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Add You - Knowing All Your Options for Stopping Foreclosure Quickly & Legally
No matter how many times I see it happening, I’mconstantly amazed at the number of people who areliterally throwing money away by making incrediblysimple mistakes when they sell items in an onlineauction. Over the last seven years, I’ve been making a greatliving buying and selling products on eBay and otheronline auction sites, and I’ve perfected a techniquethat pretty much guarantees anyone can start making aprofit right away. That technique starts with avoidingmistakes like these -- mistakes I’ve seen people makeevery day for those same seven years. If you’re doing any of these four things, you’releaving money on the table with every single item yousell. * Listing an item at the wrong time. It’s a proven factmore buyers browse Internet auction sites on Sundayevenings than any other time during the week. If yourauction is scheduled to end at any other time thanSunday evenings (specifically between 9 p.m. and 11p.m. Eastern time), you’re not getting the maximumexposure for your auction at a time when people aremost eager to buy. * Not giving your photos the attention they deserve.There are two common mistakes people make with thephotos they use to entice buyers on eBay. One is noth
3) File Bankruptcy.....This is usually a person’s second thought of strategy. I am not an attorney, so I am not offering legal advice but, I do know that in most cases, bankruptcy does not help stop foreclosure, it just slows it down a bit. You have two choices of bankruptcy...Chapter 13, which is a debt payment plan and Chapter 7 , which is full liquidation of debt. Please remember that you have to qual
Most people avoid budgets like the plague. When mentioning a budget I’ve heard comments such as, “Isn’t that for retired folks?”, “There’s no way I can stay on a budget!” and “A budget feels so limiting, like a diet: you see something you want and can’t have it because of guilt, shame and restrictions”. Yet we all know that restricting our food intake causes weight loss and restricting our spending habits can cause debt loss.The BasicsCreating a budget to help you achieve debt elimination is not a difficult process. You need a piece of paper, a pen, copies of your bills and expenses, and a little time and determination.For each line, estimate (in many cases your rates are set) your housing costs, utilities, food, clothing, transportation and vehicle costs, medical and/or family expenses, entertainment and online services, credit card payments and debt priorities, and lastly, other expenses.After you have a clear picture of your monthly expenses, factor in your monthly gross with payroll deductions. Figure your set expenses, such as housing, food and utilities, and estimate your more flexible expenses, such as entertainment and clothing.After you have allocated your money, apply all extra funds to pay ahead on your debts. In using your money toward debt reduc
Dear Homeowner,
Are you behind on mortgage payments? Can't come up with large lump sum the bank wants to make up all the back payments, or even worse, have you received a notice of default and are now facing foreclosure?
If so, then Please take 5 minutes and Read this Special Report Just Released…This is probably the most important message you will ever read on…Knowing Your Options on How to Stop Foreclosure & Save Your Home!
Getting behind on your mortgage payments can quickly become a very scary, dreadful situation for any homeowner. Many times you simply don’t know what to do about it. You are usually not aware of all your options and maybe you don’t understand the proper process of it all. Well today I hope to help solve these issues for you so you can make an educated decision on how to prevent foreclosure. Let’s get started!
To get caught up on back payments & prevent foreclosure, You typically have 5 options to work with. Let's look at each one and talk about the pro's and con's of each.
1) Refinance: Most people look at this option first because it seems to be the most obvious solution. However, as many have discovered, it isn’t always what it seems. Refinancing your home to get caught up and back on track is great…if you qualify. To qualify for a refinance and to get the best deal, you need a) good credit and b) you need enough equity to pay off the delinquent original mortgage.
Most people in foreclosure have done damage to their credit already and therefore do not qualify for a good loan with a good interest rate. And from my experience in the industry, most people facing foreclosure have little to no equity in their home so this makes it very difficult.
So what can you do? Well, most people end up trying a secondary market, predatory-type lender. This usually comes with expensive fees and outrageous interest rates. Do you know that most of my clients are people who had refinanced! What does that tell you? It shows you that it isn’t long before they are in trouble again. Why? Well, it’s because they simply can’t afford to keep up with the new higher payments.
Unfortunately, in most cases, it is a formula for failure and the lender knows it. Not only that but these types of loans comes with stiff penalties if you get behind, so be careful!
2) 401K/Retirement Plan Loan or Withdrawal... I don't like to recommend this option but I want you to be aware of it because you may decide that it is the best solution for you. If you have retirement plan of some kind you may elect to either take a loan against it to pay back your mortgage lender or you may decide to simply withdraw the money needed to get back on track.
Taking out a loan would be better because then you wouldn't have to pay any taxes or penalties on the funds. Most plans allow you to take a loan for up to 50% of its value. The only problem is that now you have another new bill. Can you afford it?
Withdrawing the fund needed may be your solution but remember that you will need to pay the minimum 20% for federal income taxes plus a 10% penalty tax on top of that. If you elect this option, make sure to do the math beforehand so you are sure of what you will owe for taxes and penalties and what you will net. Remember that this will need to be reported on your tax return.
3) File Bankruptcy.....This is usually a person’s second thought of strategy. I am not an attorney, so I am not offering legal advice but, I do know that in most cases, bankruptcy does not help stop foreclosure, it just slows it down a bit. You have two choices of bankruptcy...Chapter 13, which is a debt payment plan and Chapter 7 , which is full liquidation of debt. Please remember that you have to quali
Priests, doctors and lawyers all have something in common...Insert punch line here: ________.Okay, now that's out of the way...They have something else in common. Confidentiality. A priest can't rat you out to your neighbors if you confess to being the one who egged their houses on Halloween. A doctor can't tell everyone at the cocktail party about the nasty infection you have from doing ________ and failing to ________. Your lawyer can't call the DA's office and advise them of some potential weaknesses in your testimony a few days before the trial starts.Maybe "can't" is a little strong. The law does carve out a few exceptions in very specific situations and more than one member of "Team Secret" has improperly spilled the beans, but none of those people are supposed to be sharing the details of your interactions.You should have at least as much faith in your ghostwriter to keep things hush-hush. Anyone ghostwriting or doing writing on a "work for hire" basis should be just as tight-lipped as a priest, doctor or lawyer.I was inspired to address this topic after noticing another writer mentioning where some of his/her work was appearing online, even though the materials were ghostwritten and (intentionally) didn't have a byline. Although the comments
To get caught up on back payments & prevent foreclosure, You typically have 5 options to work with. Let's look at each one and talk about the pro's and con's of each.
1) Refinance: Most people look at this option first because it seems to be the most obvious solution. However, as many have discovered, it isn’t always what it seems. Refinancing your home to get caught up and back on track is great…if you qualify. To qualify for a refinance and to get the best deal, you need a) good credit and b) you need enough equity to pay off the delinquent original mortgage.
Most people in foreclosure have done damage to their credit already and therefore do not qualify for a good loan with a good interest rate. And from my experience in the industry, most people facing foreclosure have little to no equity in their home so this makes it very difficult.
So what can you do? Well, most people end up trying a secondary market, predatory-type lender. This usually comes with expensive fees and outrageous interest rates. Do you know that most of my clients are people who had refinanced! What does that tell you? It shows you that it isn’t long before they are in trouble again. Why? Well, it’s because they simply can’t afford to keep up with the new higher payments.
Unfortunately, in most cases, it is a formula for failure and the lender knows it. Not only that but these types of loans comes with stiff penalties if you get behind, so be careful!
2) 401K/Retirement Plan Loan or Withdrawal... I don't like to recommend this option but I want you to be aware of it because you may decide that it is the best solution for you. If you have retirement plan of some kind you may elect to either take a loan against it to pay back your mortgage lender or you may decide to simply withdraw the money needed to get back on track.
Taking out a loan would be better because then you wouldn't have to pay any taxes or penalties on the funds. Most plans allow you to take a loan for up to 50% of its value. The only problem is that now you have another new bill. Can you afford it?
Withdrawing the fund needed may be your solution but remember that you will need to pay the minimum 20% for federal income taxes plus a 10% penalty tax on top of that. If you elect this option, make sure to do the math beforehand so you are sure of what you will owe for taxes and penalties and what you will net. Remember that this will need to be reported on your tax return.
3) File Bankruptcy.....This is usually a person’s second thought of strategy. I am not an attorney, so I am not offering legal advice but, I do know that in most cases, bankruptcy does not help stop foreclosure, it just slows it down a bit. You have two choices of bankruptcy...Chapter 13, which is a debt payment plan and Chapter 7 , which is full liquidation of debt. Please remember that you have to qual
Being a first time home buyer is thrilling and frightening at the same time. The real estate market can pose an intimidation factor that scares some home buyers. However, by following a few simple tips buying a home can be fun, and you will be happy with the results.There are many factors that contribute to an enjoyable buying experience and the tips listed below will get you started on the right track:1. The first step is doing the research. Sure, research is probably the least enjoyable part of the whole experience but it is going to set the foundation for being a successful buyer. Once you have chosen the general area you would like to purchase in start looking at what types of homes are available and more importantly home prices in that area. This is different than actually searching for a home; instead you are just getting a feel for the market so that you have a better understanding when you do narrow your search.2. Before beginning to search you must formulate a budget for your purchase. How can you tour houses if you don't know what you can afford? Obtaining a mortgage can be a bit of a process in itself, so make sure to be as prepared as possible. Pay off all debts; debt negatively contributes to obtaining a loan and lowers the amount you can afford to pay toward your m
Most people in foreclosure have done damage to their credit already and therefore do not qualify for a good loan with a good interest rate. And from my experience in the industry, most people facing foreclosure have little to no equity in their home so this makes it very difficult.
So what can you do? Well, most people end up trying a secondary market, predatory-type lender. This usually comes with expensive fees and outrageous interest rates. Do you know that most of my clients are people who had refinanced! What does that tell you? It shows you that it isn’t long before they are in trouble again. Why? Well, it’s because they simply can’t afford to keep up with the new higher payments.
Unfortunately, in most cases, it is a formula for failure and the lender knows it. Not only that but these types of loans comes with stiff penalties if you get behind, so be careful!
2) 401K/Retirement Plan Loan or Withdrawal... I don't like to recommend this option but I want you to be aware of it because you may decide that it is the best solution for you. If you have retirement plan of some kind you may elect to either take a loan against it to pay back your mortgage lender or you may decide to simply withdraw the money needed to get back on track.
Taking out a loan would be better because then you wouldn't have to pay any taxes or penalties on the funds. Most plans allow you to take a loan for up to 50% of its value. The only problem is that now you have another new bill. Can you afford it?
Withdrawing the fund needed may be your solution but remember that you will need to pay the minimum 20% for federal income taxes plus a 10% penalty tax on top of that. If you elect this option, make sure to do the math beforehand so you are sure of what you will owe for taxes and penalties and what you will net. Remember that this will need to be reported on your tax return.
3) File Bankruptcy.....This is usually a person’s second thought of strategy. I am not an attorney, so I am not offering legal advice but, I do know that in most cases, bankruptcy does not help stop foreclosure, it just slows it down a bit. You have two choices of bankruptcy...Chapter 13, which is a debt payment plan and Chapter 7 , which is full liquidation of debt. Please remember that you have to qual
When more than half of Americans were identified as overweight, people took notice. Major news outlets began educating on how to stay out, or get out, of that statistic. I wish the same attention had been paid when the Conference Board released their statistics saying half of Americans are satisfied with their job.Of course, that means, half are dissatisfied. Disliking your job is hazardous to your health and well-being, too. You can't be winning at working if you're dissatisfied with your work or languishing in the status-quo of dislike.Spending the majority of your waking hours dissatisfied, like being overweight, weighs you down, depletes your energy, and kidnaps your spirit. You can change all that. And looking for a new job should not be where you start. At least not yet.First consider what is causing your dissatisfaction. Maybe it's that annoying coworker or irritating boss that's holding you back. Maybe if you only made more money. Maybe the work's boring or the company's unfair. Whatever your reasons, pause your thinking and go to step two: look deeper. More than likely what's at the root of your dissatisfaction is your own doubts, fears, and insecurities.You see, too often we become victims in our own life. We blame McDonald's for having French fries that make us
2) 401K/Retirement Plan Loan or Withdrawal... I don't like to recommend this option but I want you to be aware of it because you may decide that it is the best solution for you. If you have retirement plan of some kind you may elect to either take a loan against it to pay back your mortgage lender or you may decide to simply withdraw the money needed to get back on track.
Taking out a loan would be better because then you wouldn't have to pay any taxes or penalties on the funds. Most plans allow you to take a loan for up to 50% of its value. The only problem is that now you have another new bill. Can you afford it?
Withdrawing the fund needed may be your solution but remember that you will need to pay the minimum 20% for federal income taxes plus a 10% penalty tax on top of that. If you elect this option, make sure to do the math beforehand so you are sure of what you will owe for taxes and penalties and what you will net. Remember that this will need to be reported on your tax return.
3) File Bankruptcy.....This is usually a person’s second thought of strategy. I am not an attorney, so I am not offering legal advice but, I do know that in most cases, bankruptcy does not help stop foreclosure, it just slows it down a bit. You have two choices of bankruptcy...Chapter 13, which is a debt payment plan and Chapter 7 , which is full liquidation of debt. Please remember that you have to qual
Washington, DC. May 22, 2007- The White House published an official response to the 6 most common myths revolving around the Comprehensive Immigration Reform.1. MYTH: Ending the current waiting period for family members to obtain their permanent residence will result in 900,000 new permanent residents each year in addition to those that already applied before the reform. FACT: The goal of the Immigration Reform is to end the waiting period in 8 years for family members seeking their permanent residence. To achieve this, 240,000 permanent residences will be utilized from other categories and priorities and 200,000 will be added each year for 8 years.2. MYTH: The security of the Border and the requirements of having to employ immigrants that are in the United States legally will not be enforced. FACT: Allegations have been made indicating that the language included in the text of the current reform proposal would make the law enforceable only if President Bush certifies within 180 days of the reform becoming a law, that the methods to protect the US Borders be completed in 18 months. This is false. The alleged language at issue does not exist in the current text of the reform.3. MYTH: Z Visa applicants will not have to pay a sanction for having entered or overstayed in
3) File Bankruptcy.....This is usually a person’s second thought of strategy. I am not an attorney, so I am not offering legal advice but, I do know that in most cases, bankruptcy does not help stop foreclosure, it just slows it down a bit. You have two choices of bankruptcy...Chapter 13, which is a debt payment plan and Chapter 7 , which is full liquidation of debt. Please remember that you have to qualify first and it is alot tougher now with the new bankruptcy laws that are now in place. You can't just go to an attorney and file so easily anymore.
What most people don’t realize is all the lender has to do is file for a relief of stay and they can pull the asset (your home) out of the bankruptcy proceedings and continue with the foreclosure. Sure, this takes some time but nevertheless, it is done everyday.
As a matter of fact, it has been reported that 96% of homeowners filing bankruptcy still end up being foreclosed on regardless. So now you have both a foreclosure and bankruptcy on your credit report. You are pretty much doomed for the better part of 10 years. Please think twice about going this route! I think if you do examine this option, you will find that it simply isn't a viable option at all.
4) Sell Your Home…..This option is usually looked at when time is running out and you can’t think of any other option to use. This option is perfectly alright if that is what you want to do. Some people’s situation is such that they simply can no longer afford to keep their home and must sell as their only alternative. If that is the case, then fine, you’re doing the best you can of the situation.
But if this is not you case, now you lose your home and have to pick up your life (and family) and live with others or pay rent to someone for the use of their property. Is this what you want? If this outcome is okay with you and you can live with the change until you are back on your feet, then great, this solution might be the best for you.
But my experience tells me that most people do not want to sell their home and pay rent somewhere. For many, this is a horrible option. Not only that but what if you don’t have enough equity to pay a realtor commission? What do you do about that? What happens if you can’t get it sold in time? What happens if you do find a buyer but it takes 3 to 6 months and now you have doubled the penalty fees you owe your lender on your delinquent loan? These are all considerations to take into account when making your decision, so please be careful!
Another form of selling your house is by using an investor to buy it quick. Some people end up doing this when time has completely run out and it is a way to hopefully get some moving money or to get cash for a portion of your equity, if you have equity. Investors have to buy it at a discount so you would most likely take a big hit on that equity to sell it fast.
My advise is do not put yourself in this position and take action immediately and don't wait or procrastinate on what option to choose.
5) Mortgage Mediation…..I don't know why but this is usually the last thought of option and some folks never think of this option at all, when it really should be your first thought. Unfortunately, alot of folks simply do not know this service exits.
This option is all about hiring a professional loss mitigation agent to step in and negotiate with your lender for you to stop foreclosure and resolve your mortgage problem and keep your home. No loans, no selling your home,
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