Foreclosures Help Information

Posts Tagged ‘Mortgage Foreclosures’

Mortgage Foreclosures Minnesota

Question: How long can we stay in our home after filing it in with our bankruptcy?

How long can we stay in our home after filing it in with our chapter 7 bankruptcy ? we have not decided jet but, do we have to include our house in our banckrupcy ? we dont think we can afford the payments.
Ok, I am having a hard time finding the answer I'm looking for, hope someone can help. We live in Minnesota
My hubby and I do not want to foreclose on our home, nor do we want to do a short sale, as I hear a short sale is every bit as bad if not worse than bankruptcy. We have a second mortgage as well. If we file bankruptcy and put the house in with that, approx how long will we be able to stay in the home before we get kicked out, and how do they do it? I don't want them to come and slap a yellow sticker on the window like they would in a foreclosure and make it obvious to the neighborhood that we defaulted on our mortgage. Does anyone know how long we will be able to stay, and what will happen to the house when we are forced to leave?

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Answer: Check with your bankruptcy attorney. If you aren't or can't resume payments on it I suggest to leave as quick as possible, allowing the house to be put on the market sooner and hopefully sell sooner. Each day that goes by adds more interest to the loans you have on it & increases the money you won't or can't pay.

Special Program on Short Sales & Mortgage Foreclosures

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Mortgage Foreclosures October 2009

The rate of national foreclosures hit a record high just this last 3rd quarter of 2009. This according to Realtytrac, a real estate data and statistical company that focuses their efforts on the foreclosure industry. That means that as of October of 2009,one in every 136 U.S. homes were in foreclosure in the third quarter alone.

Despite government-led and lender-supported attempts to prevent foreclosures homeowners continue to find themselves asking, "How did this happen, and what can I do to stop the bleeding."

One option that promises to stop foreclosure and allow homeowners to lower their monthly mortgage payments is a loan modification. This process, although restructuring loans has been around for decades, has proved to be popular more recently due to the sup-prime mortgage mess.

Let's talk a second about what a homeowner can expect should they choose to attempt a loan modification, either through their lender or an outside third party such as an attorney or a for-profit private firm.

First of all lets keep in mind that the lender has its best interest at heart at all times during the process and that homeowners who receive an approved loan modification may not have necessarily received the most favorable terms and conditions.

Now as the homeowner contacts their lender, whomever that may be, they quickly realize they are biting off more than they can chew. Between long hold times and department transfer after department transfer, they find it ever so increasingly difficult to get consistent and helpful information from the vary party they should be speaking to, their lender. That is if they can get to the right person. Another hurdle the homeowner must face is not just understanding mortgage terminology, but how to precisely justify what new payment will allow them to meet their new mortgage obligations and how all the number fit together.

Lenders are very specific about what documentation is needed and if homeowners fail to send everything in that is needed, their file goes to the back of the line. Or worst yet
they deny the modification all together because the homeowner unintentionally revealed something that may not have even been accurate.

One way to avoid all of these loan modification traps is to hire a private firm such as the Mortgage Assistance Group located in Glendale, AZ. They have successfully modified loans for over 500 families and have maintained an "A" rating with the Better Business Bureau. They have done this by under promising and over delivering on each and ever file with no document complaints.

They have recently launched a discount for homeowners who have been scammed out of money by another loan modification company. Finally, the company has affordable and flexible payment plans that should fit the financial profile of any homeowner who needs their professional help.

About the Author:

Author Randy D.

Mortgage Assistance Group
623-486-4505
www.mag-az.com

Source - I Missed A Mortgage Payment, What Can I Really Expect From My Loan Modification?

Foreclosure Prevention Press Conference Oct 13, 2009

Mortgage Foreclosures By State

Question: Why Are Middle-Class Home Owner's Mortgage Rates Going Up In Some States?

I have friends who's rate went up so high recently they are being forced into foreclosure! From CIT! Now they are targeting the people who pay their mortgages on time and raising rates for the resposible ones to lose their homes! This is very recent stuff! Destruction is coming to us guys!

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Answer: An adjustable rate mortgage (ARM) does that, and it is in the agreement contract that your friends signed.

Sen. Hansen Clarke responds to State of the State Address