When the economy is rough, it's a stressful time for everyone, even more so when an individual's house is facing foreclosure. Although the ideal situation is for a homeowner to pay their mortgage, but when foreclosure is an option, its best to know what to do to stop the foreclosure and, barring that, delaying losing the family home.Delaying Foreclosure: The Steps You Need to Take By: injurylawyer1 About the Author Steven A....more
Foreclosure is process of selling a home or property underlying for the loan sold by lender in case of default on the loan. Borrowers of the loan may come across this process because of some unforeseen reason such as loss of job, illness, major accident, and many other reasons that could lead to loss of property underlying the loan. In case the borrower of the loan is unable to meet the monthly payments, the lender may foreclose the property underlying and therefore it is most important to know the process of foreclosure and how long it last before the final action you have to evict the home. The process of foreclosure starts from the day you have missed the payments and last with eviction from the home. It is important to know because many home owners are in tensed thinking about the foreclosure and have no idea about how to handle. Worrying without taking any kind of action is not a solution to your problem instead it is better to find out how the process go through. Having knowledge about the process means homeowners can have little control over the situation and that allows you put together some plans and if possible save home.As the foreclosure process starts from the day one,...more
Is your home is about to foreclose? Do you know what happens after foreclosure? Many people often mistakes that they have to leave the home immediately after foreclosure but it isn't the case. The time you get to evict the home after foreclosure will also depend on the state rules that your home is in. The time that former home owner gets after...more
Money. You will need money in order to stop foreclosure sale. You will need money coming in from a business or a job. You will also likely need to come up with at least some money for some of the back payments that you owe the mortgage company. If you can borrow that money at a decent interest rate and you really want to save your home, it may be...more
Losing home to foreclosure due to inability to pay monthly payments regularly is one of the life's unpleasant and disheartening experiences. With foreclosure, it is not only the home you are going to loss but also the credit ratings that get affected with foreclosure reporting. One can't say they never become prey of foreclosure as they can't foresee the future happening. Serious illness, a major accident, divorce or job loss incidents are such things which are not foreseen and can ride your wave. Hence is always safe to be careful and have enough knowledge about the alternatives in case of worse situation.Foreclosing is not the end of your mortgage debt problems instead in some cases the lender may file deficiency judgment against you and the cost of foreclosing. The worst situation that can happen is damage to your credit report and your future credit. Hence to safeguard yourself it is very important to avoid foreclosure. In such situation I suggest short sale is best option to foreclosure. Here are the reasons why short sale is considered as a best option.Credit report: in case of short sale each state has different regulations for credit ratings but most often it is said that...more
It's the fact time now—a recent survey unveils that foreclosures in Hampden County, Massachusetts were up close to 50% for the first four months of 2010 compared to the same period last year. The month of April 2010, recorded a 160% plus growth of...more
If you are able to check the file of a Notice of Default then it will be easy for you to avoid foreclosure and this is considered the most excellent method to stay away from any foreclosure. If required, in any condition- then the lenders need not...more
In a nutshell, you have to find a law firm offering both foreclosure defense and loss mitigation services. With a law firm, you do not have to be concerned about being scammed. Besides the peace of mind you will get from working with a qualified...more
This is a serious problem for America, but there is good news. Some of the states, which were the worst hit, are now registering a decline in the foreclosure rate, because of the end of the subprime crisis. The bad news is that while these states are...more
Believe it or not, banks and lending institutions are willing to go the last mile with homeowners who sincerely want to save their homesteads. You don't think so? Look at it this way- Until it becomes the last option, banks are not keen on...more
FNMA foreclosures refer to those that are owned by Federal National Mortgage Association (FNMA), also popularly known as Fannie Mae. In general, Fannie Maes objective is to provide affordable housing to low-income families by securing their...more