Thursday, September 30, 2010
Wednesday, September 15, 2010
USA Foreclosures what a Mess! What ya going to do?
My House!As I see it we are at the mercy of just about everyone who we are personally paying bills too! They have increased their rates, our paychecks hasn't gotten bigger. But they want more for our utilities and everything has gone up.
A lot of my close relatives has lost there homes to foreclosure, because they are peddling as fast as they can to keep up. The USA Foreclosure system is not working for individuals. You try that Obama plan, I have! Gotten plenty of emails from Attorneys, if I could afford an attorney..I could afford my house payment. Does that make sense to you? Pay an attorney or pay my house payment. Ok...I'll pay my house payment. Makes sense to me.
As a single parent, my income alone doesn't stand up for refinancing. I sent my home lender all the paperwork to try and get it put in my name and that didn't work, I sent them an additional $500.00 + some dollars to try and get the loan put in my name alone (yep I'm divorced). Tried to get his name off of it as he requested, that didn't work.
Don't make enough money to get the loan put in my name, even though I'm still making the payments. Ok, attorneys if your reading this, just be advised...my Income does not justify a New Loan.
One of my fellow workers was telling me she is trying to sell her home before it goes into foreclosure. I've had my house on the market for a year! Trying to get his name off of this home is not easy. What is the solution? You tell me! This USA Foreclosure is a mess. What are you doing?
I am going to try and put a picture of my house on this blog....in case you need a vacation home. Ok, I added a picture. That is my home going for only $394,900.
Do you think that the USA is a Foreclosure Mess? Tell me what you think? Don't tell me to refinance, or hire a Attorney (not working). What are you going to do?
How to Foreclose on Your home!
While reading through a few articles about what you can do, I thought I would give you some heads up on what you can do to foreclose on your home.
My mother went through this, she is 78 and every bit of her retirement went towards her house payment. I hope she does live for the next 30 years, but I can't see her working to pay her mortgage for the rest of her life when she needs to buy food. Retirement does mean a little rest doesn't it? I know that everyone doesn't go by that, but my mom has always worked hard all her life and is still willing to do so (even at her young age)!
We had talked about her situation, which her retirement checks just covered her house payment. She called her lender (which was her bank) she told them that she wanted to foreclose. They informed her that she wasn't behind in her house payment. She knew this! You have to admire the people who are very conscientious about making there payments. She tried working with them, letting them know she no longer
wanted to be a home owner.
They essentially ignored her, and figured she would continue to make the payments. I advised her that this would hurt her credit. At 78, credit may not be a issue, but then again you should care about what affect this may have. After missing the first payment (I think in her whole life)! The bank started calling, they acted like they had never been told? She had already given them a heads up. Thie information must have by passed the person she spoke with because the next 100 or so calls they didn't seem to get the message. They wanted her to make a payment.
Now what I find incredible is the lack of cooperation, if this is your business, would you be happy to work with anyone and take a $10.00 payment in good faith? Well, they kind of as I noticed went into this frenzy kind of state. But after three months of not making a house payment, they took her serious and began the foreclosure process.
We had started way before this process by the banks for her to find a place to rent, whereby at that time her credit was not affected. We got her home cleared out and her moved to a new location. Now this is how we did her forclosure on her home, your's maybe a bit different.
Make sure that you know that if your credit is affected you may not most likely be able to buy another home right away, this will show up on your credit report. If you have credit cards or loans out that you are up to date on this will help your credit rating even if you are in foreclosure. If everything is behind, you know what that means..it means your credit rating will really be affected.
Life is short, Foreclosing on your home sometimes when you are in a situation that seems impossible, is the way to go. Please check out other options if possible! If not, here is some consequences you may not be aware of:
1. Effect of Credit Rating, this can take seven years to get your credit score back in line.
2. Tax Penalties, sometimes there is a tax penalty that goes along with your foreclosure.
Example: if the house sells for less than the amount owed, the IRS looks at this as the
difference between the amount you owed and the amount the house sold for.
I am just putting these out there, you can seek advice from an Attorney, which is what I did, or
if you think you may be accountable for some tax penalties, see your tax person. If you are able to
refinance which is what I would love to do on my house....see previous blog, then try your options.
I think that with 175,000 people foreclosing a month, we need all the help we can get. You use to in the old days look on this as a shame. But nowadays Foreclosure on your Home may be the only way to save your family. With unemployment being so high, people not able to find jobs, utility companies raising their prices, gas for our vehicles going up. You kind of wonder when it will all peak and someone will start to holler very loudly so that we all can hear....Can We Make It!
Ok, on the positive note, sometimes we fall behind and we can catch up. Isn't it great to have those people who can understand where you are at the moment. You know some of these tough times are just temporary,
as they say "This too shall pass". Hopefully you will come across those who will treat you like a person, and not like your a animal in a cage.
Think ahead of what may affect you down the line and prepare a head of time, like where will you be tomorrow if you can't rent or own another home due to credit?
What I want to hear from you is if this is effecting you? What are you experiencing? Are you finding help from your Lender? Did you try the Obama plan and did it work for you? You can see my blog before this where I tried a few of these. Read the blog previous to this to find out what worked.
Leave me a comment if this has been any help to you at all, or not at all.
My mother went through this, she is 78 and every bit of her retirement went towards her house payment. I hope she does live for the next 30 years, but I can't see her working to pay her mortgage for the rest of her life when she needs to buy food. Retirement does mean a little rest doesn't it? I know that everyone doesn't go by that, but my mom has always worked hard all her life and is still willing to do so (even at her young age)!
We had talked about her situation, which her retirement checks just covered her house payment. She called her lender (which was her bank) she told them that she wanted to foreclose. They informed her that she wasn't behind in her house payment. She knew this! You have to admire the people who are very conscientious about making there payments. She tried working with them, letting them know she no longer
wanted to be a home owner.
They essentially ignored her, and figured she would continue to make the payments. I advised her that this would hurt her credit. At 78, credit may not be a issue, but then again you should care about what affect this may have. After missing the first payment (I think in her whole life)! The bank started calling, they acted like they had never been told? She had already given them a heads up. Thie information must have by passed the person she spoke with because the next 100 or so calls they didn't seem to get the message. They wanted her to make a payment.
Now what I find incredible is the lack of cooperation, if this is your business, would you be happy to work with anyone and take a $10.00 payment in good faith? Well, they kind of as I noticed went into this frenzy kind of state. But after three months of not making a house payment, they took her serious and began the foreclosure process.
We had started way before this process by the banks for her to find a place to rent, whereby at that time her credit was not affected. We got her home cleared out and her moved to a new location. Now this is how we did her forclosure on her home, your's maybe a bit different.
Make sure that you know that if your credit is affected you may not most likely be able to buy another home right away, this will show up on your credit report. If you have credit cards or loans out that you are up to date on this will help your credit rating even if you are in foreclosure. If everything is behind, you know what that means..it means your credit rating will really be affected.
Life is short, Foreclosing on your home sometimes when you are in a situation that seems impossible, is the way to go. Please check out other options if possible! If not, here is some consequences you may not be aware of:
1. Effect of Credit Rating, this can take seven years to get your credit score back in line.
2. Tax Penalties, sometimes there is a tax penalty that goes along with your foreclosure.
Example: if the house sells for less than the amount owed, the IRS looks at this as the
difference between the amount you owed and the amount the house sold for.
I am just putting these out there, you can seek advice from an Attorney, which is what I did, or
if you think you may be accountable for some tax penalties, see your tax person. If you are able to
refinance which is what I would love to do on my house....see previous blog, then try your options.
I think that with 175,000 people foreclosing a month, we need all the help we can get. You use to in the old days look on this as a shame. But nowadays Foreclosure on your Home may be the only way to save your family. With unemployment being so high, people not able to find jobs, utility companies raising their prices, gas for our vehicles going up. You kind of wonder when it will all peak and someone will start to holler very loudly so that we all can hear....Can We Make It!
Ok, on the positive note, sometimes we fall behind and we can catch up. Isn't it great to have those people who can understand where you are at the moment. You know some of these tough times are just temporary,
as they say "This too shall pass". Hopefully you will come across those who will treat you like a person, and not like your a animal in a cage.
Think ahead of what may affect you down the line and prepare a head of time, like where will you be tomorrow if you can't rent or own another home due to credit?
What I want to hear from you is if this is effecting you? What are you experiencing? Are you finding help from your Lender? Did you try the Obama plan and did it work for you? You can see my blog before this where I tried a few of these. Read the blog previous to this to find out what worked.
Leave me a comment if this has been any help to you at all, or not at all.
Friday, September 3, 2010
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