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.

Comments

Popular posts from this blog

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…

Questioned by the Police? - Don't Forget Your Rights

One of the special things about our country's criminal justice system is that if you are suspected or accused of committing a crime, you have certain fundamental rights. Unfortunately though, many people aren't aware of their rights, or, in the head of the moment, they forget about those rights.

For instance, citizens who find themselves being questioned and in police custody may not even be aware that they have a basic fundamental right to have an attorney present any time they are being questioned by any branch of law enforcement.

Truth is, having an attorney present if you are being quested is vitally important.

Why is that?

For one thing, an experienced criminal defense attorney can help you from incriminating yourself, can make sure that you don't answer questions that are designed to trick you, and can keep officers from asking the same question over and over again. Bottom line - having a criminal defense attorney on your side can help make sure that you don't ma…

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 …