Recently on our legal forum a user asked, “I bought a house two years ago. I had a great job, but I bought a home that was a bit out of my price range. Three months ago I lost my job. I have not made my mortgage payment since then, and the bank is threatening foreclosure. I am wondering if what a short sale is and whether it might be a good idea?”
Recently on our legal forum a user asked, “Everyone around me seems to be doing great: new houses, new cars, new pools. I am struggling to pay my bills. Creditors call me every day and hound me for money I don’t have. I am wondering what bills I should pay first if there is no way I can pay all my bills every month.”
Recently on our bankruptcy forum a user asked, “I have been fighting with the Home Owner Association (HOA) in my neighborhood for years and now they are threatening to foreclose on my home. How do they have this much power? I am current on my mortgage payments. Can they really take my house away from me? Please help!”
Recently on our legal forum a user asked, “The bank has notified us that they intend to foreclose on our house. I am wondering whether this means we should pack up and move or do we stay in the house until the bank forces us out? I have heard of a process called a zombie foreclosure. What do I need to know?”
If you have a home mortgage, you and your bank own your home. If you fail to meet the contractual requirements of the loan the bank has the legal right to repossess the home, a process called foreclosure, and potentially charge you for legal fees, home foreclosure fees, and a deficiency judgment. So whether you have lost your job, your adjustable rate mortgage has readjusted to a higher rate, or you have become seriously injured, if you are facing home foreclosure, you need a help.
Did you know that even after your home is sold at auction or by the lender you could still be on the hook for money owed on your loan? This debt is called a deficiency, and it occurs if the amount you owed the lender is more than the foreclosure sale price.
CNN reports home prices are on the rise, helping almost two million American homeowners get back “above water.” According to RealtyTrac, in the first quarter of this year there were an estimated 17% or nine million homeowners whose mortgage debt was more than 25% of the value of their home. This number sounds bad, but according to RealtyTrac, it’s an improvement from earlier reports that an estimated 10.9 million, or 26%, of all property owners were underwater last year.
In a general sense, the U.S. Courts website defines the transfer of property as “any mode or means by which a debtor disposes of or parts with his/her property.” The term can often be very confusing, especially to laymen during the bankruptcy process. Continue reading
Many bankruptcy sites and forums emphasize the importance of the automatic stay in bankruptcy, especially when it comes to foreclosures. These sites might suggest to you that filing bankruptcy is the best way to stop the foreclosure process. But, is it always best to handle a foreclosure through the bankruptcy process? Continue reading
It is important in American society to have good credit history. Without a good credit history, you often cannot rent property, get loans, get some types of jobs, and you will likely be paying much higher for those rental property and loans when you can get them. You may also have to pay larger deposits for the essentials of living, like utilities. Nevertheless, probably the greatest effects on credit reports resulting in a poor credit history are caused by filing for bankruptcy protection and/or having a foreclosure show up in your history. Continue reading