Dateline’s Chris Hansen checks up on a family that was evicted from their Las Vegas Home a year ago. Look at the video and see how they are doing after the foreclosure process.
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If it is not bad enough that your lender has foreclosed on your home, but there is a study that indicates the amount of money owed stated in the foreclosure notices may be incorrect! You may not owe as much as stated by the lender or there may be questionable fees charged in the foreclosure process. The bankruptcy courts are finding questionable fees charged to borrowers who file for protection under Chapter 13 Federal bankruptcy laws to try and save their homes in foreclosure and stop foreclosure.
Under a Chapter 13 bankruptcy, a debtor or borrower must file a statement of assets and liabilities under penalties of perjury declaring all monies owed and all income. A Chapter 13 Bankruptcy is also known as a “reorganization plan”. In other words, a Chapter 13 filing allows a debtor to try and get their financial house in order by making scheduled payments to creditors approved by a Federal Bankruptcy Judge. The repayment plan may be spread out over several years to allow the debtor to make payments to the creditor, that may be lower than their original monthly payments. In a Chapter 13 proceeding, creditors must also file a statement to the court declaring the amounts owed by the debtor, before a repayment schedule can be approved by the Judge. [Read more →]
You have fallen behind on your mortgage payments, and the lender has sent you notices to try and collect the late payments and threatening foreclosure. What can you do to stop foreclosure on your home?
When facing foreclosure, many panic and give up, thinking that there are no other options to stop foreclosure and save their home. Well, here are some actions that can be taken to try and stop the foreclosure of your home!
Before any action, get your financial house in order. Calculate your income and expenses and determine what is really coming in and what is really being paid out monthly. If it is too much to do your own financial analysis, look for a nonprofit counselor that would probably do it free of charge and may also help negotiate with the lender. The U.S. Department of Housing and Urban Development, HUD, sponsors housing counseling agencies. Click here to find a list of HUD Housing Counseling agencies in your state.
Next, contact your lender and be sure to have an idea what you need from them, like some of the actions below. [Read more →]
Foreclosure is the process where the lender of a mortgage terminates the borrower’s interest in the property secured by the mortgage loan. It is a termination of all rights of the homeowner covered by a mortgage. Once the foreclosure process is completed, the lender becomes the absolute owner of the property.
The trigger of the foreclosure process is when a homeowner misses a payment or fails to make payments of the money due on the mortgage at the appointed time. Many factors can cause this situation, like losing a job, becoming ill and unable to work, divorce and many other scenarios. However, the lender rarely considers any reason valid enough when they don’t get their payments on time.
Foreclosure allows the lender to “repossess” the property secured by the loan, and sell the property legally to try and recover the loan amount. Currently, foreclosures
Remember, the lender generally is not interested in owning your home, and you do not want to lose your home, so it’s time for a compromise!
