{"id":5160,"date":"2008-09-18T13:16:03","date_gmt":"2008-09-18T18:16:03","guid":{"rendered":"http:\/\/magic1host.com\/blog\/2008\/09\/18\/the-top-four-foreclosure-questions\/"},"modified":"2008-09-18T13:16:03","modified_gmt":"2008-09-18T18:16:03","slug":"the-top-four-foreclosure-questions","status":"publish","type":"post","link":"https:\/\/magic1host.com\/blog\/?p=5160","title":{"rendered":"The Top Four Foreclosure Questions"},"content":{"rendered":"
by Harris Teterman<\/div>\n

Recently a survey was taken at the Foreclosures Help resource website, in order to more deeply understand what the needs are of people in foreclosure situations. Below are the findings of this survey, in order of popularity. All people surveyed have identified themselves as U.S. residents currently in foreclosure now, or are at a minimum more than three months behind on their mortgage payments.<\/p>\n

1) How exactly do I protect my home from foreclosure?<\/p>\n

In the foreclosure process, the primary question all homeowners have is almost unanimous: “How can I prevent being evicted and losing my property?” Often, this intent is rooted in specifics, for example, “what are the necessary steps to keep my house from being foreclosed?”<\/p>\n

Divorce, loss of employment, and sudden medical bills are among the many things that can cause a homeowner to stop making timely mortgage payments. It does not take long for the bank to start foreclosure proceedings, and many of the homeowners don’t know how to defend themselves. The majority do not want to consider extreme measures such as selling the house or declaring bankruptcy, and refinancing is not usually possible. Most of these homeowners are suffering transitory financial trouble that they expect to pass quickly. While they can resolve the balance in arrears, the majority of American homeowners cannot do so immediately.<\/p>\n

2) How to protect my credit<\/a> rating?<\/p>\n

Their credit rating is another thing that homeowners want to protect when they are in foreclosure. Everyone has been warned and scared by all the press and news<\/a> on how a foreclosure will destroy credit ratings for 7 years or longer. While foreclosure can last just a few years, the impact on credit rating of the homeowner in foreclosure lasts much longer. In the meantime, the homeowners cannot get any loans for new properties or cars or even to rent even though they may have resolved their financial issues and are now making decent money.<\/p>\n

3) What happens if I file bankruptcy?<\/p>\n

When a homeowner is threatened with foreclosure and has no way to pay the back payments or even current mortgage payments and everything looks bleak, he or she sometimes seriously considers filing bankruptcy. However, there are many questions about filing bankruptcy as a way out of foreclosure. Bankruptcy laws have changed and it is harder to file bankruptcy nowadays. So, homeowners have questions such as what will happen to the home that is in foreclosure, do I have to declare the home in foreclosure, will I be able to delay foreclosure with bankruptcy, what if the home is in both my name and my spouse’s name then who needs to file for foreclosure and declare it? There are many foreclosure questions that come up when bankruptcy is concerned.<\/p>\n

4) Is it possible to force the lender to make a deal with me?<\/p>\n

Last but not least, a very popular question about foreclosure is how to make the bank or lender cooperate. It’s no secret that banks are usually tough to deal with when you are in foreclosure. Sometimes, banks listen to your hardship story and try to work out a deal with you but other times lenders just file foreclosure on your home without warning. Then the next thing you know, the sheriff shows up to evict you. When faced with this scary story, homeowners desperately want to know what to do to make the bank listen and make a deal.<\/p>\n

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About the Author:<\/div>\n
To find out the answers to all of these foreclosure questions<\/a>, or to see all of the questions we received on Foreclosure, visit us at the Prevent Foreclosure Network<\/a> today.<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Recently a survey was taken at the Foreclosures Help resource website, in order to more deeply understand what the needs are of people in foreclosure situations. Below are the findings of this survey, in order of popularity. All people surveyed have identified themselves as U.S. residents currently in foreclosure now, or are at a minimum more than three months behind on their mortgage payments.<\/p>\n","protected":false},"author":1929,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[77],"class_list":["post-5160","post","type-post","status-publish","format-standard","hentry","category-business","tag-business"],"_links":{"self":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5160","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/users\/1929"}],"replies":[{"embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=5160"}],"version-history":[{"count":0,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=\/wp\/v2\/posts\/5160\/revisions"}],"wp:attachment":[{"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5160"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5160"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/magic1host.com\/blog\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5160"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}