Chan covers the options available to you when dealing with your lender as well as those relating to the sale of your home. He includes a state by state guide to foreclosure laws, and he recommends some useful resources for home owners facing foreclosure.

Download The How to Prevent Foreclosure Guide

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He tells his story in his own words.

Duration : 0:2:22

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i do not see any problem with you getting the refinance and i would not worry about the business end affected it!!!

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If you are in real financial trouble, you may be looking into bankruptcy and foreclosure. If you have exhausted all your options of trying to avoid foreclosure with your lender, filing for bankruptcy may be the right solution for you. When you start missing your mortgage payments, you are in a period know as pre-foreclosure, this is the time you need to consider all your options and make some smart decisions quickly.

Usually if you are in Pre-Foreclosure you will have about 4 months until the bank completely forecloses on you. Use this time wisely and start looking into alternative options. If you have tried negotiating with your lender, a short sale or deed in lieu of foreclosure and none of these options have worked, it is time to look into bankruptcy.

Filing for bankruptcy can possibly avoid or delay foreclosure on your home. For instance when you file for chapter 7 or chapter 13 bankruptcies, the court will issue you an “Automatic Stay.” This is an order for relief, where you creditors must cease collections on you right away. If your home is scheduled for foreclosure sale, it must be postponed, while you await the bankruptcy proceedings.

Of course it would be great if it all works out this way, but of course there are exceptions to the automatic stay. A lender can obtain the courts permission to lift the stay, if this happens you may only have a couple months before the house will be sold.

The other exception is if the foreclosure notice has already been filed. The Automatic stay can’t do much if you are past the pre-foreclosure stages and have already been foreclosed on. For instance if you have received a three month notice of default and then file for bankruptcy after two months have already passed, the three month would elapse after you’d been in bankruptcy for only one month. Therefore you will loose any time that you thought bankruptcy would buy you.

Chapter 13

Filing for chapter 13 bankruptcy can help you eliminate the payment on your second or third mortgage. If your first mortgage is secured by the entire value of your home, you may no longer have any equity to secure the later mortgages. This will allow chapter 13 to discharge the second and third mortgages and recognize them as unsecured debt. Which under Chapter 13 usually does not have to be paid back. You will want to hire a local bankruptcy attorney to make sure this gets done correctly.

Chapter 7

Filing for chapter 7 bankruptcy won’t make your foreclosure go away, but it can buy you time. It can give you an extra two or three months, before your house can be sold on you. This time can be vital, for securing a new living situation and saving up money. Filing chapter 7, you can live in your home free while you waiting for your bankruptcy discharge. Chapter 7 can cancel your debt that is secured by your home; including the mortgage, as well second mortgage and home equity loans.

In conclusion, if you’re running into some financial hardship, don’t ignore your problems and wait for the last minute to do anything. If your facing foreclosure, bankruptcy is something that can help buy you time, but don’t just file with out a back up plan. You have to have some sort of idea on what your going do after filing for bankruptcy and what steps you can take to have more secure future.

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Duration : 0:4:15

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What Did You Do During The Depression, Daddy?

According to financial experts interviewed on a recent “60 Minutes”
(12/14/2008), the Sub-Prime Mortgage Crisis in the United
States was only the tip of the iceberg.

That, they said, is because two other types of highly speculative mortgages
which were widely sold during the past 5 years are beginning to reset.

That is, the initial rates, some as low as 1%, are about to reset to much
higher rates, and another equally disastrous wave of defaults and foreclosures,
which has already begun, will probably result in another 8 million Americans
losing their homes in the next few years.

httpv://www.youtube.com/watch?v=w_r-ASDViF8

Whitney Tilson is an investment fund manager who has attracted the
attention of fund managers themselves handling about $10 Billion dollars.
Tilson is the founder and Managing Partner of T2 Partners LLC and
the Tilson Mutual Funds. (http://www.T2PartnersLLC.com)

A year ago, Tilson predicted that sub-prime mortgages were just the tip of
the iceberg. As 60 Minutes revealed, “In 2007, Tilson teamed up with Amherst
Securities, an investment firm that specializes in mortgages. Amherst had done
some financial detective work, analyzing the millions of mortgages that were
bundled into those mortgage-backed securities that Wall Street was peddling.
It found that the sub-primes, loans to the least credit-worthy borrowers, were
defaulting. But Amherst also ran the numbers on what were supposed to be higher
quality mortgages.

“It was data we’d never seen before and that’s what made us realize, ‘Holy cow,
things are gonna be much worse than anyone anticipates,’” Tilson says.

The trouble now is that the insanity didn’t end with sub-primes. There were two
other kinds of exotic mortgages that became popular, called “Alt-A” and “option ARM.”
The option ARMs, in particular, lured borrowers in with low initial interest rates -
so-called teaser rates - sometimes as low as one percent. But after two, three or
five years those rates “reset.” They went up. And so did the monthly payment.
A mortgage of 迀 dollars a month could easily jump to $1,500.

Now the Alt-A and option ARM loans made back in the heyday are starting to reset,
causing the mortgage payments to go up and homeowners to default.”
(http://www.cbsnews.com/stories/2008/12/12/60minutes/main4666112.shtml)

Whether you are a Real Estate professional or a long-haul trucker, this information
cannot come as good news. A massive financial disaster is already upon us, but,
if Tilson is correct, things are going to get much, MUCH worse in the next 2-4 years.

When asked just how big the coming disaster might get, Tilson said, “”Well, the
sub-prime is, was approaching $1 trillion, the Alt-A is about $1 trillion. And then
you have option ARMs on top of that. That’s probably another $500 billion to $600
billion on top of that.”

In short, friends, things are going to get immeasurably worse before they get better,
and the only question that matters is this: “What are you prepared to do about it?”

A world-wide financial meltdown, one greater in magnitude than the Great Depression of
1929, lies just around the corner.

Tens of Millions of jobs will be lost - yours perhaps among them. Will you take your
place in the soup lines, or will you seize the opportunity presenting itself and
take control of your future instead?

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