It seems as though you can’t turn on the news these days and not hear about the amount of foreclosures going on in every state. Millions of homeowners struggling and wondering how are they going to keep their home and if anybody is willing to help with stopping foreclosures, especially theirs. It is amazing how many people are selling books, CD’s and DVD’s, all in an effort to help those who purchase these items a ray of hope that they can actually buy a house for pennies on the dollar. They then contact the person who is having a hardship and wants to keep their home; in an effort to buy their home for far less it is worth. I heard of some homeowners who have received as many 70 letters from these so called investors. After making contact they can’t understand why the homeowner ignores them or is just plain rude. Wouldn’t you be if you were loosing your home?

With so many houses being in some stage of foreclosure you would wonder why more professionals wouldn’t concentrate on stopping foreclosures, helping those in need keep their house, especially since values have fallen and most have no equity left in them.

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There is a lot to be said about investing in residential foreclosures especially considering the large inventory of distressed properties for sale in the market today. Of course, as a home buyer or investor, you only want to learn about the truth involving these cheap homes.

Because of the owner’s failure to continue his mortgage obligations, their homes enter foreclosure. In the first stage, the owner will try to work out a deal with the seller or even sell the property just to prevent the property from being repossessed. But after the reinstatement period has expired, the home will be foreclosed and auctioned off. If there are no winning bids, it will become a property of the bank, turning it into a real estate owned property.

For Home Buyers

If you are looking for a home to buy, you should know that residential foreclosures are the only properties in the market which can offer you two things: instant equity and savings. There is no doubt about the bargain prices since most of these foreclosures are underpriced because of the desire of the seller to remove them from their inventory of home for sale. As for gaining equity, this should not be surprising since they are sold at below their market value.

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In the U.S. many people are facing unemployment problems, cost of living has increased and people are losing their homes everyday. Both individuals and families are getting into a debt trap. People want to keep their homes, but they do not know their rights and they are not aware about many programs and options available to them. One option is loan modification. It is a way to save your home and finances.

Loan modification is a perfect solution for homeowners who cannot pay a monthly mortgage amount on time. Borrowers can speak with the lender about his problem and modify the terms of the loan and give a second chance to make monthly mortgage payment again.

Through loan modification a consumer can stop the foreclosure process. If you are not able to pay the monthly mortgage amount on time, call your lender and find out what programs they offer. In a loan modification process, certain permanent changes are made in original agreement between you and the bank. Changes that can be made in the agreement are interest rate, length of the mortgage, amount of monthly payments and principal amount.

Factors you need to consider for mortgage loan modification: You are not able to make monthly mortgage payments, defaulted for consecutive 3 months, mortgaged property is your main residence, suffered financial hardship due to unexpected medical expenses, sudden job loss etc.

Loan packages are available for all homeowners going through financial hardship under the Home Affordable Modification program, which essentially grants any homeowner the right to apply for loan modification if they are unable to pay their mortgage. It can avoid foreclosure problem but getting approval from lender may be a long and difficult process. To get approval, housing and development department has appointed agents and representatives nationwide to give free consultations on loan modification and to negotiate terms between homeowners and their lenders.

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Foreclosed homes can appear in any community across the country. Some foreclosed homes are barely on the market at all and you wouldn’t even know that they were up for sale because the transition from the original owners moving out to the new ones moving in is only a few short weeks. These foreclosed homes really don’t impact the housing market that surrounds it.

On the other hand though are the foreclosed homes that are a true eye sore to the neighborhood. They may be very messy on both the outside and inside. The lawn may be filled with trash or useless junk and be unmowed, the windows may be boarded up, and the house may be very far behind in necessary upkeep and repairs. Their curb appeal is zero. This makes the entire area look disheveled and area homes lose some of their value as a result. This can be a nightmare for someone who is looking to place their home up for sale anytime in the near future.

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The automatic stay provisions of the U.S. Bankruptcy Code are some of the most powerful and immediate protections for people who need to be shielded from their creditors. The stay, however, is not perfect nor permanent. In fact, there are limitations built into the automatic stay provisions that limit the effectiveness for people who have filed prior bankruptcy cases. In the old days (before the current law came into effect in 2005) people could file case after case in rapid succession, dismissing the ones that didn’t work out and filing new ones to stop their creditors. For most people, these “serial filings” (as they came to be known) were made in good faith and with the best of intentions; someone would file a Chapter 13 bankruptcy to stop a foreclosure, they’d miss a few post-petition payments and the mortgage lender to obtain relief from the automatic stay. Then the homeowner would get a better job and be able to make the payments. So rather than stay in a Chapter 13 without the benefit of the stay, they’d dismiss their case voluntarily and file a new one – and get a new automatic stay in place to protect them. Not so anymore. Under the 2005 amendments to the U.S. Bankruptcy Code, a case is presumptively filed in bad faith and subject to a limitation of the automatic stay if a prior case was filed and dismissed within the past year. If 1 previous case under any of chapters 7, 11, and 13 in which the individual was a debtor was pending within the preceding 1-year period, then the automatic stay is in effect for only thirty days.

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