Thanks For Using The Performance of a Lifetime!



Chatroom Auctions & Paid Classifides DDDPL's Additional Job Search










FAQ
Last visit was: Mon Jun 18, 2018 5:34 am
It is currently Mon Jun 18, 2018 5:34 am



 [ 1 post ] 
 What Is The Aftermath Of A Foreclosure Like? 
Author Message
User avatar

Joined: Mon Sep 13, 2010 1:47 pm
Posts: 45372
Post What Is The Aftermath Of A Foreclosure Like?
What Is The Aftermath Of A Foreclosure Like?
by: Jim Brown





A foreclosure can be a very stressful and emotionally draining experience. Many who decide not to contest a foreclosure on their property think that the foreclosure means an end to their problems. If the bank sells my house, then I don't have any debt to the bank, right? Not exactly.

Unfortunately, many people are unable to get protection from foreclosure. Despite all the talk from the government about modifying the loan, most loan modification applications have been turned down by the major mortgage lenders. In fact, one of the largest mortgage lenders has turned down 96% of requests. It goes without saying, homeowners in debt are in trouble and have few options to help them.

Now, putting the emotional trauma of losing a home aside (if that is possible!), the financial burdens might not yet be over. Many people mistakenly think that they won't have any mortgage debt after their house sells in foreclosure. However, it's not that simple. If the home sells for a lower amount than you owe on your mortgage, you still owe whatever the rest of your mortgage balance. This balance, the difference between the value of the mortgage and the selling price, is called a deficiency.

In this economic climate, it is even more likely for a homeowner to end up with a deficiency after a foreclosure. The poor housing market has caused a large decrease in home prices. If you bought your home for $100,000 in 2005 with a mortgage, but now your home is only worth $80,000, then chances are that your mortgage balance is greater than the value of your home.

Lenders won't simply forgive deficiencies or let them go, either. Lenders will try everything they can to recover the balance including garnishing your paycheck, threatening your car or home, or going after what you have in the bank.

Although many are more in debt than they thought they ever could be, there are still options to pursue to help you with your deficiency balance. A Chapter 7 bankruptcy can eliminate your deficiency balance and other "unsecured" debts—like credit cards, medical bills, and payday loans. After your debt is eliminated, you will no longer face the burdens of creditor calls, wage garnishment, and threats to your property.

You owe it to yourself and your family to give Chapter 7 a look. Find free information like bankruptcy FAQ, articles, blogs, and even free publications from reputable bankruptcy attorneys in your area. Remember, many attorneys will offer you a free consultation but the best ones will give you free information before you set foot in an office.

About The Author
Missouri bankruptcy attorney Jim Brown is the owner and founder of Castle Law Office in St. Louis, Missouri. He has written five consumer guides, including his immensely popular debt relief guide, "Get Out of Debt: Secrets Your Creditors Don't Want You to Know." To request a free copy of the book or just get more information on bankruptcy, you can visit his website at http://www.CastleLaw.net .
The author invites you to visit:
http://www.castlelaw.net



Copyright © 2001-Present by ArticleCity.com
This article was posted by permission.


Thu Nov 04, 2010 9:34 am
 [ 1 post ] 

Who is online

Users browsing this forum: casinosfreebonussa, CommonCrawl [Bot] and 11 guests


You cannot post new topics in this forum
You cannot reply to topics in this forum
You cannot edit your posts in this forum
You cannot delete your posts in this forum
You cannot post attachments in this forum

Jump to:  






Powered by phpBB © 2000, 2002, 2005, 2007 phpBB Group.
Designed by ST Software for PTF.