Skip to main content

Avoiding Home Foreclosure

Teetering on the edge of foreclosure can be an unsettling experience, to say the least, but you have options to avoid it:

Loan modification: Most lending institutions are open to changing the terms of your loan to make it more manageable. Foreclosure doesn't benefit either party.

Repayment plan: If you are behind on mortgage payments, many lenders are willing to offer a repayment plan that enables you to make up missed payments gradually, not in one fell swoop.

Forbearance arrangement: If you financial difficulties are temporary in nature, a lender may agree to this process. The mortgage payer is granted a 3-6 month reprieve from payments. After this period, the payer resumes payments, plus some extra to make up for the skipped payments.

Refinancing: If the current mortgage rate is below what you're paying, your rate can be readjusted through financing to lower your payments.

Short sale: If you owe more money than what your home is currently worth, short selling may be an option. With the lender's permission, you sell your home at market value and the lender writes off the remaining debt. You avoid foreclosure, take less of a credit-score hit, and gracefully transition to more affordable housing.

Reamortization: A new loan is issued with a new time frame, with missing payments being added back to the loan.

Declaring bankruptcy: depending on the timing and circumstances, Chapter 7 may delay foreclosure proceedings and wipe out credit-card and other unsecured debt, freeing up mortgage funds. Chapter 13 can buy you time to make payments and might lower other secured debt payments.


Popular posts from this blog

Auto Accidents and Traumatic Brain Injuries

Traumatic brain injuries (TBI) are responsible for the deaths of approximately 50,000 Americans each year and the hospitalizations of roughly 230,000 more. Many more victims go undiagnosed.

Auto accidents are one of the leading causes of TBI. Most TBI's are closed head injuries, which means that trauma sets the brain in motion inside the skull. The brain gets slammed against the interior surface of the skull, resulting in contusions and swelling. 
Trauma can also initiate rotational forces that twist and stretch the brain, which can damage axons. Brain neurons send messages via electrical impulses; axons are the carriers of these impulses. When axons are damaged, brain function is diminished. 
A condition called diffuse axonal injury (DAI) occurs on a cellular level and leaves blood vessels and major brain structures intact. This type of damage cannot be detected by MRIs or CT scans, making DAI vastly under diagnosed and under treated. 
Brain injuries are unlike injuries to other …

Your Rights When You're Pulled Over for a Supected DUI

Fact is, most people don't even know their rights if they're pulled over! Here's a quick list of the most important rights you need to know and how the conversation may go if you are pulled over:

"Do you know why I pulled you over?" It's typically the first thing you'll hear. It's also deliberately designed to get you to admit to certain behavior. Be polite and simply ask, "Why do you ask?" and then wait for a response. Do not comment. That phrase "anything you say can and will be used against you in a court of law" is truer than you'll ever know, trust us.

"Have you had anything to drink tonight?" If you truthfully have had nothing to drink that night, say, "No." If you've had something to drink, you don't have to share that information! Telling the officer that you've been drinking will be evidence used against you. Instead, say, "I have no statement to make." While it may seem unnatura…

The Daily Aspirin Tug-of-War

Aspirin has been shown to reduce the risk of heart attack in people who have already had one. But what if healthy people took a daily aspirin to prevent heart issues to begin with?

Aspirin is a powerful anti-inflammatory agent that helps reduce inflammation that can trigger a heart attack. Prior to 2014, many doctors recommended that those at higher risk for heart trouble - family history, high blood pressure, elevated cholesterol, diabetic, etc. - over age 50, and not at increased risk of bleeding begin taking a low dose of aspirin every day.

However, in 2014 the Food and Drug Administration (FDA) deemed that preventative dosages of aspirin in otherwise healthy people produced more risk than reward. Aspirin can irritate stomach and intestinal tissues, which may lead to ulcers and intestinal bleeding.

There was a push back from the American Heart Association (AHA) and U.S. Preventative Services Task Force (USPSTF), a government- appointed panel of health experts. Although agreeing tha…