Living After Foreclosure

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Entries Tagged as 'Prevention'

Want to protect your house against foreclosure due to job loss?

June 5th, 2011 · No Comments

The best way to do this is: don’t lose your job. That’s a bit of a smart-aleck answer, but there is reality to back this up.  In the United States currently (2011) there are programs to help homeowners in trouble, but relatively few are designed to extend help to homeowners with extended bouts of unemployment. […]

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Short sales are hard if you’re the short seller

October 3rd, 2010 · No Comments

This post over at Debt Kid is funny, in a macabre sort of way.  It illustrates first-hand how badly you should try to avoid being the person selling short in a short sale. In a nutshell, a short sale is a sale of a property for less than what’s owed on it.  It’s meant to […]

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Upside down? Prepare now to keep your mortgage current

January 22nd, 2009 · No Comments

Plonkee Money is going upside-down a little bit on her mortgage, and is getting a little worried.  She can afford the payments, but she’s concerned that if she were to be laid off she might lose everything. This is a valid concern, and she’s wise to consider how to allocate her resources to protect herself […]

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Will your lender work with you?

September 13th, 2008 · 1 Comment

This article from the Chicago Tribune made a point about lenders that’s an unfortunate reality: The more equity you have in your home, the less eager your lender may be to work with you. It’s an ironic fallout of the foreclosure crisis that those who have been the most diligent about making payments and have […]

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Albany’s “foreclosure intervention” bill confuses me

June 18th, 2008 · 3 Comments

There’s legislation ongoing in Albany, NY, that will allow judges to postpone foreclosure proceeding and modify interest rates on mortgage notes of subprime borrowers. The Wall Street Journal contends in an editorial that this is “pols … taking a whack at bank balance sheets” by giving judges the authority to put off foreclosure proceedings for […]

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HUD tips for avoiding foreclosure: Part 3

May 24th, 2008 · 1 Comment

The US Department of Housing and Urban Development has some good advice for people that are in danger of losing their home through foreclosure. Here are the last three tips from that list, with some discussion. Use your assets. “Do you have assets-a second car, jewelry, a whole life insurance policy-that you can sell for […]

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Now we have to worry about our neighbor’s finances

April 26th, 2008 · 4 Comments

This article by Liz Pulliam Weston, entitled Foreclosure Nearby?  It’s your problem, brings up the “friendly fire” aspect of foreclosures:  a foreclosure nearby hurts everyone in the neighborhood, not just the personl foreclosed on. A neighbor who’s in financial trouble probably is worried about their house, but it’s almost certain that they’re not worried about […]

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HUD tips for avoiding foreclosure: Part 2

April 22nd, 2008 · No Comments

The US Department of Housing and Urban Development has some good advice for people that are in danger of losing their home through foreclosure. I talked a little about the first three HUD tips here.  Here are some more tips from that list, with some discussion. Know your mortgage rights. “Find your loan documents and […]

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HUD tips for avoiding foreclosure: Part 1

April 12th, 2008 · 2 Comments

The US Department of Housing and Urban Development has some good advice for people that are in danger of losing their home through foreclosure. Here are a couple of items from that list, with some discussion. Don’t ignore the problem. “The further behind you become, the harder it will be to reinstate your loan and […]

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