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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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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What can you do about your rights in foreclosure? Can you use any of them to your advantage? How do you even know what your rights are? The best place to begin to understand your rights in foreclosure is by understanding the laws governing foreclosure in your state. In foreclosure, it is your state laws that are the most important. They determine how long the foreclosure process takes and what you can do at various points in the foreclosure process. There are state and local resources where you can find out what the laws are for your state. As far as using your rights to your advantage, it really depends on your situation. If your lender has done something illegal, has not followed proper procedures, or if there is a question about the validity of your loan at all, you can certainly legally use any of those things to your advantage. But to effectively pursue your mortgage company on any of these grounds, you will likely need a lawyer. You can bet that your mortgage company has one.

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A current of foreclosed homes has been sweeping the harassed housing market, bringing down values of homes, dislocating households, sending the government scrambling to manage this crisis. However, some homebuyers are seeing a once-in-a-lifetime chance in the murky headlines and a great opportunity to find a bargain in buying a foreclosed property.

As of this moment, it is anybody’s guess when the housing downturn will hit bottom. If you are looking for a home to buy and you plan to stay on it for quite some time, there are indeed plenty of bargains you can find in foreclosed homes.

Before you buy a foreclosed home, here is what you should know.

1. Find out how long the home has been left empty. The longer vacancy means more damage in several instances. If the home has not been occupied for months, you could find the following: dried out plumbing seals, sewer gases back up and bugs in the sewer that could get in the house.

2. Check out the house yourself. It is important to actually see for yourself the situation of the foreclosed home that you are planning to buy.

3. Consider the neighborhood where the foreclosed home is. Your research should include a whole evaluation of the neighborhood. You will not be able to get back repair costs if the home value is brought down by high crime and widespread foreclosures in the area. Try to check out the appeal of the neighborhood at different hours in the day and night.

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The sad fact is that today there are more homeowners who are unable to pay their mortgage each month. Many got into financial difficulty for any number of reasons beyond their control. This could be because of sudden unemployment, overwhelming credit card debt, a prolonged illness or death in the family, or even unforeseen, but essential and costly repairs to the house or car. If you’ve already received a “Notice of Default” from your mortgage lender, you should know that this is how the lender is trying to protect its assets, namely, its security interest in your home which you gave them when you obtained the mortgage. Even so, it might not be too late if you take immediate steps to contact your lender. If you’re trying to do your best but can’t make the payments, you are better off making your lender aware of the situation as soon as possible and seeing if they might be willing to work with you rather than foreclosing, which neither side wants.

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