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Nick Adama - EzineArticles.com Expert Author
Nick writes for the ForeclosureFish website and blog, which attempt to educate homeowners on how they can save their homes from foreclosure on their own. He publishes daily articles, analysis, and book reviews, and contributes to a number of foreclosure forums and websites online.
[View Nick Adama's Extended Author Bio]
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- Fight Back Foreclosure - Use Information Against Your Lender
[Real-Estate:Foreclosures] An alert home owner can use a little known fact to their benefit to try to halt foreclosure by their banker. In the long run, it would cost less for lenders to work with the home owner to find a solution to the problem than evict them from their residence.
- Ten Ways to Eat Healthy and Inexpensively
[Health-and-Fitness:Nutrition] Saving money and keeping on top of your monthly budget can be very difficult in today's economy. A healthy diet and exercise can save you thousands of dollars each year in doctor and medical expenses.
- Mortgage Advice - What Solutions Are Available and How Do You Begin
[Real-Estate:Mortgage-Refinance] When facing foreclosure, it's difficult to find good advice to keep your house. It's our wish that we will help direct you in the right direction and supply consumers with the tools and advice you need to stop the foreclosure process.
- Facing Eviction After Losing a Home to Foreclosure
[Real-Estate:Foreclosures] Many homeowners do not want to move out of their property, even after a foreclosure lawsuit, judgment, and sheriff sale. Despite having six months to a year to live mortgage free, some borrowers are just not financially able to move when required by the courts and the purchaser at the auction. In these cases, the lender, which usually buys the home at the sale, will begin the eviction process.
- Options For Tenants After a Foreclosure
[Real-Estate:Foreclosures] When homeowners face foreclosure on a property they are renting out, tenants often begin to worry about the status of their home. Will the landlord be able to avoid foreclosure? Should the tenants stop paying rent?
- Home Affordable Modification Program - Another Federal Foreclosure Bailout Plan
[Real-Estate:Foreclosures] In 2009, the Congress and the Obama administration revealed their newest plan to help families save their homes from foreclosure by encouraging mortgage modifications. This plan, called the Home Affordable Modification Program (HAMP) was designed to create broad guidelines for the mortgage industry on modifying loans, as well as provide incentives to lenders and servicers to offer modifications. Participation in the HAMP plan, as with most of the other federal foreclosure help programs, is voluntary for most servicing companies and lenders.
- Short Sales to Stop Foreclosure and Income Taxes
[Real-Estate:Foreclosures] Homeowners who sell their homes through a short sale are often very concerned about the tax implications. The bank is then responsible for reporting the forgiven amount to the IRS as income to the borrowers.
- Homeowners - How to Bring Up Wrongful Foreclosure Claims
[Real-Estate:Foreclosures] In some cases of foreclosure, there may be enough instances of misconduct by the lender to show that the entire process constitutes a wrongful foreclosure. Many states even have common law regarding this issue.
- Ways Banks Are Limited on Deficiency Judgments
[Finance] With the anticipation of a deficiency judgment, borrowers may feel like they will never be able to move on after foreclosure. However, this is simply not the case. The potential for a deficiency judgment can be very small.
- Sheriff Sale - How to Reverse One
[Real-Estate:Foreclosures] Is there really no hope for borrowers whose homes have been sold and the auction has been confirmed? In most cases, this is not true, as there are still some remedies available to reverse a sheriff sale.
- Reduce Your Monthly House Loan Payment With a Mortgage Modification
[Finance:Debt-Relief] If you are trying to reduce your monthly expenses, then debt consolidation and/or debt settlement are each excellent methods of reducing your unsecured debt payments. But getting a mortgage modification can also reduce your mortgage payment. Since your mortgage is likely the highest monthly payment, it only makes sense to have it reduced too. This is extremely easily accomplished with a mortgage Modification.
- Differences Between Mortgage and Tax Foreclosure
[Real-Estate:Foreclosures] As home values keep dropping yet property taxes keep increasing, tax foreclosure sales will become more common. Some homeowners experiencing double-digit percentage increases in their yearly tax burden, even as they are working fewer hours or taking pay cuts will inevitably come to realize that they can no longer afford to keep up with monthly housing costs that never go down.
- The Manufactured Home Foreclosure Process
[Real-Estate:Foreclosures] Close to eighteen million people live in manufactured homes. The target market for many of these properties are people with low income who are otherwise unable to afford a single family house.
- Are Homeowners Safe From Deficiency Judgments After Foreclosure?
[Real-Estate:Foreclosures] Homeowners are often worried about further collection attempts after a foreclosure has been completed. But in most cases, there is little chance of a deficiency judgment.
- How Collection Agencies Violate Debt Collection Laws
[Finance:Debt-Relief] The Fair Debt Collection Practices Act was originally designed to protect debtors against abuse by collection agencies pursuing a debt. There are numerous violations that may cause penalties against the debt collector.
- Communities Raise Taxes on Decreasing Property Values
[Finance:Taxes] What is most amazing about the real estate downturn and economic depression is that government seems to keep on growing. In fact, government at all levels does not seem to have missed a beat.
- Arbitration Company Shut Down For Conflicts of Interest
[Finance] One tool of the credit card companies has always been to force consumers into unfair arbitration proceedings, where very little is done to help strapped borrowers get back on top of debts. While most people who were involved in such negotiations had a feeling they horribly biased against the consumers, the full extent of the corruption of the process has finally come out in a recent court settlement.
- Ownership of Foreclosed Home Not Transferred After Auction
[Real-Estate:Foreclosures] At the end of the foreclosure process, once all of the notices have been sent and published and the lawsuit has ended, a public auction is held to dispose of the property. This typically called a sheriff sale or trustee sale, and is the event during foreclosure where borrowers' ownership interest is transferred to the buyer at auction. But sheriff sales do not always go smoothly, and homeowners may need to find out if their home was sold or not.
- If You Are in Foreclosure and Your Bank is Taken Over by the FDIC
[Real-Estate:Foreclosures] From Washington Mutual to the local bank on the corner, the government has been busy since the financial crisis began shutting down banks almost every week. Many of these banks are becoming insolvent due to their exposure to the subprime mortgage market and other risky loans that they extended to consumers or invested in to take advantage of exorbitant profits. But with so many banks going out of business, homeowners with loans through these institutions need a plan for staying out of foreclosure.
- Nonjudicial Foreclosure Process Creates Additional Hurdles For Homeowners
[Finance] In nonjudicial foreclosure states, homeowners who believe they can fight back against the process face an additional challenge that borrowers in judicial states do not have to deal with. In a nonjudicial foreclosure process, the bank is able to proceed with selling a home at a public auction with no involvement by the local court system.
- What Does Default Mean in the Foreclosure Process?
[Real-Estate:Foreclosures] When banks foreclose on a home, the owners are often confused by the language used in the various legal documents. One of the terms that causes the most confusion is "default."
- Foreclosure and Lenders' Failure to Follow FHA Preforeclosure Procedures
[Real-Estate:Foreclosures] The US Department of Housing and Urban Development (HUD) has established requirements that lenders must meet in order to bring a legitimate foreclosure action against homeowners. These rules apply to mortgages that are insured by the FHA.
- Produce the Note Checklist to Stop Foreclosure
[Real-Estate:Foreclosures] One of the defenses to foreclosure that is becoming more widespread is the so-called "produce the note" strategy. Numerous cases have been thrown out once the bank has been unable to prove it owns the loan and can show the original note.
- Using Bankruptcy to Cure a Mortgage Default
[Finance:Bankruptcy-Tips-Advice] The Bankruptcy Code gives homeowners facing foreclosure the right to cure the default any time up until the foreclosure sale process is completed. The key word here is "process," and state law determines what the process is for a valid auction or sheriff sale.
- Foreclosure Defenses - Requesting Documents Through Discovery
[Real-Estate:Foreclosures] When homeowners are involved in a foreclosure lawsuit, either defending against the bank or initiating their own to stop a sheriff sale, there is a vast amount of information that can be obtained from the bank. Much of this information will be worthless, but there may be a few gems in the mix that make it much easier to show an invalid mortgage, a reason to dismiss the foreclosure, or violations of state and federal laws.
- Should You Stop Paying Rent to a Landlord Facing Foreclosure?
[Real-Estate:Leasing-Renting] When a home goes into foreclosure while there is an active lease agreement, the lease must be honored by both the homeowners and the tenants. This can be true even after the sheriff sale of the house.
- Getting the Bank to Respond to Document Requests in Foreclosure
[Real-Estate:Foreclosures] Often, when homeowners need a specific piece of information from their lender, the bank is suddenly unwilling to communicate. Despite numerous faxes or phone calls, the information never seems to make it from the homeowners to the bank back to the owners.
- Documents You Need to Prevent Foreclosure
[Real-Estate:Foreclosures] When homeowners or their legal advocates are doing research on a loan, there are numerous documents that may help inform their case against a lender. Borrowers should be aware of these different types of documents.
- Turned Down For a Loan Modification? Here's Why
[Real-Estate:Mortgage-Refinance] PSA's set a limit to how many mortgage modifications can be offered by servicers, and these companies may face liability from the trusts or investors that own the underlying loans if they offer too many workout plans to borrowers. The most recent development of President Obama administration's Home Affordable Modification Program (HAMP) has not been good.
- Why it is Important to Find Out Who Owns Your Mortgage
[Real-Estate:Foreclosures] When a lender can not find the original note, courts are deciding that foreclosure proceedings must be placed on hold. Without this document, it can be impossible to prove that one has the right to foreclose on the home.
- Unjust Enrichment and Foreclosure
[Legal:Real-Estate-Law] The common understanding of the phrase "unjust enrichment" is that of a person or company unfairly making large amounts of money at the expense of a client or customer. Based on the past decade at least, few homeowners or have any real doubt that this is exactly the type of business that banks and mortgage corporations engage in every single day.
- Have Equity? Use it to Stop Foreclosure and Delay the Auction
[Finance:Home-Equity-Loans] One of the complaints of many homeowners that face foreclosure but whose houses have a large amount of equity is that their house is auctioned for far less than its true value at the sheriff sale.
- Bankruptcy, Foreclosure, and Late Fees
[Real-Estate:Foreclosures] One of the reasons that lenders do not like when homeowners file for bankruptcy to stop foreclosure is that the automatic stay prohibits the bank from moving forward with the foreclosure process. The bank may have to give up some of the eventual profits of selling the home at auction and reselling it later if the borrowers are able to get back on track through the bankruptcy process.
- Truth in Lending Act and Foreclosure
[Legal:Real-Estate-Law] One of the laws that give homeowners the most protection against mortgage lending abuses is the Truth in Lending Act (TILA). This act is designed to provide borrowers with adequate disclosures
- Can Appraisers Be Held Liable For Fraudulent Property Valuations?
[Real-Estate:Foreclosures] Without question, one of the enablers in many fraudulent mortgage lending schemes has been a crooked appraiser willing to give a property any value that the Realtor, mortgage broker, or lender wanted. The real estate bubble could not have been inflated to such a high level without the complicity of many appraisers who threw all conservatism out the window and began giving properties ridiculous values in order to help secure loans.
- What Are All Those Fees? Foreclosure and Late Charges
[Real-Estate:Foreclosures] When homeowners begin to fall behind on their mortgage, almost immediately, the bank begins adding numerous fees to the balance. A default of a couple months can balloon into a total amount behind equaling nearly half a year's worth of principal and interest payments.
- Mortgage Servicing Fraud - How They Push Homeowners to Foreclosure
[Real-Estate:Foreclosures] In the past couple decades, since the government essentially created the abuse-encouraging mortgage servicing industry, there has been a wave of lawsuits against these servicers for a range of activities. Obviously, there is a systemic problem and homeowners need to be aware of it before they are taken advantage of. While there are a whole host of abuse practices these companies engage in, this article will look at five of the most common.
- Will More Regulations Solve the Housing Problem?
[News-and-Society:Economics] With the government's overreaction to the financial crisis, there are thousands of pages of new regulations covering the investment banking, mortgage lending, loan servicing, student loan, credit card, and every other financial industry. All of these new rules will create more burdens on consumers, who will have to deal with even more confusing disclosures and higher costs of borrowing.
- Government Created the Incentives For Mortgage Servicers to Foreclose
[Real-Estate:Foreclosures] One of the biggest boons of the mortgage servicing industry was the securitization of mortgages beginning in the 1970's. With lenders selling off newly originated loans, the servicing industry grew as the investors in mortgages did not want to deal with the administration of collecting payments, dealing with refinances and title issues, and foreclosing on homes when necessary.
- Unconscionable Mortgages and the Foreclosure Process
[Real-Estate:Mortgage-Refinance] Homeowners who have been blatantly taken advantage of during the mortgage process may have a defense to foreclosure based on the unconscionable contract. There are a number of factors that can point to unconscionability in a loan.
- Credit Insurance and Foreclosure
[Real-Estate:Foreclosures] Some homeowners, when they originally purchase their home or refinance, are pushed into an expensive "credit insurance" policy. Despite how they are sold to the borrowers, though, these schemes can often just be one more way that lenders enrich themselves by taking advantage of the financial ignorance of most borrowers. Abusive credit insurance can also be used as a defense against a foreclosure lawsuit.
- State UDAP Statutes and How They Affect the Foreclosure Process
[Real-Estate:Foreclosures] In many cases, homeowners may be able to raise defenses based on their state's Unfair and Deceptive Acts and Practices laws (UDAP). Each state differs a little in their definitions of what constitutes these types of actions.
- Why the System Encourages Abusive Lending Leading to Foreclosure
[Real-Estate:Foreclosures] One of the factors that has had the greatest impact on the subprime mortgage frenzy and the deterioration of lending standards in the mortgage market was the transferring of risk. The securitization process of mortgage loans took responsibility for the performance of mortgages out of the hands of the lenders and put it in the hands of thousands of investors located in areas around the world.
- Ridiculously Easy Step by Step Instructions to Saving Your Home From Foreclosure
[Real-Estate:Foreclosures] If you are a foreclosure victim who is facing foreclosure, then you have to save this article. Foreclosure happens when multiple payments are missed on a house loan. Generally, after missing 3 or more payments, your bank will implement the foreclosure process.
- Another Duty the Bank Has Towards Foreclosure Victims - Good Faith
[Real-Estate:Foreclosures] When homeowners fall into foreclosure and the bank or trustee has a public auction of the home scheduled to satisfy the debt, there are various duties that must be met for the sale to be valid. One that is not very well known or publicized, and one that banks may violate repeatedly, is the duty to exercise good faith and diligence in conducting the sheriff sale or trustee sale of the borrowers' property.
- Uncomplicated Overview of the Mortgage Modification Process
[Real-Estate:Mortgage-Refinance] If you are facing foreclosure, or have a mortgage payment that is too high, then you've probably thought about getting a loan modification. A loan modification is when the terms of a loan are permanently changed to allow a more affordable payment.
- How the Foreclosure Process Violates Due Process Rights
[Real-Estate:Foreclosures] In states that allow a nonjudicial foreclosure through a power of sale clause in a deed of trust, homeowners find that their properties are sold out from under them without a hearing or chance to defend themselves. In fact, it is up to the borrowers to bring a lawsuit into court against the lender and they then have the burden of proof in showing that the foreclosure should not go forward.
- How MERS Relates to the Foreclosure Process
[Real-Estate:Foreclosures] In all the years I have been doing title research and helping people find out what is going on with their mortgage so they can avoid foreclosure, one name keeps popping up again and again. That name is MERS, short for the Mortgage Electronic Registration System. What this company is and what it does is a bit unclear, but many homeowners have had this company attached to their mortgage somewhere along the line.
- Can You Really Save Homes From Foreclosure?
[Real-Estate:Foreclosures] No matter what you do to save your home, you need to make sure you have a backup plan and never trust one source if you intend to save your home. Learn how to spot scammers and make sure you only work with legitimate companies offering real loan modifications.
- Real Party in Interest in a Foreclosure Lawsuit
[Legal:Real-Estate-Law] When a mortgage company begins foreclosing on a property, most homeowners just assume that the bank really owns their loan and is able to prove it and take their home away. But this is not always the case.
- How Bankruptcy Can Prohibit Creditors From Irritating You
[Finance:Bankruptcy] If you are having financial troubles and falling behind on some of your bills and credit cards payments you may have found yourself hitting that ignore button on your phones quite often. As soon as you are past 30 days overdue on any kind of payment you are going to find creditors calling and harassing you at night and day.
- Facts You Should Know If You Plan to Refinance Out of Foreclosure
[Real-Estate:Mortgage-Refinance] If you are facing foreclosure you may be looking into ways to stop it or save your home. One option that should be explored and works for many people is a refinance loan.
- Fighting Foreclosure - Three Ways to Do It
[Real-Estate:Foreclosures] When homeowners begin to consider working with an attorney to defend their foreclosure in court, they often feel overwhelmed by the amount of nonsense and bureaucracy they are forced to deal with. But whether they are defending a bank's lawsuit against them, or initiating their own to stop an auction under a power of sale clause, there are three main categories of defense that borrowers can consider.
- More Rights of Homeowners in Foreclosure
[Legal:Real-Estate-Law] Many homeowners are not quite clear on how the foreclosure process works in their state, especially due to differences between judicial and nonjudicial foreclosure proceedings. State law and federal lending law may also affect how the process moves forward, as HUD-guaranteed loans or those insured by the FHA can complicate the matter even further.
- Foreclosure Entry and Possession and Strict Foreclosure
[Real-Estate:Foreclosures] A few states still allow two different methods of foreclosure, one called strict foreclosure and the other called foreclosure by entry and possession. While they are used in only a minority of cases, borrowers should be aware of them.
- Interesting Foreclosure Facts For Homeowners
[Real-Estate:Foreclosures] In the wake of Hurricanes Katrina, Rita, and Wilma in 2005, many agencies of the federal government imposed foreclosure moratoriums, including HUD, the VA, the Rural Housing Service, Fannie Mae, and Freddie Mac. New foreclosures were held off on, while foreclosures already going through the court system were postponed.
- Recasting a Loan, Repayment Plans, and Charging Off a Mortgage
[Finance] Most homeowners are aware of the basic ways to stop a foreclosure - refinancing, obtaining a loan modification, selling the house, or filing bankruptcy. But depending on the circumstances, there may be more options available in special cases.
- Miscellaneous Foreclosure Issues Homeowners Should Be Aware Of
[Real-Estate:Foreclosures] Besides the obvious issues and methods associated with stopping foreclosure, homeowners have a whole range of issues that they must deal with. From tax sales to how the government encouraged mortgage securities, foreclosure can be a complicated situation.
- Mortgage Servicers Given Incentives to Charge Late Fees and Foreclose
[Real-Estate:Mortgage-Refinance] When homeowners fall behind in their payments, it is often the mortgage servicing company that initiates the foreclosure proceedings. While some borrowers have been successful defending their home due to the servicer or lender being unable to prove it holds the original note, not many people at all are aware of the fact that there are often three servicing companies involved in a foreclosure action.
- High Foreclosure Rates Create a Huge Burden on Communities
[Real-Estate:Foreclosures] Homeowners often are not aware of some of the most important aspects of foreclosure, including how they can get help, the fact that they are not alone, and how much a foreclosure will really cost the bank, the owners themselves, and the county government where the property is located. The process by which lenders were able to offload liability onto insurance companies and other parties has resulted in huge costs to communities across the country.
- $20,000 in Property Tax and Other Revenue Lost to Each Foreclosure
[Real-Estate:Foreclosures] One of the consequences of building a business model on the assumption of perpetually rising housing prices is that, when those values stop rising and actually begin falling, it becomes increasingly difficult to stay in operations at the previous bubble level.
- News of Private Property Raids From the UK - Coming to America?
[News-and-Society:International] In the latest raid, the government seized over 7,000 safety deposit boxes owned by private citizens and have declared that 90% of them were being used in crimes. In fact, each box itself is treated as a separate crime scene by the UK police.
- More Power to Feds to Bail Out Financial Companies
[News-and-Society:Economics] For some unknown reason, it seems that whenever banks or lawyers are involved, rules and laws and changed and reinterpreted at will. The same institutions and people who were tasked with preventing abuse or fraud from running rampant in the economy too often fail in their jobs. But the only reaction to these failures is to give the exact same regulatory agencies more power and money.
- No Equity Back From a Foreclosure Auction? Maybe the Bank Planned it That Way
[Real-Estate:Foreclosures] Many people facing foreclosure do not realize it, but there are several areas of the law that prohibit a mortgage lender from taking advantage of homeowners in a foreclosure situation. Every day, borrowers claim that their mortgage company "just wants my house because it is worth more than I owe." In a few cases, this may be true, but legally, the lender must sell the home at sheriff sale for its fair market value and pay the former owners any proceeds over and above the amount owed. Banks may try and take advantage of the fact that most consumers do not know their rights when it comes to foreclosure.
- Can We Trust the People Who Created the Foreclosure Crisis to Fix It?
[Real-Estate:Foreclosures] A few weeks ago, President Obama made yet another announcement about the banking and housing markets. This latest one will be an enormous overhaul of regulations on banking and the financial industry. So, since a new government plan will soon be unveiled promising to save us all from economic ruin, it might be a good time to evaluate the successes or failures of previous government plans.
- Confusing Real Estate Closings Lead to Foreclosure
[Real-Estate:Foreclosures] One of the most stressful periods in any homeowner's life is the few days and weeks leading up to the closing of the real estate sale and the funding of the mortgage. The hectic nature of this process makes it far more likely for borrowers to feel rushed and stressed out.
- Eviction After Foreclosure and How Banks Manipulate the Courts
[Real-Estate:Foreclosures] The actual legal process that banks must follow when repossessing a house has a number of steps that must be followed exactly. Homeowners should not be overly concerned with being thrown out of the house, but they must understand how the eviction process will proceed against them in the courts, and how they may be able to postpone or delay it.
- Being Sued in Foreclosure - Who Can Do It? When? For What?
[Real-Estate:Foreclosures] Unfortunately, one of the more common consequences of homeowners facing a financial hardship is a lawsuit in one form or another. This may be from the mortgage company foreclosing on the house, or another creditor or collection agency trying to leach off the crisis of a productive member of society who is facing a temporary setback. Lawyers, despite the fact that a majority of them are unhappy with their jobs, spread around their own despair by targeting homeowners and courting creditors in order to try and collect judgments from people who need help, not lawsuits.
- How Mortgage Companies Continue to Worsen the Sub Prime Foreclosure Crisis
[Real-Estate:Foreclosures] Many of the lenders and servicing companies have taken measures to ease their own suffering, but it seems most would rather delay things, than actually fix them. Maybe they are under the assumption that the homeowner will come up with their own solution if they give them enough time. This just is not the case.
- Does Bailing Out Banks Help Homeowners in Foreclosure Or Stabilize the Economy?
[News-and-Society:Economics] Despite all of the outcries from homeowners about the foreclosure crisis, the only ones who have been bailed out so far are the banks that made these poor loans. People suffering from rising interest rates and financial hardships have been offered nothing but more of the same dressed up in fancy new government program names. Even these are only voluntary for a small number of banks to participate in, though, leaving the majority of homeowners to fend for themselves.
- Will Government Programs Help Homeowners Reclaim Their Houses After Foreclosure?
[Real-Estate:Foreclosures] The best bet is that, if homeowners lost their property before the government programs were created, nothing in the programs will help them get their houses back after they have been foreclosed. Of course, there are numerous ways to regain a house after foreclosure, but they have nothing to do with the current plans put forth.
- Foreclosure, Collapsing Real Estate, and the Crisis in California
[Real-Estate:Foreclosures] Since the collapse of the economy began with the rising foreclosure rate in subprime mortgages, the state of California has become a microcosm of the entire American housing market. With each passing month, the state finds itself closer to filing bankruptcy.
- Has the American Empire of Debt Entered Terminal Decline?
[News-and-Society:Economics] Despite all of the trite messages of hope and change, the current state of the American economy points to a short term slowdown, at the very least. Faced with a loss of confidence in the dollar and a loss of confidence of the general benevolence of the country throughout the world, there may be little reason to expect that this current recession does not signal the final days of an empire of debt.
- After the Housing Market Collapse, the Lawsuit Bubble Begins
[Finance] As is the American tradition, one of the hallmarks of our culture and an activity a majority of the population engages in at one time or another, as soon as the housing bubble burst, the lawsuits began. Homeowners sued loan originators and Realtors, investment firms sued originators under buyback agreements, and everyone else sued as many people as they could. After all, everyone is entitled to utilize the courts, right?
- Loss Mitigation - Seven Types to Consider During Foreclosure
[Real-Estate:Foreclosures] Borrowers dealing with the threat of foreclosure should know about as many options as possible, if they are attempting to save their homes before they run out of time. Some of these options fall under the category of "loss mitigation," which usually refers to a third party (usually either third party company or a division of the bank) that helps negotiate with borrowers to find solutions to foreclosure.
- Predatory Collection Agencies - Another Reason Never to Take on Debt
[Finance:Debt-Management] The number of potential violations of law, court procedures, and common human decency that the owners, managers, and employees of collection agencies have been caught engaging in is almost endless. Homeowners facing foreclosure, consumers considering bankruptcy, and even families attempting to pay back loans but who have fallen on hard times should be aware of these tactics in order to recognize them as the violations they are.
- Predatory Collection Agencies - Practices to Watch Out For
[Finance:Credit] It should come as no surprise that the vast majority of people who fall behind on debt payments do so for financial hardship reasons -- not because they are simply deadbeats. Despite, this, however debt collection agencies often take steps to inflict the maximum amount of anxiety, fear, and embarrassment on borrowers who fall behind on loans, going so far as harassment and engaging in other illegal acts. This article will describe some of the harassing actions that collection agencies take when pursuing debts.
- Lying About Foreclosure - Bank Lawyers Do it All The Time
[Real-Estate:Foreclosures] Seventy-five percent of foreclosure lawsuits that banks initiate are based on wrong documentation. But too few homeowners even appear in court to defend their homes, and the ones do show up to a foreclosure hearing do not know enough about the law and their rights.
- What is Better to Stop Foreclosure? Repayment Plan Or Mortgage Modification?
[Real-Estate:Foreclosures] When homeowners on their own negotiate with a lender for a loan modification to avoid foreclosure, the owners typically end up with a repayment plan instead of a modification. The differences between the two plans, however, could not be more drastic.
- Two Reasons to Hire Your Own Lawyer to Help With Foreclosure
[Real-Estate:Foreclosures] Although banks love the lawyers whose services they can buy, either as government legislators, regulators, or law firms who will lie to courts about foreclosure cases, these same lenders rarely enjoy talking to the legal representative of a homeowner. Although this seems a bit contradictory, it makes sense from the perspective of predatory banks with a lot of money that employ lawyers to justify their scams.
- Why Banks Recommend Homeowners in Foreclosure to Not Hire an Attorney
[Real-Estate:Foreclosures] The lenders have always counted on the inability of borrowers to understand the complicated mortgage documents they sign to purchase their home. Banks themselves do not understand the documents.
- Why Banks Can Afford the Law, But You Can Not
[Legal] Banks love lawyers. In fact, they love them so much that, after lawyers themselves, the financial industry ranks highest in the amount of contributions made to political campaigns.
- Common Alternatives to Foreclosure - What Works? What Doesn't?
[Real-Estate:Foreclosures] When homeowners first begin to experience trouble paying their mortgage, in order to avoid foreclosure, they typically turn to one of three common options. These three alternatives that can save a home include refinancing through a foreclosure or hard money lender, requesting help from the government programs, and asking the mortgage company to negotiate a loan modification. With any plan to save a home from foreclosure, there will be both positive and negative aspects of the solution.
- New Changes in the President's Mortgage Plan Will Now Include Second Mortgages
[Real-Estate:Mortgage-Refinance] New changes in the Obama Plan may help homeowners with second mortgages modify their loan to a new lower rate. But there are still some holes in the plan will cause problems.
- Bankruptcy Foreclosure Cram-Down Defeated, Banks Win Again
[Finance:Bankruptcy] When it comes to bankruptcy reform, the only type that the politicians and bankers like is changes which make it more difficult, more time consuming, and less efficient for borrowers and homeowners. The point is to push foreclosure victims into a difficult bankruptcy, while the banks themselves get bailed out by these same taxpayers to avoid the same fate. Over the past year of the housing crisis, with foreclosure rates remaining at historic highs, one of the proposals to fix the problem was allowing bankruptcy judges to reduce the amount that homeowners owed on a first mortgage.
- Did You Get Your Foreclosed Mortgage From a Government Bank?
[Real-Estate:Foreclosures] With all of the positive press about the new government programs to address the foreclosure crisis and to work with homeowners to modify predatory defaulted mortgage loans, one would think that the government could do modification programs better than homeowners and banks working together. Unfortunately, the government has proven even more ineffective than the banks.
- Using the FDCPA in a Foreclosure Lawsuit Defense
[Real-Estate:Foreclosures] The Fair Debt Collection Practices Act (FDCPA) is a federal law that is designed to protect consumers of credit from abuse actions of collection agencies which are pursuing a debt. It provides numerous protections for homeowners.
- How the Private Market Fell For the Housing Boom and Helped Cause Foreclosures
[Real-Estate:Foreclosures] The housing sector of the economy has suffered a dramatic collapse, the stock market has shed trillions of dollars of wealth, and the economy has entered into the worst depression since the 1930s. As a result, many Americans have lost faith in the companies and market experts they were supposed to be able to trust. A number of real estate and financial experts played a role in the inflated bubble scheme that was perpetrated on the American housing market over the past ten years.
- Discrimination, The ECOA, and Your Foreclosure
[Legal:Real-Estate-Law] Lenders who provide mortgage loans on a discriminatory basis may face liability under the Equal Credit Opportunity Act, which prohibits discrimination in credit. The Equal Credit Opportunity Act (ECOA) prohibits a wide array of discriminatory actions.
- Economic Collapse Making Living in Foreclosure Towns More Dangerous
[Real-Estate:Foreclosures] Overinflated job markets and overinflated housing markets went together during the real estate boom years of the 2000s. But too many companies believed in the Federal Reserve's illusion of low interest rates fueling investment and too many homeowners believed in the same illusion of constantly rising home prices. Now all of that has changed.
- How to Use and Understand a Short Sale to Stop Foreclosure
[Real-Estate:Foreclosures] It's not unusual to find that most homeowners don't understand what a short sale is. But the scary thing is, that most Realtors and mortgage brokers don't know much about them either. A short sale is a great way to avoid foreclosure when done correctly.
- How the FCRA Plays Into Foreclosure
[Real-Estate:Foreclosures] Mortgage lenders often have a difficult time following the requirements of the federal law called the Fair Credit Reporting Act, which may create liability for them when attempting to file a foreclosure lawsuit or proceed with a nonjudicial foreclosure. The Fair Credit Reporting Act (FCRA) creates requirements that creditors must follow to when reporting consumer information to the credit bureaus. Inaccurate reporting of information may cause damages to borrowers and create liability on the part of mortgage lenders for a wide array of mistakes.
- How Non-Judicial Foreclosure Proceeds
[Real-Estate:Foreclosures] In nonjudicial foreclosure states, lenders can have a home in foreclosure auctioned without going to court. Borrowers have to bring a lawsuit against the bank to have the process stopped in court.
- How Many Deficiencies Can You Find in Your Mortgage?
[Real-Estate:Mortgage-Refinance] With all of the different parties involved in a real estate transaction, it can be surprisingly easy for serious mistakes to be made in the mortgage or note documents. Banks can be held responsible for these mistakes.
- How Judicial Foreclosure Works
[Real-Estate:Foreclosures] When homeowners fall behind on their housing payment, the lender will eventually begin the process of foreclosing on the home. Depending on the state laws where the property is located, type of documents used in the loan, and the terms contained in the documents, banks may pursue a judicial or nonjudicial foreclosure process. Typically, if a mortgage is used to secure the lien on the property (as opposed to a deed of trust), judicial foreclosure will be used by the mortgage company to take the property back.
- What Have We Learned About Foreclosure From the Government and Obama?
[News-and-Society:Economics] The government and the President have a new plan to help homeowners out of foreclosure. We refer to it as the "Obama Plan". Many homeowners are hoping and praying for the best, but if history has shown us anything, we know it's always best to have a back up plan.
- Loan Modification Fails to Address Leading Causes of Foreclosure
[Real-Estate:Foreclosures] The Boston Federal Reserve Bank has examined a couple of the leading causes of foreclosures across the country, and neither of these causes are the often-cited "unaffordable mortgage payments" due to adjustable rate loans. The two main causes of the high foreclosure rate and failure of loan modification programs are declines in property values and unemployment. The housing market bubble encouraged speculation and buying of properties (or second and third homes) as investments.
- Prioritizing Bills to Avoid Foreclosure and Bankruptcy
[Finance:Personal-Finance] One of the mistakes that many homeowners facing a financial hardship often make is failing to prioritize their bills. Even after they fall behind on one or two monthly bills or debt payments, instead of abandoning the least important ones, they typically try to keep on top or just a little late with them all. This can often be a mistake.
- Economic Victims of Banks and Government Squatting in Bank Owned Real Estate
[News-and-Society:Economics] A growing trend during the current recession is squatters moving into foreclosed homes and living in them rent and mortgage free. Although this seems surprising, it was a likely result of the collapse.
- Banks - Why Approve a Short Sale When You Can Get a Bailout Instead
[Real-Estate:Foreclosures] If homeowners want to try to sell to stop foreclosure, they need to sell for a high enough price to pay off the mortgage company. And no one is buying at those prices anymore.
- Should You Save Your Home Or Just Walk Away When Facing Foreclosure?
[Real-Estate:Foreclosures] While many homeowners who read this article would ideally want to save their home from foreclosure, this may not always be the best solution to a financial problem. But too often, the emotional attachment that owners have to a property is strong enough that they would like to keep the house, even if the plan they use to save it is not reasonable for the long term. Most borrowers should utilize various options to stop foreclosure, but even before deciding on a plan of action, they should decide whether the house is worth saving or not.
- The Best Way to Beat Foreclosure - Trust Yourself
[Real-Estate:Foreclosures] Whether homeowners work on stopping foreclosure on their own, with a trusted attorney, or by hiring a specialized loss mitigation or foreclosure assistance company, there are a few issues that every borrower should be aware of to prevent against scams and have the best chance of success. These include trusting their own intuitions and learning the most important aspects of how foreclosure works. Using common sense and trusting their own instincts is probably the most important part of saving a home from foreclosure in the most efficient manner possible.
- Should You Pay Your Landlord If He is in Foreclosure?
[Real-Estate:Foreclosures] Tenants living in homes or apartment buildings that are now in foreclosure are possibly the largest segment of Americans who have been forgotten during the foreclosure crisis. Many of them have leases in effect with landlords who have not paid the mortgage in months, and renters are also helping to finance the bailing out of the housing market, Wall Street, and possibly even the auto industry. It would seem logical for them to try and get something for nothing and stop paying rent, since everyone else seems to be doing it.
- How to Document Your Attempts to Stop Foreclosure With the Mortgage Company
[Real-Estate:Foreclosures] It should be no secret by now that most mortgage lenders are hopelessly disorganized. Many of them routinely lose faxes or never receive letters that are sent to them by borrowers, and they are terrible at acknowledging voicemails or returning phone calls from homeowners attempting to work out an alternative to foreclosure. Some even lose entire loan documents.
- New Foreclosure Relief Program Lacking Property Valuation Standards - Result - More Value Declines
[Real-Estate:Foreclosures] President Obama's new foreclosure relief program has been named, appropriately vaguely enough, the Making Home Affordable plan. Which party, the lenders or the homeowners, are getting a more affordable home is debatable, but the plan is to spend another $75 billion to fix the housing crisis by covering up property values and lowering monthly mortgage payments.
- Unfreezing Credit Markets Requires Cutting Off Credit to Borrowers, Says Banks
[News-and-Society:Economics] Decades of making money cheap, easy to print, and similarly easy to loan out have resulted in a large number of Americans struggling under a huge debt burden. The banks which have lent out this money are now restricting credit to borrowers, despite their creditworthiness, and actually damaging peoples' credit histories for no rational reason.
- Facing Foreclosure? Use the Crisis to Negotiate Aggressively With the Banks
[Real-Estate:Foreclosures] With so many homeowners currently facing foreclosure and the economy in the grips of a far greater recession than most could have predicted, there are many new opportunities. And these are not just opportunities for rich investors to grab up distressed properties are fire-sale prices or for corporations to get free taxpayer money.
- Making Collection Calls From a Lender More Productive - Contact Someone With Real Power to Negotiate
[Real-Estate:Foreclosures] Many homeowners seem to personalize a collection call from a lender, fearing that admitting they can not pay the loan will damage their self-esteem beyond repair. Unfortunately, talking to the bank is the first, most important step in working out a solution or finding a way of avoiding foreclosure altogether. Homeowners, though, can make these calls far more productive.
- TARP, TALF, and More Excuses to Keep Borrowing Beyond Your Means - Don't Fall For Them
[News-and-Society:Economics] There has almost been too much economic bailout news in the past few days to keep up with. The government is wildly inflating the currency supply and providing one program after another in scatter-shot attempts to prevent more failures. But with each passing day, the stock market declines as investors can not predict the next government intervention.
- FTC Warning Against Obama Mortgage Foreclosure Relief Scams
[Real-Estate:Foreclosures] With the current high approval ratings of President Obama and his high degree of popularity among people, it should be no surprise that many websites and marketers are attempting to cash in. While companies are mostly free to use Obama's image on their products or services, it is still a "buyer beware" world.
- How to Fix Bad Mortgage Securities - Assume the Bubble Has Not Burst
[News-and-Society:Economics] Giving a blood transfusion to a dying economic patient, jump starting the dead battery of the economy, and providing a federal backstop to prevent wild financial baseballs from injuring spectators have all had one goal so far: propping up housing prices. This is also known as stabilizing the housing market, and is designed to help the banks.
- New Mortgage Bailout Act Lacking in Adequate Property Valuation Standards
[News-and-Society:Economics] People are confused. Something is missing from the newest $275 billion Wall Street and housing market rescue plan. And without this one important part of the program, no one will know if taxpayer money is going to be used to bail out homeowners who are deeply underwater in homes that were grossly inflated during the housing boom.
- Deed in Lieu of Foreclosure - Four Steps You Must Take For it to Be Successful
[Real-Estate:Foreclosures] Homeowners who can not afford to or who simply are not interested in saving their home from foreclosure typically just walk away from the property. Once they have found a new place to live, they lock the doors of the foreclosed property, shut off the utilities, and mail the keys back to the lender. But this is not the most useful method of addressing the situation, and a deed in lieu of foreclosure may present a better option for borrowers.
- The Obama Foreclosure Relief Package - What it Contains and How to Determine If You Qualify
[Real-Estate:Foreclosures] On Wednesday, February 18, President Obama unveiled his administration's latest attempt to stabilize prices in the housing market and help stop the rising tide of foreclosures. Will this plan be any better than the half-dozen that the Bush administration passed? With a $275 billion price tag, we should expect the foreclosure problem to be resolved, but this latest bailout act seems to be just another way to avoid helping homeowners.
- Breaking Back Into a Home After Foreclosure - A Terrible Idea
[Real-Estate:Foreclosures] If there is one bad idea for homeowners in foreclosure, it has to be what the community organization group ACORN has termed "homesteading." This is when the former owners, along with members of ACORN, break into the house so that the former owners can take back possession of the property. WJZ.com, a news channel, recent broadcast the story of one woman in Baltimore, Maryland losing and reclaiming her home.
- New Tax Credit For First Time Home Buyers - New For 2009
[Real-Estate:Buying] On Wednesday, February 25, 2009, the US Treasury Department announced a new tax credit for first time home buyers. This is part of the Obama administration's American Recovery and Reinvestment Act of 2009 and is designed to give those purchasing a home in 2009 for the first time a tax break of up to $8,000.
- Do We Expect Too Much of Politicians? Should We Have More Realistic Expectations?
[News-and-Society:Politics] We expect too much of our politicians. We listen to their campaign speeches and hear nothing but promises of what they intend to "do about" all of the problems we face. If we want real change, though, it is time to stop trusting the politicians and bureaucrats to run our lives for us, and to start taking responsibility for our own lives and communities.
- Eviction After Foreclosure - The Four Steps of the Process
[Real-Estate:Foreclosures] When homeowners lose a house to foreclosure, the last thing they want to focus on is being forcibly removed from the property by a group of county sheriff's deputies. The fact that the entire process of foreclosure seems to become much less clear after a sheriff sale can only add to the anxiety experienced by owners. However, there are four steps that the lender or new owner will typically follow in order to evict owners after an auction.
- Will the Deep Recession Strengthen State and Local Economies?
[News-and-Society:Economics] So far in the recession, corporations from Wall Street investment banks to the auto industry have received bailouts from the federal government in efforts to ward off bankruptcy. But state governments oversee economies the size of small (or large) countries, and their cash flows are decreasing as tax revenue dries up. With the federal government imposing new regulations with every stimulus, as well as taking money from the residents of the states to fight the recession, some states have begun to wage a quiet war against federal authority.
- I Will Take Government Verbal Abuse For Billions of Dollars
[News-and-Society:Pure-Opinion] The spectacle last week of Wall Street bankers being summoned to Washington, DC to be publicly humiliated in front of members of Congress and the media after running their companies into the ground and squandering hundreds of billions of taxpayer dollars begs one question. How do I get one of those jobs? I think I could handle the cost of being paid hundreds of millions of dollars in salaries, bonuses, and stock options with a little public humiliation every few months.
- Watch Out For Foreclosure Scams - FTC Shuts Another One Down
[Real-Estate:Foreclosures] The lack of creativity in foreclosure scam companies is stunning. Over and over again, homeowners are taken advantage of by the same tricks designed to fool them into sending money to a company that never provides any services. Once the company is shut down by state or federal regulators, the horror stories begin to come out, but the stories are the same in almost every case of a foreclosure scam.
- Reclassify Mortgages As Unsecured Debts Through Chapter 13 Bankruptcy
[Finance:Bankruptcy-Personal] Most homeowners facing foreclosure would rather avoid both losing the home and having to file bankruptcy. They are concerned about the social stigma of filing, the damage to their credit record for the next seven years, and the difficulty of borrowing money for a home or auto loan in the future. However, there are a number of benefits, under the right circumstances, to filing for protection under the federal bankruptcy laws to reduce mortgage debt.
- Take Action Now to Avoid Foreclosure in the Future
[Real-Estate:Foreclosures] When homeowners first lose a job, suffer a medical emergency, or otherwise have their finances turned upside down, the first reaction always seems to be hoping that problems go away and things turn out for the best. Unfortunately, too many people have found out the hard way that this rarely happens, and a financial hardship can last far longer than expected.
- What Justice Will You Get When a Court Goes Through 800 Foreclosure Cases Every Day
[Legal:Real-Estate-Law] Although many articles on the web encourage homeowners to defend a foreclosure case on their own, the most that can probably be hoped is that they can delay the sheriff sale or eviction for a period of months. Getting actual justice in the case is probably not to be expected, however, as government judges are more likely to give preference to the banks that are paying the filing fees in the lawsuit.
- Credit Card Company Suing You? How to Respond
[Finance:Credit-Tips] In some rare cases, although they are becoming more common as the financial sector continues melting down, a credit card company may not sell a defaulted debt to a collection agency. Instead, it may initiate a lawsuit against a borrower directly and attempt to get a default judgment and begin garnishing wages, attaching liens to property, or collecting on the debt in any other ways that the law allows.
- Will the New Government Programs Promote Economic Stability Or Stagnation?
[News-and-Society:Economics] Watching all of the coverage of the latest economic stimulus on television, one question comes to my mind repeatedly. Has the government been holding out on us all? After all, if the point of the spending bill is to get the economy going again, create jobs, put people back to work, save the environment, and get credit markets unfrozen, then the government has a lot of explaining to do about why its previous packages have not worked yet.
- Can't Afford an Attorney to Help Stop Foreclosure - What to Do
[Real-Estate:Foreclosures] One of the major problems with media outlets offering advice to homeowners on how best to face a foreclosure is that they will often recommend hiring an attorney. For most homeowners facing the loss of a job or excessive medical bills, this is simply impossible. But what is rarely mentioned is how many families are able to save their homes without the help of an attorney or with only a minor consultation from one.
- Income Tax Liability on a Short Sale to Avoid Foreclosure
[Real-Estate:Foreclosures] One of the main concerns of homeowners facing foreclosure but considering a short sale is any potential income tax liability. There are numerous horror stories of families whose lender allowed them to sell for tens of thousands of dollars less than what they owed but were then sent an IRS form at the end of the year indicating they had to pay tax on all that forgiven debt. But the IRS is not such a scary institution, and foreclosure victims may not have to worry about paying extra tax just to save their homes and their credit.
- Confusing, Empty Language - The Financial Stability Plan
[News-and-Society:Pure-Opinion] The Financial Stability Plan is the latest proposal from the President and Congress on how best the government can intervene in the economy to get us all out of the recession. Despite the fact that every previous government intervention has, at best, done nothing and, at worst, only made matters worse, this new plan will supposedly save the nation from the damage caused by the politicians and the banks.
- Is the Fed Hurting the Dollar in the Long Term? - Article Review
[News-and-Society:Economics] Can the government really expect to create trillions of dollars of new money and expect inflation not to increase over the long term? Can the government borrow trillions more dollars from the rest of the world and not be expected to default on that debt sometime through a national bankruptcy or hyperinflation? Only time will tell, but this may be a case of "to ask the question is to answer it."
- Reasons For a Continuing and Worsening Economy
[News-and-Society:Economics] While there are many factors influencing the economy which will determine how deep the current recession lasts, eight come to mind that illustrate just how much trouble we may be in. The government, the banks, corporations, and consumer spending habits will all combine with the corruption in the housing and mortgage lending markets to keep the economy on shaky ground for quite a while to come.
- What Collection Agencies Must Prove to Go After Your Old Debts
[Finance:Debt-Relief] The credit industry is largely a fraud based on the willingness of the average person to believe propaganda. Banks do not actually lend out money, people are not defined by their credit ratings, and there is little a collection agency can do besides pester a family long after the point of prudence and reasonable behavior. But for those families who are being pestered and threatened with lawsuits, jail time, repossessions, or other horrible events, the following tips may help them deal with an old debt.
- Worried About a Deficiency Judgment? Negotiate it Away
[Real-Estate:Foreclosures] So far in the foreclosure crisis and resulting meltdown of the financial markets, there does not seem to have been an increase in the number of banks seeking out deficiency judgments against homeowners. On the contrary, the market has really only seen increases in the number of banks attempting to unload their bad mortgages onto the government.
- The Government's New Plan Encourages Homeowners to Go Into Foreclosure
[Real-Estate:Foreclosures] If you have a mortgage that the government acquired through its rescues of Bear Stearns or AIG, you may have an incentive not to pay your mortgage anymore and stick the government with the bill. Through a new program, the Federal Reserve is looking at modifying mortgages that the government took over as a result of bailing out these two corporations.
- Article Review - Venture Capital Funds Running Dry in Sports Industry
[Business:Venture-Capital] The severe downturn in the American economy has affected venture capital investment in the sports industry in a number of ways, particularly at companies concentrating in digital media. Digital media startup companies have always looked to the venture capital market for funding, but recessionary conditions in the market have begun to curtail traditional lending, as well as investment by venture capital investors.
- Did Your Lender Force You Into a Mortgage Foreclosure?
[Real-Estate:Foreclosures] Many Americans blame themselves for missing mortgage payments and falling into foreclosure. But not surprisingly, in many cases, it is the lender who may have forced you into this situation from the beginning! If you are facing foreclosure and you feel you've been taken advantage of by your lender, or if they were unwilling to offer help to stop the foreclosure, then you need to find help immediately.
- Government Programs Will Push a Recession Into a Depression
[News-and-Society:Pure-Opinion] In a simple model of the economy, households use their income for consumption, tax payments to the government, and private savings. The government also spends the money that it receives from tax payments or simply borrows or prints money in order to spend it. In the current economic climate, though, where prices are declining in some sectors (the housing market being the most obvious example), the supply of money available to households seems to be shrinking even as the government prints more than it has ever done in the past.
- Foreclosures Already Twice As Bad As Expected and Will Get Worse
[News-and-Society:Pure-Opinion] Over two years ago, the Center for Responsible Lending predicted nearly two million families were at risk of losing their homes to foreclosure. That was in December of 2006, just as the subprime mortgage industry was collapsing. In the two years since then, much has happened, and these disturbing estimates have turned out to be wildly optimistic.
- Watch Out For Local Government Parasites Running Out of Your Money
[News-and-Society:Pure-Opinion] As the economy continues to worsen, one of the last bubbles to burst will be that of local and state government budgets. They grew at enormous rates during the real estate boom years as property values increased, and they received a large amount of federal aid for infrastructure and militarization of the police force. Now that the economy has fallen into recession, the addiction for local and state governments to grow will be difficult to break.
- Protect Yourself From the Government Destroying the Dollar
[News-and-Society:Economics] Can the government really save the banking system? What does it mean that the banks have such low stock prices right now? What should ordinary people like us do to protect ourselves against the government's destructive policies? These are just a few of the questions that people are asking themselves as they watch the US economy slide into a depression.
- Terms Economists Use to Fool Americans Into Supporting Monstrous Stimulus Packages
[News-and-Society:Pure-Opinion] Economists must be the least informed group of people on the planet. When nearly every consumer and homeowner believed that the country was in a recession almost a year ago, economists and the government just figured it out last month. Of course, that made the recession "official," which meant it was less wrong, in the government's eyes, to use the word, and also gave the government more reason to interfere in the economy and all our lives.
- Licensing Violations Can Help You Stop Foreclosure of a Mortgage
[Real-Estate:Foreclosures] Governments at every level throughout the nation have set up so many requirements on any person or company attempting to engage in business related to banking, real estate, and lending, that it is almost too simple to point out licensing violations. This bureaucratic red tape is good for homeowners using such violations in self-defense when defending against foreclosure in a court of law.
- Depression Prosperity Key Goal of Government Stimulus Plans
[News-and-Society:Pure-Opinion] It seems that every establishment publication, website, and television news media outlet has been supporting the idea that the government needs to spend money until the recession is over. But there are numerous problems with this approach, all of which will make the downturn that much more severe and long.
- Banks Allow Congress to Support New Bankruptcy Bill
[News-and-Society:Pure-Opinion] Months ago, when the foreclosure crisis was raging through much of America, politicians had a brief moment of clarity when they proposed allowing bankruptcy judges to modify mortgages in Chapter 13 proceedings. The banks, of course, fought against the proposal and it was defeated in order to make room for trillions of dollars in free money transferred from homeowners and other Americans straight to the banks.
- Was the Credit Crisis a Hoax Perpetuated by Banks and the Government?
[Finance:Credit] Does anyone remember the so-called credit crunch? Lending had dried up in the money markets, financial institutions were no longer making loans to each other, let alone anyone else, and small business owners and consumers would not be able to keep borrowing money in order to pay off previous borrowings. The end of the world was coming and some unwieldy, badly run corporations may actually fail -- the horror!
- Get a Restraining Order Against a Bank Trying to Foreclose on Your Home
[Legal:Real-Estate-Law] In nonjudicial foreclosure states, mortgage companies do not have to bring a lawsuit against homeowners in order to sell the house at a county auction. If the borrowers believe that the foreclosure is not warranted, they will have to bring a lawsuit themselves against the bank and prove that the house should not be sold.
- What's Different in a Foreclosure and a Short Sale?
[Real-Estate:Foreclosures] Homeowners who have the option of completing a short sale in order to avoid foreclosure may be better served by saving their home in this manner. Although there are a few drawbacks of a short sale, it is almost always better just to resolve the mortgage entirely and move on with fewer financial worries.
- What Notices Are You Supposed to Get During the Foreclosure Process?
[Real-Estate:Foreclosures] When lenders begin to foreclose on a mortgage in default, there are typically a number of notices requirements that they must meet for the process to be legal. Otherwise, the homeowners may be able to contest the foreclosure in court for inadequacy of process, and the bank's lawsuit or ability to sell the house may be thrown out and it will have to restart at the beginning.
- If Your Only Debt is Your Home, Should You File Chapter 13 Bankruptcy?
[Finance:Bankruptcy-Personal] If you do not have any other debts besides your home, it might not make sense to file Chapter 13 bankruptcy to avoid a foreclosure. Chapter 13 can turn out to be a pretty expensive repayment plan, so if you do file, you should know what to expect as a monthly payment.
- Are Former Subprime Mortgage Brokers Trustworthy to Help You Stop Foreclosure?
[Real-Estate:Foreclosures] Yesterday when I was in the car listening to the radio, I heard an extremely interesting commercial advertising loan modifications for homeowners who are unable to afford the current monthly payments. What made the commercial so strange, though, was the fact that these modifications were being offered by a former mortgage broker.
- You Can Negotiate With the Bank For a "Better Cash For Keys Deal" After Foreclosure
[Real-Estate:Foreclosures] Many banks will hire a real estate or property management agency to make the cash for keys offer. For example, t may be as little as $500 and two weeks to move out and turn over the home. Honestly, though, this is very little to a family who has just undergone a financial hardship.
- Basic Bankruptcy and Foreclosure Tips and Advice
[Finance:Bankruptcy-Tips-Advice] Bankruptcy might help in a foreclosure situation, but the homeowners themselves are the only ones that should decide whether to file or not. They need to do do some research on how each type of bankruptcy, Chapter 7 or Chapter 13, would work in their specific situation, as well as consult with an attorney on how to file.
- How a Foreclosure May Proceed If You Defend Against the Bank's Lawsuit
[Real-Estate:Foreclosures] What if homeowners did begin to take vigorous action to keep their homes or at least delay the foreclosure for as long as they could? If this were to happen, many more people would successfully save their homes and the banks would be forced to offer more appropriate loan programs. Instead of a legal process lasting a few months, foreclosure could take years to wind its way through the courts.
- What You Can Expect From a Typical Foreclosure
[Real-Estate:Foreclosures] For many homeowners who retreat into fear and anxiety once they begin missing mortgage payments, the process the bank follows to foreclose on the home can be surprisingly short. In fact, in just a few short months, borrowers can go from being delinquent on the mortgage to being sued to having their home auctioned off to being evicted by the bank or new owner afterward. The following story is how a typical foreclosure may proceed.
- Where to File Complaints Against Predatory Lenders and Other Foreclosure Scams
[Legal:Real-Estate-Law] Sometimes, despite the fact that homeowners have done nearly everything in their power to avoid losing a home to foreclosure, the bank simply outspends them and breaks down their resistances. Lenders are aggressive when defending against claims of predatory lending or otherwise taking advantage of borrowers, and courts have typically been willing to rule against the owners and in favor of banks. But when homeowners have run out of options on their own home, the best action may just be to alert others that the mortgage company may be running a scam.
- What If the Bank Keeps Foreclosing When You Are Negotiating For a Mortgage Modification?
[Real-Estate:Foreclosures] Even when homeowners are negotiating with their bank, they are often surprised to find that they are still getting collection calls from customer service representatives threatening foreclosure. It seems a bit contradictory that a lender would both put the foreclosure on hold to negotiate, but still call and threaten borrowers with the loss of their homes if they do not get the payments back on track.
- How to Respond to a Bank's Foreclosure Lawsuit
[Real-Estate:Foreclosures] It is usually after about three missed mortgage payments that the bank will file the foreclosure lawsuit on a home. Soon after this point, homeowners will be served with the paperwork via certified mail or a sheriff's deputy leaving a copy of the complaint at the property. But the foreclosure process is full of complicated legal procedures and a lot of different factors can influence these to change when borrowers would receive the notice of the bank's lawsuit against their home.
- All Debt is Bad Debt - Dealing With Harassing Collection Agencies
[Finance:Debt-Relief] If you have an uncollected judgment against you from a previous foreclosure, credit card, car loan, personal loan, or similar situation, then whichever collection agency owns the debt can try to collect. Determining that they own the debt and have the right to collect it from you is quite a bit more difficult than it would appear. But of course, this problem does little to prevent collection agencies from calling all day.
- Delay Foreclosure in Court to Persuade the Bank to Grant Your Deed in Lieu Request
[Real-Estate:Foreclosures] For homeowners who are not attempting to stop foreclosure but only get enough time to move out and give the house back to the bank, a deed in lieu of foreclosure may be the best option. But even then, it may also be in the best interests of the borrowers to fight the foreclosure in court to persuade the bank to negotiate.
- Should Banks That Break Lending Laws Be Able to Foreclose on Your Home?
[Real-Estate:Foreclosures] Foreclosure seems to be a straight-forward enough procedure. Homeowners take out a loan and then fail to pay, so the bank gets the house. But it is treated as a breach of contract case in the courts. If the homeowners have an agreement to pay a mortgage company a certain amount of money every month to decrease the amount of a loan, and then fail to uphold their end of the agreement by defaulting on the payments, the foreclosure is the legal remedy the bank has to take the home to pay off the debt.
- Why Does the Media Portray Poor Black Homeowners Vs Rich White CEOs?
[News-and-Society:Economics] Every news program seems to represent the foreclosure crisis in America with African American families being evicted or block after block of empty homes in lower-class Detroit neighborhoods. These images, though, do not represent how foreclosure is affecting Americans of all ethnic groups, and it is not mainly minorities who are losing homes.
- Outcomes of a Mortgage Foreclosure Lawsuit - Win, Lose Or Appeal
[Real-Estate:Foreclosures] Once a foreclosure case has gone to trial, there are really only three possibilities left. Either the case will be decided in favor of the lender and the foreclosure allowed to continue, the case will be dismissed and the lender forced to begin the foreclosure all over again or not allowed to do so, or one party or the other will attempt to file an appeal with a higher court.
- Would You Win If Your Foreclosure Lawsuit Went to Trial?
[Real-Estate:Foreclosures] Of all the steps in defending a foreclosure in court, actually going to trial to argue and win a case may seem the most stressful to the average homeowner. But depending on how much care and preparation has gone into their defense to the bank's positions and their own claims against the lender, the trial may proceed much easier than they expect.
- How You Can Cancel Your Foreclosure Auction and Get More Time to Save Your Home
[Real-Estate:Foreclosures] In many counties, sheriff sales seem to be scheduled, canceled, and rescheduled numerous times before a home is finally sold. There are a number of reasons why a foreclosure auction may be canceled. Not all of them will result in a new sheriff sale being scheduled, but the best bet to find out when the next sale will be held is simply to call the county courthouse or the sheriff's department and ask them. When a sale is postponed, it is often rescheduled immediately for the next month.
- Summary Judgment in the Foreclosure Lawsuit - When Should You Avoid It?
[Real-Estate:Foreclosures] Some time during the process of defending a foreclosure in the court system, homeowners may cause the bank to file a Motion for Summary Judgment. This requests the court to forget about the trial and borrowers' case against the lender and simply award the foreclosure judgment to the bank. In effect, this motion states that there are no issues worth the judge's time to examine and that it would be much easier if the bank simply won the lawsuit and got to take the home.
- Are Homeowners in Foreclosure Solely to Blame For the Economic Downturn?
[News-and-Society:Economics] There are lots of reasons for the foreclosure rates in the US, but the one most cited by armchair real estate market experts is that too many people took out loans that they knew they would never be able to afford. While this undoubtedly happened throughout the country, it is just one part of the problem that is being contributed to by many factors.
- Discovery in a Home Mortgage Foreclosure Lawsuit
[Legal:Real-Estate-Law] At any time after the lawsuit is filed, homeowners can begin the process of obtaining information from the bank regarding the mortgage and the foreclosure. In the courts, this is known as "discovery," and can be used by either side to produce documents and determine which issues are at stake in the lawsuit. This process will also give borrowers more information on what defenses to raise, as they can begin it as soon as they have been served with the paperwork, and how best to argue the case if it goes to a trial.
- How to File an Answer to a Bank's Complaint in a Foreclosure Lawsuit
[Real-Estate:Foreclosures] Until the arrears due on a defaulted mortgage are paid off, either through a repayment plan, selling the home, or refinancing, the bank will never give up trying to pursue a foreclosure against the owners. No matter how many attempts to take the home fail, the lender and its attorneys will always return to court, filing motions and appeals which are meant to bankrupt the borrowers or intimidate them into giving up their defenses.
- Defending Foreclosure Lawsuits - Know the Rules of Procedure
[Real-Estate:Foreclosures] When dealing with a foreclosure defense, homeowners' largest stumbling block will most likely come from the technical aspects of how the court system works. Various sets of rules are in play in every court in the country, and these rules will have state and local variations that must be taken into account by both parties to the lawsuit and all of the attorneys involved. But the complexity of each of the layers of state and local rules may give homeowners a tremendous advantage in locating areas where the bank violates procedure.
- Have the Bank's Foreclosure Lawsuit Dismissed If it Doesn't Have a Case
[Real-Estate:Foreclosures] Once homeowners defending their home against foreclosure in court have received additional time by filing a Motion for Extension for Time, the next step is to begin researching their options for the actual defense. But if the bank has committed certain errors in attempting to establish their ability to sue at all, borrowers should hold off on filing their answer until a Motion to Dismiss is decided upon by the judge in the case.
- Know Which Defenses Are Best in Defending a Foreclosure Lawsuit in Court
[Legal:Real-Estate-Law] Once the homeowners have gone through the rules that they and the bank's attorneys will need to follow in court and have requested additional time through a Motion for Extension of Time, it is appropriate to begin researching various legal defense options. While many of these defenses against foreclosure may be used in the answer to the complaint, a few of them should be looked into first to determine if filing a Motion to Dismiss is appropriate.
- When Defending a Foreclosure Lawsuit, You Need More Time - Here's How to Get It
[Real-Estate:Foreclosures] Time is the most critical factor in any foreclosure proceeding. Homeowners never seem to have enough of it, and every solution to the problem takes too much of it. And all the while, the bank is accelerating fees and charges as time goes on, while its attorneys file one motion after another with the court to push the foreclosure through as quickly as possible. This is why borrowers who are defending against the lender need to obtain as much additional time as they can.
- Is the Bank Suing You, the One That Owns Your Loan? Did They Violate Truth in Lending Guidelines?
[Real-Estate:Foreclosures] Homeowners researching their options for stopping foreclosure in the court system can get bogged down in dozens of different defenses. From the note not being attached to the complaint, to constructive fraud, to to violations of state and federal racketeer influences and corrupt organizations acts (RICO), borrowers may feel overwhelmed at all of the various positions to raise in their defense.
- Defending Foreclosure in Court - What is Your Objective?
[Real-Estate:Foreclosures] Homeowners are encouraged to begin learning about how the legal process of foreclosure works and what role the courts play in forcing the loss of a home. Although there are good arguments that the government does not have any authority to take away someone's home, the sad truth is that it will if the owners do not defend their home vigorously in court. But the tactic borrowers use to save a house will widely differ depending on what their goals are for both their short and long term financial health.
- File a Motion to Dismiss the Foreclosure Lawsuit to Get More Time to Save Your Home
[Real-Estate:Foreclosures] Once homeowners fall behind on their payments by a few months, the bank will inevitably begin the process of filing foreclosure paperwork. In states where the lender must (or usually does) go to court to be able to have the home auctioned, a lawsuit is filed against the owners. This is when the clock starts really ticking against borrowers, who must file an answer to the bank's lawsuit, but there is a step that may be taken even to delay the process at this initial juncture in the legal process.
- Will Fannie Mae Or Freddie Mac Modify Your Mortgage to Avoid Foreclosure?
[Real-Estate:Foreclosures] With all of the talk about the US Treasury bailing out the financial industry and now potentially the auto industry, everyone has seemed to forgotten the actual homeowners who are suffering from foreclosure. Simply stealing from Americans to paper over losses at large corporations does not address the disastrous monetary policy the government has been engaged in for years. But can we even expect that the government will really do anything to stop the rising tide of foreclosures?
- In Foreclosure, Loan Servicing Companies Lose More Money by Helping Homeowners
[Real-Estate:Foreclosures] Finding a legal defense to foreclosure can seem like trying to locate a needle in a haystack. Although there are tens of thousands of pages of regulations on the lending industry, and thousands more on the procedures that must be followed even to begin a foreclosure lawsuits, finding which laws the bank violated during the term of the mortgage may seem an insurmountable task for the average homeowner. But banks do make these mistakes all the time, and rely on the inability of borrowers to figure them out.
- Find the Fraud in Your Mortgage Loan to Prevent Foreclosure
[Real-Estate:Mortgage-Refinance] One of the most pernicious aspects of the housing boom was that so many professionals, on so many levels, took advantage of the ignorance of the average American in regards to all things financial. From the local mortgage broker and appraiser to the largest Wall Street firms, it seems everyone played some role in using the government's manipulation of the market to their own advantage.
- The Foreclosure Crisis Means We All Pay For the Banks to Avoid Paying
[News-and-Society:Economics] One of the myths of the housing crisis is that it was caused by homeowners who took out greater loans than they could afford, while banks gave them the benefit of the doubt that they would be able to make an adjustable payment for the long term or would be able to refinance quickly. But nothing could be further from the truth, as banks new they were lending money to people who would never be able to pay it back and it would be a small miracle if they were able to find a more stable loan to refinance into.
- Change Goldman Sachs Can Believe In
[News-and-Society:Pure-Opinion] As someone who has lived in and around Chicago nearly my entire life, it was with some trepidation that I watched the crowds pour into Grant Park to celebrate the election of Barack Obama to president of the nation. Nearly one hundred thousand people came to the party, many of them weeping, chanting "Yes we can," and believing that now they would not have to worry about gas prices or paying their bills because the government would solve all of their problems.
- Commonly Used Foreclosure Terms and How They Affect Your Property
[Real-Estate:Foreclosures] Most people, even those in foreclosure, do not understand the foreclosure process and how it effects their exact situation. There are many steps in the process and each state and county can handle foreclosure differently from the next. Because of this, it can be very complicated for the victim.
- Why Mortgage Companies Fail at Approving Loan Modifications For Foreclosure Victims
[Real-Estate:Foreclosures] Homeowners who fall behind in their mortgage but recover from a hardship and are able to get back on track often attempt to work with their lender to qualify for a plan to make up the missed payments. But often, they are disappointed in how poorly the mortgage company responds to their requests for help, even when the borrowers have cash on hand to pay down the arrears.
- Why Should You Defend Against the Bank's Foreclosure Lawsuit?
[Legal:Real-Estate-Law] Every step of the process of owning a home and being foreclosed, from applying for the financing to being served with an eviction notice, is heavily regulated by the federal and state governments. While all of these laws are ostensibly designed to protect consumers and homeowners from lenders, the large amount of paperwork these laws create serve mostly to confuse borrowers and allow fraudulent bankers to prey on them.
- Six Steps to Stopping Foreclosure and Obtaining a Mortgage Modification
[Real-Estate:Foreclosures] When homeowners attempt to work with a mortgage company or servicer on their own to put together a plan to pay back the arrears on the loan, many find that they are offered a bad to impossible deal by the lender. Too often, though, borrowers take anything they can get, even when they know they will not be able to afford the payments for longer than a month or two. There is a far better way to negotiate, however, which can result in a more reasonable modification or payment plan.
- How Can the FHA Loan Program Help You Save Your Home From Foreclosure?
[Real-Estate:Foreclosures] Many homeowners unfortunately seem to believe that the government's new foreclosure relief programs are designed to help them keep their homes and obtain more manageable monthly payments. The reality is, however, that the requirements borrowers must meet to qualify for assistance from the federal government make the programs a cure worse than the initial problem.
- Repeat Foreclosure Victims - What to Do If You Become One
[Real-Estate:Foreclosures] One of the sad facts about the experience many homeowners have in regards to foreclosure is that, no matter how hard they work at keeping on top of a repayment plan or modification agreement, they inevitably fall behind again and face foreclosure a second time. Unfortunately, this can make it all but impossible to work with the mortgage company for another agreement to prevent the loss of the house.
- Three Ways to Stop the Sheriff Sale During Foreclosure
[Real-Estate:Foreclosures] Although the sheriff sale of a property is not always the end of the line in the foreclosure process, homeowners should do what they can to have the auction postponed. Even up to the day before the sale, there are a few different ways that they could still try and stop the county property auction. But it would be a good idea to have some sort of solution worked out that will let the borrowers keep the home or sell it quickly, because most of these ideas only postpone the auction for a short period of time. They do not stop it entirely, as that is up to the owners themselves.
- TARP - The New Improved Resolution Trust Corporation to Guarantee Corruption is Rewarded
[News-and-Society:Economics] With the TARP beginning to ramp up its activities, the government will be doing essentially the same thing it did for failed Savings & Loans with the RTC: using taxpayer money to buy inflated securities at higher prices and then sell them later on. Officials state that the government may actually make money from the program, but it is difficult to see how currently troubled assets will be more valuable than future worthless assets as the economy continues to deteriorate.
- Use Every Option at Your Disposal to Save Your Home From Foreclosure
[Real-Estate:Foreclosures] One of the most important concepts homeowners in foreclosure should keep in mind is that they should never give up on their home unless they are good and ready to move out. If they have any desire to keep the house, then they should continue to pursue different solutions. But moving out prematurely and without examining every option available is always a mistake.
- How Are the S&L Crisis and the Subprime Collapse Similar?
[News-and-Society:Economics] Numerous commenters have pointed out similarities between the Savings and Loan crisis of the late 1980s and the recent collapse of the subprime mortgage market. Greed, corruption, fraud, Wall Street money, deregulation, political manipulations: all are blamed for both crises. But the real story is that of the government specifically setting up an industry to fail, and pumping that market full of cheap, easy money before the inevitable collapse.
- Use Private and Government Resources to Help Stop Foreclosure on Your Home
[Real-Estate:Foreclosures] Homeowners facing foreclosure may feel as if they have very few options to save a home, especially if they have already tried to refinance and work with the bank to lower their payments. Unfortunately, these two common solutions are not easy to qualify for, and negotiating with a large mortgage company requires more than just submitting a few income documents. Borrowers, after making a few attempts to stave off foreclosure on their own, typically either turn to government solutions for help, or begin interviewing private assistance companies.
- How Government Helps Banks at the Expense of Foreclosure Victims
[Real-Estate:Foreclosures] Every bailout the government has given to the banking system has been designed to stabilize the housing and stock markets, keep access to credit open, and keep people in their homes. But despite these stated goals, all that has happened is the banks are hoarding the free money, jobs are still being lost, and homeowners are going into foreclosure in record numbers.
- Who is to Blame For the Housing Market Collapse?
[News-and-Society:Economics] The collapse of the housing market and financial industry has resulted in the normal amount of finger-pointing and searches for scapegoats, the latest of which have been the Community Reinvestment Act (CRA) and the Association of Community Organizations for Reform Now (ACORN). But the roles that have been played by these two acronyms have been far less damaging to the real estate market than that played by the major corporations and government institutions that manipulated markets and inflated the bubble in the first place.
- Four Ways to Lower an Expensive Monthly Mortgage Payment
[Real-Estate:Mortgage-Refinance] Many homeowners would be able to afford their mortgages if not for a temporary financial hardship or an inopportune interest rate reset. They are not facing a serious long term change in their income, but were only temporarily unable to make a payment. Interest rate resets on adjustable rate mortgages may be even more unfortunate, as it is clear so many borrowers did not understand and were not made aware of the fact that the cost of the mortgage would drastically increase a few years after they bought their home.
- No Failure Left Behind - How Bank Bailouts Make Us All Greedy CEOs
[News-and-Society:Economics] For homeowners and bankers who took advantage of the housing boom and easy credit conditions to borrow far beyond their means, congratulations! You can expect to receive the greatest benefits from the government's new $700 billion bailout plan, with your greed, ignorance, or self-defeating financial decisions handsomely rewarded.
- Banks, Government, and Corporations Manipulate the Market to Make Themselves Winners
[News-and-Society:Pure-Opinion] Anyone hoping that the wildly gyrating stock market will stabilize anytime soon and begin its inevitable march back upwards to 14,000 and above may be severely disappointed for the foreseeable future. The most recent bailouts of the banking system and injections of liquidity have thus far failed to calm the markets for any reasonable length of time.
- How Much Time Between the Foreclosure Lawsuit and the Sheriff's Auction?
[Real-Estate:Foreclosures] The length of time between an initial foreclosure notice and the sheriff sale of the property depends on a number of factors, including the homeowners' state, the severity of the foreclosure crisis in the area, and how the borrowers respond to the bank's lawsuit. Some owners may have just a few months to find a solution, while others have more than six months between the time of the initial foreclosure notice and the auction of the house. And the entire foreclosure process will also depend on how long it takes for the case to wind its way through the local court system.
- The Failure of the S & L Industry, And the Collapse of the Subprime Mortgage Industry
[News-and-Society:Economics] For over two decades now, the banking system and financial investment companies have known that they can get away with looting the American people and foreigners throughout the world. Any time (every time) something goes wrong and the banks begin to lose money, typically after making obscenely unethical profits by partnering with governments, government steps in again to rescue the banks and prevent failure.
- Deficiency Judgments After Foreclosure - Do Banks Really Sue For Them?
[Real-Estate:Foreclosures] Homeowners facing foreclosure are often concerned that the auction of their property will not be the end of their financial and legal worries. The threat of a deficiency judgment being initiated by the lender after the sheriff sale is always being raised by foreclosure consultants, attorneys, and representatives of the bank trying to wring more money out of borrowers. But finding actual cases of deficiency judgments against the average homeowner can be extremely difficult.
- Let McCain's $300 Billion Mortgage Bailout Die With His Campaign
[News-and-Society:Economics] Senator McCsin has proposed another bailout relying on the ignorance of the vast majority of American voters by putting forth a $300 billion plan that would allow the government to purchase mortgages for their face values and then set about adjusting mortgage balances and payment terms. This is simply an insane plan to stick the government with losses on mortgage securities that the banks would otherwise have to realize or negotiate with their clients.
- Damage to a House After Foreclosure - Who is Responsible to Clean it Up?
[Real-Estate:Foreclosures] When buyers purchase a foreclosure home, they should not be surprised if the house is damaged or in a state of disrepair. Even if previous owners did not cause any damage, banks do not take care of properties while they have possession, which means that the condition may deteriorate rapidly.
- Would a Total Financial Collapse Mean No More Foreclosures?
[Real-Estate:Foreclosures] With the way the economy has been going for the past few months and the rising number of failed banks, it may seem that the only relief homeowners may get from a pending foreclosure is if their bank goes out of business or the entire financial system collapses. But while this may help some borrowers avoid paying their debts for a while, in the end, the banks and government will work something out to make sure everyone pays what they owe.
- How Government Destroys the Dollar to Reward Wall Street
[News-and-Society:Economics] One of the main objections to the bailout bill (and nearly every Wall Street bailout that has been done so far) is that it will not stabilize the housing market, loosen up lending, or help prop up the stock market. Thus, there was no point to an Emergency Stabilization Act if it would not have provided any stability to the economy. But all such market bailout acts and government programs are not really designed to help solve the crisis; rather, they are an excuse to use a crisis to enrich the upper class and expand government power.
- Top Ten Reasons to Avoid Losing Your Home to Foreclosure
[Real-Estate:Foreclosures] There are thousands of reasons to avoid foreclosure, but here are the top 10 reasons that homeowners may not have considered yet when debating whether to fight to keep their property, or simply give up and move away. Number 10. Moving to a new home will be too far from work. Many people purchase their home because of its close proximity to where they work.
- How Mortgage Lenders Took Advantage of the Credit Scoring System During the Housing Boom
[Finance:Credit-Tips] One of the maxims of stock market investing has always been that "past performance is no indication of future results." However, this is exactly what mortgage lenders were counting on by giving huge sums of money to people who had good credit histories but little money or other resources to meet a financial hardship.
- Which Type of Bankruptcy Filing is Best in Foreclosure Situations?
[Finance:Bankruptcy-Personal] One of the most recommended but least desirable options to save a home from foreclosure is filing bankruptcy. It seems like a solid legal defense against eviction and a way to get more time to work out another solution, but few homeowners really want to damage their credit for nearly a decade just for another chance to save their home, especially when other options may require decent credit. But filing bankruptcy should be considered a last resort by most homeowners in case nothing else works out in time.
- The Emergency Economic Stabilization Act - A $700 Billion Gift From All of Us to the Banks
[News-and-Society:Economics] Despite nine out of ten people being against the bailing out of Wall Street, government bureaucrats met throughout an entire week to assure that a compromise would be reached and passed. The bill that these wise leaders came up with, named the Emergency Economic Stabilization Act of 2008, promises to propagandize voters into believing that legislators did not just capitulate to very nearly every single one of Secretary Paulson and Chairman Benanke's demands.
- Government Insurance Against Failure Means Everyone Strives to Fail
[News-and-Society:Pure-Opinion] The response by the federal government to the collapse of the housing market has illustrated just how little power the people have and how corrupt the government and financial interests have become. It seems the further down the economic scale a family finds itself, the less assistance they can expect to receive from any source to mitigate the effects of foreclosure crisis.
- Why Your Lawyer May Threaten You With a Deficiency Judgment After Foreclosure
[Legal:Real-Estate-Law] One of the reasons homeowners have such a fear of being sued by their bank for a deficiency judgment after facing foreclosure is that nearly any lawyer they contact will bring up this possibility. Some attorneys may even use the threat of further litigation after foreclosure as a reason to file bankruptcy prematurely or otherwise pressure borrowers into retaining legal counsel throughout the process of disposing of the home.
- Another Super Swindle - The US Treasury Bailout For Banks Act of 2008
[News-and-Society:Pure-Opinion] One proposal that is not as often thrown around the halls of Congress to solve the foreclosure crisis is freezing interest rates at a level low enough for most homeowners to afford their mortgage payments. Despite the fact that Congress has no authority to interfere in such private contracts, the Constitution has been somewhat ignored for the past hundred years.
- Five Reasons You Should Consider a Deed in Lieu of Foreclosure to Save Your Home
[Real-Estate:Foreclosures] For homeowners who are unable to keep their properties out of foreclosure or work out a solution with the lender, unloading the house may be the only option left. Selling on the open market or at a short sale, giving the bank a deed in lieu of foreclosure, and simply walking away are some alternatives that may be considered in such a situation. However, the deed in lieu may be one of the least understood options in terms of how it can help mitigate some of the worst effects of foreclosure. There are at least five reasons why homeowners may want to consider this option over giving up on the property.
- Why Appraisers Do Not Use Foreclosure Homes As Comparable Sales
[Real-Estate:Foreclosures] Appraisers use sales of homes that were made as arms-length transactions where neither the buyer was desperate to buy nor the seller was desperate to sell as a basis for comparing other similar properties in an area and estimating fair market values. A foreclosure property does not meet these criteria because of the nature of the legal process that the house is undergoing and the extra inducement that sellers have to find a buyer before they run out of time.
- Merrill Lynch and the Subprime Mortgage Market
[News-and-Society:Economics] With the surprising news that Bank of America has decided to purchase Wall Street investment firm Merrill Lynch, some of the financial thunder has been stolen away from the bankruptcy of fellow financial firm Lehman Brothers. But Lehman and Merrill are two of a kind, and the collapse of both firms in the space of a few days indicates how much confidence has been lost in any firm that took on great exposures to the subprime mortgage market.
- When is it Right to Give Up on a House in Foreclosure?
[Real-Estate:Foreclosures] Sometimes, it is difficult to know when you have been beat, or when it is time to give up on something. With foreclosure, it can be quite different: it is actually very easy to know when it is time to throw in the towel.
- The Foreclosure Crisis and the Response by Politicians on the Federal and Local Level
[Real-Estate:Foreclosures] Last week, there was a lot of talk about the fallout from the credit crisis caused by the meltdown in the housing market and plans to stop the rising foreclosure rates, but will anyone ever take action? As we all know, public officials, including Congress and the President, all like to talk about their "big plans" once they take office, but very few ever deliver.
- Buying a Home After a Foreclosure - How Long Do You Have to Wait?
[Real-Estate:Buying] There seem to be a lot of misconceptions about how long a foreclosure can stay on the credit report of former homeowners, how long the foreclosure affects their ability to borrow negatively, and how long they will be unable to purchase a new home. Some borrowers believe, mistakenly, that they will never be able to buy another house, qualify for a car loan, or even get a credit card at a decent interest rate just because they lost a house. While the foreclosure will have serious negative consequences, the myths surrounding the issue can be much worse than the actual effects.
- The 2008 Foreclosure Prevention Act - Do You Qualify For Government Assistance?
[Real-Estate:Foreclosures] Thus far, all of the government plans to help save the housing market from collapse have been greeted with great fanfare by the media and politicians proclaiming their own expertise at solving the problems of the economy. However, few homeowners seem to have qualified for much actual assistance from the programs, and the requirements that have to be met have been strict for borrowers and lenders.
- History of the Housing Market Collapse - The 1980s
[News-and-Society:Economics] The decade of the 1980s has traditionally been viewed as a time of strong economic growth and innovation, mainly due to the smaller government, pro-deregulation policies of the Reagan administration. However, this decade also saw the setup of the housing market for a future crisis, with pieces being put into place at the Federal Reserve and throughout the banking system.
- Track Your Foreclosure Lawsuit Through the Local Court System
[Real-Estate:Foreclosures] An important point that homeowners should consider is keeping on top of all of the court proceedings if the bank sues them for foreclosure. Borrowers have every right to know and defend against any actions taken against them by their lender; simply falling behind on a mortgage payment does not automatically mean eviction is inevitable and will occur randomly, which is what many homeowners irrationally fear. If for no other reason, homeowners should keep up with the legal process just to know how much time they have left to save the house before a sheriff sale or move before being forced out.
- Mainstream News Treats Foreclosure Crisis As Entertainment
[Real-Estate:Foreclosures] The news that 9% of homeowners with a mortgage are either late in their monthly payments or are in foreclosure seems to have been with a resounding silence by the media and the public. This is a record number and an indication that the collapse of the housing market is just hitting its stride, rather than finding a bottom or beginning to recover. But on the scale of financial disaster, the people have apparently decided that this news does not even rate.
- How Reputable Assistance Companies Can Help You in Foreclosure
[Real-Estate:Foreclosures] Just as no ship can sail without a plotted course and no plan can take off without a flight plan, no homeowner in foreclosure can contemplate a successful journey to save a home from foreclosure without a comprehensive plan. No one plans to fail and lose their home; it is that most families fail to plan at all before, during, and after they have missed their first mortgage payment.
- Inflation and Social Security - Two of the Most Regressive, Least Discussed Taxes
[Finance:Taxes] The average American has been conditioned to believe that taxes are an inevitable part of life and necessary to provide the most basic public services like roads, police protection, and social welfare programs. But direct income, sales, and property taxes are only the most visible ways that government takes over the rewards of productive activity from the poor and middle class, all while rewarding high income earners and corporations with tax breaks. Two regressive taxes that have hurt Americans include higher Social Security payments and inflation.
- Two Groups Hurt Most by Faltering Economy - Elderly and Retirees
[News-and-Society:Economics] Homeowners who got caught up in the real estate boom over the past decade and a half have, for the most part, begun to realize that putting all of their eggs in one basket has put their entire financial situation in peril. From facing foreclosure right now and having a scarred credit report to owing more on the mortgage than the house is worth, borrowers across the board face declines in the values of their most important assets -- their homes. But for the elderly and those approaching retirement age, the housing crash has even more serve consequences.
- Defending a Foreclosure Lawsuit May Persuade the Bank to Negotiate With You
[Legal:Real-Estate-Law] Banks can easily become frustrated at the slowing down of the legal process and are more open to settling the matter out of court. While banks and corrupt judges will try and railroad homeowners defending themselves, hiring a competent attorney may allow borrowers to negotiate a resolution to the foreclosure that benefits all parties involved.
- Another Foreclosure Scam Caught Using the Same Old Tactics As Many Others
[Real-Estate:Foreclosures] Foreclosure scam artists are one of the most dangerous predators in the real estate industry, targeting homeowners who are in desperate situations and tricking them into giving up their homes or much-needed cash that could be used to pay the mortgage or begin the process of financial recovery. Unfortunately, many borrowers are taken in by these predators, who use the same old tactics over and over again to persuade owners to trust in unrealistic schemes that promise everything from saving the house to lowering the monthly payment with virtually no work or input from the homeowners.
- The Very Few Positive Signs in the Economy
[Finance:Home-Equity-Loans] Amidst all of the talk of economic Armageddon, falling home prices, a declining stock market, rising foreclosures, a weak dollar, and food and energy inflation, it is difficult to find many bits of good news for the average homeowner. Since the subprime crash and credit crunch, seriously negative conditions have been prevailing in the market for over a year now. But it is also important for all people to look forward to something potentially positive in the days ahead.
- Republican Presidential Candidate John McCain on the Housing Market and Foreclosure Crisis
[News-and-Society:Politics] The election process has always been less an expression of the democratic will of the people than a mass herding of uninformed voters tricked into choosing between two virtually identical candidates supported by the same large financial and corporate interests. Especially now, though, with foreclosure rates rising and more fraud in the mortgage markets being uncovered by the day, solving the housing crisis has become a political tug of war for both of the major candidates, John McCain and Barack Obama.
- Democratic Presidential Candidate Barack Obama on the Housing Market and Foreclosure Crisis
[News-and-Society:Politics] Every time government officials successfully trick the people into voting to give government more power and continue its existence for another four years, special interest groups and power-hungry bureaucrats are given nearly free reign on plundering ordinary citizens. With a housing crisis already underway, though, tricking homeowners into voting for a particular candidate for president is a high priority for both Barack Obama and John McCain, each of which has available on their websites an outline of a plan to solve the foreclosure mess.
- How a Few Simple Requests Can Derail the Bank's Foreclosure Judgment Against You
[Real-Estate:Foreclosures] If the homeowners remain in the dark, and banks are not challenged on the issues, the courts will allow the lawsuit to proceed as far as possible, including evicting homeowners for the sake of banks who may not even have a right to complain. A couple of written requests made by homeowners to lenders, however, can have dramatic effects on a bank's willingness to negotiate a more reasonable solution.
- How to Get More Time From the Bank to Save Your Home From Foreclosure
[Real-Estate:Foreclosures] The bank, working through its local attorneys, will typically attempt to push through the legal process as quickly as possible, in order for the lawyers to get paid and the bank to have an empty house they can sell on the market. Homeowners, on the other hand, would like more time and negotiating room in which to put together a more beneficial solution.
- Once a Mortgage is Originated, Where Does it Go From There? Who Ends Up Owning Foreclosed Loans?
[Real-Estate:Mortgage-Refinance] Homeowners and lenders worked together to take advantage of the low mortgage rates and easy money conditions, and now they are forced to work together to prevent rising defaults from decimating the real estate market. But in this case there may be dozens or hundreds of other parties involved in the dance, as well, as ownership of delinquent mortgages have been called into question.
- Leasing an Apartment Or Home After Facing Foreclosure
[Real-Estate:Leasing-Renting] As most homeowners should already know, going through a foreclosure will drastically effect their credit rating. Not only do the numerous missed payments themselves cause severely negative marks, but the status of the home in the courts, the judgment, and other legal problems leading up to the legal foreclosure filing can be enough to ruin your credit, even without the possibility of losing the home in a sheriff sale.
- No One Knows Who Owns Mortgages in Foreclosure
[Real-Estate:Foreclosures] One of the most devious aspects of the mortgage industry is how loans are originated, packaged into large deals, sliced up, and sold to investors around the world. All the while, the borrowers are led into believing that the company they are making payments to is the owner of the loan. Nothing could be further from the truth.
- How to Use the Bank's Foreclosure Lawsuit Against it and Defend Your Home
[Legal:Real-Estate-Law] Every homeowner facing foreclosure, whether it is possible to save the house or not, should do everything possible to put their finances in order before being forced out of the property. In some states, though, the foreclosure process lasts only a few months, which is not always enough time to recover from a hardship and begin to get out of debt and establish a savings plan. This is why most borrowers should do everything they can, in and out of the courts, to delay the sheriff sale and eviction.
- Six Reasons Government Programs to Stop Foreclosure Have Failed
[Real-Estate:Foreclosures] From the first government mortgage bailout to the latest one, it seems that no matter how hard the central planners in Washington attempt to alleviate the suffering of millions of American homeowners, the foreclosure crisis rages on. The failure of every one of these plans so far indicates that, no matter how much money bureaucrats take from one homeowner to give to another, the financial shock that began a year ago will continue at its own pace.
- Banks, Politicians Meet to Decide How Best to Make Americans Pay to Bail Out Fannie and Freddie
[News-and-Society:Economics] The Housing and Economic Recovery Act of 2008 is the new bill passed by the Congress and signed into law that has been explained as providing government help to homeowners facing foreclosure, but which really illustrates just how closely connected Congress is with financial and business interests. The legislation is nothing more than more subsidies to the largest financial power centers, with the bills being paid through debt by the American people.
- If Your Landlord is in Foreclosure, Do You Still Need to Pay Rent?
[Real-Estate:Leasing-Renting] Finding out that you are renting a house that is facing foreclosure can be deeply worrisome. And the worst part is that there are so many questions that you may never receive a response to from your landlord and have to begin researching on your own.
- How Chapter 7 Bankruptcy Can Help You Stop Foreclosure
[Finance:Bankruptcy-Personal] When homeowners consider filing bankruptcy to put a hold on the foreclosure process, most are attempting to save their homes and establish some sort of payment plan. Unfortunately, legal payment arrangements established in a Chapter 13 bankruptcy can often be too expensive for homeowners just recovering from a financial crisis. This is why filing Chapter 7 to eliminate the mortgage and other debt may be a better solution and provide better peace of mind for some borrowers unable to keep their homes.
- Want to Stop Foreclosure? Be Prepared to Work Hard
[Real-Estate:Foreclosures] When facing foreclosure, one of the most common problems homeowners face is either believing that it is impossible to stop the process, or that, once they hire a company to prove assistance, it is amazingly easy to save a home. While hundreds of borrowers are able to prevent losing their home every day, it is never as easy as many companies make it out to be, and homeowners need to be prepared to put in the necessary amount of work.
- Three Things to Avoid If You Are Facing Foreclosure on Your Home
[Real-Estate:Foreclosures] Homeowners are always receiving tips on what to do to save their properties from being taken away by foreclosure. Call the mortgage company right away, speak with an attorney, put the house on the market just in case, and many other pieces of advice are important and can mean the difference between preventing foreclosure and ending up homeless. But there are also a number of things to avoid when a house is in danger of being auctioned off and the owners eventually evicted.
- A Homeowner's Response to the Mortgage Company's Foreclosure Lawsuit
[Real-Estate:Foreclosures] One of the main problems with foreclosure is that the legal system the banks utilize to force homeowners out of their properties can seem intimidating to those unfamiliar with it. From the original complaint and summons to the eviction order delivered by the sheriff, the entire process is more a show of government force and alliance with financial interests than an attempt to secure justice for homeowners.
- Net Number of Homeowners to Be Helped by New Foreclosure Bailout Legislation - Zero
[Real-Estate:Foreclosures] Some former homeowners who lost a house to foreclosure in the past few years or longer ago seem to feel that the new housing bills are unfairly helping out current borrowers. After all, where was the political activism and federal assistance years ago when other families were being set out on the street? Looking at the new housing legislation more carefully, however, should indicate to previous foreclosure victims that current homeowners will receive more harm than good.
- Foreign Nations Sovereign Wealth Funds Now Buying Foreclosed Homes
[News-and-Society:Economics] The collapse of the housing market, despite impoverishing the middle class and wiping out trillions of dollars of home equity and turning suburbs into slums, will assuredly turn out to be a great profit-center for the wealthy. So many subdivided, built up resources just sitting empty throughout America while local governments are starved for property taxes present just too many deals for investors to pass up. And the vultures have begun circling.
- What Should You Do If You Can Not Make Your Mortgage Payment?
[Real-Estate:Mortgage-Refinance] With interest rates adjusting, property values dropping, and our economy getting worse every day, many Americans are in fear of foreclosure or missing their mortgage payments. Obviously, making a late payment or missing a payment is never a good thing. When you are over 30 days late, it will reflect a late payment on your credit report and in most cases, once you've missed three payments, you'll no longer be qualified for a mortgage. Obviously, you should make your payments if possible, but what should you do if you can no longer afford your monthly payment?
- Did a Predatory Mortgage Push You Into Foreclosure?
[Real-Estate:Foreclosures] The credit crisis has begun to show us all just how many homeowners were taken advantage of during the real estate boom with creative financing vehicles like Option ARMs and subprime mortgages. And while servicing fraud has always been a part of the mortgage industry, more equity was created out of nothing during the bubble than in years past, which has made even more borrowers prime targets for financial terrorism on both the front end of the mortgage and during the period of repayment.
- Don't Admit Defeat - Stand Up to the Banks and Fight Your Foreclosure
[Real-Estate:Foreclosures] One story that is becoming more common during the foreclosure debacle is that of homeowners committing suicide to escape the financial difficulties. This is the wrong decision to make, but it is understandable due to the personal identification that people are conditioned to make with their credit scores. In fact, it is sad that so many people identify themselves with their economic conditions. But if people fall into foreclosure or bankruptcy, little about them personally or psychologically should be deeply affected.
- When You Work With a Foreclosing Mortgage Company, Document Your Attempts to Reach a Solution
[Real-Estate:Foreclosures] In defending against a foreclosure action, homeowners usually must make frequent attempts to contact their lender, an evil but necessary part of the process. This is typically the step in any plan to save a home that borrowers find the most difficulty with, not only due to their own embarrassment at falling behind, but also because of aggressive, rude, or incompetent customer service agents. But it is important to make the calls in order to work out a solution, and homeowners should record or document every time they contact their mortgage companies.
- How the New Housing Regulations Will Not Help Homeowners in Foreclosure
[Real-Estate:Foreclosures] This legislation has been heralded as a way for almost 400,000 homeowners to avoid foreclosure. Critics, however, have noted that the Act really will not help many who will be foreclosed upon. In truth, we believe that the Act will be of some assistance, but cannot help but comment that it, by its basic construct, is not really intended to help most of those in trouble.
- Mortgage Servicing Fraud and a Forced Foreclosure - Are You a Victim?
[Real-Estate:Foreclosures] Regardless of how reasonable a loan product homeowners may have been offered at the time of purchasing a house or refinancing, things can quickly go from bad to worse if a predatory mortgage servicing company is involved. These companies are hired by large financial investment banks to receive payments on mortgages and keep track of all of the fees, as well as proceed with a foreclosure if need be. However, their first priority is to maximize the profit of every loan they administer, which may lead to cases of corruption and fraud.
- Predatory Lending - Are You a Victim?
[Real-Estate:Mortgage-Refinance] With all of the finger-pointing and outcries about corrupt lenders and greedy mortgage brokers and real estate agents, every homeowner facing foreclosure may feel victimized. And certainly, there was a lot of deception and outright fraud in the mortgage markets during the boom years. But there are a few important signs to watch out for that may indicate the presence of a predatory mortgage company.
- Is Our Entire Economy Insolvent and Headed For Bankruptcy?
[News-and-Society:Economics] With all of the turmoil in the economy, it should be no surprise to anyone that more companies are filing for bankruptcy protection every day, as consumers change their spending habits and lenders are unable to accommodate more credit expansion. The entire American economy has been built on consumer spending for decades, with most of the production capacity shipped off to Asia. Now with a recession almost inevitable, foreclosures, personal bankruptcies, and corporate bankruptcies are on the rise, some of which are already at or near historic levels.
- Reflection on Religion, Church Assistance and the Foreclosure Process
[Real-Estate:Foreclosures] Most people in the USA seem to believe in God, or some sort of higher power, but do our higher powers care if we lose your homes to foreclosure? Across the nation, homeowners are praying to God to stop foreclosure and help them through their financial hardship. Realtors and mortgage brokers are even meeting in prayer groups to pray for more home sales. Obviously, if praying and faith alone were enough to change the economy, we would have much less of a foreclosure problem in our country, but does that mean your faith and religion can't help you through tough times?
- The "Extreme Makeover" Foreclosure and Failing in America
[Real-Estate:Foreclosures] The latest "celebrity" foreclosure being reported in the news is that of a family who had been featured on the ABC program "Extreme Makeover." Although they received a four-bedroom house for free and were also gifted another $250,000 for scholarships and a home maintenance fund, the house is now scheduled for sheriff sale. The outcry among blog authors and critics is a commentary on the contradictory attitudes regarding the foreclosure crisis and the issue of failing in America.
- Make Sure to Maintain Your Property Even During a Foreclosure to Avoid Lawsuits Later
[Real-Estate:Foreclosures] When a property goes into foreclosure, homeowners may immediately believe that they have no ownership left in the house and no responsibility for keeping the property in good condition. However, for as long as they are the legal owners of the house, the borrowers must make sure the property is reasonably maintained. Only at the final stage of the foreclosure process will their responsibilities be transferred to a different party.
- Should You File Bankruptcy on Your Own Or Hire an Attorney?
[Finance:Bankruptcy-Personal] One of the most important decisions borrowers will have to make when dealing with a financial hardship leading up to a foreclosure is whether to seek relief under the federal bankruptcy laws or not. Depending on their financial situation, discharging debts under Chapter 7 or seeking a legal payment plan under Chapter 13 may be appropriate, but few homeowners really want to damage their credit scores for nearly a decade.
- New Foreclosure Legislation Allows Homeowners to Finance Their Own Homelessness
[Real-Estate:Foreclosures] New banking legislation means new bailouts for homeowners living in properties they can no longer afford and banks who made loans specifically to people who would not be able to afford their homes for very long. Now, everyone who did take out a conservative mortgage that they could manage will be financing the bailout of the banks and a small number of foreclosure victims.
- How to Influence Government to Provide Real Solutions to the Foreclosure Crisis
[Real-Estate:Foreclosures] One of the greatest challenges for the country in attempting to put a stop to the foreclosure crisis and start investigating some of the bad loans and predatory actions by the banks has been the unwillingness of governments to use their force to go after lenders. On the contrary, the federal government seems more interested in token gestures meant to reassure voters, while quietly handing out billions of dollars in loans and tax breaks to giant corporations. Homeowners who want to influence the government for a helping hand or just investigations into the predation, therefore, must set their sights a little lower.
- If Your Bank Fails, What Happens to Your Mortgage If You Are in Foreclosure?
[Real-Estate:Foreclosures] It is no secret that lenders nationwide are struggling with financial problems just like the average homeowner. Nearly 400 lenders (public and private) have folded as a result of the current foreclosure and credit crisis. Many homeowners facing foreclosure are watching as their mortgage company goes out of business. So a big question that every homeowner, but especially ones struggling or already facing the loss of their property, is, "Do I have to keep paying for my mortgage if my lender goes out of business?"
- Variable Rate Mortgages and How to Stop Foreclosure
[Real-Estate:Mortgage-Refinance] Many loans were, and still are, written using a variable interest rate mortgage. This is a mortgage that remains fixed for a few years, and then adjusts (usually higher) based on a certain financial market. In theory, this concept works, but the problem is, when the real estate market takes a turn for the worse, it eliminates the equity needed for many people to refinance. The borrowers credit may also prohibit them from refinancing at a later point.
- Stopping a Foreclosure For As Long As You Possibly Can
[Real-Estate:Foreclosures] The most important element of the legal process known as foreclosure is time. Homeowners never seem to have enough of it to recover fully from their financial hardship, to work out a solution with their lender, or move out of the house before eviction. However, there are a number of ways to put the process on hold even just for a few extra weeks.
- The Damage Foreclosure Can Do to Your Credit Score
[Real-Estate:Foreclosures] Simply having a foreclosure on one's credit report will not decrease the score to the point where it is impossible to get any other loans. However, the entire foreclosure process often has many more negative aspects to it than just the actual legal procedures in the county courts and charge-off of the loan after a county auction.
- Is the Foreclosure Crisis Slowly Beginning to Turn Around?
[Real-Estate:Foreclosures] This year alone, we've seen a huge increase in the number of clients who are able to save their home from foreclosure. Even though the foreclosure filing rate is raising, lenders are allowing more homeowners to keep their home after the process is over.
- Filing Bankruptcy Should Be a Business Decision - Not a Moral Decision
[Finance:Bankruptcy-Personal] Most homeowners who consider filing bankruptcy in order to escape a crushing debt burden often feel guilty about bailing out on debts they originally promised to pay back. Whether they are attempting to get back on top of a mortgage through the protection of the courts or just eliminate high interest credit cards and huge medical bills, though, bankruptcy should be considered more of a business decision than anything else.
- How and Why Homeowners Can Work Up the Courage to Confront the Foreclosing Bank
[Real-Estate:Foreclosures] In the foreclosure industry, there are few things that can be considered constant in nearly every case. Due to the nature of the process, almost every foreclosure is completely different, but it seems there is one thing each of them have in common. Very few homeowners are comfortable talking to their lenders. In fact, until recently when more information has become available online, there have been very few exceptions to this rule.
- Protect Yourself From Foreclosure Scams Before You Miss a Payment
[Real-Estate:Foreclosures] It is estimated that nearly half the foreclosure "help" offers out there are scams! What can you do to avoid all these scams, but still find the help you need to save your home? Below you'll find two popular mortgage scams and steps you can take to make sure these scammers don't steal your home and life savings.
- Your Second Foreclosure - Will it Be Different From the First Time the Lender Sued You?
[Real-Estate:Foreclosures] If homeowners fall behind on their mortgage once, but are able to stop the foreclosure process before losing their home, and then fall behind again, the bank will start to foreclose on the house all over again. However, it will not be able to begin the lawsuit at the point it left off the first time - the entire process must start from the beginning.
- What to Do When You Can Not Afford Your Home
[Real-Estate:Foreclosures] In general, the only way to keep your home is if you are able to make a normal monthly payment. Even if you can not afford your existing payment, we would be able to negotiate a lower monthly payment or do a loan modification. But if you could not afford a lower payment either, then there would be no reason to try and save the home from eventually ending up in foreclosure.
- Purchasing a Foreclosed Home - How Long the Process Takes
[Real-Estate:Foreclosures] Depending on how you plan to buy the foreclosure property, it can take anywhere from 1 day to over a year! Here are the basic stages of foreclosure and how long it would take to purchase the property at that stage: Pre-Foreclosure - This is a property where the owner has missed payments and is in danger of losing the home to foreclosure. At this point, the bank does not control what the owner can do with the home, as long as they can satisfy the lien against the home.
- Government Grants, Programs, and Proposals to Fix the Foreclosure Mess
[Real-Estate:Foreclosures] There are many ideas floating around Washington DC these days, but will any of them help stop the foreclosure crisis? Everyone seems to have their own plan for helping homeowners through new legislation and banking rules.
- When Realtors Use the Term "Clean Foreclosure," What Do They Mean?
[Real-Estate:Foreclosures] Either from homeowners taking frustrations out on the house or simple neglect by a bank owner, foreclosure properties are often in a state that requires extensive work before they are livable. However, occasionally homeowners may come across a listing pointing out a "clean foreclosure." How this type of property differs from the average can mean savings for home buyers and a beneficial solution for the banks owning such houses.
- After the Foreclosure Crisis, The Corporations Will Take Over
[News-and-Society:Economics] Now that the foreclosure crisis has taken the economic lives of hundreds of mortgage lenders, a handful of banks, and untold numbers of families, it makes sense to evaluate what has happened to engineer the events now taking place. With a central bank controlling the money supply and the nation enjoying issuing the reserve currency of the world, it is not difficult to analyze how the country has been set up to be sold off to the highest secret foreign corporate bidders.
- Insurance Against Economic Depression - Learning to Live Without
[Finance:Personal-Finance] One of the more distressing aspects of experiencing a financial hardship is the feeling that the bills will never go away or be paid off. Cable television, internet, cell phones, housing phones, and newspaper and magazine subscriptions may be somewhat unnecessary but have become almost indispensable for modern life in America. And all of these bills do not even take into account utilities like heat and electricity, or debt payments like car loans, the mortgage, student loans, and credit cards.
- Filing Bankruptcy on the Sheriff Sale Date to Stop Foreclosure
[Finance:Bankruptcy-Personal] One of the most important aspects of Chapter 13 bankruptcy and how it relates to the home mortgage foreclosure process is its ability to put the entire proceedings on hold, no matter how far along they have gone or when they homeowners file for bankruptcy. This means that foreclosure victims can, in many cases, wait until just a few hours before their home is scheduled to be auctioned at a county sheriff sale, and still have the sale stopped.
- Homeowners Insurance and the Foreclosure Process - How Do They Affect a Property?
[Real-Estate:Foreclosures] Homeowners insurance is one of the peripheral issues that families facing foreclosure must deal with. While it is possible that the county can take the home through a different type of foreclosure for unpaid property taxes, and the mortgage company will be pursuing a lawsuit for the defaulted mortgage contract, there is little the homeowners insurance company will do upon nonpayment. However, this does not mean that property owners have nothing to worry about.
- Tactics to File an Answer to the Mortgage Company's Foreclosure Lawsuit Complaint
[Legal:Real-Estate-Law] When homeowners receive a bank's foreclosure complaint in the mail, they are usually given from fourteen days to a month to file an answer with the court. While the circumstances of the situation should determine how exactly the owners will respond to the lawsuit, there are a number of different options they may consider when fighting back against their lender's attempt to auction the house.
- How You Can Get a New Mortgage Even With a Foreclosure on Your Credit Report
[Real-Estate:Mortgage-Refinance] Besides the possibility of having nowhere to go after foreclosure and being publicly humiliated during an eviction, one reason homeowners may try and stay in a foreclosed house as long as possible is that they do not believe they will ever own a home again. After all, banks would never lend to foreclosure victims, right? Wrong -- and by keeping in mind a few simple principles and applying them for the first few years after losing a home, borrowers may find it quite painless to qualify for a new mortgage.
- Is it Time to Make a Stand and Stop Paying Bills?
[Finance:Debt-Management] There is no question that the most important tool that the increasingly cash-strapped people of American can use to reassert their power over the economy and their financial lives is their monthly debt payments. Without the huge amounts of borrowing that have been done in recent decades, most of the money in existence right now would cease to exist, and banks would be in a much more difficult position.
- How Long it Takes to Qualify For a New Mortgage After Foreclosure
[Real-Estate:Mortgage-Refinance] Closely related to the question of if homeowners who lose a property to foreclosure will ever be able to qualify for a new loan again, is how soon they can apply for another mortgage. Thankfully, the answer to this question depends mainly on how much the homeowners are willing to work to repair their financial situation and how serious they are about establishing new, responsible credit histories.
- More Homeowners Locked Out of HELOCs Defaulting Into Foreclosure
[Real-Estate:Foreclosures] In another wave of unintended consequences of bank's poor lending activities and the pump and dump nature of the housing market over the past decade, defaults on Home Equity Lines of Credit have risen to historic highs. This comes just a few months after mortgage companies began to lock homeowners out of access to their accounts, due to declining home values in local real estate markets.
- Current Housing Market Meltdown Only the First of Many Foreclosure Crises
[News-and-Society:Economics] With all of the bad economic news coming out every day, and the continuing collapse of housing prices and record foreclosure numbers, it often seems like the situation just can not get any worse. Unfortunately, the numbers being reported now about the number of foreclosures compared to a year ago quite underestimate the problem, as foreclosures take months to wind their way through the legal system.
- Filing Bankruptcy When Your Homeowners Association is Suing For Unpaid Fees
[Finance:Bankruptcy] If your HOA is trying to force a foreclosure on your condo or townhouse due to unpaid association fees, then it may be likely that they have a lien on the property. This may have been the result of some type of confession of judgment if you ever fell behind or due to the association suing you in civil court. Otherwise there may be some clause somewhere in your HOA paperwork that lets them sue you for a foreclosure if you fall behind on the association dues.
- How Can Homeowners File For Foreclosure?
[Real-Estate:Foreclosures] Many homeowners seem to consider "filing foreclosure" as a way to deal with a financial hardship and give up a mortgage payment they are no longer able to afford. They may want to know how they can file for foreclosure the best way, or how to do it at all. However, this misunderstands the foreclosure process and the fact that it is not the responsibility of property owners to file foreclosure paperwork to begin the process.
- How Banks Deal With Credit Cards When a Homeowner is Facing Foreclosure
[Real-Estate:Foreclosures] One more thing for homeowners to worry about when facing foreclosure is keeping on time with all of their other debts, such as credit cards and car loans. But the credit cards are often the most dangerous to fall behind on, as lenders may drastically increase interest rates and add hundreds of dollars in extra fees in just a few months. Homeowners also need to worry about having access to their credit lines cut off in the near future. Thankfully, however, most credit card companies will do nothing negative to homeowners just because they are facing foreclosure on the mortgage.
- The Best Way to End the Foreclosure Crisis - Creative Community Solutions
[Real-Estate:Foreclosures] It should be clear by now that if there is to be any real long-term solution to the foreclosure crisis, it must come from the local level and involve creative ideas. The federal government has proposed nothing but more centralized power and tax breaks for multinational corporations and have tried to label these schemes "foreclosure relief." Instead of stealing money from renters to bail out foreclosure victims, Congress has taken the wealth distribution a step further and is stealing money from renters and homeowners in foreclosure to reward airlines and automakers.
- Bankruptcy Reform Laws Allowing Banks to Take Advantage of Homeowners
[Finance:Bankruptcy-Personal] The new bankruptcy laws were passed in 2005 when mortgage companies and financial investment firms were artificially pumping money into the housing market to create a huge bubble. Ostensibly, these new laws were meant to curb the large problem of homeowners or borrowers taking out loans, spending too much, defaulting, and declaring bankruptcy to get away from their obligations. With the collapse of the economy and rising prices all around, however, it is becoming clearer by the day how poor legislators' and banks' assumptions were about how the average debtor responds to financial crisis.
- Use the Bank's Greed and Deception Against it to Stop Foreclosure
[Real-Estate:Foreclosures] For homeowners who have dealt with the loss of a home due to a mortgage company's fraud, misconduct, or illegal activities, it is little surprise that banks most often win their foreclosure lawsuits against the clients they target. Nearly all of the laws are designed to give some token disclosure notices but, more importantly, make sure that homeowners are kept as much in the dark as possible about what is actually happening to them in the mortgage process.
- Best Way For Government to Help Foreclosure Victims - Stop Fixing Messes You Create
[Real-Estate:Foreclosures] The media, politicians, and armchair real estate professionals seem to have begun making a part time job of analyzing what should be done to solve the foreclosure crisis. The debates so far, however, have been somewhat limited to the possibility of the government stepping in and providing relief to homeowners, or doing nothing and allowing home prices to crash. Instead of expecting more from the government, it would make far more sense for the bureaucrats to scale back many of their activities in all aspects of the average person's life.
- Even If the Banks Fail, Your Mortgage and Other Debt Probably Will Not Go Away
[Finance:Debt-Relief] Considering the slowdown in the economy generally, the credit crunch, the meltdown of the subprime mortgage industry, and steep declines in real estate values, there is an increasing possibility of numerous bank failures. But for homeowners who are stuck in devalued homes or are facing a resetting payment or will be experiencing a financial hardship, hoping for a collapse of their mortgage company will probably not let them off the hook for paying the loan back.
- More Power For Local Banks a Positive Aspect of Foreclosure Crisis?
[Real-Estate:Foreclosures] For a long time, small local banks have taken a bad rap in comparison to the largest mortgage companies and the resources of mortgage brokers with access to literally hundreds of different lenders. With the collapse of many subprime lenders and severe tightening of credit in the consumer lending market, however, it may finally be time for homeowners to give their local bank another look. Especially if they may anticipate facing foreclosure or another hardship, working with a community bank may be much easier.
- If the Bank is Suing For Foreclosure, Make Sure it Owns the Mortgage
[Real-Estate:Foreclosures] One of the more creative defenses to a foreclosure lawsuit that has surfaced in the past year is that of requesting the foreclosing bank to prove that it owns the mortgage note and has standing to sue the homeowners. In the vast majority of foreclosure actions, banks do not produce the original note, instead relying on the ignorance of homeowners not to challenge the bank's positions.
- Does Bankruptcy Stop Foreclosure Even After the Bank Sues You?
[Finance:Bankruptcy] Although many homeowners consider bankruptcy as one of the last options to avoid losing a property, many seem unclear on just how late they can wait to file, and how it will affect the foreclosure lawsuit. They may believe that, since the bank has already sued for foreclosure, filing bankruptcy might not have the desired result of ending that lawsuit. However, it is still possible to file and seek protection of the courts even late into the process of losing the house.
- More Victims of the Foreclosure Crisis - Neighbors and Local Governments
[Real-Estate:Foreclosures] It is not only homeowners actually in foreclosure who are dealing with the fallout effects of the housing market meltdown. Although they are the hardest hit, many more people who never miss a mortgage payment also must face the consequences of the high foreclosure rates, and local governments must also deal with trying to keep order in the community with fewer resources and rising costs.
- Prepare For Bankruptcy to Stop Foreclosure Even If You Never Need It
[Finance:Bankruptcy] Homeowners facing a financial hardship often contemplate filing bankruptcy to get some relief from their debts, but many would like to avoid the negative consequences of this solution. Far too often, though, homeowners in foreclosure may find a solution to save their house, but they find they have run out of time and will be facing a sheriff sale. Unless they have prepared in advance for the possibility of filing a bankruptcy petition, this may no longer be an option for them.
- Save Your Home Before the Legally-Guaranteed Redemption Period Expires After Foreclosure
[Real-Estate:Foreclosures] In certain states, homeowners have an extra period of time after the foreclosure auction in which they can save their homes. During this time, known as a redemption period, the bank can not start the eviction process or demand payment or try and force the owners out of the property in any other way. But when the owners run out of time and the redemption expires, there may be very few solutions remaining to stop the eviction.
- Foreclosure Homes - How Many Times Can You Default? On How Many Homes?
[Real-Estate:Foreclosures] How many times can a home go into foreclosure before the bank finally gives up and stops accepting any payments? For homeowners who have fallen behind more than once, or who own more than one property and are contemplating foreclosure on several houses, this is a serious issue. Thankfully, there is little real danger that a mortgage company will simply stop accepting any payments, even if the owners fall into foreclosure numerous times.
- How Bankruptcy, Deed in Lieu, and Deficiency Judgments Can Work in the Foreclosure Process
[Real-Estate:Foreclosures] It is very common and quite easy for homeowners to become confused about various options to avoid foreclosure. With so many different methods available, it becomes difficult to keep the final goal of each straight. For example, homeowners may file bankruptcy to buy more time, but want to give their home back with a deed in lieu, but are also worried about being sued for a deficiency judgment afterwards.
- How a Partial Owner Can Drive a House Straight Into Foreclosure
[Real-Estate:Foreclosures] With the great number of real estate flippers and new investors that entered the housing market in the past years, many homeowners are finding out that their professional investing partner did not exhibit the highest ethical standards. When one partial owner finds out that a partner has been taking out loans simply to acquire money and then let the houses go into foreclosure, many issues of mortgage fraud and other criminal activities arise.
- Understanding How Your Credit Score Works and What to Do to Improve It
[Finance:Credit-Tips] Unfortunately, most homeowners are not even aware of what actions and conditions affect their credit score the most. While simply paying credit cards on time every month and not defaulting on loans are obvious examples of good credit habits, there are numerous other ways to raise or lower a score that many people are not even aware of.
- How Long Until Your Mortgage Company Starts Reporting Late Monthly Payments?
[Real-Estate:Mortgage-Refinance] The best time to begin planning a solution to foreclosure is when the homeowners become aware that they will be unable to make the monthly payment, but have not yet missed the due date. Once they have fallen behind by even a few weeks, negative consequences will begin to emerge, many of which will build one upon the other to eliminate any chance of saving the home the longer the owners wait.
- Don't Count on New Foreclosure Laws to Help You Save Your Home - Take Action Now
[Legal:Real-Estate-Law] Lawmakers nationwide are debating on which new laws will most help foreclosure victims. Many different solutions have been presented, such as stopping foreclosures completely for one year, or placing more regulations on sub prime lending. Once a decision is made, there is no guarantee that it will even help existing foreclosure victim. Many laws being recommended are to prevent future foreclosures and will offer no relief to homeowners currently in foreclosure.
- Do You Pay the Property Taxes When You Give the Bank a Deed in Lieu of Foreclosure?
[Real-Estate:Foreclosures] Giving the bank a deed in lieu of foreclosure can be an effective way to get out from under a property and avoid some of the worst consequences of having a house fall into foreclosure. Homeowners are often concerned what they will have to pay even in this situation, though, and they do not want unresolved issues like property taxes to come back to haunt them in the future. In fact, the issue of who pays the property taxes and how much deserves attention by homeowners to make sure that their deed in lieu is done more efficiently.
- Is Being Declared Insane Enough to Stop Foreclosure on a Home?
[Real-Estate:Foreclosures] Most homeowners who experience foreclosure due to a medical disability often suffer from a physical accident or illness. While these are often serious and devastating, and can lead to permanent disabilities, finding out that the borrower is suffering from a mental problem can present even more unique challenges. But if a homeowner can be diagnosed as clinically insane, some family members may be tempted to try and have the original mortgage declared void now that it is in foreclosure.
- Today's Down Housing Market May Be a Great Time to Buy a Foreclosure Property
[Real-Estate:Foreclosures] With property values as low as they have ever been and interest rates even lower, it may be the best time ever to buy a new home. Not to mention all the low priced foreclosure properties flooding the market. Finding a property in foreclosure may be a good option, but there are many dangers to avoid when looking at foreclosure properties.
- Stopping Foreclosure Means Eliminating the Lien on the House
[Real-Estate:Foreclosures] In essence, all methods to avoid foreclosure involve eliminating the current lien. Homeowners have to pay off the mortgage or have the bank release this lien somehow for them to escape foreclosure. There are a few common ways to do this, and a few that are somewhat of an outside bet that the solution would ever work or not.
- Second Wave of Foreclosures Due in 2009 As Option ARMs Default
[News-and-Society:Economics] If the previous year of record foreclosure rates, falling home values, a declining stock market, and continuing inflation have seemed like too much catastrophe for the US economy to bear, just wait. There will be no short term recovery in the housing market; in fact, foreclosures will continue to increase and property values will keep falling for at least the next year, with a second wave of foreclosures set to begin in the spring of 2009.
- How to Navigate the Rough Road to Recovery After Foreclosure
[Real-Estate:Foreclosures] What to do after facing foreclosure is an extremely broad topic; after all, there are so many possibilities for homeowners to begin the process of financial recovery or make a fresh start or attempt to get their house back or qualify for a new house. How one family will respond to saving their house or losing it will be entirely dependent on their circumstances and the particulars of their experience with foreclosure, and any specific advice may be too narrow to apply to all cases.
- What to Do When the House You Are Renting is in Foreclosure Or Bankruptcy
[Real-Estate:Leasing-Renting] Renters who find out that the home they are living in may be involved in a foreclosure or bankruptcy are usually rightfully worried about what will happen to them. The bank could kick them out at any time or they may offer a cash for keys deal if the foreclosure has already gone through; when landlords keep tenants in the dark, everything is uncertain. But tenants need to find out what is the current status of the property in order to plan either for moving or staying put.
- How to Preserve Your Credit During Foreclosure
[Real-Estate:Foreclosures] In some cases, homeowners who know they can not save their home from foreclosure wish to preserve their credit scores as much as possible. Although raising a score or keeping it at a high level is probably not likely, homeowners should be quite capable of making sure that they do not face the worst of the consequences of foreclosure, just by following a few tips and understanding the ramifications of some of their decisions when dealing with a foreclosure.
- The Three Stages of the Foreclosure Process - And a Bonus Final Stage
[Real-Estate:Foreclosures] The legal process of foreclosure does not just automatically allow the mortgage holder to take possession and evict the owners right away. There are several stages to the legal action of taking back a property through foreclosure, and nearly all of the details of these stages are defined by the individual state foreclosure laws.
- Is Your Foreclosure a Result of Fraud Or Financial Mistakes?
[Real-Estate:Foreclosures] With all of the fraud and deception coming to light during the current foreclosure crisis, it is easy to overlook the massive fraud that has been a staple of the mortgage industry for years. But these servicers have been involved in the practice of stealing homes from uninformed, vulnerable property owners through a variety of schemes.
- When is the Right Time to Move Out of a House in Foreclosure?
[Real-Estate:Foreclosures] No matter how far homeowners fall behind on their mortgage, leaving the house before they are given an eviction notice can be a mistake. There are a number of different strategies that homeowners can use while facing foreclosure but before moving out to put themselves into a better financial position to deal with the aftereffects of a foreclosure situation.
- What Happens to the Mortgage Debt During the Foreclosure Process
[Real-Estate:Foreclosures] Does foreclosure create a debt when the bank files the lawsuit? What happens if there is a judgment -- do the homeowners owe both the mortgage and the judgment now? These are some of the questions that homeowners have when facing the loss of their homes. Due to the complex nature of credit and finance, it is quite easy to get confused about how mortgages work and what happens during foreclosure.
- How the Foreclosure Crisis May Affect Interest Rates
[Real-Estate:Foreclosures] The effects that foreclosure can have on interest rates of other loans needs to be examined from a few different perspectives. From a personal level, homeowners facing the loss of their homes may see an increase in interest rates on loans they already have, as well as any new loans they take out. But, from a macroeconomic point of view, large numbers of foreclosures can have even more detrimental effects to a society's ability to borrow, depending on how the situation is handled.
- Facing Foreclosure - Paying Off Credit Cards Vs Saving Up For a Workout Solution
[Real-Estate:Foreclosures] Homeowners facing foreclosure often find that, when they are not making the mortgage payment, they have some extra room in their budget, even if it is not enough room to resume regular monthly housing payments. But many of them consider paying off their other debt, such as high-interest credit cards and personal loans, while attempting to get back on their feet to qualify for a solution to the foreclosure.
- Using a Quitclaim Deed to Transfer Legal Ownership of a Property to Avoid Foreclosure
[Legal:Real-Estate-Law] One common misconception that homeowners can have during a foreclosure situation is that they can somehow transfer ownership of a property and that this will stop the foreclosure in its tracks. Nothing could be further from the truth, however, and simply signing over the deed to the house to a third party will put the owners in a much more vulnerable situation than when their own names were on the title.
- Removing a Foreclosure From a Credit Report and County Records - Can it Be Done?
[Finance:Credit-Tips] Once they have found a solution that allows them to save their house from foreclosure, many homeowners would like to delete any mention of the proceedings from their credit or property record. Because the foreclosure was cured and the mortgage either reinstated or paid off, they should be able to get it off of their histories, right?
- Where Does Your Equity Go When You Fall Into Foreclosure?
[Real-Estate:Foreclosures] When homeowners face foreclosure, the equity they thought they had in their house usually completely disappears by the end of the process. Especially if a house goes all the way through foreclosure and is sold at a public auction, there is more likely to be a deficiency than any profit from the sale. But even if the homeowners find a solution before that point, they can often find themselves quite dismayed at the evaporation of their home equity.
- What Items You Can Keep After Moving Out of a Foreclosed House
[Real-Estate:Foreclosures] When homeowners move out of a foreclosure house after selling or losing the house at an auction, they often wonder what items they can take. Especially if they are moving into lower-quality housing or could use the extra cash selling some items may bring, they may consider removing essential items like water faucets, copper pipes, or even the furnace. Determining what can and can not be taken can be one of the more difficult aspects of dealing with a house after foreclosure.
- What is a Foreclosure Bailout Loan? Who Offers Them? How Can They Help Save a House?
[Real-Estate:Foreclosures] One of the first solutions that homeowners facing foreclosure consider is simply refinancing their loan. After the first couple of times that they are turned down, though, reality quickly sets in: refinancing in foreclosure is quite difficult. This should come as no surprise, as lenders have been increasingly unwilling to make loans to people with low credit scores and no equity in their properties. Traditional loans may be out of the question for homeowners in foreclosure, who will have to try to qualify for a foreclosure bailout loan.
- Foreclosure in California - Know Which Kind of Foreclosure the Bank Will Use Against You
[Real-Estate:Foreclosures] In many states, the mortgage company can pursue either of two different types of foreclosure. Homeowners should understand the differences between each version in their own state so they can predict what course of action the bank will follow to take the house back.
- Use a Deed in Lieu of Foreclosure to Help Your Credit Score
[Real-Estate:Foreclosures] Homeowners who are underwater in their homes or have no other options to avoid foreclosure are often counseled to use a deed in lieu of foreclosure to give their property back to the bank. In the right situation, this solution can be quite appropriate and will allow the owners to avoid the worst consequences of having their house taken away from them.
- Recovering From Financial Hardships Can Help Stop Foreclosure, But Know Your Weaknesses
[Real-Estate:Foreclosures] Many times, it seems help arrives too late in a foreclosure situation to be of much service to the homeowners faced with the loss of a house. A new job, higher salary, lottery winnings, or long-lost inheritance may be welcome gifts, but if they come too late to save the house, they can be very bittersweet. Especially in the case of repairing the financial situation and overcoming the hardship by obtaining better employment, homeowners may expect more from their improved position than is realistic.
- Foreclosure Scam Pulls Out 19th Century Legal Nonsense to Steal Homes
[Legal:Real-Estate-Law] The creative tactics that foreclosure scam companies use to steal money and trick innocent homeowners out of their houses would be entertaining if the results were not so tragic. From phony documents and forged quitclaim deeds to pointless mitigation services and companies that change their name every other week, the number of potential scams seems endless. One group of scammers, though, had put a 19th century spin on this 21st century foreclosure crisis.
- Will The Foreclosure Crisis Make Credit Scores Meaningless In Applying For A Mortgage?
[Real-Estate:Foreclosures] During the boom years of the real estate market, banks could not hand out subprime mortgages quickly enough to meet demand. This demand, though, was from a segment of the population that, until the advent of no money down, interest only, adjustable rate mortgages had been largely locked out of mortgage borrowing. But it may have been the general decline in the creditworthiness of Americans that prompted banks to lower lending guidelines so precipitously.
- General Foreclosure Advice And What To Do When Facing The Loss Of Your Home
[Real-Estate:Foreclosures] While lawmakers debate the legality of these loans and what assistance to provide to homeowners, there is a wealth of free advice available online for the victims of these mortgages. When a family is facing foreclosure, they can greatly improve their chances of finding a solution that will stop foreclosure by following a few basic steps.
- Common Questions Homeowners Have When Facing Foreclosure
[Real-Estate:Foreclosures] If you are facing foreclosure, you will need as much help as you can find. Lenders and servicing companies will make things hard for you, and unless you are a lawyer, you probably will not understand much of what is happening throughout the process.
- The Foreclosure Crisis May Result In Higher Lending Standards
[News-and-Society:Economics] The consumer credit scoring system has been relied upon for years to estimate the reliability of borrowers to pay back a loan based on their previous payment history. A result of the credit crisis may be that this system is de-emphasized or even replaced by lenders, who are facing the consequences of defaults in the subprime and prime mortgage markets.
- Is It Worth The Time To Apply For A Foreclosure Bailout Loan?
[Real-Estate:Foreclosures] Refinancing to a lower interest rate seems to be the first option that homeowners rely upon to save their homes from foreclosure. Far too often, it is also the only option they seriously consider, and when they are turned down through one broker, they go on to the next and the next and the next, until they have run out of time to put any solution together.
- How To Pick A Loss Mitigation Company To Help Save A Home From Foreclosure
[Real-Estate:Foreclosures] With so many companies out there offering help to stop the foreclosure process, how do you choose the right one? For every legitimate company, there are at least two companies trying to scam you out of money, so it can be extremely difficult for homeowners to pick out a company that will allow them to save their homes with the least expense and effort.
- What Are The Requirements To Be Sued For A Foreclosure Deficiency Judgment?
[Real-Estate:Foreclosures] One of the greatest fears that homeowners in foreclosure experience is that the problem will never end and the bank will sue them even after foreclosure and go after their wages, retirement accounts, or other assets. Many of them fear a deficiency judgment by the bank, which is a separate judgment after the house has been auctioned off but did not sell for enough to pay off the total amount owed to the lender.
- Worried About Being Sued After Foreclosure For A Deficiency Judgment?
[Real-Estate:Foreclosures] If you own more than one home and are facing foreclosure, you are probably worried about the bank going after your second home if you are unable to save the first. Bank representatives and armchair foreclosure experts will threaten you with being sued again and losing your other home, having your other assets repossessed, and maybe even having your bank or retirement accounts stolen or wages garnished.
- Sending In A Partial Payment To Stop Foreclosure Will Probably Not Help
[Real-Estate:Foreclosures] Homeowners in any situation need to be careful with any partial payments, as the amount not paid will continue to accrue interest until they pay it back. The owners' monthly payments may not be enough to cover the entire amount that they owe once the bank adds in the interest from the partially-missed payment.
- Transferring Legal Ownership Of A Property Does Not Stop Foreclosure
[Real-Estate:Foreclosures] Unfortunately, many homeowners seem to buy into the myth that simply transferring ownership of their home will somehow relieve them of the responsibility to pay the mortgage and will end the foreclosure. This is a somewhat naive position, though, as putting the house into someone else's name will not prevent the foreclosure from going through.
- Alternative Leasing Options For Homeowners After Foreclosure
[Finance:Leases-Leasing] Obviously, stopping foreclosure before it is too late is always the best option, so if you are in fear of foreclosure, you should attempt to find help right now, before the bank sells your home out from under you. But, if you have already lost your home to foreclosure and you are having trouble find a place to stay due to your bad credit, here are a few options that will be cost effective and they probably will not even do a credit check.
- How You Can Get A Home Back After Losing It To Foreclosure
[Real-Estate:Foreclosures] If you have already lost your home to foreclosure, there is still hope! Just choose one of the three methods described in this article and find an attorney or trained foreclosure specialist to help you carry out the steps needed to reverse your foreclosure or get your home back after the process has ended. If you have a solution that will allow the bank to end up with their money and you end up with the property, it may be worth pursuing such a mutually beneficial solution for the banks and your family.
- Poor Housing Market Primary Reason For High Foreclosure Rates - What Can You Do?
[News-and-Society:Economics] The market has not just taken a turn for the worse; it seems to be in a nose dive that hit the ground and just kept going. The FDIC has described the housing market as a "whirlpool spinning out of control" and they do not expect it to stop any time soon.
- Stress Caused By Financial Problems The Worst Aspect Of Foreclosure
[Real-Estate:Foreclosures] Most financial hardships are especially troublesome from the perspective of the homeowners' psychological stability. Couple the initial event like a job loss or medical disability with all of the potential effects like foreclosure or repossession, and it is no surprise that money troubles are at the top of the list of stress-inducing thoughts.
- During Financial Hardships The Little Things Can Hurt The Most
[Finance:Personal-Finance] Even without the threat of facing foreclosure or bankruptcy, consumers are already burdened down with so many extra fees and hidden costs in their everyday expenses that it is becoming increasingly difficult to keep on top of all of the monthly bills. From cell phone and other service disconnection fees, to increasing costs on credit cards and other personal loans, to rising government expenditures that must be funded, it can feel as if people work half the year for the government and the other half of the year for their various involuntary expenses.
- Housing Alternatives Even Worse Than Facing Foreclosure
[Real-Estate:Foreclosures] Homeowners who decide to leave their home when facing foreclosure are faced with a difficult set of choices to make. Although their monthly mortgage payment may have gone up substantially or even doubled due to an adjustable rate loan, an expensive housing payment can seem like quite a deal to some of the alternatives.
- Government's Loan Modification Programs A Failure So Far
[News-and-Society:Economics] Months ago, the federal government put into place a series of programs, voluntary for the small number of banks participating in them, that were designed to help homeowners behind in their mortgages work with their lenders to modify the terms of their loans. Well, after months of these programs being in place, foreclosure rates have continued to increase. It seems few people are taking advantage of the government's guidance through these programs and use them to lower their monthly payments.
- Credit Tip - Many Collection Agencies Are Not Properly Licensed To Collect Or Sue You
[Finance:Credit-Tips] Most states require collection agencies to be licensed in every state in which they attempt to collect debts. As this would cost potentially tens of thousands of dollars a year in renewal fees and bond postings, many collection agencies conveniently fail to become licensed in more than a few states.
- Make Sure To Have Realistic Expectations When Trying To Stop Foreclosure
[Real-Estate:Foreclosures] One of the most important aspects of the foreclosure process is simply accepting reality and having reasonable expectations. Homeowners may be presented with a large number of potential options to save a home from the lender's lawsuit, but potential solutions can often result in disappointment. Unfortunately, this seems to be one of the areas that homeowners have a difficult time with.
- Why Mortgage Companies are Delaying Short Sales to Help Homeowners Avoid Foreclosure
[Real-Estate:Foreclosures] With more and more people finding out that they are underwater on their mortgage, owing more to the bank than the home is worth, they are realizing that selling is not an option for them. Homeowners in this situation are increasingly turning towards short sales, where they sell the home for less than what is owed, and more banks are beginning to consider this option to help homeowners.
- Considering a Short Sale? Have a Backup in Case the Lender Delays Too Long
[Real-Estate:Foreclosures] Although selling a home at a short sale to avoid foreclosure can be a mutually beneficial solution for both homeowners and banks, many lenders are quite reluctant to allow this method. More common than simply turning down an offer is when a bank delays the process for so long that the original sales contract expires and the buyers and sellers decide to give up on the process.
- Consider a Deed in Lieu of Foreclosure When There are No Other Options
[Real-Estate:Foreclosures] For homeowners in foreclosure who do not want to save their homes, there may seem to be few options. After all, they have told the bank they would pay the mortgage, and now they are unable to work out any arrangement that will let them stay in their homes. One of the better options in such a situation may be to offer the bank a deed in lieu of foreclosure.
- What Will Happen When Public Employees Realize their Pension Funds have Evaporated?
[News-and-Society:Economics] One of the casualties of the collapse of the subprime mortgage industry that has not been talked about to any significant degree is that of the pension funds. Pension fund managers were convinced by Wall Street investment firms to put retirement money into supposedly safe mortgage securities. With the fallout from the record default rates, though, these funds have lost much of the retirement funds of workers.
- The Foreclosure Crisis a Result of Psychopaths Running the Economy
[Real-Estate:Foreclosures] In all of the debate over what should or should not be done to alleviate the rising foreclosure rate, and who deserves a bailout or deserves to fail, it seems as if one aspect of the housing crisis has been forgotten. There are people behind this.
- Executing a Power of Attorney to Help Prevent Foreclosure
[Legal:Real-Estate-Law] One of the most serious decisions homeowners facing foreclosure may be asked to make is to sign over the deed to their home. Transferring ownership of the property diminishes their ability to keep control over the house, and may just reward a scammer with an easy target. Just as serious and potentially dangerous, though, is the decision to sign over a power of attorney to a third party to represent the homeowners.
- When Short Sales Fail To Stop Foreclosure - Look To The Bank For The Source Of The Problem
[Real-Estate:Foreclosures] With houses falling into default in such large numbers due to the subprime crisis and decline in property values, banks seem to have become paralyzed about attempting short sales. They turn down reasonable offers only to be forced to foreclose on the house and then list it on the open market for a price even lower than what they were offered for the short sale.
- Slowdown in Economy Presents Opportunity to Escape Debt Trap
[Finance:Debt-Relief] Now, with the number of foreclosures and bankruptcies rising to record levels, the greatest fear many people have is that their credit scores will drop and they will not be able to borrow as much in the future. Thinking of this sort, though, is still giving in to the false perception that homeowners or consumers should be judged by how much banks will lend to them.
- How Loss Mitigation and Foreclosure Assistance Companies Can Help Homeowners Save Homes
[Real-Estate:Foreclosures] One of the most important decisions homeowners will make when facing foreclosure is whether or not to hire a third party company to help them save the home. There are hundreds of news stories and complaints online about disastrous experiences people have had with foreclosure scam companies, but many homeowners do not feel competent enough to deal with the mortgage company on their own.
- Government and Banks Agree How Best to Help Homeowners - Then Decide Not to Do It
[News-and-Society:Economics] All of the voluntary programs put forward by the government to help homeowners in foreclosure have simply given banks an excuse to state that they are working with people while taking homeowners in record numbers. More meetings to discuss these voluntary programs will simply be a waste of public money and a further indication of just power much more powerful the banks are than the people or the politicians.
- The Enronization of the Real Estate Industry - A Brief History of the Housing Bubble
[Real-Estate] And here we are today, with the US economy facing a recession and politicians providing foreclosure relief which rewards the banks and homebuilding companies with tax breaks. No one is yet sure who owns all of the foreclosed loans, but with the Federal Reserve taking them in return for Treasury Securities, it is becoming clear that all Americans will own these bad debts.
- Who Can Expect a Federal Government Mortgage Bailout? And Who Will Pay For It?
[Real-Estate:Mortgage-Refinance] There is a lot of talk among blogs, news media, and even just people in general of a bailout coming from the federal government to help homeowners in foreclosure. The problem with this kind of talk is that many of the debaters seem to believe that they will be given a choice or any kind of input into the decision to reward certain groups with any federal money. In fact, amidst all of the debate, the real bailout is already being distributed.
- Housing Market Crash Predicted By Ron Paul And Alan Greenspan
[News-and-Society:Economics] The leader of the Fed and manipulator-in-chief of the economy during the primary boom years was Alan Greenspan, who once believed in things such as the gold standard, the impossibility of sustaining a housing bubble, and speaking to Congress in riddles and financial jargon. His main adversary in the Congress was Ron Paul, who still believes in things such as the gold standard, the impossibility of sustaining any manufactured market bubble, and is a master riddle-solver himself with a strong Austrian economics background.
- Bad Money Chasing After Even Worse - The Subprime Mortgage Disaster
[Real-Estate:Mortgage-Refinance] The initiating factor for the slowdown in the economy has been the fallout from the subprime mortgage industry and the resulting credit crunch due to higher than expected foreclosure rates. But it would seem that more homeowners facing foreclosure should not cause such widespread repercussions throughout the banking industry; in other words, the effects seem to be greater than the cause.
- One Result of Foreclosure Crisis Will Be A Loss of Confidence In Government
[Real-Estate:Foreclosures] It seems that many homeowners are expecting some saving grace to be passed down from the federal government to stop the crisis of defaulting mortgages. Based on the track record of government programs so far, however, it may be far better for people in financial hardships to rely on their own resources than hope for a bailout.
- The Psychology And Irrational Fears of Facing Foreclosure
[Real-Estate:Foreclosures] Homeowners who have fallen behind on their bills are often in a state of stress and high anxiety, with worries of foreclosure, bankruptcy, and repossession creating a sense of paralysis. This can often lead them to postpone taking any useful step towards saving their homes until it is too late and the possibility of recovering financially is almost nonexistent. The inability to move towards a goal of stopping foreclosure, though, is often caused by any number of irrational fears, all of which may be overcome.
- Will Bankruptcy Laws Be Changed To Help Homeowners In Foreclosure?
[Real-Estate:Foreclosures] Consumer and civil rights advocates are fighting for legislation to pass in Congress designed to help foreclosure victims save their homes and avoid eviction with the help of the bankruptcy courts. This bill making changes to existing bankruptcy laws and the power of judges is supported by many consumer advocacy groups.
- Bankrupt FHA and HUD to Bail Out Bankruptcy Foreclosure Home Owners
[Real-Estate:Foreclosures] Another of the mortgage industry bailout plans proposed by Congress and the President has been to use the Federal Housing Administration (FHA) to guarantee loans for homeowners to avoid foreclosure. While this has been one of the lesser-discussed options to solve the housing crisis, it represents another plan by the government to take money from the general public in order to help out corporations and banks.
- Should Homeowners Have to Fund Corporate Tax Breaks Under the Label of Foreclosure Help?
[Real-Estate:Foreclosures] If anyone still doubts that government only intervenes in the economy to protect itself and reward politically-connected corporations, the ill-named Foreclosure Prevention Act should dispel any lasting misconceptions. The proposed bill would essentially steal money from homeowners and the general public in order to reward corporations and make the foreclosure process easier and more profitable for lenders. Possibly the most corrupt part of the bill, though, is the large list of tax breaks that will be enjoyed by various industries -- but not homeowners actually facing foreclosure.
- How To Find Out How Much Is Owed On A Mortgage In Total
[Real-Estate:Mortgage-Refinance] When homeowners are attempting to put together some plan to save their homes, one of the key pieces of information they need to gather is how much they owe the bank in total. Without knowing this figure, it will be impossible to refinance the house, sell for a reasonable price and not owe anything later on, or even put together a short sale with an investor.
- The Federal Reserve's Ill-Guided Bailout Of Bear Stearns
[News-and-Society:Economics] When the buyout of Bear Stearns by JPMorgan Chase was announced, it was no stretch to assume that some amount of fraud had been perpetrated on the investment community, employees and clients of Bear, and the American people. The shotgun wedding late on a Sunday night in mid-March 2008 was arranged by the Federal Reserve in an effort to allow the large financial institution to fail.
- Money Troubles? Try Using a Local Currency
[Finance:Personal-Finance] The benefits of such a system are numerous, the most notable being the fact that wealth remains and circulates within a community as the currency is mainly accepted in that small area. Local farmers, producers, and even corporations that move into the region may accept the community currency; but they will have to recycle it back into the local economy in the form of more purchases from area businesses.
- The Recession - Solving the Problem of Big Government Regulations with Bigger Government
[News-and-Society:Economics] The results of the fallout of the housing market, fueled by years of easy credit, nonexistent lending qualifications, and desperate attempts to pump and dump residential real estate have led to a crisis in the American economy. There is now one choice being presented to the people of the country, the so-named Paulson Plan, which is offered by the same financial power centers that created the foreclosure crisis and have benefited most from it.
- Who Owns the Mortgage Can Foreclose - But What if No One Knows Who Owns the Mortgage?
[Real-Estate:Foreclosures] There has been such a backlash against the subprime mortgage market that even homeowners in foreclosure have realized the fraud that has been perpetrated on them. In such times of economic crisis and blatant corruption, government representatives have little choice but to pretend they are protecting the public from greedy mortgage companies and bad loan products. It is in this environment that some homeowners have begun to contest their foreclosures and have actually had some lawsuits thrown out of court
- How Bad Can the Residential Housing Market Get?
[News-and-Society:Economics] Unfortunately, the problem of foreclosures is actually quite a bit more serious than even the media is making it out to be. They are just focusing on the foreclosure crisis and how homeowners and lenders are being affected during the credit crunch, while ignoring many other, related problems.
- Mortgages - You Always Pay More Than The Home Is Worth
[Real-Estate:Mortgage-Refinance] There may be many reasons to give up on a property, and currently declining values may factor into the consideration to walk away. However, homeowners should not consider lost equity as their main consideration in abandoning a house; after all, their mortgage always binds them to pay two to three times as much for the house as it is worth.
- Pros and Cons of Altering the Bankruptcy Code to Help Judges Fight Foreclosures
[Finance:Bankruptcy-Personal] One of the more creative plans put forth by legislators as an effort to alleviate pain in the housing market and stop the rising tide of foreclosures has been to alter the bankruptcy code. This would allow bankruptcy court judges to reduce the principal balance on mortgage loans, bringing the amount the homeowners owe more in line with the current market value of the property.
- Homeowners Send Their Keys to the Bank, Banks Send Their Bad Loans to the American Public
[Real-Estate:Foreclosures] As more people fall behind on their mortgages and see their home's value decrease to less than what they owe the bank, some homeowners are simply mailing in the keys to the house. Investment banks have also been engaging in jingle mail, a form more subtle than homeowners but also more costly. The Federal Reserve is allowing banks to use as collateral toxic mortgage debt in return for loans.
- New "Foreclosure Prevention Act" Only Enriches Banks At The Expense Of Homeowners
[Real-Estate:Foreclosures] The Senate's newest sham proposal to "help" homeowners facing foreclosure has come under heavy criticism from nearly everyone who is not a politician, and even some who are. The "Foreclosure Prevention Act" does little to provide assistance in helping people keep their homes; rather, it benefits banks and homebuilders who purchase foreclosures.
- When The Foreclosure Lawsuit Comes, How Do You File An Answer To The Bank's Complaint?
[Legal:Real-Estate-Law] In nearly all cases of foreclosure, when the bank files its initial lawsuit, the homeowners have a chance to respond to the complaint and file their own answer. The problem is that, while mortgage companies hire local lawyers, the owners of the house may have little idea of how to go about filing an answer. While this is an extremely variable topic, with local, county, and state rules all coming into play, a small introduction may help homeowners find the confidence to take on the bank in court.
- Under The Radar Bailout Of The Banks Paid For By Foreclosure Victims
[Real-Estate:Foreclosures] Although there have been numerous proposals put forward by Congress in order to fix the housing crisis, most of them have so far proven ineffective or are blatant bailouts to corporations. The politicians have been churning out one propaganda piece after another under the label of "foreclosure help," the corporate welfare "Foreclosure Prevention Act" being only the most recent. These programs, though, have been designed more to distract attention away from the real bailout going on.
- Current Plans To Help Homeowners Will Only Lead To More Foreclosures
[Real-Estate:Foreclosures] It is becoming clearer by the day that the wave of foreclosures sweeping through parts of the country will forever alter those manufactured neighborhoods. Artificial money was pumped into newly-created suburbs, turning Green Acres into Asphaltistan, while large corporations moved in to suck the wealth out of communities before the collapse of the housing bubble.
- Helping The Banks Does Not Help Homeowners In Foreclosure
[Real-Estate:Foreclosures] Politicians proposing giving more power to the Fed or offering tax incentives to prop up the banking system are not helping homeowners stop foreclosure. They are helping banks stave off bankruptcy so that the government itself can stave off bankruptcy for as long as possible. But their efforts to do this are actually increasing the danger in the future.
- How Communities Can Use The Foreclosure Crisis To Benefit The People
[Real-Estate:Foreclosures] The ongoing slow collapse of the US economy and bursting of the housing bubble will present unique opportunities for small communities. While Congress is debating over the best way to present how they steal money from the general public and send it off to the banks, local neighborhoods on city and county levels may be able to ensure their own longer-term survival in some form than relying on the central government for assistance.
- Buying REO Foreclosure Properties From a Mortgage Company - Figuring Out the Language
[Real-Estate:Buying] The process of buying a bank-owned property or one that had been purchased by a corporation at a county auction can be a bit different from a regular, arms-length purchase. Because foreclosed properties are usually not rehabilitated or maintained by their new corporate owners, potential buyers will have to deal with more complicated disclosures and contract addenda that are designed to protect the bank from future litigation.
- Two Common Foreclosure Mistakes - Transferring Title And Abandoning The Home
[Real-Estate:Foreclosures] Two common mistakes that homeowners can make while facing foreclosure are to abandon their home before the appropriate time, and transferring ownership of their property in the belief that it will somehow help their credit. Unfortunately, performing either of these acts may cause the bank to proceed with foreclosure even more quickly.
- Communities The Only Level of Government That Can Combat Foreclosure Crisis
[News-and-Society:Politics] But just because the federal government has no authority to get in the middle of voluntary mortgage contracts, that does not mean the individual states and local governments can not get involved in creating various creative help programs. As long as the states have such authority in their own constitutions, they can create legislation to offer relief to homeowners. How well their own programs will function is obviously debatable, and more community-based solutions would more likely be able to address local situations better than centrally-planned state efforts.
- Bankrupt Economy A Result of Morally Bankrupt Politics And Financially Bankruptcy Banks
[News-and-Society:Economics] With the passage of the poorly-named "Foreclosure Prevention Act," the somewhat-elected representatives of a small percentage of the people of the country have passed legislation that will only hurt more homeowners. Although ostensibly designed to provide more resources to assist homeowners in foreclosure, the bill actually rewards those parties (banks and homebuilders) who have profited most from the real estate bubble.
- Using Bankruptcy In Self-Defense When Facing Mortgage Foreclosure
[Finance:Bankruptcy-Personal] By the time a sheriff sale has been scheduled, homeowners may be so far behind on the mortgage that there is little chance of establishing a workout solution with the bank, and their credit may have deteriorated to such levels that there is no chance of qualifying for a new loan. But not all hope is lost even at this late date, as homeowners can consider filing bankruptcy as a last resort to keep their home from being lost to foreclosure.
- Too Many Foreclosures For The Banks To Keep Up With
[Real-Estate:Foreclosures] With the rising numbers of foreclosures and mortgages behind in payments, it seems as if the banks are falling behind on pursuing owners of these properties. Banks have always been likely to help homeowners by giving them more time to work out a solution, as long as the owners are in regular contact with the lender. But now, even homeowners who have gone all the way through foreclosure and should have been kicked out by now are remaining in their homes.
- Collapse Of Housing Market Just The Beginning Of Economic Downturn
[News-and-Society:Economics] The housing crisis is, unfortunately, one of the last steps in the leveraged buyout of the country by the banking system, which controls and creates the money used by every person. The banks will either own the real estate, or they will have helped to inflate and crash the markets so that homeowners owe far more on their properties than they are worth or could ever pay back.
- Filing Personal Bankruptcy In Foreclosure Should Not Be Done Lightly
[Finance:Bankruptcy-Personal] One of the options that are recommended for homeowners facing foreclosure is that of filing Chapter 13 bankruptcy. But too many people in foreclosure seem to believe that this option will automatically end the foreclosure and they are not expecting to go back into foreclosure after filing. Unfortunately, the reality is quite different, as the vast majority of people going through this legal process end up back in foreclosure instead of completing the bankruptcy plan.
- Where Homeowners Can Find Out About The Foreclosure Lawsuit Against Them
[Real-Estate:Foreclosures] For one reason or another, many homeowners do not seem to be aware that their lender has filed the foreclosure lawsuit against them in county court. But if homeowners know that they are behind and are worried about being foreclosed on, there are numerous other sources of information to find out about the foreclosure lawsuit.
- How Soon Can You Be Evicted After The Foreclosure Sheriff Sale?
[Real-Estate:Foreclosures] Homeowners in foreclosure are rightfully worried about not being able to save their homes and how quickly they will be evicted after the sheriff sale. Although the lender and various "experts" will threaten them with the sheriff showing up the next day to violently kick them out of the house, this is just not the case in foreclosure situation. The county sheriff and the eviction crew will not show up the next day after the sheriff sale, and homeowners should ignore the fear-mongering that threatens this possibility.
- Check Your Credit Card Balances -- Limit Restrictions May Be On Their Way
[Finance:Credit-Tips] Large mortgage companies have been cutting back on the credit limits of home equity lines of credit. Unfortunately, it seems like this will only be the beginning of the drying up of credit for the average person. Apparently, the next target for the restriction of credit may be credit cards, and consumers in increasing numbers will be receiving notice that their limits have been severely reduced.
- Bankruptcy and Foreclosure - Could the Court Reduce Your Mortgage Balance to Stop Foreclosure?
[Real-Estate:Foreclosures] In the right situation, bankruptcy can be a powerful tool to get a short break from an accelerating foreclosure process and bring the mortgage lender and other creditors back to the negotiating table. There is also a slight possibility that bankruptcy court judges may be granted more power to work out solutions in favor of homeowners.
- Giving the Federal Reserve More Powers Will Only Hurt Economy
[News-and-Society:Economics] A new plan proposed by Treasury Secretary Paulson has been making the rounds of discussion in Washington. The plan is ostensibly designed to further regulate the financial and mortgage markets, while giving great new powers to the Federal Reserve, which causes the stock market and housing bubbles and then finances the bailouts of preferred companies with the publics money.
- HUD Secretary Resigns - Casualty of Having Too Big A Mouth For Typical Washington Corruption
[News-and-Society:Politics] Just this week, it has come out in the mainstream press that the former head of the Department of Housing and Urban Development (HUD) had been giving preferential treatment to political party sympathizers. What has been surprising about this is that it is being promoted as a victory of government over one corrupted official. But HUD, just like almost every other government agency, has engaged in contract bias for decades.
- How Easy Is It To Stop Foreclosure On Your Own?
[Real-Estate:Foreclosures] Since the meltdown in the real estate markets and the increasing foreclosure rates, several new websites have popped up offering free foreclosure help and marketing self-help packages and programs. Many of them do not describe much of the contents of their products, but similar ones have been around for years. They almost always consist of some sort of self-help package, with forms and instructions designed go guide homeowners along the path of avoiding foreclosure in several different methods.
- Cash For Keys Offers Used to Persuade Foreclosure Victims to Leave Homes Peacefully
[Real-Estate:Foreclosures] Banks are beginning to rely more and more on a unique method of bribing homeowners to leave a foreclosed property without causing damage to the house. For a few thousand dollars, banks attempt to persuade foreclosure victims to leave the house without having to be evicted, and without ripping out any of the fixtures or making the house unlivable. Homeowners with no other option to save their home may wish to consider this offer from the bank, which is called a cash for keys offer.
- Philadelphia's Plan to Suspend Foreclosure Auctions
[Real-Estate:Foreclosures] Recently, the local government in Philadelphia, Pennsylvania has made the decision to suspend sheriff sales of foreclosed properties. No more foreclosure auctions will be conducted for homeowners who have adjustable rate, subprime mortgages, and the suspension will last all through the month of April. This remarkable measure may provide relief to thousands of homeowners, and is one of the very small victories for individuals in the foreclosure crisis.
- Bailing Out Banks From Foreclosures Creates Moral Hazard to Encourage More Bad Lending
[Real-Estate:Foreclosures] Making Treasury securities available in exchange for defaulted mortgage loans effectively means that the banks have absolutely no reason to work with homeowners to put together options to stop foreclosure. The lenders know they can just hide the foreclosing loans later on and get free money to bail them out from the government. So there is no reason for the banks to spend any of that free money on helping homeowners.
- Foreclosure Crisis Affecting Local Governments to the Point of Facing Bankruptcy
[News-and-Society:Politics] The foreclosure crisis raging across the country is beginning to have an effect on governments at the local and state levels. Declines in property values and more abandoned homes will lead to a decrease in the tax base that cities and counties depend on to say in business. Local governments in some areas are already facing insolvency due to high foreclosure rates and a dollar that is losing value by the week.
- Why You May Keep Receiving Mail Even After Working Out a Solution to Foreclosure
[Real-Estate:Foreclosures] Even after setting up a payment plan or modifying the terms of a loan to avoid foreclosure, some homeowners keep receiving post cards and letters from attorneys and other companies. These often include sales pitches threatening them with foreclosure, sheriff sale, and eviction, but offer various services to save the home. It may be quite confusing for homeowners as to why they keep receiving such letters, because they believe they have worked out a solution to foreclosure.
- Providing Corporate Welfare to Banks Only Makes Foreclosure Crisis Worse
[News-and-Society:Economics] There have been numerous calls from politicians and interest groups about how to help homeowners in foreclosure. Far too many of their proposals, though, involve providing direct subsidies to foreclosure victims, in the form of money from the government. The government, however, should not "supply money" to anyone, whether they are facing foreclosure or not.
- How a Short Sale Can Assist Homeowners in Avoiding Foreclosure
[Real-Estate:Foreclosures] Many people simply feel that it is not worth the effort to negotiate with a mortgage company to be able to keep paying a mortgage for a property that is increasingly worthless. In this real estate environment, selling at a short sale can help both the banks and owners unload a property and receive a fair price, and avoid taking the mortgage through foreclosure and having it sit on the open market for months.
- How Bankruptcy May Affect the Home Foreclosure Process
[Finance:Bankruptcy-Tips-Advice] For homeowners who file bankruptcy in order to save their homes, there is always a fear of falling behind on the payments and ending up back in foreclosure with their credit scarred even further. But the vast majority of homeowners who do file a Chapter 13 bankruptcy will end up back in foreclosure if they do not work with the right attorney and are not prepared to meet the requirements of the legal payment plan.
- Is it Possible All Mortgage Contracts Are Void and Foreclosures are Invalid?
[Real-Estate:Foreclosures] Jerome Daly was a homeowner living in Minnesota who stopped paying his mortgage. The lender, First National Bank of Montgomery, of course, sued the man for foreclosure. Daly presented his argument before a jury as to why he did not owe the bank anything.
- Was the Foreclosure Process Planned For the Destruction of the Economy?
[News-and-Society:Economics] How did the lenders and financial institutions miss the housing bubble? Or were they planning on the foreclosures for some other end? Did the foreclosure crisis really catch any of the highest executives of the largest banks by surprise? Or did they want the foreclosure crisis rather than continuing to collect mortgage payments from homeowners?
- Facing Foreclosure? Stay Away From Payday Loans to Save Your Home
[Real-Estate:Foreclosures] With foreclosures at historically high rates across the country, some homeowners feel that they have no other option to save their home other than taking out more loans. Some end up taking out payday advance loans, which is almost universally a bad idea for people facing a financial hardship or foreclosure. A growing use of these loans will delay any recovery in the economy, rather than stimulate growth.
- How to Use Loss Mitigation to Save Your Home From Foreclosure
[Real-Estate:Foreclosures] Loss mitigation professionals are able to negotiate with mortgage companies for solutions that allow homeowners to get out of the foreclosure situation and establish a reasonable payment plan going forward. However, it is important that homeowners know when to take advantage of the services of a loss mitigation company, and when the chances of success may be low.
- Criminal Collection Agencies May Try to Trick You Into Court
[Finance:Debt-Relief] Especially collection agencies that masquerade as law offices have mastered this act of demanding money, pursuing baseless lawsuits, and refusing to become licensed. Simply suing a debtor for a judgment is not sufficient, although it drags the matter before a highly biased judge who makes the money needed to feed his family from the filing fees paid by these collection agencies.
- Banks More Important to the Economy Than People, According to Fed's Actions
[News-and-Society:Economics] For over half a year now, the Fed has been actively bailing out some of the largest corporations and especially the banks. Despite lowering interest rates, providing essentially free money to the banking system, and devaluing the dollar, little confidence has been restored to the markets. In fact, it seems that the more the Fed does to stimulate the economy, the more people wake up to the scam the banks and government have been pulling for decades.
- Trying to Stop Foreclosure? Avoid These Ten Obstacles
[Real-Estate:Foreclosures] Although the entire experience of facing foreclosure is just one challenge after another, homeowners and potential sources of help should be aware of some of the more common problems homeowners face. The list below is definitely not exhaustive, but it highlights some issues that everyone facing foreclosure should take care to avoid or overcome. Running into any problem should not be a reason to give up the fight to save a home.
- Hyperinflation? Depression? What Will be the Outcome of the Fed's Banking Panic?
[News-and-Society:Economics] Taking lessons from Enron in how to securitize and hide debt was apparently not a good idea for large banks, as they now have to deal with trillions of dollars of potentially bad debt. Even worse, no one can quite figure out who owns this bad debt, or how to get rid of it. But the Federal Reserve has stepped in to take care of even that problem, by offering to trade bad mortgage debt for Treasury securities.
- Can You Lose Your Retirement Savings in Foreclosures?
[Real-Estate:Foreclosures] Many foreclosure victims fear deficiency judgments, believing that they may lose a second home, car, or even their bank accounts and retirement funds. This is a reflection of the general lack of knowledge of how foreclosure works, since the possibility of the bank going after any of these assets is very small.
- You May Get Proceeds from the Foreclosure Sheriff Sale, But Be Careful No One Claims Them First
[Real-Estate:Foreclosures] The government and banks should never be trusted to conduct the foreclosure process in the correct manner -- always make them prove it in court. This is the best way to keep on top of the parties and make sure that even the smallest benefits will go to the homeowners.
- Rescuing Bear Stearns Maybe Not Such a Benefit for Foreclosure Victims
[Real-Estate:Foreclosures] When there are so many communities facing the possibility of local refugee conditions (tent cities, abandoned suburbs), do we really need our largest banks in the country rescuing a greedy "ownership culture" that has contributed greatly to so many more people losing ownership of their properties and giving up everything they own? Some culture that is.
- Should Homeowners Go to the Foreclosure Hearing Even If They Can Not Save the Home?
[Legal:Real-Estate-Law] It seems a majority of homeowners do not attend the foreclosure hearing when the bank is suing them to take the house. This is almost universally a mistake, however, as the banks and courts are well aware of the fact that the owners are facing financial hardship and can not make the mortgage payment. This gives the foreclosure victims more leverage in working with the court and lender for a solution to avoid taking the home through the sheriff sale. Especially for homeowners who can not save their homes, they may wish to attend the foreclosure hearing.
- Health Insurance, Medical Emergencies and How They Contribute to the Foreclosure Crisis
[Insurance:Health] Medical problems are the second most cited cause of homeowners falling behind on their payments and facing foreclosure (loss of income is first). The fact that so many people in the country are uninsured almost guarantees that they will face financial doom if faced with a sudden medical catastrophe. Even the ones who have insurance have to fight for coverage, and far too many conditions can be excluded under dozens of clauses and excuses used by insurers to maximize profits.
- Don't Blame Homeowners for the Foreclosure Crisis Without Blaming Big Government, Too
[Real-Estate:Foreclosures] Many of the discussions of people facing foreclosure categorize them as greedy, overspending, and having no one but themselves to blame for their poor financial conditions. Individual homeowners, despite their lack of financial resources and lack of financial education from government schools, are held responsible for their inability (or willingness) to adequately inform themselves about the mortgage contracts they were entering into.
- $200 Billion Federal Reserve Mortgage Bailout for Banks, $0 for Homeowners in Foreclosure
[Real-Estate:Mortgage-Refinance] This is the financial and legal environment that the banks set up for themselves. And just as designed, it will be the public who will lose their homes and bear the costs of bailing out the banks.
- Homeowners Not Behind in Mortgage Payments Have Few Legal Resources to Work With Lender
[Legal:Real-Estate-Law] Unfortunately, systemic stupidity and shortsightedness are not crimes in America (yet), so the banks are able to get away with this circular logic which pushes people into foreclosure in order to save their homes from foreclosure. In such cases, the owners of properties may feel like they have very few legal resources available to them. They are right to feel this way, as the courts can be very inhospitable to homeowners trying to work out a solution to foreclosure without actually being in default.
- How Former Foreclosure Victims Can Help Fellow Homeowners to Save Their Homes
[Real-Estate:Foreclosures] A not insubstantial number of homeowners in foreclosure, after saving or losing their home, realize that real estate can be a pretty good investment. Especially with their first-hand experience with the foreclosure process, these homeowners may get into the property management or investment business after taking a few years to reestablish their credit and maintain a savings account for emergencies and down payments. Real estate investing can be a great opportunity for previous foreclosure victims to help others in similar situations in their communities and make money for their own families.
- The Newest Mortgage Bailout - $200 Billion for the Banks, $0 for the Homeowners
[News-and-Society:Economics] The federal government has a long history of creating new problems to solve old problems and socializing financial losses while allowing companies to privatize profits from shaky deals. Now, in another effort to prop up the banking system at the expense of the homeowners whose defaulting loans are harming that system, the Federal Reserve and other central banks worldwide have announced another $200 billion expansion of their lending program.
- Are the Government's Programs Helping Foreclosure Victims or the Banks?
[News-and-Society:Politics] To ask the question is to answer it. The government has stepped in with a number of different policies and programs that are designed to help people suffering from the foreclosure crisis. With most of what government does, though, the people who are designed to benefit are actually being hurt, while the parties who are most responsible for the financial crisis are socializing their losses.
- Foreclosure - Many Questions, Few Answers
[Real-Estate:Foreclosures] The questions that homeowners in foreclosure have are nearly endless. What are the consequences of going into foreclosure? Should homeowners be worried about being sued after they lose a home? If so, would it be better to file bankruptcy before the bank can sue for a deficiency judgment, or after? And what about their credit after facing foreclosure -- how long will it be scarred and what does that really mean? Thankfully, many homeowners will have similar experiences and the answers to these and other questions may be found relatively easily.
- Cut the Size of Government and Return Inflated Property Taxes to Help Homeowners Stop Foreclosure
[News-and-Society:Economics] To be effective for the long term and actually help homeowners facing foreclosure on their inflated homes, government needs to cut spending and return some or all of the money based on unrealistic property values to the homeowners and other taxpayers. This means cutting the additional waste that was added to government services during the housing boom of the last seven years.
- When Banks Change the Locks on Your Home Before the Foreclosure Sheriff Sale
[Real-Estate:Foreclosures] Especially in the case of homeowners who own multiple properties, they may find that their mortgage company has had the locks changed on a house in foreclosure. This can be very unsettling to owners who are still trying to find a workable solution to foreclosure, because it indicates that the bank is exercising control over the property before it has been sold out from under the owners at a county auction.
- Homeowners Giving Up Properties in Foreclosure but Continue Living in Them for Years
[Real-Estate:Foreclosures] Some homeowners facing foreclosure find a solution and are able to save their homes. Some of them just give up on the house and find somewhere else to live until their financial condition has repaired and they can attempt qualifying for a new mortgage. This article is not about either of these groups of homeowners, though. This article is about the ones who neither find a way to avoid foreclosure nor leave their home, remaining in the property and living rent and mortgage free for as long as possible.
- The Media and the Recommendations and Warnings of Consumer Credit
[Finance:Credit] It is always amazing to read news stories and commentaries about personal finance put out by the mainstream media. Many of them seem to lack any focus in their messages to consumers, if they are not openly schizophrenic. This may be due to the fact that these large media corporations are attempting to appeal to the broadest audience possible, but conflicting stories serve no real purpose but to keep up the appearance that everything is the same even if the world and economy are radically changing around us.
- Why Would the Bank Sue a Foreclosure Victim for a Deficiency Judgment?
[Real-Estate:Foreclosures] Although many homeowners worry themselves over the possibility of being sued after foreclosure, few seem to know exactly how a deficiency judgment works. There is no way to tell for sure whether or not the bank will even be able to go after this, let alone if they will decide to pursue the additional lawsuit.
- Americans Maxed Out on Consumer Credit and Housing Debt
[Finance:Credit] Almost every homeowner addicted to housing debt also used credit cards to furnish their dream homes and keep up an unsustainable lifestyle of consumption. In the good times, this can mean borrowing the money to build a home that the bank appraises at current market value (using mark-to-market accounting, which was also used by Enron).
- Give the Bank a Deed in Lieu of Foreclosure or Give Up on the House?
[Real-Estate:Foreclosures] Knowing when to give up on a house in foreclosure can be a tough decision for homeowners to make. Although many would rather keep their home and are quite willing to make affordable payments to the mortgage company, this is not always an option. Selling to avoid foreclosure may not even be an available method if property values have declined and the homeowners owe far more than their homes are worth. This leaves them with only two options, both of which will end up in their losing the home. These two methods are offering the bank a deed in lieu of foreclosure or giving up and abandoning the property.
- Redemption Period and Foreclosure - How to Use One to Avoid the Other
[Real-Estate:Foreclosures] A redemption period after facing foreclosure can be extremely useful to create more financial stability. If there is no way to save the home, then the previous owners should just try and save up as much money as possible, or use the money that would have been used to make the mortgage payment to eliminate other debt.
- Homeowners Locked Out of Their Home Equity Lines of Credit
[Real-Estate:Mortgage-Refinance] Recently, some of the largest banks in the country, along with mid-size and smaller ones, have begun cutting off homeowners' access to home equity lines of credit. The stated reason for this is that, since home values have dropped so dramatically in certain areas, the bank is unwilling to risk the possibility of the house going into foreclosure with more owed on it than the property is worth. Although this may seem like it would make sense in some twisted way, this action will just contribute to even more foreclosure, further decreases in home values, and less credit being readily available.
- Considerations of Walking Away from a Home in Foreclosure
[Real-Estate:Foreclosures] Just leaving a home to its ultimate fate in the foreclosure is obviously the least-desired option, and can result in the most damage to the homeowners' credit and the house itself, if it become a target for squatters or vandals. With property values declining and foreclosure victims owing more on the mortgage than their homes are worth, though, many more will consider whether or not to abandon their home.
- How a Short Sale Can Help Save a Home from Foreclosure
[Real-Estate:Foreclosures] One of the methods that homeowners use to save their homes from foreclosure that is quickly gaining in popularity among foreclosure victims and lenders is selling the property at a short sale. Although the option has been around for decades, the current environment in the real estate market has made the method particularly attractive, because it allows owners to sell for less than the total amount they owe on the loan.
- How to Avoid Bankruptcy Unless Absolutely Necessary
[Finance:Bankruptcy] One of the more common methods that homeowners use to get out from under a crushing debt burden is by filing bankruptcy. If they are unable to find some alternative, then this may be the only option available, due to a large amount of debt and an inability to pay it back in any reasonable manner. Consumers who are finding it more and more difficult even to make the minimum payments on credit cards or personal loans, and may fall behind on their mortgage if they face a serious financial hardship, may with to consider filing bankruptcy to get some ...
- Project Lifeline Only Contributes to the Mortgage Foreclosure Crisis
[Real-Estate:Foreclosures] The government and the banks have come up with a new propaganda program designed to provide artificial hope to the declining real estate markets. Purported to help homeowners in foreclosure work with their mortgage companies, Project Lifeline, as it has been named, is another poor effort by the bureaucrats and the banking system to solve problems they created with the same tools that created the problems in the first place.
- Are Greedy Mortgage Brokers Responsible for the Foreclosure Crisis?
[Real-Estate:Foreclosures] Although greedy mortgage brokers may become the scapegoat of the foreclosure crisis, they were not the only ones taken in by the era of easy credit. The banks and hedge funds encouraged the use of these loan products in every case, and the government created a huge bubble instead of recognizing that economic bubbles do not solve previous economic bubbles.
- Can a Second Mortgage Declare Foreclosure Before the First?
[Real-Estate:Foreclosures] The second lender would much rather work with the homeowners to find a solution to avoid foreclosure entirely, if possible. However, if the homeowners are simply too far behind on the second mortgage but up to date on the first, there is a good chance that the second lender will declare foreclosure on the house.
- How Bankruptcy Can Stop Foreclosure
[Finance:Bankruptcy] Bankruptcy has been a somewhat negative topic with homeowners, but bankruptcy was designed to help people through a hardship when they have nowhere else to turn. This is exactly the situation foreclosure victims have found themselves in.
- Getting Enough Time to Move Out after Foreclosure
[Real-Estate:Foreclosures] For many former homeowners, finally moving out of a house may feel like admitting a humiliating defeat to the world. Especially if they are forced to move into a smaller house, apartment, or in with family and friends for a while. But getting out of a bad situation with a mortgage company and leaving an expensive house can actually be much more liberating than staying.
- Bankruptcy and Foreclosure - Chapter 13 and Chapter 7
[Finance:Bankruptcy] For most homeowners, bankruptcy is certainly not their first choice to save their home from foreclosure. This is for a very good reason, as the credit effects can be quite serious and its results are generally poor, at best. Many of those who file bankruptcy to get out of foreclosure find themselves right back in the foreclosure process within in months of entering bankruptcy. Putting off losing the home is obviously not the reason most homeowners file, as they will then be stuck with both a bankruptcy and a foreclosure on their credit.
- Getting a Better Job Can Help Solve All of Your Financial Troubles
[Business:Careers-Employment] When you are facing a financial hardship like bankruptcy or foreclosure, there are many ways to save your financial situation, such as refinancing, dipping into savings to pay bills, or establishing a repayment plan with various creditors. But finding a better job will not only help with your immediate problem, but it can improve every aspect of your life for the longer term.
- Government at Every Level Will Not Help Homeowners Stop Foreclosure
[Real-Estate:Foreclosures] It is deeply ironic that government, after ignoring its "duty" to protect "citizens" from being taken advantage of by fraudulent loans or their own ignorance, are now taking up the cause when their own livelihood is threatened. It is impossible for government to provide the third-party, independent assistance that foreclosure victims require.
- Remove Foreclosure From Your Credit Report in Less than 7-10 Years
[Finance:Personal-Finance] On the one hand, many homeowners will simply want to unplug from the system entirely, and live a voluntary life of sustaining themselves through their own efforts and productive work, while living within their means. But on the other hand, there is also a privacy concern for many people, who do not want just anyone to be able to pull their credit, see that they have had a foreclosure, and send them unsolicited mail for more low-end credit.
- Loss Mitigation to Stop Foreclosure - How to Do It On Your Own
[Real-Estate:Foreclosures] In many cases, it is possible to negotiate with your lender on your own. Even though we now believe that using an experienced professional can drastically increase your chances of approval and save you tens of thousands of dollars over the life of the loan, home owners are still encouraged to make an honest attempt on their own, before hiring a professional.
- A Review of Part IX of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Ron Paul has published a new book this year, entitled "Pillars of Prosperity: Free Markets, Honest Money, Private Property," which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the ninth and final installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans. "Part 9 - Spending, Taxes, and Regulations" is discussed here.
- Postcards, Mail, and the Deluge of Spam Foreclosure Victims Face
[Real-Estate:Foreclosures] One of the most common complaints of foreclosure victims is the enormous amount of mail that they seem to get from individuals and companies all over the country. Many of them offer to buy the house for bottom dollar, while others provide various mortgage help services to homeowners in danger. But the sheer volume of this type of mail is often very disconcerting to homeowners.
- A Review of Part VIII of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Ron Paul has published a new book this year, entitled "Pillars of Prosperity: Free Markets, Honest Money, Private Property," which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the eighth installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans. "Part 8 - How Government Distorts the Housing Market" is discussed here.
- Paying Back the Arrears to End the Foreclosure Process
[Real-Estate:Foreclosures] The possibilities of homeowners finding some way to get out of the foreclosure process before losing the houses are nearly endless. One of the most common methods, of course, is when they recover from a financial hardship fairly quickly and are able to save or borrow the money necessary to reinstate the loan.
- A Review of Part VII of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Ron Paul has published a new book this year, entitled "Pillars of Prosperity: Free Markets, Honest Money, Private Property," which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the seventh installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans. "Part 7 - International Affairs" is discussed here.
- How Come Banks Are So Hard to Work With to Stop Foreclosure?
[Real-Estate:Foreclosures] Many foreclosure specialists and mortgage brokers often find it very difficult to work with the mortgage company, especially when a loan is with the foreclosure or loss mitigation department. Getting a call back in a timely manner is near-impossible, regardless of the fact that these same lenders spend money hiring collection agents to call the homeowners all day at home, work, and on their cell phones. But even when a representative from the lender speaks with a human voice instead of throwing clients and third parties into a maze of automated systems, the results are usually just as frustrating.
- A Review of Part VI of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Ron Paul has published a new book this year, entitled "Pillars of Prosperity: Free Markets, Honest Money, Private Property," which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the first installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans. "Part 6 - Free Trade: Real versus Phony" is discussed here.
- Plans to Stop Foreclosure That Involve Working with the Judge and Court System
[Real-Estate:Foreclosures] The lender hires a local law office to take the home, but these attorneys earn the $1,000s of dollars in fees from the owners' equity. Thus, the bank hires the attorneys, but the homeowners will end up paying for them to take the hard-earned equity and down payment. It would seem prudent for these foreclosure victims to make sure that the lawyers earn the astronomically high fees that will come out of sale proceeds that would otherwise benefit the former homeowners.
- How Long Does the Eviction Process Take After Foreclosure?
[Real-Estate:Foreclosures] The process of taking a home through foreclosure, from beginning to end, is extremely different in every state. Depending on where a property is located, different types of foreclosure will be pursued, different terms will be used to describe a foreclosure auction, homeowners may receive many notices of the process or very few, and the time frames will range from a few months to over a year.
- A Review of Part V of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Ron Paul has published a new book this year, entitled "Pillars of Prosperity: Free Markets, Honest Money, Private Property," which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the first installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans."Part 5 - Money and Banking: Gold versus Fiat" is discussed here.
- Have More Than One Plan to Save Your Home From Foreclosure
[Real-Estate:Foreclosures] With foreclosure rates at record highs, more homeowners than ever are seeking out what options they may have in order to save their homes before they run out of time. Time is of the utmost essence during any foreclosure situation, and homeowners need to figure out what they can do to stop the process and minimize the negative effects after foreclosure. Acting quickly and keeping as many solutions on the table as possible are two of the most important keys to success.
- Recent Foreclosure Statistics Predict More Bad News to Come
[Real-Estate:Foreclosures] More homeowners are losing their homes now than even a year ago when there were serious worries about the foreclosure rates, and homeowners are still experiencing their own personal financial collapse at an astonishing rate. Clearly, this trend of people in serious financial trouble to the point of losing their homes to foreclosure will continue unabated this year.
- A Review of Part IV of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Ron Paul has published a new book this year, entitled "Pillars of Prosperity: Free Markets, Honest Money, Private Property," which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the first installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans. "Part 4 - Giving Money Back to the Taxpayers" is discussed here.
- A Review of Part III of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Ron Paul has published a new book this year, entitled "Pillars of Prosperity: Free Markets, Honest Money, Private Property," which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the first installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans. "Part 3 - Reforming Social Security" is discussed here.
- A Review of Part II of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Ron Paul has published a new book this year, entitled Pillars of Prosperity: Free Markets, Honest Money, Private Property, which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the first installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans. "Part 2 - Mises and Austrian Economics: A Personal View" is discussed here.
- Mortgage Companies Who Call Foreclosure Victims All Day, But Never Return Phone Calls for Help
[Real-Estate:Foreclosures] One of the most frustrating aspects of the entire foreclosure experience is the fact that a bank is involved. So many problems would be solved simply if there was no bank to deal with. Unfortunately, this would make foreclosures virtually disappear overnight, a scenario that most lenders making billions of dollars from their victims would find horrifying in the extreme. But this does not eliminate the fact that it is almost impossible to get representatives of lenders to call anyone back.
- A Review of Part I of Ron Paul's "Pillars of Prosperity"
[Book-Reviews:Politics] Dr. Paul has published a new book this year, entitled "Pillars of Prosperity: Free Markets, Honest Money, Private Property," which contains an extensive compilation of his thoughts on economics and presents an excellent opportunity for a special book review. This the first installment of a longer review of the entire book, the full review of which will examine each individual part of the book and present a summary of the positions and arguments presented, which have been woefully underrepresented to most Americans. "Part 1 - The Economics of a Free Society" is discussed here.
- More Than One Mortgage Company Filing Foreclosure at Once
[Real-Estate:Foreclosures] When a financial hardship comes up, and there is not enough income to make all of the mortgage payments, more than one of the lenders may initiate foreclosure proceedings in the county court at roughly the same time. In fact, if one starts the process of filing paperwork in the court system, all of the others may also file as soon as they are aware of the first foreclosure, and that the homeowners are behind on all of their bills. This situation can be somewhat confusing for homeowners.
- The Mistake of Government Intervention in the Foreclosure Crisis
[Real-Estate:Foreclosures] Holding the banks themselves accountable through government intervention will not serve the overall purpose of convincing banks to begin making prudent lending decisions again. In fact, it is government intervention in lowering interest rates and offering cheap credit that significantly contribute to the real estate and other market bubbles to begin with.
- House in Foreclosure - Is It Better to File Bankruptcy or Try and Defend the Lawsuit?
[Real-Estate:Foreclosures] In a foreclosure situation, the lender spends thousands of dollars on lawyers who will pursue the legal process, and homeowners would be well served with the same type of competent legal advice from their own attorney. In the cases where legal help is absolutely essential, foreclosure victims can hire a lawyer to try and help defend against the foreclosure lawsuit by the bank, or to help file bankruptcy.
- Buy a House With Bad Credit - Even After Foreclosure or Bankruptcy
[Real-Estate:Buying] Many homeowners seem to believe that they will have a very difficult time of buying a home after facing foreclosure or filing bankruptcy, especially if the home went all the way through the process and was lost at a sheriff sale. However, this fear is, for the most part, unfounded, and even previous foreclosure victims should be able to qualify for a new mortgage within a few years of the experience.
- Reverse Mortgages - A Little-Known Option to Stop Foreclosure
[Real-Estate:Mortgage-Refinance] One of the most overlooked methods that homeowners may have available to save their homes from foreclosure is obtaining a specific type of loan called a reverse mortgage. Because of its limited applicability, it is not frequently discussed as an option, but it may provide certain foreclosure victims with one more valuable solution.
- Interest Rate Manipulation and Inflation in the Housing Market Have Led to Recession
[News-and-Society:Economics] Government interest rate manipulation and inflation are the two main reasons for the crisis being experienced now. And the solutions that have been offered so far are simply more rate manipulations and inflation. This is like a doctor giving a patient a medication he is violently allergic to, and then prescribing more of the same medication to combat the additional illnesses caused by the medication in the first place.
- Why So Many Foreclosures? Politics? Unwise Spending? Lack of Financial Education? Yes!
[Real-Estate:Foreclosures] We have all heard the more commonly given reasons for the ongoing weaknesses in the real estate market: greedy lenders tricked ignorant home buyers into adjustable rate mortgages, and greedy home buyers overstated their incomes and tricked lenders into giving them loans amounts that were too high. While there is a lot of truth in these arguments, they do not explain the big picture of what has happened in the economy to cause such a foreclosure crisis.
- Selling at a Short Sale and the Possibility of Getting a 1099 Income Statement
[Real-Estate:Selling] When homeowners attempt to sell their house for less than the total amount they owe on it, certain tax liabilities may be triggered. This is one of the reasons that every foreclosure victim should carefully consider whether selling their house short is the right decision for them, and what other options may be available. The danger of getting an income statement on an IRS 1099 form at the end of the year for thousands of dollars may result in a higher tax liability than the homeowners originally anticipated.
- Defending Against Foreclosure Even if You Can Not Hire an Attorney
[Real-Estate:Foreclosures] Homeowners should make every attempt to work inside the court system to avoid losing their homes, even if it means taking on a steep learning curve in a short amount of time. There may be no other way to defend against blatant mistakes made by the lender, and the judge will simply take the bank's word for it if the homeowners do nothing to answer the foreclosure complaint and do not show up at the court hearing. For foreclosure victims who are unable to afford their own legal counsel, they will have to defend themselves on their own.
- How Long will Filing Bankruptcy Delay Foreclosure?
[Finance:Bankruptcy] Filing bankruptcy is one of the more complex issues for homeowners attempting to save their homes from foreclosure. The likelihood of ever completing the plan is very small, and the drawbacks are numerous, from poor credit to higher monthly payments. Most foreclosure victims file bankruptcy just to get more time to work out a solution, but how much time they will actually obtain is almost entirely dependent on their financial situations.
- Main Ingredients to Create a Housing Market and Foreclosure Crisis - Despair, Deception and Greed
[Real-Estate:Foreclosures] So, the real estate market experienced a number of big banks handing out money and homeowners lying to receive money. That imbalance paved the way for the housing market to enter a depression at the first sign of defaults and property value declines. The problem in the first place was created by inflation and interest rate manipulation by the Federal Reserve, in an ill-advised attempt to combat one bubble. Manipulated bubbles, though, can not be effectively dealt with by transferring the problem from one segment of the market to another.
- How to Know if Your Sheriff Sale Has Been Delayed
[Real-Estate:Foreclosures] One of the main points it is important to focus on in terms of advice to homeowners facing foreclosure is that they should keep up with the legal process as much as humanly possible. This might involve looking up court records, receiving copies of documents that have been filed by the attorneys in the case, and even attending hearings before the judge. But unless homeowners keep themselves informed of what is going on during the foreclosure, they may find themselves making hasty decisions based on incomplete knowledge.
- Celebrities and Irrelevant News More Important Than the Housing Market Meltdown
[News-and-Society:Pure-Opinion] Watching the news, it is hard to believe that there is any major problem with the US economy. Or, if there is a problem it is hard to understand why it is more important than the entertainment section or the sport commentary. The raging foreclosure crisis, a topic with much more personal effects on the average consumer, causing a depression in the real estate market is almost completely ignored.
- After Foreclosure - Buying a New Home and Renting an Apartment
[Real-Estate:Foreclosures] Foreclosure victims are almost universally worried about their ability to qualify for a new mortgage loan after filing bankruptcy or facing foreclosure. Because of the negative credit effects of both events, it may seem like it will be impossible to purchase a new home or refinance any time within in the next seven years. However, this is no reason to give up hope. In most cases, with a bit of hard work and dedication, homeowners can buy a home again after bankruptcy or foreclosure; it just will not be easy.
- Foreclosure Tax Implications - Short Sale vs Sheriff Sale
[Finance:Taxes-Property] Because a gain on the sale of a property can trigger income tax liabilities, unless the gains are invested in another piece of real estate within certain time limits, homeowners assume that any sale of their home, in foreclosure or otherwise, will cause them to owe the IRS money. However, only in certain instances will there be any liability; and there will most likely be no income tax to be paid if the house is sold at a sheriff sale for a loss.
- Foreclosure Scams in the Subprime Mess - How Homeowners Can Hold Them Accountable
[Real-Estate:Foreclosures] There is no question that the foreclosure industry has scam operators simply running rampant throughout it. The reason for this, of course, is not very difficult to figure out. After all, families in desperate situations are trying their hardest to save their homes, but are immensely terrified of dealing with the mortgage company. So they decide to hire an outside, unrelated third party with no interest in the situation to help them deal with the lender. Is it any wonder why the industry attracts some of the worst, least ethical, most immoral bottom feeders?
- How to Postpone Your Sheriff Sale With or Without the Bank
[Real-Estate:Foreclosures] Homeowners can stop the foreclosure process at nearly any time up until the date of the sheriff sale. Of course, if that date is on the horizon or approaching in the next few weeks or months, then there is still some time, but the foreclosure victims need to get something together rather quickly. Stopping a sheriff sale is vitally important if there is any realistic plan to save the home and pay off the mortgage or reinstate the payments. A sheriff sale will nullify almost any plan that was being worked on before the auction.
- How to Walk Away From a Home in Foreclosure
[Real-Estate:Foreclosures] Dealing with threatening banks, waiting weeks for attorneys to answer a simple question, being pushed off from one department to the next, and being turned down for one solution after another are quite convincing in getting homeowners just to leave their homes. They would rather not deal with the extra stress than find a way to stop foreclosure. Few homeowners, though, know exactly what will happen if they just up and leave the home.
- How a Deed in Lieu of Foreclosure can Improve Your Credit and Help Stop Foreclosure
[Real-Estate:Foreclosures] A deed in lieu of foreclosure would not directly affect the foreclosure victims' credit very much at all, which is one of the few drawbacks of using this tactic, along with the fact that the house is not saved in the first place. However, the deed in lieu can affect the homeowners' credit history indirectly in a number of positive ways. These should not be overlooked, as they can vastly increase their financial footing just after the foreclosure and for years afterwards.
- Can a Lender Garnish Your Wages When You are Facing Foreclosure?
[Real-Estate:Foreclosures] If the property does not sell for enough to pay the loan off completely, some states allow mortgage companies to sue for a deficiency judgment after the foreclosure. Again, not all states allow this under the foreclosure laws, but it would give banks the right to garnish wages after the foreclosure, if they decide to sue for the judgment. But again, this comes only after the sheriff sale, and there would be no wage garnishment during the foreclosure process itself.
- What Can Renters Do When They Find out Their Landlord is Facing Foreclosure?
[Real-Estate:Leasing-Renting] With the record foreclosure rates, many homeowners are able to see the tragedy coming. Once they know they will lose a job, or a medical crisis suddenly hits, it is just a matter of time before the mortgage payment is missed, and homeowners know it. But, what happens if you are just renting your home and the landlord falls behind on the bills?
- Legal Methods Foreclosure Victims can Use to Save Their Homes
[Legal:Real-Estate-Law] It is no secret that large mortgage lenders and mortgage servicing companies function more like enormous government bureaucracies than anything else. In such environments, mistakes are bound to occur, either by fraud or incompetence. Homeowners who have had foreclosure proceedings unjustly initiated against them, though, should know some legal tactics they can use to fight back against the process, whether they are actually behind on their mortgages or are the victim of a tragic mistake.
- Tapeworm Economy - Why Wouldn't Lenders Want the Subprime Mortgage Collapse and Foreclosures?
[News-and-Society:Economics] As the banks realized how much bad mortgage debt they held, panic set in. The Federal Reserve bailed out the banks with newly-created money, attempting to inject liquidity into the system. But the banks did not use that money to keep operating and lending, instead using it to bail out underperforming hedge funds or to serve as a reserve for future losses.
- What Have Banks Learned from Crashing the Economy and the Subprime Mortgage Meltdown?
[News-and-Society:Economics] A free market would have punished such awful lending and investing decisions, but the semi-government intervention saved the funds from having to make good decisions in the future. The homeowners of America who purchased or refinanced within the last seven years are now all caught in the trap of getting a loan on an extremely over-valued property, and many owe more than the house is worth.
- What Does a Lis Pendens Mean in the Foreclosure Legal Process?
[Legal:Real-Estate-Law] If a lis pendens is filed with the county recorder against a piece of property, this indicates that the house is already in some stage of the foreclosure process. The homeowners are no longer in the preforeclosure stage, or merely behind in payments. At this point, foreclosure can not prevented, as it is already being pursued by the lender and its attorneys.
- What You Must Know About the Eviction Process After Foreclosure
[Real-Estate:Foreclosures] The time between the county auction and the eviction by the sheriff can be one of the most stressful times of the foreclosure process. Homeowners need to get important foreclosure advice in order to understand how the foreclosure will proceed, both before and after a sheriff sale, and how they can negotiate with a lender or the court system for a more beneficial resolution to foreclosure.
- The Subprime Mortgage Meltdown? Blame it on the Banks Who Believed Their Own Lies
[News-and-Society:Economics] With bad lending practices, absolutely confusing loan paperwork and unclear chains of ownership, and continually relying on inflation to bail them out of these poor decisions, the banks have been shooting themselves and their clients in the foot at every opportunity. Extracting as much profit as possible from the people through lies and manipulations is one thing; believing their own lies is entirely another.
- Skip the Perils of the Credit Trap and Learn to Live Debt Free for the Rest of Your Life
[Finance:Credit] Families have to establish good spending and borrowing habits and pass those habits on to their children, if there will be any lasting avoidance of the credit trap. Good spending habits and working together to get out of debt can foster a family relationship that does not suffer from the financial instability present in so many homes, a problem that can lead to divorce, bankruptcy, or foreclosure.
- Selling a Home to Avoid Foreclosure
[Real-Estate:Selling] One of the most effective ways for homeowners to find a way out of foreclosure is simply to sell their property on the open market. In the best of cases, this will allow them to stop the foreclosure process, pay off the defaulted loan in full, and leave the house with a little extra cash for moving expenses, bill payments, or to establish an emergency fund.
- Make Wise Financial Decisions in 2008 or Risk Bankrupty and Foreclosure
[Finance:Personal-Finance] The holiday season is a good time for homeowners to engage in the free market system with retailers and acquire some last-minute deals on necessary. But taking the spending spirit too far should be warned against, and consumers who drain their finances too far may not be prepared for the events that inevitably disrupt one's life.
- Common Legal Terms Used in Foreclosure and Bankruptcy Cases
[Legal:Real-Estate-Law] Homeowners in foreclosure will often miss the initial hearing date because they are unfamiliar with the legal process and simply do not understand how foreclosure will work in the court system. Obviously, this lack of understanding itself may be one very important reason to attend the hearing, as the court can not enter any judgment unless the homeowner defendants are aware of and understand the nature of the charges against them. In any event, though, it will be worthwhile for foreclosure victims to gain a broad understanding of the foreclosure process, as well as become familiar with some of the more common terms that are used by the courts, either in regards to the process of taking the home or filing bankruptcy to stop foreclosure, two related topics.
- Mortgage Servicing Company Fraud
[Real-Estate:Mortgage-Refinance] The mortgage servicing company scam is one of the most disturbing in the mortgage industry, and one every homeowner should be aware of, because the power of the perpetrators so outweigh the victims in terms of money, legal expertise, and previous successful cases. The deviousness of the scam, combined with the bureaucratic inefficiency of many of these companies, often create the impression that errors have been made that can be corrected, as long as the homeowners can talk to someone, explain what happened, and straighten out the mess.
- A Homeowner's Defense Against the Foreclosure Lawsuit
[Legal:Real-Estate-Law] Homeowners often avoid going to the initial foreclosure default hearing, which makes it very easy on the bank to win a case and proceed from foreclosure to eviction. Being aware of some of these legal issues, though, can encourage foreclosure victims to make it to the hearing and present their side of the story, which may result in a better resolution to the problem than a sheriff sale.
- Making Subprime Mortgages Illegal?
[Real-Estate:Mortgage-Refinance] With all of the furor over the subprime mortgage debacle, a number of individuals and groups are taking a closer look at the loans that made the mess possible. One occasionally-proposed method to dealing with the crisis is simply to make these types of loans illegal. Although that may sound like a plausible solution, it does not address the more fundamental causes of the foreclosure problem.
- How a Mortgage Modification Can Be Used During Foreclosure
[Real-Estate:Foreclosures] Working with the lender is one of the most commonly-recommended methods for homeowners to end the foreclosure process. The two main options offered by banks are standard repayment plans and loan modifications. While a repayment plan is straightforward, for the most part, homeowners may not understand what a modification entails and how it can help them save their homes.
- The Time Needed to Stop Foreclosure
[Real-Estate:Foreclosures] One of the toughest decisions homeowners will have to make to save their homes is what plan to focus on at any given time. Actual timelines for any method of preventing foreclosure are quite often difficult to predict. This is why homeowners need to be realistic about how long they have to work out a solution.
- Common Considerations During the Foreclosure Process
[Real-Estate:Foreclosures] Avoiding foreclosure is in every homeowner's best interests, if at all possible. But few foreclosure victims really know what to expect when facing foreclosure, how such processes as short sales and deficiency judgments work, and what options they could really qualify for, both in and out of the court system.
- Foreclosure Lawsuit - What the Bank Must Prove
[Legal:Real-Estate-Law] It is important that homeowners understand how these court processes work and what the lender has to show in order to have a legitimate case against them and to pursue a foreclosure lawsuit. The burden of proof falls upon the lender, rather than the foreclosure victim, and homeowners should be aware of the specific elements the bank must prove.
- Government Involvement in the Foreclosure Mess
[News-and-Society:Economics] It is worth considering if the Congress is able to step in and renegotiate voluntary mortgage contracts and what the implications would be if such actions were taken. Many laws are designed to protect the rights of two parties who enter into a contract, while others are designed to protect both parties from certain unlawful actions of the other in regards to that contract.
- The Foreclosure Sheriff Sale - Will You Get a Profit or Get Sued?
[Real-Estate:Foreclosures] When a property goes into foreclosure and a sheriff sale date is scheduled, homeowners will rightly feel nervous about the outcome of the auction. If the property sells for more than what is owed on the mortgage, they will receive the proceeds of the sale. This, however, rarely happens, and it is much more likely that the house will be auctioned for quite a bit less than the amount owed on the loan, creating the possibility of being sued after foreclosure for a deficiency judgment. Having an idea of what to expect after the sheriff sale, whether proceeds or deficiency, can help homeowners begin to plan for a future after foreclosure.
- And Justice for Foreclosure Victims
[Legal:Real-Estate-Law] When homeowners are sent their notice of default by the lender and are ordered to appear in court, they may feel that the situation has taken a turn for the worse. Now, instead of dealing with the mortgage company and attempt to defend their inability to pay the bill to them, they will suddenly be thrown into a complex system of dealing with county clerks, courts, attorneys, and various trial rules. No one will seem to know exactly what is going on and what the homeowners need to do to defend themselves, and mere descriptions of state foreclosure law are wholly inadequate in providing guidance. The average homeowner may begin to feel as if he is a victim of an unfair judicial system which is only accessible to those with money who can hire an attorney.
- Protecting Property Values in Areas Hit Hard by Foreclosures
[Real-Estate:Foreclosures] If a foreclosure house remains on the market for long enough, and the area is somewhat secluded, vandals may break in and cause damage, or squatters may move into the house and begin living there. In any event, you should take action to keep your neighborhood clean and prevent property damage to houses in the area.
- Metallica - The Anti-War, Anti-State, Pro-Liberty Metal Band?
[Arts-and-Entertainment:Music] Has Metallica recently made a subtle statement on their pro-liberty views of the current state of the world? It seems they have done just that in their choice of songs to include in their set lists at the recent Bridge School Benefit in late October 2007. The choices of songs that they felt important enough to play gives an indication of what they may be thinking of the war, the state, and life in general in these United States of America at the present time, based on their experiences of the recent past.
- Local and Charitable Solutions to Foreclosure
[Real-Estate:Foreclosures] The longer we rely on government to solve the problem of record foreclosure numbers throughout the country, the longer the problem will last and the more people will lose their homes. It is in every homeowner's best interests to do as much as they can to help other foreclosure victims and provide assistance to those in danger of losing their homes.
- Stop Foreclosure in Thirty Days
[Real-Estate:Foreclosures] When homeowners are facing a sheriff sale within thirty days, they are seriously running out of time to save their homes from foreclosure. There are, though, a number of ways that homeowners can begin working on a solution to foreclosure, even if they have little time.
- When is Filing Bankruptcy Appropriate to Avoid Foreclosure?
[Finance:Bankruptcy] If homeowners are running out of time and the lender is unwilling to stop the sheriff sale, bankruptcy may be one of the only options that would give the foreclosure victims some extra time and an opportunity to put together a longer-term solution to the problem. But knowing when to file bankruptcy and which type is most appropriate can be just as difficult of decisions as the initial one to file in the first place.
- How Many Times Can You Stop The Foreclosure Auction?
[Real-Estate:Foreclosures] Besides missing the first mortgage payment that leads to the foreclosure process, the most important event during foreclosure is the sheriff sale of the property. This is the event that will effectively transfer ownership of the house from the current owners to whomever wins the auction (usually the foreclosing bank).
- Qualifying for a Mortgage Loan Workout Program
[Real-Estate:Foreclosures] Homeowners will have to fill out various forms and submit their personal financial documents in order for the bank to consider offering them one of a number of repayment plans or workout solutions to solve a foreclosure. The importance of having these documents completed and accurate can not be overstated, as banks may just let the file sit until the package is complete and allow the home to go further into the process of being taken at a county public auction.
- Shaking Off those Pesky Collection Agencies
[Finance:Debt-Relief] Most consumers, after facing a financial hardship, would like to get their credit back on track, but they may just not have the financial ability in the beginning stages of recovery. Collection agencies may be calling them every day and threatening with lawsuits, wage garnishments, or repossession. However, the debtors may be able to begin working on these other debts and eliminate them completely, due to laws designed to protect them from illegal tactics of creditors and collection agencies.
- Why Banks Do Not Manage Foreclosure Properties
[Real-Estate:Foreclosures] Lenders will not get into the property management business, preferring instead to let the empty house sit and bring down the quality of the surrounding community. This is due to one main reason: liability.
- The House You're Renting is in Foreclosure - What do You do Now?
[Real-Estate:Leasing-Renting] Although they are not legally released from the obligation to pay rent to the landlord for as long as he is the owner of the property, foreclosing banks will be quite sympathetic to renters in this situation. As long as the tenants become aware of the foreclosure with some time to spare, they may be able to get the funds together to quality to purchase the home and avoid being evicted. They may also have the opportunity to help out the landlord by assisting in the effort to avoid foreclosure and purchase the property before the sheriff sale.
- Reasons for the Foreclosure Crisis
[Real-Estate:Foreclosures] The more that homeowners are exposed to different explanations of the foreclosure crisis, the better able they will be to prevent facing foreclosure now or having to fight against it again in the future. With the current foreclosure crisis in America still ongoing, it is becoming a common practice for people, qualified or not, to offer their explanations for what has caused such a meltdown in the mortgage industry and steep declines in property values.
- Equity Loan Mortgages May Help Homeowners Prevent Foreclosure
[Real-Estate:Mortgage-Refinance] For homeowners in the right situation, a second loan taken out of their equity can allow them to get current on their payments again and end the pain of foreclosure. Although it is certainly not suitable for every foreclosure victim, and should not be relied upon as the the only option to save the home, it is a solution that should be considered by every homeowner facing foreclosure.
- How the Foreclosure Process Works
[Real-Estate:Foreclosures] Without having a general idea how how foreclosure works, homeowners will find it very difficult to decide on which options they may qualify for to save their homes. They may waste time looking for that perfect solution that does not exist, or they may pick the wrong option to work on and lose their homes. Understanding how the foreclosure process will be conducted by the bank and the court will help them avoid either of these consequences.
- How to Pick the Right Foreclosure Assistance Company and Avoid Scams
[Real-Estate:Foreclosures] It is important for homeowners to do enough research on their own before they consult with foreclosure experts and, when they do find an individual to work with, they know what questions to ask and what "red flags" to be on the lookout for. Most homeowners in foreclosure eventually turn to a source of outside help to receive assistance to save their homes.
- The Foreclosure Court Hearing - Should You Go?
[Legal:Real-Estate-Law] When homeowners are in the midst of a financial crisis and have begun falling behind on their payments, many of them feel like crawling into a hole and hiding from their creditors. They ignore the multiple phone calls every day and they will set aside mail from their mortgage company, thinking the letters to hold nothing but threatening information and demanding money the homeowners do not currently have. Even after the lender hires attorneys to sue the family, they will often avoid having any correspondence with the bank or its legal counsel. By ignoring such letters, homeowners will remain in the dark about where their property is in the foreclosure process, and may miss an important opportunity to stop foreclosure before the situation progresses further.
- Are There Benefits to Facing Foreclosure?
[Real-Estate:Foreclosures] A financial crisis which leads to the possible loss of one's property provides a number of opportunities for the foreclosure victims to learn important lessons about their current financial conditions and the future of their families' lives. Attempting to survive a foreclosure situation without being aware of these more positive aspects is overlooking the real lessons to be learned, even when homeowners are unable to find a way to stop foreclosure and keep their homes.
- The Effects of Going into Foreclosure
[Real-Estate:Foreclosures] Although homeowners know that they do not want to be forced to move out and give up their properties, few of them really understand the long term effects of foreclosure. They know some of the more common effects, and, yes, being foreclosed will hurt their credit, especially if they have a lot of late mortgage payments on top of the foreclosure. But damaged credit is just one of the reasons to avoid foreclosure and find some solution before the lender takes the home through the entire process.
- Foreclosure Issues - Missing Payments, Credit Consequences, and Defiency Judgments
[Real-Estate:Foreclosures] Some of the most common concerns of homeowners facing foreclosure are being unexpectedly kicked out of their home by the county sheriff and having nowhere to go, how bad their credit will look with a foreclosure on their record, and the possibility of the bank suing them for a deficiency judgment after the sheriff sale. While all of these can be legitimate concerns for homeowners, they are all ones that the foreclosure victims can exercise a degree of control over.
- Being Sued for a Deficiency Judgment After Foreclosure
[Real-Estate:Foreclosures] Although the topic of deficiency judgments has been on the internet, it is one of the most commonly asked questions that homeowners have regarding losing their homes to foreclosure. However, in nearly all cases, there is no danger of former homeowners being sued for a deficiency judgment after they have faced foreclosure.
- Hard Money Lenders Can Provide Mortgages to Homeowners in Foreclosure
[Real-Estate:Mortgage-Refinance] For homeowners who own a significant amount of the home and have paid down their original mortgage, hard money lenders may be able to provide a source of funding to help them save their homes. There are various hard money loan programs offered by numerous lenders and investment groups, and, although there are additional qualifications and costs that must be met, this type of loan can be closed in a very short amount of time and can be used when homeowners are running short on time.
- The Danger of Being Turned Down for a Foreclosure Loss Mitigation Repayment Plan
[Real-Estate:Foreclosures] Possibly the most recommended way to avoid a foreclosure is for the homeowners to work out an arrangement with their lender to get their payments back on track. But homeowners who rely on only this option to save their homes must often wait weeks or months for the bank to review their application, finding out at the last minute that they have been turned down and are now facing the sale of their homes at the foreclosure auction. While attempting a workout program should be the first step for homeowners trying to stop foreclosure, not having a more comprehensive plan will ensure that more foreclosure victims lose their homes than is necessary.
- Moving After Foreclosure and Taking Appliances
[Real-Estate:Foreclosures] Most homeowners facing the loss of their homes seek out any option possible to avoid foreclosure and start recovering financially. While many are able to save their homes, there are also a large number that, for whatever reason, decide that moving out and moving on is the best solution. However, many foreclosure victims would like to take certain appliances without damaging the property, and are unsure what, if anything, they can take, and what the ramifications are if they do take more appliances and items than allowed by law.
- What Foreclosure Will End Up Costing You
[Real-Estate:Foreclosures] Due to clauses in the original mortgage documents, the lender will be able to start accelerating interest, charging late fees, and adding their courts costs and legal fees to the homeowners' total payoff. The longer the foreclosure victims wait, the fewer options they will have to save their homes, as their equity will be eaten up and the cost of initiating a workout program will quickly outpace their ability to save money.
- Get the Right Information to Prevent Foreclosure
[Real-Estate:Foreclosures] Unfortunately, homeowners in desperate situations often turn to various sources of advice that may provide somewhat varying qualities of information. While much conventional wisdom regarding foreclosure is just plain wrong, some foreclosure scam artists will actively give out misinformation in an attempt to trap homeowners or increase their fear. With such a large amount of information on how to stop foreclosure available to homeowners, it is important that they do the very best job they can at gaining relevant resources and foreclosure advice.
- Is Saving Your Home From Foreclosure Even Worth It?
[Real-Estate:Foreclosures] With so many local real estate markets declining in value, numerous manipulations or downright fraudulent practices are being discovered on a daily basis. No issue has been more devastating than that of overvalued properties that were highly leveraged by banks who knew the homeowners would not be able to pay for them for the long term. One of the most important items homeowners should have when attempting to avoid losing their homes to foreclosure is an accurate valuation, so they are aware of any sudden decrease in the value of their homes.
- Property Taxes, Hazard Insurance, HOA Fees, and Foreclosure
[Real-Estate:Foreclosures] There are numerous costs involved with owning a house, though, and all of these need to be paid before and during the foreclosure. If they are not paid, and the homeowners are able to stop foreclosure before losing the home, they can quickly find themselves back in the same situation, in danger of being sued again for delinquent property taxes, homeowners association fees, or find themselves owning an uninsured home. Even worse, the lender may impose an escrow account or forced insurance on the property.
- Loan Programs to Stop Foreclosure
[Real-Estate:Foreclosures] Homeowners facing the loss of their homes due to a financial hardship often rely primarily on getting a new line of credit to stop foreclosure. In effect, they are trying to solve a debt problem by taking on more debt, refinancing their mortgage or taking out a personal loan or car title loan to get the funds to pay back the arrears. There are a number of loan products that they may even be able to qualify for, if the foreclosure process has not gone too far, but homeowners should carefully examine their options for foreclosure loans, to make sure they are getting into an affordable payment and not simply postponing the inevitable.
- The End of America - A Review of Naomi Wolf's Latest Book
[News-and-Society:Politics] Can fascism really happen in America? Even worse, has the country already begun a shift towards fascism, not unlike Nazi Germany or Chile under Augusto Pinochet? If so, how can we know that these dangers have arrived, and what can we do to combat hem? These are the questions that Naomi Wolf proposes to answer in her new book, The End of America: Letter of Warning to a Young Patriot. This short book presents a more disturbing look at recent events in America's history and predictions for a possible future in which the democracy of America is slowly eroded away and replaced with a rising totalitarianism.
- Leasebacks, Land Contracts, and Foreclosure Victims
[Real-Estate:Investing] While investors can use various financial instruments and documents to put together the agreement between them and the homeowners, the two most commonly used are the land contract and a leaseback or rent to own agreement. Although the terms may be used interchangeably, in some instances, there are more differences between them than similarities. Each provides the homeowners and the investor with a different level of protection and interest in the property, as well as unique advantages and shortcomings. But by understanding the basics of how each works, both parties to the transaction will be able to protect their own interests, while also entering into a mutually beneficial arrangement to avoid the foreclosure.
- Meet the People in Foreclosure - Neighbors, Friends, Family, Strangers
[Real-Estate:Foreclosures] With so many foreclosures going on all over the United States, some very important questions are being raised. Who are these people? What did they do to get in such a desperate situation? Is foreclosure due to their own incompetence and lack of financial education, or is there more at work here? Why do a few of them find some way to stop foreclosure, while many others are losing their homes and renting an apartment after it is all over?
- A Review of "The Road to 9-11 - Wealth, Empire, and the Future of America"
[Book-Reviews:Politics] Peter Dale Scott, Professor Emeritus of English at the University of California, Berkeley, has written numerous books over the years examining what he terms the "deep state" of American politics. His newest book, "The Road to 9/11: Wealth, Empire, and the Future of America," looks at the current crisis in America manifested through the current War on Terror, but with a thorough discussion of the roots of Islamic fundamentalism, the role of the deep state in supporting the growth of extremism, and how these relationships have served to "blow back" at the United States. Even this, though, contributes to furthering the plans of the deep state, though, always at the expense of the public state.
- Why Your Real Estate Agent May Not Know About Foreclosure - And What To Do About It
[Real-Estate:Foreclosures] When foreclosure strikes, homeowners often seek out the most reliable foreclosure advice that is available to them. While a great number will end up on the internet, searching for terms they are aware of, or looking up state foreclosure law information, others will request help from a local real estate agent, sometimes the very one who sold them their house to begin with. As surprising as it sounds, though, real estate agents do not generally know the answers to questions relating to the foreclosure process, so it is not surprising that they could not give the homeowners any useful information.
- Your Equity May Disappear During Foreclosure
[Real-Estate:Foreclosures] Although many properties that are currently in foreclosure have little equity or are actually upside-down (the homeowners owe more on the loan than the home is worth), a significant number of homeowners have a large equity position in their houses. But when the bank forecloses and attempts to bring the property to a sheriff sale, foreclosure victims often find out two of the most troubling truths about the foreclosure process. Banks are allowed to eat up the equity in the property throughout the process, and properties often sell at the trustee sale for far less than the homeowners expect.
- What's Better? Two Foreclosures or Bankruptcy?
[Finance:Bankruptcy] In the recent real estate boom of the last few years, many homeowners applied for and received second mortgages. These may have been in the form of Home Equity Lines of Credit (HELOCs) or as a 20% down payment loan for an 80/20 mortgage. When the house begins to go into foreclosure as the homeowners default on the first mortgage, though, there are different courses of action that the mortgage company can take, and foreclosure victims will have a number of options to solve the problem. But homeowners will need accurate foreclosure advice when they are facing the possibility of both mortgages going into foreclosure. This may seem like one of the few times when bankruptcy to stop foreclosure is a good idea to save the home and preserve some of the homeowners' credit, if they can avoid two separate foreclosures.
- Foreclosure Timeline - How Long Does it Take?
[Real-Estate:Foreclosures] The most important issue in the entire foreclosure process is that of how long it will take from the first payment being missed to the eviction of the homeowners. It is also an issue that most foreclosure victims have no idea about, and spend more time worrying about than any other aspect of foreclosure.
- Out of Options to Prevent Foreclosure
[Real-Estate:Foreclosures] One of the most common misperceptions about foreclosure victims is that many of them simply allow their homes to go into foreclosure, as if it is a conscious decision made by the homeowners. However, this is not the case in nearly every instance, as homeowners will try every method they are aware of to save their homes; even to the point of running out of options long before they have run out of time. This is usually due to the fact that homeowners are vastly uneducated about various ways to stop foreclosure, and do not know of alternate methods that may allow them to keep their homes.
- Understanding Eviction after Foreclosure
[Real-Estate:Foreclosures] There seems to be a lack of understanding among homeowners of what happens once the foreclosure process is over and the eviction process has begun. Most homeowners mistakenly believe that the sheriff may show up to evict them within hours or days after the sheriff sale. However, this is simply untrue, as the eviction process can take even longer than the foreclosure process itself, depending on state law. If a family is unable to stop foreclosure to save their home, there may be legal protections in place to give foreclosure victims a chance to begin repairing the damage caused by foreclosure.
- Financial Advice to Avoid Foreclosure
[Finance:Personal-Finance] Most homeowners will not end up completely homeless due to the current foreclosure crisis, but there will be a lot more renters located in far less geographic space, while the multinational banks end up owning vast portions of the country. The fact that the mortgage companies will be unable to sell these properties and uninterested in renting them out will not matter -- they can add trillions of dollars of real estate holdings to their bottom lines, deduct depreciation every year, or sell the properties for very little in order to make more bad loans. But there are a lot of things homeowners can do to protect themselves from this fate.
- A Review of "U.S. History Uncensored"
[Book-Reviews:History] Carolyn Baker's book "U.S. History Uncensored" is designed as a supplement to the standard version of history offered by textbooks, college professors, and high school teachers. However, this does not mean that the material presented in the book should be considered tangential to the main themes of US history since the Civil War, to the contrary, Baker's work presents a far more coherent view of the rise of corporate power at the expense of the individual, the emergence of the American Empire, and the most pressing issues facing the entire world today.
- Help to Stop Foreclosure from Family and Friends
[Real-Estate:Foreclosures] Possibly the most overlooked way to stop foreclosure is for a friend or family member to purchase the property that is being foreclosed and allow the original homeowners to remain living there. Especially with the possibility of running into a foreclosure scam, using someone well-known presents a more secure option. However, there are a number of considerations before attempting this method of stopping the foreclosure process, all of which homeowners and potential buyers need to be aware of.
- How Investors Can Create Local Solutions to Foreclosure
[Real-Estate:Investing] By carefully considering a legal and mutually beneficial method to stop foreclosure, both homeowners and investors can provide each other with important benefits. Investors will be able to acquire a new investment property, improve their own credit scores, and make income from helping the foreclosure victims. Homeowners, in turn, will be able to avoid foreclosure without the loss of their homes, be able to remain living in their house, have an opportunity to repair their credit, and eventually repurchase the property, completing the process of financial recovery.
- A Review of "All The Shah's Men"
[News-and-Society:Politics] In this slim (260 page) book, Kinzer examines the 1953 CIA-sponsored coup that removed from power democratically-elected Iranian Prime Minister Mohammed Mossadegh. After nationalizing the oil industry, previously run by the British, Mossadegh was the target of the CIA's first successful major operation to overthrow a government.
- What to do When Your Landlord Goes Into Foreclosure
[Real-Estate:Leasing-Renting] A growing problem seems to be that many tenants find that the house or apartment building they are renting is going into foreclosure, due to the inability of the owner to continue paying the mortgage. The tenants are arguably in an even worse situation than the homeowners themselves at this point, because they have no control over the process of finding a solution that will stop foreclosure and allow them to remain in the home.
- Prepare Now Before Foreclosures Get Even Worse
[Real-Estate:Foreclosures] The current foreclosure crisis was completely avoidable in theory, but there were too many concurrent events that led to everyone in the real estate and mortgage industry enjoying the loose lending and overvalued properties. Now is the time to begin preparing for the worst, especially as more loans will be resetting to higher interest rates just in time for the winter season, when heating bills will push many homeowners into foreclosure before the end of the year.
- How Long After Foreclosure Until Eviction?
[Real-Estate:Moving-Relocating] In many cases, homeowners, for one reason or another, are unable to save their homes or find a solution that will stop foreclosure. Unfortunately, many simply wait until the last minute, hoping against hope for a mortgage broker who will come through with a new foreclosure loan, only to be left hanging at the end with nothing besides a rejection. In such cases, lenders may be unwilling to continue to postpone a sheriff sale, and the foreclosure victims will find that they must find a new place to live. How long the eviction takes, though, and the state foreclosure laws will determine what a homeowners next steps should be in planning their lives after foreclosure.
- A Review of "Gold - The Once and Future Money"
[Book-Reviews] The book that is the subject of this review is "Gold: The Once and Future Money," written by Nathan Lewis and published in 2007. The author provides a thorough examination of using gold to support the value of a currency (the gold standard ), as well as a history of gold standards in the past and his arguments for returning to a gold standard from the international floating currencies now in use. The purpose of the book is to argue the case for a return to the stability of the gold standard, and to dispel the most common myths of the failures of past gold standards.
- Fastest Ways to Stop Foreclosure and Sheriff Sale
[Real-Estate:Foreclosures] Homeowners in foreclosure, for one reason or another, often find that they have run out of time to stop foreclosure before they have run out of options that could save their homes. Often, this is due to one plan falling through at the last minute, or a simple inability of some foreclosure victims to make a decision on what to do to save their homes. By the time they have decided which option would work best for them, there is just not enough time to complete the method and actually prevent the foreclosure. When this happens, though, homeowners will often be scrambling around, looking for the most efficient way that they can put the foreclosure process on hold or stop the sheriff sale.
- A Review of "33 Questions About American History You're Not Supposed to Ask"
[Book-Reviews:History] A review of "33 Questions about American History You're Not Supposed to Ask," by Thomas E. Woods, Jr.
- Abandoning vs Surrendering a Foreclosure Home
[Real-Estate:Moving-Relocating] Many homeowners simply give up on their homes and move on. Abandoning a home to foreclosure, though, is often the least desirable option when attempting to stop foreclosure. Surrendering the house through a deed in lieu of foreclosure will have much the same end results in terms of allowing the homeowners to move out and move on with their lives, but they will also be able to preserve a small amount of their credit, as well.
- Important Information to Save a Home from Foreclosure
[Real-Estate:Foreclosures] Homeowners in danger of losing their homes need to find out the most accurate status of their property. There are two main items a foreclosure victim will need to find out about the property that is in danger. The first is a fair valuation of the property, while the second is a title and lien search. Having done this research, plus gaining other foreclosure information from various sources, will give foreclosure victims a much better chance of saving their homes and avoiding potential scams.
- A New Career in the Foreclosure Business
[Real-Estate:Foreclosures] There are a number of foreclosure affiliate programs and training centers online for the brand new foreclosure specialist. These provide many useful resources to those who are contemplating beginning a career in the foreclosure industry, but they can not give the experience necessary to become a true expert in foreclosures. This article looks at various options for beginning a new position helping homeowners save their homes, and where the best source of knowledge lies.
- Selling Quickly to Avoid Foreclosure
[Real-Estate:Selling] Most homeowners facing the loss of their homes to foreclosure simply do not have enough time with the current real estate market to sell their house on the through a real estate agent. However, nearly every homeowner and everyone else are familiar with the most popular quick-sell companies out there. Are these companies legitimate, though, and what is it about them that homeowners should take into consideration when looking into an offer they present?
- A Review of "The Politically Incorrect Guide to the Constitution"
[Book-Reviews:History] Studying the original intent of the US Constitution and studying its current application are two very different, and at times contradictory, activities. This recently-released book aims to reconcile the two and show how the original ideas of the Founding Fathers have been usurped by a power-hungry judiciary branch and used to consolidate the power of the federal government.
- A New Way to Look at Suicide Terrorism - Robert Pape's "Dying to Win"
[News-and-Society:Politics] The book that is the subject of this review is "Dying to Win: The Strategic Logic of Suicide Terrorism," by University of Chicago professor Robert A. Pape, truly a paradigm-shifter in terms of how suicide terrorism should be viewed and how the 'War on Terror" can be won. Policy-makers in Washington have a constitutional duty to protect the nation from threats against our national defense, and this book provides the basis for a strategy of victory against terrorism, instead of the doomed-to-failure policy now being enacted.
- Foreclosure Victims Helping Foreclosure Victims
[Real-Estate:Foreclosures] Once a homeowner has faced foreclosure and come through it, they can provide an important perspective to other foreclosure victims in similar situations. Especially as foreclosure is often accompanied by a transition period, there may be an opportunity for homeowners to become the most powerful positive force in the foreclosure industry and provide the most empathetic foreclosure advice to fellow homeowners. Instead of waiting for a government bailout or falling to the depths of depression, families can work with families to achieve a social and community solution to foreclosure.
- Consequences of Allowing a Home to Go into Foreclosure
[Real-Estate:Foreclosures] There are a number of concerns in the case of homeowners allowing their homes to go into foreclosure because they can not afford them anymore, and what the consequences will be for such a decision. Before choosing to let a house go into foreclosure, though, every homeowner should look into a few other options to stop foreclosure first. If homeowners conduct some basic research about foreclosure, they will be able to put together a more viable solution with numerous plans to save their homes, rather than passively allowing the situation to ruin their credit to fullest extent that it can.
- A Review of "Barry and 'the Boys'"
[Book-Reviews:Non-Fiction] The book that is the subject of this review is Daniel Hopsicker's Barry and "The Boys:" The CIA, the Mob, and America's Secret History. As is stated numerous times in the book, it really is a "Small world," and it seems that everyone knows everyone else sometimes.
- Avoid Foreclosure by Purchasing a Second Home
[Real-Estate:Mortgage-Refinance] Some homeowners, when facing the threat of a potential financial hardship, decide that their current house is just too expensive and will most likely become a target of foreclosure. The homeowners may not be behind yet, but they know there will be a loss of income or their mortgage payment will reset to a higher payment that they can not afford. So, there is often a tendency to purchase a new, smaller home before the crisis occurs and allow the old home to be taken away by foreclosure. In some cases, this is not such a bad idea.
- Foreclosures - Why and How They Got Out of Control in the Economy
[Real-Estate:Foreclosures] The foreclosure problem is so large right now that even the mainstream media and Wall Street investors spend their time worrying about the impact in the greater economy. It is worth examining some of the reasons for these record foreclosure rates, though, in order to determine what went wrong and what homeowners can do to stop foreclosure now and avoid being in this kind of situation ever again.
- A Review of "Metallica and Philosophy"
[Book-Reviews:Music] When did Metallica sell out: with the release of Load, the Black Album, or Ride the Lighting? Or did they never sell out? Why were Metallica and their fans such nonconformists, and why can the band never assume that role again? What in the world was up with Napster? These questions and many more are examined in the book "Metallica and Philosophy: A Crash Course in Brain Surgery."
- Signing Over the Deed to Stop Foreclosure Quickly
[Real-Estate:Foreclosures] One solution to foreclosure that is often suggested is to transfer the deed of the property into someone else's name, thereby giving away the responsibility for the mortgage to a third party. However, this option simply does not work, causes the homeowners to give up valuable control of their property, and is often recommended by suspicious foreclosure scam operators. The consequences of transferring ownership during foreclosure are nearly always negative.
- The Story Behind the Documentary Behind The Album - Metallica's St. Anger
[Arts-and-Entertainment:Music] Metallica's album "St. Anger" was the band's most controversial and unique album, whose message was lost among many fans. The release of the documentary "Some Kind of Monster" provided a personal and historical context to the recording sessions, which followed some of the most turbulent time in Metallica's history. Joe Berlinger, one of the film's directors, wrote a book about the experience of working with Metallica and creating the documentary, which fleshed out even more of the details of the band's relationships with the album and with each other. This is a review of that book.
- A Review of Legacy of Ashes - The History of the CIA
[Book-Reviews:Non-Fiction] A review of the newest history of the CIA just published: "Legacy of Ashes" by New York Times reporter Tim Weiner. The book presents an alternate version of the common conspiratorial view of the CIA, by highlighting the numerous failures of the agency through its heavy-handedness and lack of understanding. Instead of the "shadowy elite" version of the agency, Weiner gives us the "Homer Simpson" CIA.
- When to Decide on a Short Sale to Avoid Foreclosure
[Real-Estate:Foreclosures] Homeowners in foreclosure often end up selling their homes to prevent the sheriff sale, but with current market conditions, many houses are worth less than what is owed on them. This makes it necessary for homeowners to find other solutions to foreclosure, and many of them want to keep their homes - not sell. But when is it appropriate to examine the possibility of doing a short sale, and what are the consequences of this method to stop foreclosure?
- A Review of "Angels Don't Play This HAARP"
[Book-Reviews:Non-Fiction] "Angels Don't Play This HAARP" is a book that critically examines the High-Frequency Active Aural Research Project, an antenna array that, though its ionosphere heating ability, has a number of uses. These uses include weather modification, behavior modification, and missile defense purposes. This book examines the implications of such a project and the need for public discussion and oversight.
- Renting After Foreclosure
[Real-Estate:Leasing-Renting] Many former homeowners, after facing foreclosure, often find it very difficult to rent an apartment without going through the humiliation of having their credit pulled by potential landlords. Often, this results in an immediate rejection, and the foreclosure victims remain essentially homeless. This article describes how homeowners can get over this hurdle and rent an apartment wherever they choose, in spite of the foreclosure on their credit histories.
- Harry Potter and the Deathly Hallows - Book Review
[Book-Reviews:SciFi-Fantasy-Horror] A review of the final book in the Harry Potter Series, "Harry Potter and the Deathly Hallows." Follow Harry as he learns about death and the unending search for truth in his quest to defeat Lord Voldemort. **SPOILER WARNING** This review does contain plot spoilers, so please read the book before reading this review.
- When Bad Credit is Good
[Finance:Credit] While most consumers believe that having good credit is one of the most important financial concepts, the overuse of credit often leads to a lack of savings and unnecessary negative effects of a financial hardship. In cases such as these, the stigma of having bad credit can force upon consumers the discipline to save and keep more of their money in their own bank accounts, instead of paying out larger and larger sums in the form of interest payments on credit.
- Movie Review of Harry Potter and the Order of the Phoenix
[Arts-and-Entertainment:Movies-TV] A review of the newest Harry Potter movie, "Harry Potter and the Order of the Phoenix." As a Harry Potter fan, I approach every new movie warily. This one, though, was nearly perfect in its treatment of a book far too large to be adequately addressed in a two hour movie.
- A Review of "The Octopus- Secret Government and the Death of Danny Casolaro"
[Book-Reviews:Non-Fiction] A review of the book "The Octopus- Secret Government and the Death of Danny Casolaro," which examined the circumstances surrounding Casolaro's death and the implications of the research he was conducting. Casolaro's Octopus was a secret team involved in various conspiracies during the Cold War and up to the present time, operating outside of the restrictions of government and funded by dirty money.
- The Two Tools of Money
[Investing] Knowing the two basic tools that are used to directly manipulate the economy can help every consumer and investor understand more of the macroeconomic environment of markets. While not perfect, these tools are constantly used and the effects can be seen at all times in the economic and political arenas.
- Getting Ready To Face Foreclosure
[Real-Estate:Foreclosures] What should be the very first steps for homeowners facing foreclosure? This article advises foreclosure victims on what they should do in order to take control of the situation from the very beginning and find out how the lender will pursue the foreclosure. Knowing this and other basic information will help tremendously when the homeowners are ready to begin saving their home.
- You Paid Your Dues, I Paid Mine- But Who Collected Those Dues?
[News-and-Society] A review of the book "The Underground History of American Education," which examines in-depth the philosophies that conspired to create the modern school system. Learn how a broken system can work perfectly, giving children very little of value in exchange for a lifetime of unhappiness and emotional dependence. You'll never look back on your school years with quite the same fondness after reading this book.
- What Happens After the Foreclosure Sheriff Sale
[Real-Estate:Foreclosures] An article examining what happens after a property in foreclosure is auctioned at sheriff sale. Homeowners may still be intent on keeping their homes, but what options are available after they are no longer the owner of the home but are still occupying the property?
- How School Teaches Us to Fail at Everything
[Reference-and-Education] The modern school system was designed to force large number of young people to resign themselves to a life of indifference and meaninglessness. Taking away the importance of teachers and the difference between schooling and education has contributed to the growth of vast numbers of bored consumers who are dependent on the rewards of salespeople and the handouts of government to take care of them. It is up to every person to complete himself or herself in spite of this system and find real meaning and create new experiences in life.
- The Power of Credit to Enslave Consumers
[Finance:Credit] The power of credit is largely the power of an illusion. An analysis of this incredible power that credit has to be able to make consumers voluntarily becomes wage slaves and feel the utmost despair when they can not continue to borrow money.
- Filing Bankruptcy to Stop Foreclosure
[Finance:Bankruptcy] Most homeowners know that filing bankruptcy can help them avoid losing their homes to foreclosure. However, where bankruptcy to stop foreclosure fits into the overall plan to save the home is not widely considered. This article attempts to shed some light on the subject of bankruptcy in foreclosure situations, its uses, and its implications for foreclosure victims.
- Foreclosures- The Latest Stop on the NAFTA Superhighway to the Nearest Halliburton Detention Center
[Real-Estate:Foreclosures] A message of hope and of warning to homeowners who are wishing for a free handout from the government to solve their credit problems and reduce the danger of facing foreclosure. The same powerful private interests that created the housing bubble are the only ones promising help even as another bubble is being engineered. Change and improvement can come rapidly, but not from the highest places most alienated from homeowners.
- Unaccountable Private Armies - Coming to a Disaster Near You - A Review of "Blackwater"
[Book-Reviews:Fiction] A review of the book "Blackwater", examining the rise of private military contractors in areas of war and natural disaster. A disturbing overview of the rise of private armies accountable only to the rules of capitalism and being used to outsource the government's monopoly on the use of force in war and domestic situations.
- Learning to Think New Thoughts - A Review of "A Different Kind of Teacher"
[Book-Reviews:Educational-Science] A follow-up to the author's book "Dumbing Us Down," this review focuses on John Taylor Gatto's "A Different Kind of Teacher," in which he traces the causes of the low-quality product of modern schooling through its history, its characteristics, and its purposes. An incomplete system, such as modern compulsory schools, with incomplete administrators and teachers who are themselves mass products of further schooling system, can not, on its own, help a student to gain meaning in life or become a complete person able to create new thoughts, ideas, and experiences.
- Wars Against Sound Money
[Book-Reviews] A review of the book "Gold Wars," which examines the role of gold in monetary systems throughout history, with a focus on the abandonment of the gold standard in the 20th century, which lead to the current fiat monetary system that now dominates. This system has necessitated various "wars" against gold, designed to keep the price of gold artificially low.
- Can I Borrow a Feeling of Failure?
[Finance:Credit] Vast numbers of consumers spend their time borrowing money to finance a false appearance of wealth and happiness. Borrowing for the sake of a meaningless, unattainable, but addicting goal causes many of these people to end up facing collections, repossession, or even foreclosure. Using credit for specific, stated objectives may help improve a consumer's financial position, but financing a life of unsustainable consumption, followed by financing a life of past borrowing, can only leave consumers with nothing to show for their efforts but broken promises to themselves and others, and a deep sense of financial failure.
- Digested by the Foreclosure Machine
[Real-Estate:Foreclosures] Many homeowners end up living lives of desperation, chasing one debt after another and relying on borrowed money and borrowed time in order to pay their bills. The ones who end up falling behind and facing foreclosure represent only the most extreme cases of an all too common situation. It is imperative, though, that homeowners at any level of financial stability understand what system they are really supporting and how it contributes only to their own financial destruction.
- Feeling Dumber By The Minute - A Review of "Dumbing Us Down"
[Book-Reviews:Economics] The book that is the subject of this review argues that many of the ills of society have their roots in the modern American school system, which is designed to create a product out of students, rather than provide them with a true education. Since there is no reform possible, according to the author, the only option is to educate children at home and allow them the opportunities to teach themselves and create an individuality that is not the product of our current mass schooling system.
- Five Steps To Foreclosure Recovery
[Real-Estate:Foreclosures] Most foreclosure relief companies, although they may help homeowners save their homes, do not help their clients put together a financial plan to prevent from facing foreclosure again in the future. While it is most important to stop foreclosure as soon as possible, without a long-term plan, homeowners will continue to be at the mercy of the next financial hardship, which may cause them to fall behind in their mortgage again. This devastating financial cycle can be prevented by using a simple five-stop process taking into account both short-term and long-term solutions to foreclosure.
- Who To Trust To Stop Foreclosure
[Real-Estate:Foreclosures] Homeowners in foreclosure are typically the targets of mass marketing campaigns from literally hundreds of foreclosure specialists, investors, and consultants. With so much advertising thrown their way, and so many options to choose from to stop foreclosure, who can foreclosure victims trust to help them save their homes?
- Stop Your Sheriff Sale
[Real-Estate:Foreclosures] One of the most frightening aspects of the foreclosure process is the threat of an impending sheriff sale or foreclosure auction. Homeowners are often surprised to find out that a sale is a mere few weeks away, as they had no previous idea that a sale had even been scheduled. Foreclosure victims should be aware of their two main contacts to find out when their home is up for auction, to avoid being taken by surprise and learning they no longer have any option to avoid losing their homes.
- Stop Foreclosure Eleven Different Ways
[Real-Estate:Foreclosures] Facing foreclosure is one of the toughest situations homeowners may face. The threat of losing a home in a matter of months often causes the victims to feel lost and helpless. By remaining unaware of the numerous options to stop foreclosure, there is a more likely chance they will be taken advantage of or wait until it is too late. This article explains eleven of the most common methods homeowners may have available to save their homes, and will give them a better chance to avoid losing the property to their lender, a con artist, or as a result of the feelings of desperation that accompany any foreclosure situation.
- Fear of Success a Dangerous Obstacle
[Self-Improvement:Success] Many people are seemingly over-ambitious, putting together plan after plan to make their fortune online, in real estate, or in any other venture. However, some of these perpetual planners never seem to get their grand ideas off the ground, spending the bulk of their time and resources researching their next path to immediate prosperity. The reason for their ineffectiveness may be the fear of success, which causes them to abort each brilliant idea as soon as it is ready to be implemented.
- The Twentieth Century's First Genocide: A Review of The Burning Tigris
[Book-Reviews:Non-Fiction] A review of the book The Burning Tigris by Peter Balakian, which examines last century's first genocide: that of the Armenians at the hands of the Turkish government before and during World War I. The review also discusses the book's treatment of America's response to the massacres while they were being committed and up to the present.
- Stop Foreclosure Through Private Equity Investments
[Real-Estate:Foreclosures] As more homeowners default on their traditional loans, private equity investing can serve to benefit both the investor and the consumer. In addition, positive effects can be felt in the community as members work together to keep the dream of owning a home alive.
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