If you are in a financial situation where you cannot afford to pay off your debt, and you are struggling financially, you might find yourself asking the question, “Can I file for bankruptcy for free?” Filing for bankruptcy is an expensive process as there are three main fees you need to pay. The first fee is for credit management classes. The new bankruptcy law states that if a person wants to file for bankruptcy they must first go to financial management classes to try and sort their finances out without having to declare bankruptcy. The second cost involved is paying for an attorney. This can be very expensive and is probably the most expensive cost involved regarding bankruptcy. The last cost is the filing costs that you need to pay to the court. These fees are usually around $300. Corporations have to have an attorney when filing for bankruptcy but individuals do not. The problem with representing yourself is that if you make a mistake like forgetting to submit a document then you could affect your rights as a debtor. It is always recommended to have legal assistance. If you cannot afford legal advice you should contact your state and local bar office as they might be able to offer pro bono services to you so you will not have to pay. The classes for financial management cost around $50 and this is very difficult to get around, however it can be done. The main fee of filing for bankruptcy can be avoided, but it is only waived for a very small percentage of people. Your financial status will be interrogated before they will make a decision. There is a section in the bankruptcy code that allows these costs to be waived. If you want to request a free filing you can do so by filling out the applicable forms that can sometimes even be downloaded off the internet from your state and local agencies.

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When you’re browsing through your MLS Listings, don’t fall victim to the “approved” short sale hype. In this article, I will feature one very important aspect of purchasing these types of homes that will help you determine if a particular home is worth pursuing. I’ve seen home listings on MLS that say “approved short sale” for three, four, even six months…they don’t stay “approved” for that long. In order to capitalize on a property that is being sold for less than what the owner owes to his/her respective bank(s), you must cut through all the “smoke and mirrors” in order to make it happen. As a real estate agent, many times I will come across listings that say “approved short sale” and buyers will inquire about these properties. An approved short sale is when an agent, owner and/or attorney has submitted some form of contract or purchase binder to the owners bank for approval. Now one thing to keep in mind is, short sales are extremely complex transactions involving multiple investors and many levels of approval, not to mention, issues with the home itself. Issues like certificates of occupancy, surveys, title, and mainly, the sellers ability to fully cooperate in a timely fashion. So an “approval” is all relative to many items. That piece of information is important in and of itself. Basically just having the knowledge of all the different variables/obstacles can make the difference between wasting your time and being able to move on from something because it’s just too messy. But I promised one piece of information that will be helpful for you when evaluating an “approved” short sale listing.

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The recession has hit everyone hard. People are cutting back, many are losing their jobs and in particular, families are losing their homes. While many businesses are hurting, it’s actually a busy and profitable time for independent field inspectors. Foreclosures can actually mean easy money for field inspectors. Good money too. Here’s how: A field inspector’s job is fairly easy. They often are expected to drive to a site, such as a home or construction site, fill out a couple basic forms, take a measurement or two and snap a couple photos. That’s about it. That’s why field inspections have been called “drive-by profits.” They take little time, and can make you good money. As an independent field inspector, you can work as little or as much as you’d like. You’re the boss. You’re in charge. You can make your daily schedule work with your other jobs, commitments or whatever else you have going on. You simply have total control. Plus, there are no expensive classes or certifications required, and the supplies you need shouldn’t cost you too much. You might already have all them. In addition to a reliable car to get you to and from jobs, you’ll need a cell phone (one that you can use to check your email is ideal), computer with access to the internet, tape measure, clipboard and a basic digital camera. A simple point-and-shoot will do. You just need something that can take clear, bright photos. So how can you make money from foreclosures? The recent housing crisis has made for a lot of business in the area of delinquency inspections at homes where the homeowners are behind in their payments. As a field inspector, you might be asked to visit a home where the homeowner is still there. You simply ask a couple questions, such as when they plan to make a payment, and then take down any current contact information. If the delinquent homeowner isn’t home, you’ll often just simply leave a door hanger behind that asks them to contact the lender as soon as possible. Simple drive-by inspections pay around $10 a visit, which doesn’t sound like much, but you can actually do several in an hour. That’s just one of the many perks of being an independent field inspector-the jobs often take so little time, you can do multiple jobs in an hour.

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If you have taken advantage of the recession and bought a home to flip, you may be able to save on the renovation costs. Everyone has been affected by the recession so with a bit of investigation you could find deals for renovation materials.

Depending on what needs renovation you can find deals on almost everything you may want. Things like tiles or other flooring may be just an internet search away. Since most Americans use the internet they can search for specific models and find the best pricing. Keep in mind, that when searching you may have to pay for shipping which will raise the cost of the item you want to purchase.

Even appliances can be bought allowing money to be saved. These savings can result in monetary rewards when the home is sold. Many Americans during this recession have not prepared properly. They did not prepare themselves for large downturns causing huge losses in savings and retirement funds. They also were upside down in their mortgages. This caused many Americans to become involved with foreclosure. Those people could weather the storm and continue to pay on their mortgage should be able to survive this recession.

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A loan modification may be right for you if you are experiencing a hardship or facing foreclosure. A foreclosure can be postponed while working with your lender to find a loan modification solution, once approved your loan is brought current and the foreclosure is halted. Something you should know is there are 4 main types of loan modifications, when discussing a loan modification with the lender it is important you understand the differences and which modification can give you the greatest benefit and how it will affect you in the short and long run. First you have what is called the Straight Capitalization Loan Modification; this modification is where delinquent interest is added to your principal balance and is amortized over the existing term and interest rate. This will cause an increase in the homeowner’s monthly mortgage payments. The straight Capitalization Loan Modification is not a good option for the homeowner that is facing a long term hardship and is struggling to make their monthly payments. In my opinion this is the worst modification available. The homeowner would have to qualify for this modification proving they would be able to afford the increase in payments. Second is the Loan Modification with Term Extension; this modification extends the loan terms (the length of the loan). In most cases the delinquent interest is added to your principal balance, the term of the loan is extended a certain amount of months or years thereby reducing your monthly payments and making them more affordable. For example, a homeowner that had a thirty year mortgage and 25 years remaining could extend the term to 40 or more years. There can be many benefits to this type of modification; it can help you achieve the lowest monthly payment, lower payments may protect you in the event of future financial crises. If you become stable and are in the position you can always pay extra towards the principle to lower the balance and providing there is no prepayment penalties shorten the term of the mortgage.

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If you are looking for an investment on a REO property take your time, do your homework and you could save money and get a good property. Bank REO departments work with you and your agent if you have one, to sell you a house that is in foreclosure. These are special deals and you must know a little about construction or take your own inspector with you. Preferably one you do not have to pay. They will not reimburse you for this inspection and you will not be able to get an inspection after you sign the contract to buy. All REO property is sold “as-is” and normally you will not be able to get an inspection contingency where a buyer can back out. Some times however, a loan officer of the bank will qualify you for more to include the renovations needed. You should probably have your own lawyer advising you during the contract period. Your agent should meet with a contractor so you will know realistically what the cost of rehab will cost. Then you can decide how much to offer for the property. They usually ask for 10% down in earnest money but try to stay around $1000.00.

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