There are several reasons for filing bankruptcy before foreclosing on a home, particularly if you do not have much or any home equity, or the value of your home is less than what you owe on your mortgage. When you file Chapter 7 bankruptcy, the home will be sold by the bankruptcy trustee. The portion […]

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One of the strategies to delay foreclosure is to file for bankruptcy. The time you can buy by filing for bankruptcy is directly related to the time it takes to file until the time the bankruptcy is finalized. Once you file for bankruptcy, the court automatically issues an order known as the automatic stay. The […]

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A mortgage modification allows you to negotiate the terms of your mortgage to make house payments more affordable if you are facing financial difficulties. There can be many benefits to this option but keep in mind that there can be drawbacks as well. Pros Avoid foreclosure: A loan modification will lower your monthly mortgage payments […]

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Opting for a short sale to avoid foreclosure can have many advantages. If you have trouble making mortgage payments, the creditor will agree to lower your loan balance when you short sale your home. You will have to sell the home for less than the outstanding balance of the loan and pay the lender the […]

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It is hard to believe that there are people out there who have no qualms about taking advantage of the already distressed. Every day scammers target the unfortunate folks who are struggling to stay in their homes by deliberately combing public foreclosure notices to find their victims. Despite the government’s efforts to crack down on […]

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