Dealing with Possible Foreclosure: Bankruptcy

If a foreclosure is imminent, filing for bankruptcy will stop the sale and put everything on hold. A debtor is barred from pursuing collection outside of the bankruptcy process once you have filed. If you need additional time to work out a solution with your lender, but the foreclosure is already set, filing for bankruptcy…

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Beware of Foreclosure Scams

A borrower desperate for a way out of his/her financial troubles is especially vulnerable to the opportunities that offer quick, painless, and sometimes even profitable solutions to past-due bills. When those missed payments involve a mortgage and put the homeowner in danger of facing foreclosure, they can appear to be heaven sent. Beware. Great opportunities…

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Pre-foreclosure Sale: Selling your home to avoid foreclosure

Homeowners who find themselves in the situation where they are having difficulty making the monthly payments for their home loans, and the loan(s) are either close to, or exceed the value of the home, making a refinance virtually impossible, should consider the alternative of the pre-foreclosure sale and short sale payoff to avoid a foreclosure….

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Glossary

Appraisal Appraisal is the process in which a professional performs an evaluation of the property in question to determine the fair market value. The appraisal value may be used to determine an asking price for sale, appropriate amount of insurance to be carried, or in relation with a short-sale. ARM An ARM loan is an…

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Overview of Foreclosures

Thanks to today’s tough economic times, foreclosures are making headlines in cities throughout America . Many financial situations can cause foreclosures – loss of a job, divorce, high medical bills, even simply taking out the wrong kind of loan. Whatever the reason, more and more homeowners are facing the loss of their homes due to…

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Dealing with possible foreclosure – an overview

If you’re facing money problems, the last thing you want to think about is the possibility of losing your home. Yet foreclosure is a real – and scary – consequence for many people these days. One of the most important actions you can take right away is to contact your lender as soon as you…

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Know Your Mortgage Rights

When a purchaser fails to meet the obligations of a finance contract for a home or other piece of property by missing payments, the lender has certain rights that allows him to assume ownership of the home. This action takes place through a legal process known as foreclosure. If you don’t make timely payments toward…

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