Comments for Preventing Foreclosure

Comment on where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims? by darla

darla — Thu, 11 Mar 2010 01:58:20 +0000

http://www.federalstopforeclosure.com/db949/?page=landing

Here is the one that I am looking into as I am getting close to the F word in housing! Good luck to you also.

Comment on where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims? by Rebecca d

Rebecca d — Thu, 11 Mar 2010 01:10:01 +0000

What people do not understand is that if/when a property is foreclosed on the borrower does not simply walk away with a FC on their credit. At the beginning of the following year they get a 1099 and have to claim the banks loss as an income and then pay taxes on it. The IRS billing them is understandable, especially if they had unpaid taxes and the IRS placed a 2nd lien against the property.

The other thing that people forget is that the borrower may ask banks for help, but they have to qualify for it. Investors are not ‘handing’ the bank to people because they need help – they have to qualify by showing they can afford a lower payment/interest rate. If they do not qualify this way, or if there are 2nd liens on the property – often the banks hands are tied because the collateral can be FC on by the other lien holder(s) and the risk of loss all the way around is to great.

You have a couple of choices here;

1) If your parents haven’t been evicted yet and if you’re in a “Redemption State” you might be able to redeem the property by making a years worth of interest payments. You’ll want to contact the FC attorney assigned by the investor to get answers to those questions – or look it up on the internet.

2) Again, if your parents are still on the property they still might be able to sell it, possibly even a Short Sale which would mean getting an offer for close to Fair Market Value. You can contact the REO of your parents loan servicer to inquire about this possible option.

3) Move forward. The FC is done. I would inquire (if you haven’t already) with that BK attorney to see if they do anything to reduce the debt owed to the IRS.

Good Luck.

Comment on where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims? by ChicagoSearch

ChicagoSearch — Thu, 11 Mar 2010 00:32:16 +0000

You are looking for a place to find help with foreclosure issues, the first thing I would caution against is all of the people trying to sell a “quick fix” foreclosure solution. Try a government housing counselor, find one through HUD or online you can try a resource website with links to government agencies that may be able to help in situations like this:

http://www.loanforeclosureinfo.com/resources.htm

Good luck, sounds like a hard situation.

Comment on where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims? by mac

mac — Thu, 11 Mar 2010 00:27:01 +0000

here’s one for you,i just read an article on a las vegas news website that says,the chinesse want to come to america and buy houses,im thinking great,lets let them come over and buy all these houses,and then charge people to rent not buy,this was one way we got into this mess,we need to stop letting people buy mass houses just to rent or sell over what thier worth.

Comment on where can we find help for foreclosures issues? And what is Obama doing to help foreclosure victims? by jeff m

jeff m — Thu, 11 Mar 2010 00:05:22 +0000

search the internet or watch the news. He spoke about it last night

Comment on Foreclosure? by warriorwoman

warriorwoman — Wed, 10 Mar 2010 00:38:26 +0000

It depends on your state’s laws. And I would suggest talking to a bankruptcy lawyer.

It’s been a while since I practiced law (went into nursing), and I know the bankruptcy laws have changed, but still worth a shot.

Comment on Foreclosure? by sheila_0123

sheila_0123 — Wed, 10 Mar 2010 00:27:10 +0000

It may depend upon which state the property is located in. Speak with a real estate agent who knows the legal aspects of the industry well. Seems like it is 30 days in our state; however, that is based upon information from over 10 years ago.

You may also contact an attorney who specializes or practices law in the area of Real Estate. They should be able to address the specifics of your state; also, if you are a tenant at sufferance, they may be able to assist you from a legal perspective.

Try the link below for further information:

Comment on how far do you have to be behind on your mortgage payments before it goes into foreclosure? by AnOrdinaryGuy

AnOrdinaryGuy — Tue, 09 Mar 2010 00:37:58 +0000

They can foreclose if one payment is missing (under the terms of the loan) but in practice they will wait until two payments are overdue, and then start the process. The process begins with a formal letter saying that if you don’t pay up (including late fees and legal fees for sending the letter) they will start the advertising and sale process.

Comment on how far do you have to be behind on your mortgage payments before it goes into foreclosure? by alterfemego

alterfemego — Tue, 09 Mar 2010 00:00:59 +0000

It depends on the lenders business policies. Could be as soon as on the second month. When the clerk of the court either hands you the notice or posts the notice on your front door, it tells you when you have to move out. It also explains the right of redeemption.

Comment on how far do you have to be behind on your mortgage payments before it goes into foreclosure? by realestate_leader

realestate_leader — Mon, 08 Mar 2010 23:11:32 +0000

It Depends much on who you have supporting you.There are different options . If your approaching or in forclosure there are people out there that can help you.There is something called a short sale where the bank will allow you to sell the property at a discount to avoid forclosure. There are also programs out there that will allow you to refinance at a lower rate or a competitive rate if you fall into the catagory of a sharp adjustible rate mortgage.Talk to a realtor and ask them to put you in touch with the right people. attorneys mortgage bankers ect. There are ways to avoid foreclosure if you act right away.