you understand what you need to do if you are going to stop the bank from taking away your home.

"Nolo's just published The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket by Steven Elias "discusses the most recent laws designed to help homeowners deal with the crisis and points them to resources (nonprofit housing counselors, government agencies and so on) that may help," says Mary Randolph, Nolo's senior vice president of editorial.

Elias, a practicing attorney, former Nolo associate publisher and current president of the National Bankruptcy Law Project, advises that readers not panic. "Even if the lender does foreclose on the house, the process takes months at the least. You're going to have time to evaluate your options and make smart choices." (Publishers Weekly )

Bankruptcy attorney Elias targets the estimated two million American homeowners who are currently in default on their mortgages. Elias explains how foreclosure works, what options there may be for keeping a home when in default, and what to do when that is not possible. He includes instruction on negotiating a workout with a lender as well as chapters on how to use bankruptcy to avoid foreclosure. Elias's section on fighting foreclosure in the courts helps readers understand the circumstances in which they may be able to delay or stop a foreclosure action. The appendixes provide summaries of each state's foreclosure laws, a glossary, and information on finding and working with lawyers and bankruptcy petition preparers. Straightforward and timely, this is recommended for most public libraries.

Description

Facing foreclosure? Know your options!

According to Harvard's Joint Center for Housing Studies, "the number of homeowners paying more than half their income on housing rocketed from 6.5 million in 2001 to 8.8 million in 2006... The number of homes entering foreclosure nearly doubled to 1.3 million in 2007 from about 660,000 in 2005."

If you're having trouble making your mortgage payments or are already in jeopardyof foreclosure, The Foreclosure Survival Guide compassionately gives you the practical information you need, step by step.

An essential tool for anyone at risk of foreclosure, The Foreclosure Survival Guide provides key information about:

mortgages, including adjustable rate mortgages (ARMs)
short sales
deeds in lieu of foreclosure
judicial and non-judicial foreclosure
credit counseling
liens, and
using bankruptcy to deal with foreclosure.

The Foreclosure Survival Guide gathers all the information Attorney Stephen R. Elias has used to help hundreds of clients over 30 years of practicing law and shows you how to deal with foreclosure.

Like many hardworking people facing foreclosure in this rough economy, you deserve answers to your pressing questions. Thorough and easy to understand, The Foreclosure Survival Guide can help you stay in your home or walk away with money in your pocket.

The 2nd edition is updated with the latest federal legislation and bank-implemented foreclosure-delay programs which offer homeowners even more ways to keep their homes.

Buy The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket

The Foreclosure Survival Guide is a post from: Prevent Foreclosures