Foreclosure101

Are You Facing Foreclosure?

2011-11-01T16:03:00.001-04:00

Are you facing foreclosure on your home ?

If you are then one of the things that you should know is that it will be a matter of public record if you are facing foreclosure on your home. People and other kinds of businesses will be able to view this information and you may start to get letters in the mail offering to help you get out of foreclosure and or to help you save your home from foreclosure.

Here is an excerpt of one of these kinds of letters that you may receive:

STOP REAL ESTATE FORECLOSURE

If you can't catch up on your mortgage or property taxes and you are in jeopardy of losing your home, filing Chapter 13 bankruptcy may be able to help you.

In Chapter 13 you can keep your property and you'll have up to 5 years to catch up on your mortgage and pay your back property taxes.

Learn how you can pay your back mortgage payments and taxes over five years and keep your home!

The U.S. Congress has passed legislation that protects you and provides for a "Chapter 13" debt repayment plan.

Free Phone Consultation with an attorney!

If you qualify, you may be able to stop real estate foreclosure, eliminate unsecured debt and keep your property by filing a chapter 13.

This kind of letter also included a fee of just over $300 to help you.

You have to be very careful of letters such as this one! Find yourself a reputable bankruptcy attorney to help you if you want to save your home from foreclosure!

FINALLY! There is some new news!

2011-07-27T19:20:00.000-04:00

Found this new information online:

UPDATE (July 6, 2011): The final approval hearing was held on May 16, 2011. The Hon. Judge Norgle issued an order granting final approval of the settlement on July 1, 2011. The order becomes final in 30 days if there are no appeals. Class members could begin receiving payouts late this year. Please continue to visit this website for further updates.

This information came courtesy of "pissed-off consumer" and this information also appear's on the settlement's official website.

Suffice it to say that I am kind of PO'ed myself! Why a decision should take so long is beyond words! Now that the judge has made his final decision there is still another 30 days to go before the decision is final (bar-ing any appeals.

Now they tell us that we might get paid late this year????? How late will that be!

Ocwen Loan Servicing Takes Home from Handicapped Because There’s Equity!

2011-06-28T16:45:00.000-04:00

Well it looks as though there is more bad news if you are one of the unfortunate people that still have a mortgage with Ocwen!

I was online looking to see if I could find out some more current information about the Ocwen Settlement - (so far I haven't)

I found this article online about how Ocwen is foreclosing on a home of a handicapped man and his family.

This information that was posted on someone's blog has some very good detail on how this whole thing happened - though I don't know at this time whether or not the home has actually been foreclosed on yet.

The blog also lets you comment and I'm sure that there are going to be a lot of people that read this blog post and are going to be outraged by what Ocwen has been doing!

To read the blog post just click the link below:

Ocwen Loan Servicing Takes Home from Handicapped Because There’s Equity!

Ocwen Class Action Settlement Suit

2011-06-01T16:08:00.007-04:00

If you are one of the people who are involved with the Ocwen Class Action Settlement Suit then here is some news for you.

Apparently the hearing to settle the suit was supposed to occur 2 weeks ago and you are probably wanting to know how soon are you going to be paid?

While there is no forthcoming information about the class action lawsuit settlement on the settlement site's official website there has been an informal posting from someone online that says:

"I spoke with the atty's that are representing everyone in the class action lawsuit on Friday. They are just wanting on the judges ruling. Once that happens, they believe the checks will be issued to everyone that became part of the lawsuit. He said if I didn't hear from them within two (2) weeks, to call again. So progress has been made."

Hopefully this will bring some very good news to those who were involved with this lawsuit.

Update - December 27, 2011

Well here is some more recent news - a client of mine expecting $1300plus got a check for $52!

Update

Here is some information that I have found online so far about the latest news on the Ocwen Settlement Class Action Suit:

Written by LJ on June 15, 2011

I've heard back, the Judge is still going over the case, there is no time limit for this to be done so no ruling has been made as of yet.

Written by LJ on June 14, 2011 - I attempted to also call the lawyers today and was sent to voicemail saying it could take days to hear back from high call volumes. They are asking people not to call attorney's but where the *** are we suppose to find out anything? There is nothing on the net about it.

source

Pissed Consumer

So far this is the most current news that I have found.

June 9, 2011 Update!

I have been looking around for more information about the Ocwen Class Action MDL settlement and here is what I have found so far:

When is refund for ocwen settlement mdl .com?

As far as I know the attornies were waiting for the final court ruling. My best guess is within the next 2 weeks.

and this was posted 5 days ago.

source
AOL Answers

So far that is about the only recent information that I have found. I will try to find more information and post it here.

Mortgage Help Available!

2010-12-09T16:22:00.000-05:00

I just got an email about a grant program to help those who are facing foreclosure!

Dear Friends,

Mortgage foreclosure relief is on the way!!!!!

I’m pleased to tell you that we’ve crossed the last hurdle and homeowners who have lost their jobs and face foreclosure will soon be able to apply for emergency mortgage assistance for help with their mortgage payments.

When the Senate passed one of the Consumer Protection Acts, it included a provision that provides $1 billion in emergency mortgage relief.

Millions of American homeowners, through no fault of their own, have lost their jobs in the current economic downturn and have faced the loss of their piece of the American dream. This program will keep families in their homes when the breadwinner has recently lost his or her job providing emergency relief from foreclosure for those with a proven history of working and paying their mortgage.

The U.S. Department of Housing and Urban Development is expected to have this program up and running within the next 90 days.

The new driving force in foreclosures is unemployment, not subprime mortgages. This mortgage relief program gives long-overdue recognition to that fact.

To find more information about other kinds of grant programs (including those that involve "free money", you can visit both my

Grant Basics 101 Blog

and

The Unclaimed Money Blog.

Obama administration rejects nationwide foreclosure moratorium

2010-10-12T16:56:00.002-04:00

I have to say that I am highly disappointed with the President's decision! So many people are losing their homes to foreclosure and I ask how in the world is that going to make our country better?????

As someone that researches government grants for a living, I have blogged about many government grant programs for those that are looking to buy their own home.

However one of the problems with some of these grant programs is that real estate investors apply for these same grant programs leaving legitimate homebuyers out in the dust!

I surely do hope that the President will change his mind on this!

You can read the article about this by clicking here.

Bank Of America Stopping Foreclosures In 50 States!

2010-10-08T16:41:00.002-04:00

Here is an excerpt from the online article:

"A mushrooming crisis over potential flaws in foreclosure documents is threatening to throw the real estate industry into chaos, as Bank of America on Friday became the first bank to stop taking back tens of thousands of foreclosed homes in all 50 states."

You can read the rest of the article by clicking here.

Another Family Manages To Save Their Home!

2010-07-31T12:53:00.003-04:00

Here is yet another story of a family who managed to save their home from foreclosure!

It seems that if you are subject to homeowner association fees, if you don't pay them then they can foreclose on your property. In this instance the family owned their home free and clear but the homeowner's association could foreclose on their property even though they owed less than $1000 on their homeowner's association fees! What makes this story even more sad is that the home, worth $300,000, was sold to a bidder for $3,500!

According to the article, "In Texas and about 30 other states, HOAs have the power to foreclose on your home if you fail to pay your home association dues, even if you own it free and clear". This has angered a lot of people and this particular story has brought it more into the light!

And then another fact included the fact that the husband was in the military. There is a federal law that protects those on active duty from certain legal and financial obligations, including foreclosure, without going to court. (To find out more about government grant programs and other financial aid programs for veterans please see my Grant Basics 101 Blog)

But this story has a happy ending! The family was able to come to a settlement agreement with the homeowner's association.

You can read the article for yourself by clicking here.

Another source of money is unclaimed money. You can find out more about unclaimed money by visiting my blog, The Unclaimed Money Blog

Investing In Real Estate?

2010-03-30T15:11:00.002-04:00

I know that there are a lot of people that say that you can make a lot of money by investing in real estate but it's something that really isn't my cup of tea!

The first thing that I think about is the number of people who have lost their homes to foreclosure. While their homes have been sold to someone else that still doesn't take care of the fact that because of foreclosure these people are now homeless.

I do know that the point of real estate investing is to sell a home for more money than one paid for it. And I will admit that real estate investors do fix up properties so that they can be sold. And when a house sells it is no longer empty and it contributes to the overall well-being of the community.

But this is basically a blog about foreclosures, tips for helping avoid foreclosure and inspiring stories about people who have managed to get their homes out of foreclosure.

Excerpt From A Lawyer's Article.....

2009-09-14T20:58:00.001-04:00

In New Jersey, an owner of property being foreclosed is allowed two automatic postponements of a Sheriff's Sale.

Another Person Raises Enough Money To Save Their Home From Foreclosure!

2009-08-28T21:38:00.002-04:00

Here is another inspiring story about a woman who was able to save her home from foreclosure. How did she do it? She sold baked goods!

While seeking help at an agency that helps people try to avoid foreclosure an idea came up as to how she could earn more money to help pay her mortgage.

It seems the woman loved to bake and so that is what she decided to do! She sold enough baked goods to be able to pay her mortgage payments and avoid foreclosure! What makes this story even more inspiring is the fact that a company decided to mass produce her baked goods and now she is selling hundreds of her own baked goods!

I think that this is just another great example of someone who did not want to lose their home and they decided to DO something about it! She took something that she loved to do and turned it into an income-producing thing producing enough income to help save her home from foreclosure!

Home Saved From Foreclosure!

Another Person FIGHTS For Their Home!

2009-07-26T18:56:00.003-04:00

Unfortunately these current economic times are weighing people down! However there have been glimmers of hope from stories about people who are fighting to keep their homes!

I found another online article about just such a person!

He has an older home and has found that the cost of maintaining it has gone up! What's more (and unfortunately) the value of his house has gone to and it seems now that his home only worth half of what he paid for it! In addition one of his children has also become ill and that means that medical bills will further deplete any income that he is making. He said he is trying to find a second job but so far he can't find anyone who is hiring.

Determined to keep his home he has decided to go online with his own website and raise money to be able to help pay the mortgage on his home and keep his home out of foreclosure. According to the article he has so far raised $1000!

He is trying to remain positive and upbeat. He is also trying to keep his sense of humor. He is also determined to keep his home!

You can read more about him and his current situation by clicking here!

Mayor Of Portland Oregon Facing Foreclosure!

2009-06-17T13:42:00.000-04:00

Mayor Faces Foreclosure!

Openly gay and homosexual, Steve Adams, mayor of Portland, Oregon is currently 5 months behind on his mortgage payments. Because of this a default notice appears on his state's foreclosure website.

At a price of $130,000 for the property, the mortgage payments were reported to be around $959 a month. (The mayor's annual salary is estimated to be $118,000.)

Plagued by different scandals, including a teen sex scandal and an incident involving the mayor's GMC pickup, the mayor has had to pay various and high legal and attorney fees.

Only time will tell whether or not the mayor may lose his home because this is just but the first step in the foreclosure process!

It goes without saying that a lot of the mayor's constituents are quite angry with him!

I Hope You Find This Article Helpful

2009-06-14T01:03:00.003-04:00

For those of you that have an ARM (adjustable rate mortgage) and your mortgage payments are getting higher and higher - to the point that you may not be able to pay - I hope that you find the article link below helpful!

It seems that even if one has a bad or low credit score that there still may be help available for you if you need to refinance your mortgage.

Adjustable Rate Mortgage Help

Here Is Another Link To An Article That I Hope You Find Helpful.

2009-05-03T13:01:00.003-04:00

Here is a link to another article that I hope that you will find useful.

It seems that there are so many more foreclosure sales being reported all around the United States that any information that one can find to help them avoid foreclosure would be helpful.

It May Be A Good Time For Buying Real Estate But........

2009-02-20T22:40:00.002-05:00

I was just watching a news segment about how people were able to buy property at well below the market value of the property. For instance one family bought a home for around $175k but the house was appraised at $250k!

In the interview one of the family members said how they knew that the home was a foreclosure and that while they felt sorry for the people that lost their home, they felt that "their loss was their gain".

I really don't agree with this though because there are just too many people losing their homes to foreclosure! And while this particular news story talked about who was able to buy the home, they didn't mention anything about who it was that lost the home in the first place!

On a more positive note I saw on one of the public access channels that there is a grassroots organization in Philadelphia that is helping people who are being faced with foreclosure. They are staging some kind of anti-eviction campaign where they will try to help the homeowners stay in their homes. (Hopefully if I find out more about this organization, I will post more about them here.)

Will The New Stimulus Bill Help?

2009-02-18T20:54:00.003-05:00

I just got finished listening to news reports explaining what this new stimulus package is supposed to do to help homeowners. It looks to me that this new bill is going to help the banks more than it is going to help the people - especially the people who are now losing their homes to foreclosure.

I just can't understand why the President of the United States just can't put a moratorium on home foreclosures for say at least 5 years! Hilary Clinton, when she was a Senator, was able to do this so why can't Barack Obama be able to do the same thing on a larger scale? How much more relaxed and stress-free would it make people feel if the constant worry of losing their home was abated for a few years? Surely this could do nothing but help!

Clearly the banks are getting a lot of money and so is the auto industry!

I also took a look at the income tax booklet for this year and it just seems more complicated than ever!

Website Saves Family Foreclosure!

2008-12-27T16:59:00.001-05:00

A family has managed to hold off foreclosure of their home because of donations they received from putting up a website and asking for donations!

So far they have raised over $10,000!

It wasn't just foreclosure that this family was facing. The father was out of work and they needed much needed car repairs! Plus they had a big medical bill as well!

Apparently they have since taken the website down but you can read more about this story by clicking here.

Woman Buys Back Foreclosed Home For Stranger

2008-11-22T23:25:00.003-05:00

Here's a very inspirational and inspiring story that I found online!

I should warn you though that the link to this article means that you have to scroll down to be able to see this particular article

Woman Buys Back Foreclosed Home....

I guess it just goes to show you that miracles sometime do happen!

Some Hope And Some Help (at least for a while)....

2008-11-21T20:17:00.003-05:00

Here is a link to an online article about some homes managing to hold off being foreclosed on at least for during the holidays.

It seems that Fannie Mae and Freddie Mac are suspending some scheduled foreclosures until mid January 2009 while they re-evaluate those home loans.

I'm sure that this is a welcomed gesture for the 16,000 homes and the families that live in them!

Here is a link to the article

A Sheriff Takes A Stand Against Evictions!

2008-10-09T16:17:00.004-04:00

Here is a link to an interesting online story about a sheriff who has taken a stand against issuing evictions to tenants who are renters!

In an interesting twist of events it seems that the tenants were paying their rent but it was the owner(s) who was not paying the mortgage!

Another Wealthy Person Faces Foreclosure!

2008-07-25T08:05:00.003-04:00

I just read another online article about another person who is / was wealthy who is now facing foreclosure on their home.

Personally I don't care if you are wealthy or not, facing foreclosure on your home is a very terrible experience.

People are so quick to judge someone - especially when they are wealthy! We all strive to be wealthy - well at least some of us do - and when someone "makes some people are so quick to put them down!

Here is the link to the article:

Music Mogul Faces Foreclosure!

Even Some Of The "Rich" People Are Facing Foreclosure!

2008-06-04T13:05:00.004-04:00

Ed McMahon Faces Foreclosure on Home!

Even the so-called "rich" people are facing foreclosure on their homes!

Now comes the news that "legendary pitchman" Ed McMahon is facing foreclosure on his multi-million dollar home! Just like other people who are facing foreclosure, Mr. McMahon has fallen behind on his mortgage payments and a notice of default has been filed. Because of his illness and injury he has been unable to work for some time now.

He is currently trying to re-negotiate with his mortgage lender so that the foreclosure issue can be solved.

His home has been on the market and is currently listed as being for sale. His home has been listed for sale for two years now.

source
AOL News

Help For Those Facing Foreclosure In Minnesota?

2008-05-11T19:47:00.004-04:00

Gov. Tim Pawlenty on Monday announced initiatives aimed at reducing home foreclosures statewide, including a "pact" that encourages lenders to negotiate with high-risk borrowers.

In addition, the state is sponsoring a series of home foreclosure workshops and has established a hotline for loan counselors. Minnesota also will make third-party mediators available to lenders and homeowners who are renegotiating loan agreements. Mediators will be funded through state grants, Pawlenty said.

The state also has asked lenders to sign the Minnesota Foreclosure Prevention Compact. Participants in the pact agree to work with foreclosure prevention counselors, contact high-risk borrowers and make an effort to modify loans. Members also agree to report progress on loan modifications to the state.

The number of home foreclosures in Minnesota reached 20,573 in 2007, up 84 percent compared to the prior year, Pawlenty reported in a press statement.

Last week, the City of St. Paul stepped up efforts to get lenders to fix and sell foreclosed homes scattered across the city.

The city sent letters to JPMorgan Chase & Co. Wells Fargo & Co., U.S. Bancorp, Deutsche Bank and HSBC Bank USA. It also sent a letter to MERS, which owns an electronic mortgage registry system.

There are roughly 1,700 registered vacant properties in St. Paul, Mayor Chris Coleman said in a statement.

source
Biz Journals.com

The Spam Blog: Foreclosure101: Be Careful Of Spam!

2008-03-16T18:11:00.000-04:00

The Spam Blog: Foreclosure101: Be Careful Of Spam!

Thanks for linking to my blog post.

Be Careful Of Spam!

2008-03-16T17:09:00.002-04:00

Here is a copy of a recent email that I got:

We've attempted to contact you about your home loan needs.

Your loan has been pre-approved for a rate as low as 3%

We specialize in getting the lowest monthly payment possible!

Bad Credit is not a problem

Home Equity (New Deck, Basement, Finishing, Remodeling, etc

New Home Purchase

debt Consolidation

Refinance Current Loan

Vacation

A~
Account Manager

60 second form No Obligation Quote - Click here now

First of all this email had a lot of grammer-related errors. There is no mention of the name of the business and I purposely left out the name of the "account manager" that was provided in the email.

Second of all, of course, is the fact that I did not apply for a loan from these people. (I don't even know who "these people" are!)

I wouldn't respond to such a message - except for reasons of research. And quite honestly I thought that with all the problems that the mortgage market is having right now that mortgage-related financing solicitations wouldn't be happening but they still are!

So it seems that there is still a market for those looking for clients, homeowners, etc in regards to mortgage re-financing.

As bad as the whole mortgage market is right now its just best (if you can) to be able to pay your mortgage off so that you won't be under the stress of having a monthly mortgage payment.

More "Talk" About The State Of The Economy....

2008-03-15T21:47:00.003-04:00

Here are some excerpts from an online article:

".....but Democrats said they believed the government should be doing much more to help millions of Americans cope with a threatened tidal wave of mortgage foreclosures.........the serious housing slump and a credit crisis triggered by rising defaults in subprime mortgages had greatly strained the economy.......To date, the largest economic effects of the financial turmoil appear to have been on the housing market, which, as you know, has deteriorated significantly over the past two years or so.......”

Tax rebate checks ranging from $300 to $1,200 were sent out without delay starting in May as part of a "stimulus" package to help encourage spending. However not everyone qualifies for this tax rebate check.

"Pressed to say what more the administration plans to do, especially in dealing with a threatened wave of mortgage foreclosures, Paulson said he continued to look for good ideas but at the moment did not see the need to do any more than such current efforts as encouraging the mortgage industry to freeze rates on some subprime mortgages for five years and offering a 30-day reprieve on foreclosures for homeowners seriously behind on their payments to give them time to try to work out a loan modification with their lenders........."

"said that in the final three months of last year, more than 470,000 homeowners got help from companies servicing their mortgages and almost 30 percent of those received a loan modification. He insisted the administration was working hard to help, and called the problems facing some struggling homeowners “heartrending......”

I posted excerpts of this article because for all of its "wording" it still shows that Washington is just "talking" and not doing anything about the crisis of home foreclosures. And that mention of the grant programs still does not address the issue of keeping the homes out of foreclosure in the first place.

Yet again - Washington dissappoints!

source
San Diego.com

Reverse Mortgage?

2008-03-09T17:20:00.002-04:00

I was listening to one of my local radio community talk shows and they were talking about reverse mortgages.

The definition of a reverse mortgage is a loan giving a senior homeowner the ability to change home equity into cash. Usually no payments are due until the senior moves, passes away, or the home is sold. The loan is due when the senior dies, moves, or sells. The final payment is calculated to not exceed the home's selling price.

It sounds like a good idea for those seniors that are having trouble with making their mortgage payments BUT before you decide to take advantage of this kind of mortgage please check it out first!

It may help if you listened to the same program that I was listening to. It is a local community talk radio show called "The Empowerment Zone" and it is heard on Saturdays at 4pm to 5pm on WURD-900 am. Since this radio station has an online website you can listen to the radio program via the internet even if you are located outside the Philadelphia area!

Here is more information on this radio station:

900AM WURD
1341 N. Delaware Avenue
Suite 300
Philadelphia, PA 19125

Office Hours: 9am - 5pm EST
Phone: 215-425-7875
Fax: 215-634-6003

Unfortunately I Do Know Some Sad Stories Of People Who Have Lost Their Homes

2008-02-22T16:36:00.001-05:00

For example in my local area there was a neighbor of mine who lived with her older father in a beautiful older home.

They lost their home because of not being able to pay their property taxes.

Now in my area there are two tax bills that owners get during the year. If these tax bills are not paid during the year then one has one additional year to pay them (including any additional fees and/or fines). If they are not paid then the property gets sold!

In this case their home was sold and they moved to somewhere where they are renting now.

I had known her (I won't print her name here) for awhile and never once did she mention that they were having problems with their tax bills. She did mention that there were problems but she didn't say what they were specifically.

The next thing I know I find out from another neighbor that they had moved because their house had been sold. There was a notice that was put on their door notifying everyone of the property's being sold.

A very sad story indeed!

President Bush Signs New "Foreclosure" Laws

2008-02-11T14:49:00.000-05:00

I had a chance to read the article (and some of the comments that were included) and needless to say it all seems so complicated! It also seems to benefit the mortgagor and not the mortgagee. There are also a lot of conditions and limitations to these laws most notably that only adjustable rate mortgages (and not fixed 30 year mortgages) apply to these laws.

I do have another blog called Grant Basics 101 and another website called Grant Related Information - so hopefully you will be able to find some information on one of these sites that could help you in case your are in foreclosure "trouble". You might also want to check with your local social services agency to see if there are any financial programs that you can qualify for to help you save your home.

I wonder what happen to that proposed 90 day moratorium on foreclosures. I guess it never saw the light of day!

President Bush Signs Foreclosure Law

Mortgage Company Executive Commits Suicide

2008-01-19T15:41:00.000-05:00

Here is a link to a news article about a mortgage company executive who recently committed suicide! Although authorities haven't come right out and said that the man's suicide had anything to do with his mortgage company going bankrupt the case is still new enough not to rule out that possibility.

The current state of the whole foreclosure market is terrible!

Although it's probably a boon time for those that are investing in foreclosed properties, it is certainly not a good time for those that are facing losing their homes to foreclosure.

There has been a lot of talk about there being a 90-day moratorium on foreclosures but so far that is only being talked about. It is not a part of the law yet!

Sources For Extra Money?

2007-12-12T19:51:00.001-05:00

If you are looking for sources of extra money then take a look at my Unclaimed Money Blog.

I just recently posted about the state of unclaimed money in Louisianna. There is over $300 million dollars in unclaimed money in the state of Louisiana alone!

"I Am Facing Foreclosure" Blog

2007-12-03T14:41:00.001-05:00

I happened upon a very interesting blog called "I Am Facing Foreclosure".

This is my first visit to this blog so I haven't had a chance to look at all of the information but from what I can see now it has a lot of information relating to foreclosures, people facing foreclosures and what one can do to help stop their homes being foreclosed on.

I have to admit that I'm a little jealous of all the information that is provided in this blog. It is what I aspire my blog to be too!

One Of The Main Reasons That People Fall Behind On Their Mortgage Payments Is.....

2007-10-30T21:13:00.000-04:00

One of the main reasons that people fall behind on their mortgage payments is quite simply that they don't have the money to make their mortgage payments. Lots of things can happen such as losing one's job, having unexpectent medical expense and a whole lot of other reasons besides.

People lose their all the time! People are losing their jobs all the time! When they do get another job it is usually after a long time of being unemployed and during that time of their unemployment they had no income coming in thus they didn't have any money to pay their mortgage payment.

I have another blog called Working From Home. If you have an interest in working from home you should take a look at it to see if you can get any ideas so that you will be able to work from home and get an income.

Adsense is also another great way to earn income online. Here is a link to a blog entry about just how much money people have been making with adsense.

I also have a blog called Grant Basics 101 in which I talk about grants and the grant process in general.

If you are able to start your own business or even get a grant to help you keep your home out of foreclosure then so much the better.

There are varying foreclosure laws in each of the states so it would be good if you check to see what the foreclosure laws are in your own state. Some states give you some time to be able to pay your mortgage payments so that your mortgage is current again and in good standing.

In the meantime, finding other sources of income whether it be you working from home or being able to get a grant will help bring you closer to getting your home out of foreclosure.

It has been even said that if you call and talk to your mortgage company that you may be able to re-negotiate your mortgage and getting a smaller interest rate.

I saw on the news that my own state of Pennsylvania is implementing 2 programs to help people get out of foreclosure. This is being done because of the alarming number of foreclosures that are out there and the fact that people have those adjustable rate mortgages where their mortgage payments have increased to a much higher payment.

Ok, lets start with some basics first!

2007-10-04T12:40:00.000-04:00

If you own your home but don't own it free and clear then you probably have a loan or mortgage on your house. You may also have another form of "mortgage" on your home called an equity line of credit.

Regardless of what it is called, you have a monthly payment that you have to make on the debt that you have on your property. In a lot of cases this is called a mortgage.

Now as long as you are able to make your monthly payments then you are doing fine! It's when you start to have trouble making these monthly payments that you start to get in trouble. If you are having trouble making these monthly payments and/or you stop making the monthly payments then that is when you start to get in real trouble! That is when the company that you are making these payments to can foreclose on your property to satisfy the debt that you owe to them.

Now each area is different in the kinds of foreclosure laws that they have. And while it may seem like something that you would rather not know you should check and see what the foreclosure laws are in your area.

If you are late with your payments or are having trouble with making your payments then you should contact your mortgage company. Although a lot of people don't want to do this because they fear they will make a bad situation worse - it is better to get in contact with them and let them know of your circumstances! Sometimes you may be able to negotiate a better compromise with them - but you will never know that unless you contact them first and talk with them!

Some states give you some time before your property is actually foreclosed on - meaning that you will have some time to get the money to bring your payments back up to current. But again you should check your own state to see what the foreclosure laws are in your area.

You may have more time (and more options) than you think!

The Foreclosure 101 Blog!

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I started this blog because the number of foreclosures that are happening is simply astounding! People who have been living in their homes for years are now being faced with the possibility of their homes being foreclosed on!

This is not going to be a blog about making money in the foreclosure market! This is going to be a blog to talk about foreclosures, the foreclosure process and how one can avoid having their homes being foreclosed on!

It is just a terrible situation all around when one loses their home!

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2007-09-20T14:57:00.001-04:00

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2007-09-19T15:07:00.000-04:00

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