- I cannot make my mortgage payments anymore. What can I do?
- How can I determine if I will be able to keep my home?
- What do I do after receiving a letter from my lender notifying me of foreclosure?
- How will my interest rate resetting affect my loan?
- How long after the court date do I have to move out?
- What is the best way to avoid foreclosure and keep home mortgage free? What is the Obama Modification Plan?
- When is a foreclosure offically completed?
- I lost my home, how does this affect my taxes?
- Can I claim the loss of my home from foreclosure on my taxes?
- When would I have to fill out a W-9 during foreclosure?
- In order to receive assistance, do I have to remain living in the home?
- I’ve been contacted by a company who says they can help me keep my house. How can I know if they are legit?
- I’ve been offered money to hand over my keys. What is “Cash for Keys”?
- Will filing for bankruptcy prevent foreclosure?
- How long does foreclosure stay on my credit report?
- My landlord is in foreclosure. What rights do I have?
- Can I really make money through foreclosure investing?
- What information should I have before contacting my lender or counceling agency regarding my possible foreclosure?
- How does a short sale affect my credit score? How about foreclosure?
- Will I have to pay taxes if my lender doesn’t require me to pay the difference after foreclosure?
I cannot make my mortgage payments anymore. What can I do?
Contact your mortgage lender. There is no easy fix to your financial troubles, but there are many things you can look into further to help better your current situation. Contacting your mortgage lender first is a very important step. Let them know why you have fallen behind and that you have every intention to get paid back up. Ask your lender if they would be able to lower your monthly payments for a period of time so you can get back on your feet again. The last thing your lender wants to do is have to deal with a foreclosure so in many cases, they will be willing to work with you. Refinancing. If your lender does not want to lower your payments, then you may need to refinance at a lower interest rate. Since interest rates are just about as low as they’ve ever been, now is a great time to refinance. The better your credit, the easier this process will be. Selling Your Home. Many people owe more money than their property is actually worth and if this is the case, then it may be best to sell. You can contact your lender and ask them to sell your home through short sale. Either the lender will dismiss the difference between what the house sells for and how much you owe, or you are going to owe them the difference. Getting an attorney would be very helpful as well.
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How can I determine if I will be able to keep my home?
If you are having trouble coming up with the money to pay your mortgage, then you may want to start looking for help before the situation worsens. You could begin by talking to a foreclosure avoidance counselor, talking to your lender and seeing if they can work with you to help your rates lower, even if for a short period of time to get you back on your feet.
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What do I do after receiving a letter from my lender notifying me of foreclosure?
When you receive a foreclosure letter from your lender, you have a period of time (which will be noted in the letter) to pay all past due amounts before the foreclosure process will proceed. At this point, you can contact your lender and see if they are willing to work with you and possibly lower your payments for a little while until you can get caught back up. You could also try to refinance your loan, and if that isn’t the right option for you (because of credit, for example) then you may want to sell your property. Each case is different, depending on how much you owe and how much your property works. There are foreclosure counselors that you can consult as well if you need further help.
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How will my interest rate resetting affect my loan?
When the interest rate of your loan resets, your payments will increase.
How long after the court date do I have to move out?
The amount of time you have after court is hard to determine exactly. It all depends on how long the foreclosure process takes for your individual case. After court, the judge sets up a foreclosure auction and sets up a Certificate of Title to the new owner about 10 days after the foreclosure sale. After the new owner receives this Title, they can begin the eviction process which can take as little as 2 weeks. After that, they can serve the previous owner a 3-day Notice to Quit and have the Sheriff evict the original owner from the property. In some cases, you may be given a redemption period.
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What is the best way to avoid foreclosure and keep home mortgage free? What is the Obama Modification Plan?
I wouldn’t recommend it, but the best way to avoid foreclosure (for a limited time) and not have to pay on your mortgage (Again, for a limited time while you get back up on your feet again) is to file for Chapter 7 Bankruptcy. The Obama Modification Plan is a plan to save the housing market by restructuring mortgages, which he hopes will stop property values from continuing to go down. (Also see Stop Foreclosure Tips)
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When is a foreclosure offically completed?
A foreclosure is complete when the title of the property has been named under the new owner. (After the foreclosure auction)
I lost my home, how does this affect my taxes?
Debt income that has been cancelled must be reported and gain must be reported from the disposition of a home.
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Can I claim the loss of my home from foreclosure on my taxes?
Foreclosure losses cannot be claimed.
When would I have to fill out a W-9 during foreclosure?
During foreclosure you only have to fill out a W-9 when you are receiving an income from the settlement. If you are, say, taking part in the Cash for Keys program, you would have to report that income to the IRS through a W-9.
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In order to receive assistance, do I have to remain living in the home?
Thanks to the Mortgage Forgiveness Debt Relief Act, that money is not owed if due to a mortgage restructure or a foreclosure on the owner’s home; where they have principal.
I’ve been contacted by a company who says they can help me keep my house. How can I know if they are legit?
There are many important things to do before giving anyone your information and letting them help you avoid foreclosure. First, make sure the counseling agency is named on the Department of Housing and Urban Development’s list of approved agencies. If you are being asked to pay hundreds of dollars that is a major red flag. HUD housing counselors are either going to be free or very low cost.
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I’ve been offered money to hand over my keys. What is “Cash for Keys”?
Cash for keys is when a bank offers a homeowner a cash settlement in exchange for the keys to their house. The owner must move out by a certain date. This is a last resort option.
Will filing for bankruptcy prevent foreclosure?
By filing for Chapter 7 bankruptcy, you can delay foreclosure for a couple of months but not prevent it unless you can come up with the money in time to catch up.
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How long does foreclosure stay on my credit report?
Twelve years from the file date.
My landlord is in foreclosure. What rights do I have?
Your landlord must keep you informed on anything that is public information. Legally, they don’t have to tell you anything other than that.
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Can I really make money through foreclosure investing?
Buying a house and selling it for a higher price sounds easy, right? Wrong. While foreclosure investing has been known to make many people pretty wealthy, it’s also a very risky and competitive field. In order to do well, you have to have your facts straight. You must know the market values in your area know your state’s requirements and realize that it may not happen right away. If you don’t have some money to invest into this, you may not do very well. Do your research before jumping right in. To have an advantage, you may want to check out your local Trustee Sales to meet people who know the market in your area.
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What information should I have before contacting my lender or counceling agency regarding my possible foreclosure?
Figuring out exactly what it is that got you to a point where you aren’t able to pay like you were before is all you will need. The counselor can help you with the rest and, in many cases, your lender will be willing to work with you and find common ground. Lenders don’t want to deal with foreclosure and oftentimes, would rather you pay them later than have to deal with the foreclosure process.
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How does a short sale affect my credit score? How about foreclosure?
Foreclosure and Short Sale affect your credit the same way; typically by 200-300 points. How much it affects your credit depends on your overall credit.
Will I have to pay taxes if my lender doesn’t require me to pay the difference after foreclosure?
The Mortgage Forgiveness Debt Relief Act says money isn’t owed if the reason for foreclosure was because of a mortgage restructure or a foreclosure on an owner’s home where they had principle.
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Disclaimer:
The content on this site is not a substitute for professional financial advice. Please consult a financial expert before taking any action suggested on this site.
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