This Static Spot is open for sponsor

Click Here to Sponsor MCT Eric Post in Full Page

Afrikaans Afrikaans Albanian Albanian Amharic Amharic Arabic Arabic Armenian Armenian Azerbaijani Azerbaijani Basque Basque Belarusian Belarusian Bengali Bengali Bosnian Bosnian Bulgarian Bulgarian Catalan Catalan Cebuano Cebuano Chichewa Chichewa Chinese (Simplified) Chinese (Simplified) Chinese (Traditional) Chinese (Traditional) Corsican Corsican Croatian Croatian Czech Czech Danish Danish Dutch Dutch English English Esperanto Esperanto Estonian Estonian Filipino Filipino Finnish Finnish French French Frisian Frisian Galician Galician Georgian Georgian German German Greek Greek Gujarati Gujarati Haitian Creole Haitian Creole Hausa Hausa Hawaiian Hawaiian Hebrew Hebrew Hindi Hindi Hmong Hmong Hungarian Hungarian Icelandic Icelandic Igbo Igbo Indonesian Indonesian Irish Irish Italian Italian Japanese Japanese Javanese Javanese Kannada Kannada Kazakh Kazakh Khmer Khmer Korean Korean Kurdish (Kurmanji) Kurdish (Kurmanji) Kyrgyz Kyrgyz Lao Lao Latin Latin Latvian Latvian Lithuanian Lithuanian Luxembourgish Luxembourgish Macedonian Macedonian Malagasy Malagasy Malay Malay Malayalam Malayalam Maltese Maltese Maori Maori Marathi Marathi Mongolian Mongolian Myanmar (Burmese) Myanmar (Burmese) Nepali Nepali Norwegian Norwegian Pashto Pashto Persian Persian Polish Polish Portuguese Portuguese Punjabi Punjabi Romanian Romanian Russian Russian Samoan Samoan Scottish Gaelic Scottish Gaelic Serbian Serbian Sesotho Sesotho Shona Shona Sindhi Sindhi Sinhala Sinhala Slovak Slovak Slovenian Slovenian Somali Somali Spanish Spanish Sundanese Sundanese Swahili Swahili Swedish Swedish Tajik Tajik Tamil Tamil Telugu Telugu Thai Thai Turkish Turkish Ukrainian Ukrainian Urdu Urdu Uzbek Uzbek Vietnamese Vietnamese Welsh Welsh Xhosa Xhosa Yiddish Yiddish Yoruba Yoruba Zulu Zulu

 

 

Article Navigation

Back To Main Page

 

Click Here for more articles
Google
Real Estate Foreclosure and Your Mortgage Financing Options
by: David Arnold Livingston
Foreclosure is one of the risks involved in engaging in
business or owning a property if financing comes from a
lender which can be a bank, an institution, family and
friends and any agencies that can provide the needed
amount. Owning a home is one of the needs that man
desires to fulfill but with the present situation of
the world, money will always be involved. The same is
true for entrepreneurs who want to venture into the
business they want. Along the process they can either
be a success or a failure, a winner or a loser.
Foreclosure happens when the debtor fails to pay his
mortgage. A mortgage is defined as a temporary,
conditional pledge of property to the creditor to
ensure performance of the obligation to pay for the
debt. The mortgage or the security interest in the
property gives the creditor the right of foreclosure or
the legal right to keep the collateral together with
other proceeds to recover the amount invested or
loaned. If ever the property is less than the amount
owed, a deficiency judgment can happen. Deficiency
judgments result from a lawsuit filed by the creditor
against the debtor. Foreclosure and deficiency
judgment can stain the debtor's credibility which can
make it difficult for him to secure a loan in later
years.

Financial setbacks which make the debtor unable to pay
the amount involved can lead to foreclosure. It may
lead to fear, depressions and anxiety but it is one of
the bitter and painful truths that the debtor must face
as consequence to the risk or action taken. However
they might not allow such situations like foreclosure
to keep them down. It can be their first reaction but
they must still go with the fight. There are many ways
to solve the problem and so are the ways and means to
handle foreclosure problems. The first thing that the
debtor can do to get away with a foreclosure is to
borrow money from people around him. It could be his
friends, relatives and family. One or more persons can
be involved in the loan contract. In case the debtor is
involved in such kind of contract, his co-signer could
be the first person to help him get through the
foreclosure mess. Two heads are better than one so in
that case they can make plans to survive foreclosure
problems.

Another possible solution to prevent foreclosure is to
make a deal with the creditor or the lender. Once the
debtor is tangled in financial problems, he must
immediately call or make a letter to inform the agency
or the lender. You may have second thoughts of
informing your lender of your situation but they can be
of help to prevent foreclosure of your properties
especially if it is the home which has became a part of
your life. Financers reap the fruits of the money they
lend by collecting the principal and the interest
payments and not by foreclosure. They may have
necessary adjustments to help you get through the
foreclosure. The "Loss Mitigation Department" of the
agency you borrowed money from handles such situations.
They can adjust the time frame to give you a chance to
gain control over the situation and avoid the
foreclosure.

There are several means that the lender can do to help
you prevent foreclosure. They can have a postal claim,
mortgage modification or special forbearance. A partial
claim happens when the debtor is not qualified to have
mortgage modification or special forbearance. However
the property must be occupied by the owner and the debt
or income ratio requirements must be followed. Mortgage
modification can allow the debtor to extend the time
frame of the mortgage loan. The monthly payment can
also be reduced. Special forbearance happens when a
repayment plan is done considering your financial
condition. So, as you can see, there are many options
to avoiding foreclosure.



About the author:
David Arnold Livingston is a successful business owner and shares his knowledge about foreclosures at:
http://www.foreclosurekey.com/



Circulated by Article Emporium

 


©2005 - All Rights Reserved

This Static Spot is open for sponsor

Debt Relief

Read Articles:


 Applying for a Loan

 Incorporating Your Business Using Three Simple ...

 Asset and liability basics

 Auto Loan Options for People with Bad Credit

 Effective Policies and Procedures - 4 Parts of ...

 Instant Unsecured Cash Loans - Tips

 Are you Scaring away Potential Customers?

 BAD CREDIT PERSONAL LOANS

 Alternatives to Credit Cards

 How to Write a Credit Policy for your Business

 MLM Success Training - How To Make Prospects Be...

 The Seller’s Creed

 Your IR is Essential to Your Market Position

 Auto Loans: Don’t Dig a Money Pit in Your Garage

 How to offer 30 day terms the right way.

 Press ReleaseEntrepreneur Runs List Sales Compa...

 Short Sale Success Secrets with Foreclosures

 Six "Honest Serving-Men"

 Negotiating A Short Sale – The High Road to Hug...

More Article Pages 1 - 2

 

 Debt Relief From Debt Consolidation
 by: Jakob Jelling

If you are up to your neck in debt, there may seem like there is no relief in sight. In fact this is not necessarily the truth. There are ways to take all of your stifling bills and roll them up into one neat package by using debt consolidation in two very popular forms Home Equity Loans, Refinancing Loans, and a Consolidation Credit Card. All of these instruments provide the debtor with one thing “relief” from the current debt by shrinking it down to a single manageable debt.

Using home equity to consolidate debts

One of the popular methods of debt consolidation today is the Home Equity Loan. What happens is that the debt is extinguished using the equity from a homeowner’s home. A loan is created outside of the mortgage in order to satisfy the debts. Should the homeowner default on the loan, their house is in jeopardy of being foreclosed upon if that loan is not satisfied with a specified amount of time.

Refinancing loans

People often consume the debt by rolling it into a new mortgage. This way the house costs more money to the borrower, but the debt is extinguished at close and the debt is neatly rolled away into the mortgage securely. Upon settlement of the loan, the debts are paid in full and satisfied. The clock on the mortgage is reset to day one.

Credit card consolidation

A low interest credit card is offered to the borrower to include any outstanding credit and loan balances. The interest rate is a low fixed rate for a period of up to one year, upon the year’s end it will resume at its normal rate. Upon acceptance and terms the account should be closed once paid in full and payments be made directly to the new credit card provider. Some people have been able to master paying off one credit card with another to keep the debt revolving and interest rates low. Some people fail to close out the previous creditors account and run them back up again as well.

All three of these options provide solid relief for the debt and help them reconstruct and manage their debt better.

By Jakob Jelling
http://www.cashbazar.com


©2005 - All Rights Reserved

JV Blogs Visit free hit counter