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. 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. 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. 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 bottom line is a home foreclosure means losing the roof over your head. It must be your prime concern. Home means many things, but one feeling we all have about our homes, humble or grand, is the notion of the cave; somewhere safe to scuttle back to, to re-group, to make our plans, the place we want to be when sad or frightened. Losing all this, at a time when you most need it, could be crushing. There’s help out there for you, but you must drive the campaign to save your home from foreclosure. However impossible it may appear right now, do not give up! There are steps you can take to halt the process even while you hold the foreclosure letter in your hand because the outcome is not inevitable. You are urged to carefully consider the consequences if you lose motivation and resign yourself to think “I cannot save my home from foreclosure”. You may not have yet considered the extra expense involved in losing your home. If you are lucky enough to find a rental agency that will accept you, you now have to fund removal costs, find a large deposit and pay some months in advance. There are good reasons why I mention ‘if you are lucky enough’. Your reference will show your involvement in the home foreclosure process, and that you are, therefore, probably not a good rent risk! In addition, finding a rental property that will accept children, let alone the slobbering, muddy family Labrador, is often very difficult and will incur additional deposits. And all the while, you will still have to make payments on your debt.

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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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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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When a consumer is interested in filing bankruptcy, they will normally contact a bankruptcy attorney in their area or simply walk into their office with no prior appointment. The average consumer will also want to know how much it will cost to file bankruptcy, at which time the attorney must gather enough information about their financial situation to provide a reasonable quote for services. The majority of attorneys do this by providing a free initial consultation. Unfortunately, this method is proving to be extremely unsuccessful for many Chapter 7 and Chapter 13 bankruptcy attorneys. Problems like these, and thousands more like them are not uncommon in the average Chapter 7 and 13 bankruptcy office today. However, attorneys are finding the necessity to streamline operations just to keep up with the increased workload within the bankruptcy industry itself. They no longer can afford to spend 3, 4 or more hours per day interviewing clients, only to find out they either are ineligible to file bankruptcy; or even worse, to discover there are potential problems that may cost more time for the attorney or paralegal that were not anticipated during the initial client meeting.

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So you’ve decided to go ahead with the bankruptcy filing. You may be nervous. You may be hopeful. And you may be worried perhaps you will make a mistake, that in front of the judge something will go wrong, or that your lawyer will fail to live up to his price. There of course is a reason your nervous, hopeful, and worried. Bankruptcy is perhaps the biggest financial decision you and your family will ever make. Why? Before we go over the basic services of a bankruptcy judge, you may be curious why you need to file at all. While there are literally thousands of articles and studies on bankruptcy, sometimes the numbers are your best bet. It’s estimated over 1 million people filed bankruptcy in the U.S. in 2009. Tens of thousands of homes were lost to foreclosure, thousands more saved. The reason many filed were to save their home from foreclosure, to get relief from high medical debt, and to discharge credit card debt. The advantages of bankruptcy are numerous. The above mentioned foreclosure, medical bills, and credit cards – likely the three biggest reasons to file bankruptcy. If you fear you’ll lose your home, Chapter 13 can put an “automatic stay” on your home and effectively protect you from losing it. If you are one of many who have medical bills or credit card debt you simply cannot pay, you may be eligible for Chapter 7, the best way to discharge medical and credit debts. The bankruptcy judge will oversee the entire bankruptcy process. Before you walk into court, you should hire a lawyer to help. A bankruptcy judge is a federal judge as bankruptcy is federal law. The judge has the power to literally change your life. Judges will hear arguments from your lawyer on why you are eligible, what you are eligible for (Chapter 7 or Chapter 13), what debts can be discharged, and will appoint a trustee for Chapter 7. In most cases, the judge will give you a go ahead.

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