Facing foreclosure? Chapter 13 bankruptcy can save your home

Facing foreclosure? Chapter 13 bankruptcy can save your home

Article provided by Thomas F. Williams & Associates, P.C.
Visit us at http://www.lawofficetwilliams.com/

Even with the economy showing signs of improvement, many consumers are still struggling financially in the wake of the Great Recession. If you're one of them, and you've fallen behind on your mortgage payments, you may be wondering what is going to become of your home.

It can be incredibly stressful when your lender begins to threaten foreclosure. But, if you want to save your home from foreclosure, you may have an option in the form of Chapter 13 bankruptcy.

Automatic stay stops foreclosure, Chapter 13 plan allows you to catch up on mortgage payments

If you're like many Americans, you think of liquidation when you hear the term bankruptcy -- in other words, the sale of nonexempt assets to partially repay creditors before debts are promptly discharged. It's true that some Chapter 7 bankruptcies involve the sale of assets (although many filers keep all their property even in a Chapter 7 filing thanks to generous exemptions). A Chapter 13 bankruptcy, however, does not involve liquidation.

Instead, Chapter 13 is known as a "wage earner's plan." In a Chapter 13 case, you will establish a court-approved plan to fully or partially repay creditors over a three to five year term. Under your plan, debts will be consolidated, and your monthly payment should become more manageable. At the end of the three to five year term, most types of remaining unsecured debt will be eliminated completely.

Chapter 13 bankruptcy can be an important weapon in your fight to save your home. As soon as you file for bankruptcy, an automatic stay goes into effect. An automatic stay stops foreclosure proceedings in their tracks (and also stops any other collection action against you). With the protection of an automatic stay, you and your Chapter 13 bankruptcy attorney have some breathing room to work out a plan.

Under your Chapter 13 repayment plan, you will be able to cure delinquent mortgage payments over time. You must still make all mortgage payments that come due during your Chapter 13 plan on time if you wish to avoid foreclosure, but with other debts consolidated and payments lowered, this should be possible. As an added bonus, if the principle on your mortgage exceeds the value of your home, you may be able to strip second mortgages and home equity lines of credit, add these items to your unsecured debt load, and only have to repay pennies on the dollar before your unsecured debt load is discharged at the end of your three to five year plan.

Get in touch with a bankruptcy attorney to begin your Chapter 13 case

If you're facing foreclosure and wish to save your home, Chapter 13 could be the solution you've been searching for. Talk to a bankruptcy attorney today, and get yourself on track for a brighter financial future.

Contact Information: FL Web Advantage


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Facing foreclosure? Chapter 13 bankruptcy can save your home

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Nonprofit Legal Clinic Helps Struggling Homeowner Reduce Principal Balance by More Than 50% After Being Rejected for a Simple Loan Modification

Francisca A. Barrientos of Lake Forest, CA had been struggling through a hardship doing everything possible to still make her monthly mortgage payment. She didn't want to purposely default on her mortgage in order to qualify for assistance from her lender, but she felt like that might be her only option. Francisca was losing hope that her situation would improve.
Fortunately Francisca didn't give up hope entirely. Instead, she discovered a nonprofit legal clinic called Nonprofit Alliance of Consumer Advocates (NACA) and with the skilled help of NACA homeowner advocate, Alfredo Carrillo, she successfully lowered the principal balance of her mortgage more than 50%, from $313,775 down to $154,884!
Not only that, her monthly payment was nearly cut in half, from $1680.92 to $865.94!
As a bonus, her payment was converted from interest-only to fixed principal and interest, giving her peace of mind knowing that her payment would not change. Her loan was also decreased from standard 480 month term to 328 months.
NACA is a unique alliance of Attorneys, Mortgage Professionals, Loss Mitigation Specialists, Real Estate experts and Private Investment Fund representatives working together to help homeowners keep their homeownership rights (www.NacaLoanMod.org) one way or another.
Like many homeowners who are now struggling to keep their homes, Francisca had spent many thousands of dollars on different industry professionals offering to assist her in dealing with her lender. Unfortunately, as with many homeowners, they all proved unsuccessful.
According to Francisca, she was told she only had a few options before the last of her reserves would run out. She could purposely default on her home loan since she would eventually run out of funds anyway. Maybe then her lender would help her. If not, she could spend the last of her savings to file for bankruptcy or hire an expensive law firm to sue her lender.
According to Francisca, NACA homeowner advocate Alfredo recommended not to purposely default on her loan, not to file for bankruptcy, and not to sue her lender (www.LenderLitigation.org). Francisca once again has stability as well as hope for a better future.

J.De LaVega
855-NACA HELP
www.NACAlaw.org

Source:
Nonprofit Legal Clinic Helps Struggling Homeowner Reduce Principal Balance by More Than 50% After Being Rejected for a Simple Loan Modification

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Bandele Oguntomilade Announces Top 5 Reasons Why California Home Owners Still Short Sell Their Homes Today

Bandele Oguntomilade of Bogun Realty and Luxury Homes is pleased to announce the top 5 reasons why California home-owners still short sell their homes today even in the face of successful modifications and rising home prices.

For California home owners who owe more on their home than the home is currently worth, a short sale is an effective procedure to sell the home and have the deficiency (the remaining debt) wiped-out. Below are the top 5 reasons why Californians still short sell their homes:

(1) To Get Rid of an Under-Water House and Get Rid of a Crippling Mortgage Debt: Even if a homeowner has multiple mortgages on their home, a successful short sale in California allows the home owner to sell their home and the remaining mortgage debt is wiped out. California law currently states that as long as the mortgage lender agrees to the short sale, the remaining mortgage loan balance is wiped out and uncollectable. In contrast, a foreclosure may still leave the home owner personally liable for a large portion of the mortgage debt on a recourse loan even after the foreclosure is completed. Because a successful California short sale gets rid of the entire mortgage debt, it is always a prudent option to explore before letting the home go to foreclosure.

(2) Relocation Allowance could be Substantial: Many mortgage servicers now offer significant financial incentives in the form of Relocation Assistance to home owners who opt to short sell their homes. Typical relocation assistance offered by mortgage servicers to home owners can range from $2500 to $45,000. Mortgage servicers are able to offer these substantial relocation allowances to home owners because mortgage servicers net 25% less proceeds in a foreclosure than in a short sale.

(3) To Avoid Property Tax and Routine Maintenance Expenses: Home owners who short sell their under-water homes, can avoid paying property tax and routine maintenance expenses, such as gardener, utilities, repairs, as soon as the home is sold.

(4) To Enjoy a Dignified Exit instead of an Oppressive Foreclosure: Unlike a foreclosure, a short sale allows the home owner to hire a real estate professional of their choice who lists and markets the home for sale and negotiates the short sale with the mortgage servicer. The home owner controls the transaction and the public information disseminated about the sale of the home because the real estate professional works for the home owner. In a short sale, the home owner can also choose to have the home marketed and shown at their convenience. In contrast, a foreclosure can be very traumatic and oppressive. In a foreclosure, the home owner's default is publicly recorded via a Notice of Default and the foreclosure sale is also publicized via a Notice of Sale. A very public notice is posted on the home owner's front door stating that they have defaulted on their mortgage and this notice can be read by the neighbors right before the home is auctioned off publicly. When going through financial distress, it is definitely beneficial to explore a private and dignified short sale before letting the house go to public foreclosure.

(5) To Enjoy Shorter Credit Repair and To Buy the Next Home Faster: When a home owner sells their home in a short sale, it usually takes an average of 2 years to rehabilitate their credit and be in a position to get a new mortgage loan to buy their next home. However, if the home is foreclosed, it could take anywhere from 4 to 7 years before the foreclosed home owner can get a new mortgage to buy their next home. The impact of a short sale on the home owner's credit report rating is much less devastating than a foreclosure. The missed payments leading up to a short sale may cost the home owner's about 50 points in their credit rating; while a foreclosure could cost over 300 points and the foreclosure will remain on the home owner's credit report for 7 or more years.

In sum, California home owner's with upside-down homes, and who are experiencing some financial distress and need relief from the mortgage debt, should always consider short selling their homes to get rid of the mortgage debt and deficiency, maybe even score some Relocation Assistance from $2500 to $45,000, and enjoy the "New Beginning" that they so rightly deserve.

If you are interested in short selling your home, contact Bandele Oguntomilade at 818-825-6996 or Apply Here. Bandele Oguntomilade is a Short Sale and Foreclosure Resource Specialist, a Certified Residential Specialist and the Broker and Owner of Bogun Realty and Luxury Homes in Woodland Hills, California. You may visit us at http://www.BogunRealtyAndLuxuryHomes.com.

About Bogun Realty and Luxury Homes:
Bogun Realty and Luxury Homes is a full-service real estate brokerage firm that helps buyers, sellers, and investors purchase and sell properties and homes at all levels of spending in southern California. Specializing in Calabasas Real Estate, Woodland Hills Real Estate, Encino Real Estate, Sherman Oaks Real Estate, Studio City Real Estate.

Contact:
Bogun Realty and Luxury Homes
Contact: Bandele Oguntomilade
Phone: (818) 825-6996
Website: http://www.bogunrealtyandluxuryhomes.com

If you are interested in short selling your home, contact Bandele Oguntomilade at 818-825-6996 or Apply Here. Bandele Oguntomilade is a Short Sale and Foreclosure Resource Specialist, a Certified Residential Specialist and the Broker and Owner of Bogun Realty and Luxury Homes in Woodland Hills, California. You may visit us at http://www.BogunRealtyAndLuxuryHomes.com.

Bandele Oguntomilade
Bogun Realty and Luxury Homes
CEO
21317 De La Guerra Street
Woodland Hills, CA
USA 91364
Voice: 818-825-6996
http://www.BogunRealtyAndLuxuryHomes.com

Source:
Bandele Oguntomilade Announces Top 5 Reasons Why California Home Owners Still Short Sell Their Homes Today

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Premiere Financial, a home mortgage company, has offered a new informational video that discusses and defines a short sale and how it works for potential buyers and sellers. The video defines the process and what is done by both the buyer and seller and how the bank and lenders are involved in the process. A short sale is just one of the many services that can involve a mortgage broker. Other issues that can be handled include a home loan, home mortgage, FHA home loans and VA Home loans.

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Premiere Financial puts forth a series of informational videos on a variety of topics concerning mortgages and the home lending process. These videos help the potential customer understand more about the process as a whole and can help answer many of the questions that often arise when a person is buying a home. Understanding various terms like a short sale or home loan can make a difference in how the process is approached. The right mortgage broker can help the client understand what lending services are best for them, such as FHA Home loans or VA Home loans. Watching the various videos can help explain everything so there is a better understanding of what is involved.

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About Premiere Financial

Premiere Financial is a real estate and home mortgage services business. They have worked with many consumers in the Carlsbad, California area on home loans, FHA home loans, VA home loans, a home mortgage and even a short sale. They are expert in many areas in the home loans marketplace.

Premiere Financial
6183 Paseo Del Norte Ste 140
Carlsbad CA, 92011
(760) 518-5034

News source: PRWeb

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"When demand goes up, with limited inventory, it's going to drive prices up too," says Sabina Brown, a Realtor with Team OC Realty in San Clemente, California and editor of sanclementeliving.com. "You would be surprised at how a limited inventory can affect people's psyche. You have properties that receive hundreds of offers in the course of a weekend. Keep in mind, only one can be selected. This can be discouraging for first time home buyers."

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News source: PRWeb

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