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

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

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

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?

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

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.....

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!

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!