the foreclosure survival guide, keep your house or walk away with money in your pocket (2008)

[...]... procedures, with state-bystate information • how to decide whether or not you should try to keep your house • how you can get free help negotiating a deal with your lender to keep your house • how filing for bankruptcy can help you keep your house, and • how to avoid foreclosure “rescue” scams The book also explains how to make the most of your situation if your income and mortgage payments preclude keeping your. .. Fear Foreclosure? • Negotiate a workout with the lender with the help of a free housing counselor • Reinstate the existing loan by making up the missed payments, plus costs and interest • Refinance the entire loan • Arrange a short sale or deed in lieu of foreclosure • Arrange a reverse mortgage if you have enough equity and are 62 or over • Delay the foreclosure sale by filing for Chapter 7 or Chapter... working something out with the homeowners to keep them in their houses—and keep at least some mortgage payments flowing in If, early on, you decide that you don’t want to keep the house and will ultimately be moving on, you may be able to skip payments for many months before foreclosure is finally begun And even after the foreclosure sale, chances are great that you can keep living in the house for a while... you can show that the foreclosing party violated your state’s procedural rules for foreclosures or the terms of your mortgage agreement, you might be able to derail the foreclosure, at least temporarily An increasing number of courts are requiring foreclosing parties to present docuÂ� mentary evidence of ownership and authority for bringing the foreclosure action Because of the way mortgages have been... their proposal is moving through the process Their home is due to be sold in three weeks and they are beginning to panic They wake up one morning to find a flyer on their doorstep advertising the Compassionate Care Foreclosure Rescue Service, which seems tailor-made for their difficulties The flyer asks, “Is your home about to be sold at a foreclosure sale? Are you having trouble negotiating with your. .. the point? But if you are close to a foreclosure sale, there are plenty of other snake-oil peddlers out there For a stiff up-front fee—often in the thousands of dollars— they offer to help you fight your foreclosure by finding affordÂ� able loans or by negotiating with your lender for a mortgage modification, an interest rate freeze, or an arrangeÂ� ment in which your missed payments get added to the. .. walking away won’t get you off the hook for those debts or for tax on the amount the lender writes off Arrange a “Short Sale” Without Foreclosure You can arrange with your lender to sell the house, without foreclosure, for less than you owe on the loan This is called a short sale If you live in a state that allows the lender to sue you if the house doesn’t sell for a high enough price to pay off your mortgage,... Housing Administration, HUD, VA, or the Rural Housing Service Chapter 1€€|€ Foreclosure: the Big Picture€€|€€9 Refinance If you can refinance at a better rate and pay off your old loan, you can start fresh Unfortunately, refinancing is tough these days unless you have equity in your house and the home value curve in your community is trending up rather than down On the other hand, the Housing... preclude keeping your house It explains: • how long you’ll be able to stay in your house and save up money if the foreclosure goes ahead • how to do a short sale or deed in lieu of foreclosure if either strategy would be useful in your situation 2€€|€ The Foreclosure Survival Guide • how to use bankruptcy to put a temporary wrench in the foreclosure gears, and • how bankruptcy can eliminate debts and... associated with foreclosure In my law practice, I advise people who feel swamped with debt and are considering filing for bankruptcy As far as possible, the book mirrors the process I go through with my clients For some of them it makes absolutely no sense to keep pouring money into a house they are destined to lose For others, it’s completely sensible to do everything they can to keep ownership Sometimes the . situations in which we think that’s a good idea— consult an attorney licensed to practice in your state. Please note The Foreclosure Survival Guide Keep Your House or Walk Away With Money in Your Pocket By. w0 h0" alt="" The Foreclosure Survival Guide Keep Your House or Walk Away With Money in Your Pocket By Attorney Stephen Elias 1st edition Dear friends, Since 1971, Nolo has worked hard to help. Stephen. The foreclosure survival guide : keep your house or walk away with money in your pocket / by Stephen Elias. 1st ed. p. cm. ISBN-13: 978-1-4133-0910-2 (pbk.) ISBN-10: 1-4133-0910-0 (pbk.) 1. Foreclosure