Foreclosure - The Last Resort

Agustin A asked:


My house may go to foreclosure and if i file bankruptcy it will stall this but if I dont sell the home then I will have two strikes a bankruptcy and a foreclosure on both my wife and my credit record. Im thinking of allowing it foreclose but can I ever buy again and will I have to repay the difference on my foreclosed home when the bank sells to buy again?

Bailey

Laissez-Faire Guy asked:


I keep seeing in the news that foreclosure’s are up XX% in the last year. What they never say is what the foreclosure rate actually is. I mean if it’s up to 4% from 3%, that’s a dramatic 33% increase, but it also means that there are still 96% of people still paying their mortgages.

I just want to know what the real number is.

Gabriella

llewis499 asked:


What is the quickest way to halt a foreclosure. I do not have the cash to bring it out of arrears and the bank has accellerated the note. Is Bankruptcy the best way to stop it for now. I have placed it up for sale and have a couple of parties interested. I am running out of time. The bank does have mortage insurance on the note . Please give solid advice.

Layla

ruatoni asked:


I have been unable to locate any documents regaurding a home of mine that supposedly went into foreclosure.I had a realestate person aquire me some documents that stated that the loan was paid off before foreclosure had begun. How can I find out who paid off this loan? And why are there no documents stating that it was in the foreclosure stages. I was told to get out of this home, by someone whome I thought was the bank. I believe that in this situation my ex husband was given this house because of some watts credit thing.

Ethan

happycamper3071 asked:


Their home is worth $200.000, they owe the bank about $200,000 . They would lose money on the sale, so they are considering walking away and foreclosure. They are spending almost $2000.00 a month in mortgage paymens, and they could only rent it for $1300 a month. Any ideas on how I could keep the house or help them without foreclosure?

Kimberley

sizesmith asked:


We’re moving to Georgia, and are possibly going to buy a foreclosure house (yes I’m familiar with the red tape). I’m looking for advertisements for auctions on the courthouse square I suppose. Where can I find these?

Jasmine

Lisa Nichols asked:


Stay safe by avoiding home foreclosure scams. When a home foreclosure is imminent, it’s easy to be swayed by last-minute offers or promises to save a home. However, it’s important to realize that there are a number of home foreclosure scams that will only make the problem worse. Avoid scams by knowing what to look for and what to avoid.

Foreclosure Specialist Scams Targets People in Danger of Losing Their Home

In one home foreclosure scam, a “foreclosure specialist” will visit homeowners and claim they can save their homes if the homeowners sign over the deed to the house. The specialists claim that they will negotiate with the mortgage lender on the homeowners’ behalf to avoid foreclosure. Unfortunately, these criminals will evict the homeowners once they have ownership of the deed. Proving that someone was a victim of the foreclosure specialist scam can take months or years in court, while costly legal fees continue to accrue.

Phony Foreclosure Con Artists Claim They Can Help Homeowners

Another type of foreclosure con involves companies that convince homeowners to turn over their home ownership to the company to save their home. The foreclosure companies offer to lease the home back to the customer and promise them an opportunity to buy back the home in the future. This foreclosure con is especially appealing to homeowners as it allows them to stay in their homes while they earn the money to regain home ownership. However, the lease to own option doesn’t come to fruition and the foreclosure company takes ownership of the home.

Foreclosure Counselors Charge High Fees, Don’t Save Homes

In another variation of the home foreclosure scam, someone claiming to be a foreclosure counselor offers to save a home if the homeowner pays an expensive one-time fee. After the homeowner pays, the “counselor” takes off with the money, leaving the homeowner in even worse danger of home foreclosure than before.

Avoid Foreclosure Scams with Tips to Stay Safe

Before dealing with anyone claiming to be a foreclosure counselor or specialist, find out more about their credentials. Check references and ask about association memberships and licensing. State licensing can be verified, usually online, and association memberships and references can be verified with a couple of phone calls. Foreclosure counselors, specialists or consultants usually only charge a small fee or no fee to help homeowners avoid foreclosure. Being tapped for a hefty fee is a sure sign that it’s a scam.

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Jaime