There are a lot of people whose only thought is "How can I save my house"? They bought a little more than they could afford hoping they would be able to grow into the payments. The banks facilitated this idea with adjustable rate mortgages. For a lot of young couples this was a way to enjoy their future dreams today. Who could have predicted a worldwide recession?Now many people are looking for loan modifications. They thought they would be safe when they took out the loan because if they ever got in trouble, they could always sell their home to avoid foreclosure. Along with a global recession, home values fell as much as 50% in some markets.
Most people think they have to hire an attorney and pay thousands of dollars. There are a whole lot of things to consider, and eventually you may want to hire an attorney, but first things first. You can deal with all that later after you take away the immediate threat of losing your home tomorrow.Remember the immediate goal is stopping the sale. The good news is that all you need is a preliminary filing in place for that to happen. That's all it takes to stop foreclosure.
Then catch your breath. And with the immediate crisis at bay for at least a little while you can start asking the bigger questions, like: Do I want to keep my house" Do I want to hire an attorney? Which one: a bankruptcy attorney, or an attorney who specializes in loan modifications? These are all big questions that deserve careful thought.
And if you spend $2,000 on a bankruptcy attorney in a last minute ditch effort, you may have wished you spent the money on a different attorney, or maybe an attorney who specializes in loan modifications. And if you don't have the funds right now but your home is scheduled for a sale tomorrow, you have to do something fast, because the bank won't wait for you. If you don't have the $2,000 for an attorney to stop your sale today, then you sure won't need one after they take your home tomorrow.
Next, this attorney will schedule a sale of your home. This is the first day of foreclosure. You might find a notice on your door or receive a statement in the mail. Either way, you have until the sale date to make arrangements with your lender to keep your home or pay the amount that is due, now including attorney fees. Still, after the sale date you may have a redemption period, which is a period of time in which you can still get your home back after it has been sold, provided you can pay all outstanding balances and costs that were incurred during foreclosure.
How do you make sure you fill everything out and do all the required things so that the clerk accepts your file? Find someone else who did it. If you could just see how someone else did it -- every single detailed step from point A to Z, wouldn't that give you confidence that you could do it on your own too? Then, when you ask yourself how to save my house from foreclosure, your answer can be simple. "I did it myself."
Stopping your foreclosure by filing your own chapter 13 bankruptcy won't fix things permanently, but it stops the immediate crisis so you can think clearer and live to fight your lender another day. Once your sale is stopped, take a deep breath, and with your head a little clearer, you can start making the bigger decisions.The George Osborne budget has meant that that at least up to 600,000 public sector jobs could be cut over the next five years.
Here's the thing: none of those means you are in foreclosure.If you get a letter from your bank telling you you are in foreclosure, you are not in foreclosure.Even if you are six months behind with the mortgage and you've received four letters from the bank saying you are in foreclosure, you are not in foreclosure.This is important, so I'll repeat it. You are not in foreclosure because your bank says you are.Only one of two things can notify you officially of foreclosure.A Notice of Trustee Sale.A Notice of Sheriff's Sale.Once you receive either of those, you are officially in foreclosure. Your house will be auctioned, usually in about 90 days' time, depending on which state you live in.
Why is this important?Because, if your bank tells you you are in foreclosure, and you haven't yet received notice of Trustee Sale or notice of Sheriff's Sale, there is still time for a loan modification company to intercede on your behalf.They will have a team of dedicated attorneys who will negotiate with the bank or lender to achieve a substantial reduction in interest rate (and maybe loan principal) on your mortgage, to reduce the monthly payment to a level which you can afford on an ongoing basis. To save your home, no less.(If any loan modification company approaches you who do not have their own dedicated attorneys, walk away.)
What if you have already received notice of Trustee Sale or notice of Sheriff's Sale, and are officially in foreclosure? Can nothing be done?In this case, a loan modification company may still be able to help you.The first thing they will have to do is contact the bank to stall foreclosure.Once the foreclosure process has been stopped, then they can proceed to negotiate to modify the loan.Obviously in this case, speed is of the essence. If you are close to foreclosure, or have recently received official notification of foreclosure, don't delay - engage the services of a reputable loan modification company right away.There is a good possibility they can help you to save your home.
[Save My Home]
Most people think they have to hire an attorney and pay thousands of dollars. There are a whole lot of things to consider, and eventually you may want to hire an attorney, but first things first. You can deal with all that later after you take away the immediate threat of losing your home tomorrow.Remember the immediate goal is stopping the sale. The good news is that all you need is a preliminary filing in place for that to happen. That's all it takes to stop foreclosure.
Then catch your breath. And with the immediate crisis at bay for at least a little while you can start asking the bigger questions, like: Do I want to keep my house" Do I want to hire an attorney? Which one: a bankruptcy attorney, or an attorney who specializes in loan modifications? These are all big questions that deserve careful thought.
And if you spend $2,000 on a bankruptcy attorney in a last minute ditch effort, you may have wished you spent the money on a different attorney, or maybe an attorney who specializes in loan modifications. And if you don't have the funds right now but your home is scheduled for a sale tomorrow, you have to do something fast, because the bank won't wait for you. If you don't have the $2,000 for an attorney to stop your sale today, then you sure won't need one after they take your home tomorrow.
Next, this attorney will schedule a sale of your home. This is the first day of foreclosure. You might find a notice on your door or receive a statement in the mail. Either way, you have until the sale date to make arrangements with your lender to keep your home or pay the amount that is due, now including attorney fees. Still, after the sale date you may have a redemption period, which is a period of time in which you can still get your home back after it has been sold, provided you can pay all outstanding balances and costs that were incurred during foreclosure.
How do you make sure you fill everything out and do all the required things so that the clerk accepts your file? Find someone else who did it. If you could just see how someone else did it -- every single detailed step from point A to Z, wouldn't that give you confidence that you could do it on your own too? Then, when you ask yourself how to save my house from foreclosure, your answer can be simple. "I did it myself."
Stopping your foreclosure by filing your own chapter 13 bankruptcy won't fix things permanently, but it stops the immediate crisis so you can think clearer and live to fight your lender another day. Once your sale is stopped, take a deep breath, and with your head a little clearer, you can start making the bigger decisions.The George Osborne budget has meant that that at least up to 600,000 public sector jobs could be cut over the next five years.
Here's the thing: none of those means you are in foreclosure.If you get a letter from your bank telling you you are in foreclosure, you are not in foreclosure.Even if you are six months behind with the mortgage and you've received four letters from the bank saying you are in foreclosure, you are not in foreclosure.This is important, so I'll repeat it. You are not in foreclosure because your bank says you are.Only one of two things can notify you officially of foreclosure.A Notice of Trustee Sale.A Notice of Sheriff's Sale.Once you receive either of those, you are officially in foreclosure. Your house will be auctioned, usually in about 90 days' time, depending on which state you live in.
Why is this important?Because, if your bank tells you you are in foreclosure, and you haven't yet received notice of Trustee Sale or notice of Sheriff's Sale, there is still time for a loan modification company to intercede on your behalf.They will have a team of dedicated attorneys who will negotiate with the bank or lender to achieve a substantial reduction in interest rate (and maybe loan principal) on your mortgage, to reduce the monthly payment to a level which you can afford on an ongoing basis. To save your home, no less.(If any loan modification company approaches you who do not have their own dedicated attorneys, walk away.)
What if you have already received notice of Trustee Sale or notice of Sheriff's Sale, and are officially in foreclosure? Can nothing be done?In this case, a loan modification company may still be able to help you.The first thing they will have to do is contact the bank to stall foreclosure.Once the foreclosure process has been stopped, then they can proceed to negotiate to modify the loan.Obviously in this case, speed is of the essence. If you are close to foreclosure, or have recently received official notification of foreclosure, don't delay - engage the services of a reputable loan modification company right away.There is a good possibility they can help you to save your home.
No comments:
Post a Comment