Foreclosures have risen by 25% since October of 2007.
Are you behind on your house payments? Are you concerned that you could be next?
Maybe I can help! Check out my web site at www.coffeynoteconsulting.com/ Or leave a comment here. I will get back with you.
This blog has been created to help people save their credit and avoid bankruptcy.
Happy New Year!
Wednesday, December 31, 2008
Sunday, December 14, 2008
Foreclosures are happening in the U. S. at an alarming rate. If you have been notified that your home is in danger of foreclosure, the time to get help is before your lending institution forecloses on your home.
Do you have questions about foreclosure?
Has the lending institution just notified you of default on your mortage?
Act now to find out exactaly what your options are!
Do you have questions about foreclosure?
Has the lending institution just notified you of default on your mortage?
Act now to find out exactaly what your options are!
Monday, December 8, 2008
Options…Your Home…Foreclosures…Bankruptcy
Do you have many options when foreclosures on your home has been declared? Is bankruptcy a possible option? These questions and many others could be playing through your mind at a time when your payments on your loan have become delinquent.
The law on foreclosures in your state can determine your options to keep your home.
Kentucky laws, on foreclosures and bankruptcy, may differ; however, there are a few similarities. Most states give a length of time for the borrower to make compliance with the lender. All depends on the clause(s) under which you borrowed the money.
During this period of time, you may have some options available to you.
1. You can attempt to renegotiate your loan
2. You could make another loan to cover your delinquent payments
3. You could try to find a buyer to work with your lending
institution for a short payoff (lending institutions sometimes
allow this in an effort to avoid expensive foreclosures
4. You could file bankruptcy
5. You could ask the lending institution to take your property in
lieu of foreclosure
6. You could let the lender foreclose on your property
Of the options listed above, numbers 1,2,3,5 appear to be your best ones. Foreclosure remains on your credit rating for 7 years and bankruptcy for 10 years. These time frames can be shortened, but by and large, either of these two options aren’t as good.
When you default on your loan beyond the number of days/months that the clause(s) of your mortgage allows, the lending institution files a notice of default (NOD) or Lis Pendens (Latin term). One or both of these terms may appear on your notice from either the lending institution or the Sheriff’s office or the County Commissioner.
Once the NOD is filed, you have a few options:
· A number of days to make good on the notes delinquency
· Try to find alternative financing
· If you get another source of financing, you may be good to go
· Then you are good as long as you meet the payments.
Where can I get money to pay the delinquency?
1. Another lending institution
2. Credit Cards
3. Family or friends
4. Some churches or non-profit groups (don’t rely too heavily on these)
5. Quick finance places, i.e. check cashing or quick loan businesses
6. You write grants to cover your debts (hard to get but not impossible)
If you can’t meet the requirements of the NOD, the next step for the lending institution would be to foreclose. Once the foreclosure procedure begins, any options you might have had to save your property may be over, at least for the moment.
In Kentucky, however, after the sale of your property at the courthouse and if the foreclosure sale price is less than two-thirds of the appraised value, the borrower has a period of one year (12 months) from the date of the sale to redeem the property by paying the amount for which the property sold for at auction, plus interest. Of course you would have to come up with the money.
You do have options on your home before foreclosures take place. Remember, bankruptcy is out of the question. Check out these options. They just might provide a way to keep your home or to keep foreclosure from happening to you.
To get some answers to your questions about your options and to find a possible buyer for your home, contact www.coffeynoteconsulting.com/
The law on foreclosures in your state can determine your options to keep your home.
Kentucky laws, on foreclosures and bankruptcy, may differ; however, there are a few similarities. Most states give a length of time for the borrower to make compliance with the lender. All depends on the clause(s) under which you borrowed the money.
During this period of time, you may have some options available to you.
1. You can attempt to renegotiate your loan
2. You could make another loan to cover your delinquent payments
3. You could try to find a buyer to work with your lending
institution for a short payoff (lending institutions sometimes
allow this in an effort to avoid expensive foreclosures
4. You could file bankruptcy
5. You could ask the lending institution to take your property in
lieu of foreclosure
6. You could let the lender foreclose on your property
Of the options listed above, numbers 1,2,3,5 appear to be your best ones. Foreclosure remains on your credit rating for 7 years and bankruptcy for 10 years. These time frames can be shortened, but by and large, either of these two options aren’t as good.
When you default on your loan beyond the number of days/months that the clause(s) of your mortgage allows, the lending institution files a notice of default (NOD) or Lis Pendens (Latin term). One or both of these terms may appear on your notice from either the lending institution or the Sheriff’s office or the County Commissioner.
Once the NOD is filed, you have a few options:
· A number of days to make good on the notes delinquency
· Try to find alternative financing
· If you get another source of financing, you may be good to go
· Then you are good as long as you meet the payments.
Where can I get money to pay the delinquency?
1. Another lending institution
2. Credit Cards
3. Family or friends
4. Some churches or non-profit groups (don’t rely too heavily on these)
5. Quick finance places, i.e. check cashing or quick loan businesses
6. You write grants to cover your debts (hard to get but not impossible)
If you can’t meet the requirements of the NOD, the next step for the lending institution would be to foreclose. Once the foreclosure procedure begins, any options you might have had to save your property may be over, at least for the moment.
In Kentucky, however, after the sale of your property at the courthouse and if the foreclosure sale price is less than two-thirds of the appraised value, the borrower has a period of one year (12 months) from the date of the sale to redeem the property by paying the amount for which the property sold for at auction, plus interest. Of course you would have to come up with the money.
You do have options on your home before foreclosures take place. Remember, bankruptcy is out of the question. Check out these options. They just might provide a way to keep your home or to keep foreclosure from happening to you.
To get some answers to your questions about your options and to find a possible buyer for your home, contact www.coffeynoteconsulting.com/
Friday, December 5, 2008
My Estate
Avoid Home Foreclosures. . .Bankruptcy. . . and Damage to Your Credit Score
Check out: www.coffeynoteconsulting.com/
The economic slowdown has caused foreclosures and bankruptcy for many. Both of these affect your credit score.
Do foreclosures and bankruptcy really damage my credit score that much? Is there any way I can avoid either of these two credit killers?
The answer to the your questions:
1. foreclosure stays on your credit record for 7 years.
2. bankruptcy does more damage and remains there for 10 years.
Your attorney may be able to fix the lengths (or at least say they can!), but in my experience the above answers are true.
Can I avoid either of these?
Maybe!
Two things that I have seen work:
1. ask the lending institution if they will take your home
for the equity you have in it without foreclosing
2. find a buyer for your home
Neither of these options seem like good options; however, your goal is to avoid foreclosure. Yes, you’ve worked hard to build up equity in the property and suddenly to throw it all away seems nonsensical. Remember your goal is to avoid foreclosure. If the bank forecloses on your property, you will lose it anyway.
How can I find a buyer for my property?
Obviously, a buyer will look for ways to get a bargain on property. In order for him/her to buy your property at a bargain, he will need to work with your loan officer, and you will have to give him permission to contact the officer.
To find possible buyers for your property, visit www.coffeynoteconsulting.com/. You may get an answer to your foreclosure problem in a day or two.
Subscribe to:
Posts (Atom)