Foreclosure means that the bank takes your house and will likely sell it to someone else. This happens when you haven’t paid your mortgage payments, likely for a number of months in a row. It usually takes a few missed payments to even trigger the process, and then it...
Home Foreclosure
4 causes of home foreclosures
Financial problems can easily put a homeowner’s biggest asset in danger if they fall behind on their mortgage. A foreclosure can happen to anyone, even you, if you do not know what causes foreclosure. Here are several reasons you could find yourself facing a...
Could foreclosure be the right choice for you?
Knowing that you’re facing foreclosure is stressful. You may not be sure where you’re going to live or what’s going to happen if you don’t try to stop the foreclosure. Sometimes, the truth is that it’s better to allow a foreclosure to happen than to try to stop it....
How many payments can you miss before a foreclosure?
Sometimes, people living on the financial edge have to get creative. You might pay one bill this month and skip it the next month to keep it current enough to protect your vehicle or home. Doing this may buy you time to stabilize your income, but it is costly in the...
How soon will a lender foreclose on your home?
The basic idea of foreclosure is fairly simple. You agreed to make monthly payments when you got your mortgage loan. If you miss those payments, you breach the contract, and the lender takes the home back through foreclosure. They sell it to get what they can. But how...
Should you let your home go into foreclosure when you’re in debt?
When your mortgage is underwater and you owe more than your home is worth, one of the things you may think about doing is stopping your payments and allowing your home to go into foreclosure. This is one option, but it has significant consequences that you should...
What is an automatic stay?
When you struggle with debt, it can be difficult to escape the thought of that burden. Persistent collections attempts from creditors can make that even worse. You may find written demands in your mailbox or email inbox. The messages on your phone may be filled with...
A cautionary tale about an unpaid bill in Florida
A Florida man is facing foreclosure on his home over an unpaid homeowners association bill. The man, who is the father of a son in elementary school, and his wife bought their home in Beulah, Florida. They were young and starting out. He was still in school, and to...
Reinstatement may help homeowners stop foreclosure
Most “workouts” mean sweating more, but loan workouts often let homeowners work things out with lenders to keep their home and stop the foreclosure process. They can help people relax a little. Reinstatement is one of the more common workouts, along with other...
Many seniors wonder if bankruptcy will make them lose their homes
In the golden years of life, one hopes that laughter and calm fills the day-to-day existence. Unfortunately, for some, those calm moments are few and far between. Gray bankruptcy is an unfortunate reality, fueled by everything from a rising cost of living and stagnant...
