By Jacky, on November 29th, 2007
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
Continue reading Bad Credit Loan To Save Home
By Jacky, on September 16th, 2007
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. Continue reading Bankruptcy To Save Home
By Jacky, on August 23rd, 2007
At the rate of foreclosure filings by home mortgage lenders, many borrowers find themselves stuck in idle and do not know what to do next.
Recently, in March 2007, a couple was facing foreclosure and began worrying their heads off about losing their home. The husband was in between changing jobs and they had fallen behind on their mortgage payments by a month.
Their first action to try and catch up on the home loan, was to contact friends and family to borrow money. Needless to say, many of them were in a cash crunch themselves, so they ran into a brick wall.
The next action was to call the lender and try to negotiate a payment for the current month and ask, if the month missed could be paid later on during the term of the loan so they could prevent foreclosure. The lender’s representative insulted them and told them “if they could not pay the missed payment, then they did not deserve to have a home! ” Continue reading Foreclosure only Option
