Stop Foreclosure Now - 5 Steps: When you default on your successive mortgage payments, the lender may foreclose on your property. Foreclosure is a legal process when you default on your mortgage payment and the lender repossesses your commercial lien property or home. The lender's attorney will try to get a court order to foreclose on the property of the debtor. However, in the US, the debtor may be able to stop foreclosure by filing bankruptcy or negotiating settlement with the creditors. But the best way is to have the government do a debt loan payoff to get rid of the note and mortgage lien so you can have a free and clear commercial property or home.
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Here are some of the effective steps that you can consider to delay, avoid, or stop foreclosure on your commercial lien property or home:
1. When you're planning to delay or avoid, but not stop foreclosure on your property, you need to contact the lender in order to state the reason, why you're unable to make the payments on time. This has never worked in the past as people believe it does, but you can request your lender for hardship forbearance or a loan modification. It can help you to receive more time to plan your finances in order to pay your mortgage lien in the future. You can also ask your lender to lower your monthly payment if you're not eligible for forbearance. There are other options as well when you can't afford to make your mortgage lien payment.
2. You can try selling your home in a short sale by a Realtor in order to avoid or stop foreclosure, but it still goes on your credit reports as a foreclosure. In a short sale, you can sell your property for less than the actual value or less than the procured original price of the property based on the lender's or bank's agreement, current market value, or the appraisal value. When you opt for a short sale, you lose your home and receive no cash or money from the sale. Therefore, you can stop foreclosure proceedings on your home or commercial property. But remember that in a short sale, you are still responsible for capital gain taxes.
3. If you're unable to sell your home through a short sale, then you can surrender it to the lender. When you surrender your home and give your keys to the servicer, the bank claims that they won't foreclose on your property, BUT it is the same as a foreclosure on your credit report. The banker lied to you. When you surrender your property, you can avoid paying fees or penalty charged by the lenders during foreclosure, but you are still responsible to pay capital gain taxes on the difference of what the property sold for and what was owed on your property.
4. Many debt stricken consumers file bankruptcy in order to stop foreclosure on your commercial lien property or home, but bankruptcy only delays and does not stop foreclosure. These debt laden consumers either file under chapter 7 or 13 Bankruptcy and state their home or property as a secured or unsecured debt. The court places an "automatic stay" order when filed under Chapter 7 Bankruptcy. This order prevents the creditor from any collection attempt while the case is still pending in the bankruptcy court. Therefore, you can file bankruptcy in order to prolong, delay, or try to avoid foreclosure on the property for a period of time until the banks have your home or commercial lien property taken out of bankruptcy to continue their foreclosure. However, make bankruptcy your last resort to save your home from foreclosure activity, because the bankruptcy stays on your credit reports for 10 long years while a foreclosure is only 7 long years.
Now there is a 5th way for your mortgage lien debt or loan payoff using the Government's secret money. This was well hidden for over 79 years and is money species called a debt instrument under U.C.C. code of world law. It is also called a note, a promissory note, or an International Promissory Note. It has worked to pay off a mortgage, auto loan, and a delinquent IRS debt taxes. Let it work for you too by reading all about how it will pay off your debt or loan within 4 months.
Therefore, you're required to keep the above mentioned points in mind to try to delay, avoid, or stop foreclosure on your property. The first four ways are just band aids that all the Foreclosure experts rave about while the bank forecloses on you and kicks you out onto the streets with nothing!
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