Foreclosures and Debt

In spite of all the good intentions that the Banks and the Obama Administration had in mind when they initiated the Making Home Affordable loan modification program to stop foreclosure for home borrowers that were facing foreclosures, there were many borrowers unable to qualify for the program. Due to the inability of the “Making Home Affordable” program to help stop foreclosure for a large number of ineligible, willing applicants, foreclosures continued to spiral out of control. Many families despite their efforts to keep their homes, were unqualified for  foreclosure avoidance programs offered and had to give up their American Dream of home ownership that they worked so hard for.

Not so fast! Fannie Mae have come up with another option for slowing foreclosures, “Deed for Lease™ Program”. The Deed for Lease program announced by Fannie Mae in November, is a program designed to offer up another option for borrowers facing foreclosure who do not qualify for other stop foreclosure programs like loan modifications. The way it works is that qualifying homeowners facing foreclosure may be able to stay in their homes if they sign a lease and at the same time, voluntarily transfer the deed of the property back to the lender, also called “deed in lieu of foreclosure”. The primary aim of the Deed for Lease program is to help alleviate the problems associated with foreclosure, such as uprooting families, decaying neighborhoods and other harddships caused by foreclosures. According to the Vice President of Fannie Mae, Jay Ryan, Deed for Lease is another option for troubled borrowers facing foreclosures; [Read more →]

Tags: Foreclosure News, Stop Foreclosure by Jacky
No Comments »

Home foreclosures facts and figures are in the news, on the t.v. and online almost on a daily basis. This trend can only mean that the number of homeowners facing foreclosure or have been foreclosed on, is growing rapidly. Many homeowners are seeking information on how to save their home and stop foreclosure by any means necessary. Is a bad credit loan the answer?

There are people who were just on the door steps of foreclosure and tried to refinance their current home loan with a bad credit loan or sometimes known as a “hard money loan”, only to be told that hey did not qualify. It seems ironic that if you wanted a bad credit loan that charges more fees and higher interest rates to try and avoid foreclosure, why can’t you qualify? If you have few late payments, you have the bad credit secured with real estate , so why not qualify for the bad credit loan?

Know the difference between a bad credit subprime loan and a hard money loan. A hard money loan is generally based on the value of amount seeking to borrow and the market value of the home, and is a type of subprime loan. If you have any equity in

[Read more →]

Tags: Stop Foreclosure by Jacky
No Comments »

In the last couple of years, the bankruptcy laws have changed in congress and as recent as April 2007. There was a time that a homeowner who came upon hard times could seek protection from creditors under Federal Bankruptcy laws by filing a Chapter 13 , Chapter 7 and other options and stop foreclosure. Now, times and the laws have drastically changed. The process of filing a bankruptcy to try and save your home and reorganize your debts have taken a turn with twists and curves just to be able to consider filing!

The new Bankruptcy laws according to the Department of Justice, were enacted under the following

“The Bankruptcy Abuse Prevention and Consumer Protection Act of 2005″, which opens a new era in the history of bankruptcy law and practice, was passed by Congress and signed into law by President Bush on April 20, 2005.

The bankruptcy changes were put into effect in October of 2005.

In a nutshell, before anyone can file a petition for bankruptcy, they must obtain credit counseling within 180 days before being able to file a bankruptcy. Once you have filed a bankruptcy, you must obtain a debt management education certificate before the bankruptcy is discharged. [Read more →]

Tags: Stop Foreclosure by Jacky
No Comments »