Stop Foreclosure with a Loan Reinstatement



Do you wish to keep your home from going into foreclosure? Thousands of people have foreclosed on homes across the nation. There are plenty of reasons for this. There are various methods to ignore foreclosure if you are serious about saying your home. These ways include forbearance, loan reinstatement, and a loan modification. The loan reinstatement is the most common way to save your home from foreclosure via bank. A lot of things you should seek when your home is going into foreclosure include: - The Foreclosure Process - Tips on Saving Your Home

The foreclosure process can take up to a year for some people. Not every home forecloses in exactly the same amount of time. This process can take six months for some homes and a year for others. When foreclosure starts a will issue a statement of claim because you have missed at least three payments on your mortgage. Your ability to service the financing of your home will be questioned. The second phase of a foreclosure is when the statement of claim is served to you. The third phase of foreclosure is the bank demanding you sell the home. This will be stated inside of the statement of claim.

A loan modification used to be the most common way to resolve the problems of foreclosure in the past. This way allows the lender to issue a new home loan agreement with you where the entire arrearages are added to the end of the loan. It would expand the life of the loan but the homeowner can continue making their payments as if they were never behind and everyone wins.

This is not a common solution anymore and banks rarely agree to allowing a homeowner have a loan modification. The loan reinstatement is another way to save your home from foreclosing. With this method, a lender can initiated the process of foreclosure and you find a way to pay back all of the missed payments, attorney costs, late fees, etc. These amounts must be paid back in full and zeroed out in order for it to be valid.

There are lots of positive aspects of loan reinstatement you might consider. These include being able to keep your home without the worry of losing it to a foreclosure. You are back at square one with your monthly mortgage payments. You are not behind and you don’t owe any additional money for late fees or anything else. It can be the perfect way and banks are generally willing to accept this way if you can come up with repayments to catch up.

Consumer Bankruptcy and Foreclosure



As popular as bankruptcy is today, it's nothing new, going at least all the way back to the Bible's Book of Deuteronomy, which simply states: "At the end of every seven years you must cancel debts." If only it were that divinely simple.

All these centuries later, a bankruptcy filing still offers forgiveness for many debts, or at least provides a payment plan to make them more affordable. But rules and regulations can rain down on an applicant like a plague of frogs.

Bankruptcy can be a highly effective tool for getting back on your financial feet. But it's a serious step with long-range consequences, and financial advisers generally say it should be considered only as a last resort. Used unwisely, it can do more harm than good.

Keep in mind another, more sobering quote from Deuteronomy: "There will always be poor people in the land."

Several types of bankruptcy are available, but most consumers file under Chapter 7 or Chapter 13.

These two bankruptcy flavors are markedly different in how they work and in their outcomes.

Generally speaking, Chapter 7 is for people so mired in debt that there's little chance they'll ever be able to pay what they owe. If the filing comes to a successful conclusion, many of the most crippling debts - including those owed to credit card companies - could be erased and a fresh start begins.

However, that fresh start might be without car, home and other key possessions. Although much is protected in a Chapter 7 bankruptcy, the court trustee who oversees a filing has the right to seize some belongings and turn them into cash for creditors.

A Chapter 13 filing, sometimes called a wage-earner bankruptcy, is more complex. It's for people who can pay what they owe - or at least some of it - but need extra time to make good on the debts.

One of the main reasons to use a Chapter 13 filing is that it can stop a foreclosure. This type of bankruptcy demands not only a steady income but also the discipline to stick with a court-approved payment plan for several years. Only about a third of Chapter 13 filings are seen through to completion.

No matter which type of bankruptcy is filed, there's one common key to a successful outcome. Just as your mother taught you: Honesty is the best policy, and not just for moral reasons. The people that work in this field are very good at detecting an avoidance of the truth.

If you're caught fudging the numbers or trying to hide property, a bankruptcy can be canceled, possibly leaving you in worse financial shape than when you filed. There's a much better chance of being caught at this than being caught cheating on your taxes.

Foreclosure help for Miami-Dade families



Miami, Florida, like many other US cities, is suffering from a drastic rise in home foreclosures. According to foreclosure filing statistics from the Miami-Dade County Clerk of Courts , county foreclosures in 2009 are up 62% since last year.

Besides Help for Homeowners Program and Homeowner Affordability and Stability Plan offered by the Federal Government, the City of Miami's Department of Community Development Foreclosure Program is assisting eligible, low income homeowners that are facing foreclosure within the city limits

The program will supply qualified applicants with $7,500 to assist homeowners pay for late fees and delinquent payments associated with their home mortgages.

The program is only available to property owners that posses one property and, if eligible, are receiving foreclosure prevention counseling from a HUD-certified counseling agency. There are six other qualifiers home owners must meet to be eligible for this program. To view the complete list of requirements visit the City of Miami website .

Applications are currently available at the Department of Community Development, 444 SW 2nd Ave., Second Floor, Miami, FL 33130 and on the web for downloading at:


Applications will be accepted at the Department of Community Development. Assistance will be provided on a first-come, first-ready, first-served basis. For additional information on the program, please call 305-416-2016 or 311.
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