Blog of Personal-finance-info.org » Foreclosure http://personal-finance-info.org/blog Personal finance resources Fri, 25 May 2012 06:09:59 +0000 en hourly 1 http://wordpress.org/?v=3.3.1 The Foreclosure Process Explained http://personal-finance-info.org/blog/foreclosure/the-foreclosure-process-explained/ http://personal-finance-info.org/blog/foreclosure/the-foreclosure-process-explained/#comments Tue, 17 May 2011 03:40:00 +0000 ainmohd http://personal-finance-info.org/blog/?p=1853 Step 1: I am behind on my mortgage payments

If you fall behind in your mortgage payments or your mortgage company bills you for additional charges you cannot pay or do not believe you owe and refuse to pay, you will receive any number of letters stating that if you do not pay, you may face foreclosure, lose your home and/or have negative credit information reported about you. Until you receive the official notice in Step 2, you are not really in foreclosure (although it may be treated that way by the mortgage company or credit agencies).

Step 2: I received a Notice of Intention to Foreclose

If you are less than 24 months behind on your mortgage, are behind less than $60,000 and do not have a federally insured mortgage (FHA), you must receive an Act 91 notice before your mortgage company can file a foreclosure case against you in court — at the top it says “Act 91 NOTICE — TAKE ACTION TO SAVE YOUR HOME FROM FORECLOSURE”. This notice may also be combined with a Notice of Intention to foreclose (for those whose original loan amounts were $217,873 or less), advising you of how much you are allegedly behind on payments or any other basis upon which the mortgage company claims you are in default and stating what you must do to reinstate your mortgage. If your original mortgage loan amount was $217,873 or less but you do not meet the criteria above for receiving an Act 91 Notice, you still must receive a “Notice of Intention to Foreclose”, advising you of how much you are allegedly behind on payments or any other basis upon which the mortgage company claims you are in default and stating what you must do to reinstate your mortgage.

Read more at The Foreclosure Process Explained

]]> http://personal-finance-info.org/blog/foreclosure/the-foreclosure-process-explained/feed/ 0 How To Prevent Foreclosure on Your Home http://personal-finance-info.org/blog/foreclosure/how-to-prevent-foreclosure-on-your-home/ http://personal-finance-info.org/blog/foreclosure/how-to-prevent-foreclosure-on-your-home/#comments Fri, 01 Aug 2008 09:27:03 +0000 ainmohd http://personal-finance-info.org/blog/2008/08/how-to-prevent-foreclosure-on-your-home/ If your house is worth more than the amount that you owe, by selling it you can come out with a little money and still have a good credit rating if you want to buy a house again in the future. You may even be able to move to a cheaper property and continue owning your own home right now.

More

Tags:

Powered by Qumana

]]> http://personal-finance-info.org/blog/foreclosure/how-to-prevent-foreclosure-on-your-home/feed/ 0 Avoid Foreclosure http://personal-finance-info.org/blog/foreclosure/avoid-foreclosure/ http://personal-finance-info.org/blog/foreclosure/avoid-foreclosure/#comments Tue, 29 Jul 2008 01:26:18 +0000 ainmohd http://personal-finance-info.org/blog/2008/07/avoid-foreclosure/ If you have some missed payments, you need to talk to your lender. They usually want to help you keep your home (and keep on paying on the loan!). They will be sympathetic to any plans that you have for making up the payments that you have missed. They may even agree to extend the period of your loan so that you don’t have to pay any more right now, but just keep on with the same monthly payment.

More

Tags:

Powered by Qumana

]]> http://personal-finance-info.org/blog/foreclosure/avoid-foreclosure/feed/ 0