Say No To ForeclosureWritten by Bobby Johnson
Homeowners now have power to withstand threat of losing their homes from foreclosure. According to 20/20 foreclosures are at a 30 year high across nation. The reason is that homeowners don’t know what their options are. Too many homeowners are being victims to losing their homes because no one really knows how to help them. When they seek credit counseling or see a Hud representative, they generally don’t get help they need and are still prone to foreclosure. Most homeowners do not want to sell their homes but they are force to in order to prevent a foreclosure. Most file Chapter 13 but don’t realize that it’s just a band aid and not source of their problem. The Chapter 13 adds another expense on top of mortgage even thought their creditors are place in Chapter 13 and their bills are being reduces. Most homeowners will be right back in a pre-foreclosure within a few months because of mismanagement of household expenses and not enough income. Investors claim they help homeowners save their credit, what they are really doing is helping themselves to homeowners equity. Mortgage lenders are advertising “We will re-finance with less than perfect credit” but they don’t tell you 30 percent equity in property is require in a pre-foreclosure.
| | BankruptcyWritten by Risto
For average person that is suffering through mounds of debt, filing for bankruptcy is only apparent way out. It seems like easiest way to handle load. The fact of matter is, when a person files for bankruptcy, they have announced to most creditors that they cannot afford to be leant any credit. A bankruptcy stays on your credit report actively for up to six months, but remains on your file forever. That means that you have permanently lowered your chances to buy a new home, or a new car, and many other purchases that require a payment plan,
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