foreclosure

Four Myths About Foreclosure

Many bankruptcy cases begin after a person’s home has been foreclosed upon. Foreclosure and bankruptcy are two of the most difficult personal and financial challenges that can be faced by individuals. Because the foreclosure can be complicated and because it is feared by most people, there are a large number of misconceptions and myths that exist about the foreclosure process. This article will discuss some of the most common myths about foreclosure so that individuals can better prepare for the foreclosure process. Myth # 1: A Person is Not Responsible for Paying a Bank’s Legal Fees Many individuals assume that because their home is being foreclosed upon, that they are not also required to pay the bank’s legal fees. Unfortunately, this is simply not true. In reality, most mortgage agreements state that in the case of foreclosure, the person who is granted the mortgage by the lending company is responsible for the bank’s legal fees. Myth # 2: Once in Motion, a Foreclosure Cannot be Stopped Many individuals fear the foreclosure process and believe that once it starts, it is impossible to stop. In reality, if a homeowner is able to somehow find all of the money for all missed     Read More

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Buying a House After Bankruptcy

Recovering after a bankruptcy is not something that occurs quickly. Many individuals who declare bankruptcy have questions about how long it will take before they will be able to purchase a home. In many cases, the type of loan that a person requires for a house and how the person handles credit after their declaration of bankruptcy influences this process. Mortgage companies offer different “seasoning periods” after a person declares bankruptcy. Lenders might also have additional requirements about the length of time a person must wait after declaring bankruptcy. While some individuals struggle to recover after declaring bankruptcy, other individuals discover that they are able to buy a house within few years. If you are interested in buying a house, it is important to increase your credit profile and sometimes even obtain the assistance of a skilled attorney. This article will list some of the various factors that can influence the amount of time that a person can expect it will take to obtain a loan to purchase a house after declaring bankruptcy. Factor #1: Whether a Person Declares Chapter 7 or Chapter 13 Bankruptcy Whether a person declares Chapter 7 or Chapter 13 bankruptcy will also determine how long     Read More

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