Bankruptcy Strategies
Claiming maximum benefits under Chapter 7 & 13, for low cost, is easier than you now think. Find out how the pros use their options wisely and beat creditors at their own game.
Bankruptcy Strategies

If someone is having trouble paying their loan now, they probably won?t have additional funds to pay each month. If this is the case, then they can check out another program, which is called a Loan Modification. What this does is add all of the default loans to the end of the loan. This can save your cherished home. During the life of the loan, this option is typically only available one time and banks see this option as a way of maintaining their structural integrity in the community.

For people who are unable to work anything out with the lender that they currently have, they will want to research other foreclosure refinancing options. First, they will need to decide whether or not they will realistically be able to pay off the rest of their loans on time. If the answer to this is a no, then they will probably want to investigate a refinance loan. They can also look around on line, because it has many different options for people looking to get a refinancing loan, and many lenders are looking for potential clients.

There is yet another option, and it lies in the equity of your home. You can take the equity that has been accrued in the home to take out a second loan or line of credit. The money that they get from this loan may bring the current mortgage up to date. The main problem with this option is that now, the owner is responsible for two different mortgage payments.

If you are in fear of losing your home, you should check out one of these Foreclosure Refinancing Options. If you can?t find a way out with any of these, then consider selling your home before you lose it. The new owners mortgage company will pay off the current loan, which will help clean up your credit a bit and allow you to buy a new home in the future.

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Which is why we hope to straighten out a few of these myths with some accurate foreclosure information that you can trust. So read on to find out what is true and what isn’t.

The Myth: The mortgage company wants to foreclose on my house.
The Facts: The mortgage company almost never wants your house, they want to be paid back with interest. As a matter of fact, lenders almost always going through the foreclosure process and will bend over backwards to negotiate with homeowners to avoid a foreclosure. There are times when the lender’s flexibility still does not do enough to stop the foreclosure. That doesn’t mean that the lender ?wants? your house.

The Myth: I got a notice of foreclosure; I have to move out now.
The Facts: Just about all states’ foreclosure processes are drawn out. Even if you are not able to stop foreclosure you are not required to move right away. Following a foreclosure you must go through an eviction hearing. If you didn’t leave, eventually you would be kicked out. Be sure you use the time to make other plans for housing or to discover a way to protect your house from foreclosure.

The Myth: If I get a chapter 7 bankruptcy it will stop foreclosure and will protect us from losing the home.
The Facts: A chapter 7 bankruptcy will stop the foreclosure on a temporary basis only. If you are looking at foreclosure, in the long run you need to do something else to retain your home permanently.

The Myth: If I just present a unique plan to get caught up with my loan and present it to the bank and they will support me.
The Facts: Lending institutions, in most cases, involve complicated bureaucracies and rigid methodologies. Usually the most ingenious plans were destined for rejection upon conception. Stick with a plan within formats and parameters the mortgage company works with everyday to avoid foreclosures. It is smart to get a foreclosure specialist who offers comprehensive foreclosure programs to assist you when dealing with a bank.

The Myth: I have to take every action I can to save my home and continue to live in it.
The Facts: There are times when a person needs to move on and begin again. Also there are cases where the owner just hates the house and does not have a desire to save it. There is more than one way to get out from under a loan without totally trashing your credit by going through a foreclosure or just walking away. The plan should be to research the best option to achieve the result you are after.

The Myth: When a judge hears my sad story she will not kick me out.
The Facts: A judge will follow the law regardless of your tale. It is possible you will get additional time, but you will just be postponing the foreclosure temporarily. You will eventually have to move out if you do not come to an agreement with the mortgage company.

The Myth: No one can help me in preventing my home foreclosure
The Facts: There are many methods and many specialist who are able to help you avoid foreclosure of your house. Loan-Modification-Masters.com is one such place to get help in dealing with a foreclosure.

The Myth: By filling a chapter 13 bankruptcy I will maintain possession of the house no matter what.
The Facts: If you file a chapter 13 bankruptcy it must be accepted by the judge. Also you are required make all the payments ordered by the judge or you will forfeit.

The Myth: The lender is not going to make me pay their legal fees for taking my home.
The Facts: Yes they will. Look at your loan documents, they made it very clear. Don’t expect it to be cheap: $2000-$5000 is not uncommon.

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The thought of having your house go into foreclosure is a scary prospect and you need to do all you can to prevent foreclosure. Not only do you lose your home in a foreclosure but you also lose your dignity and security. Also your credit rating falls drastically. This can make it hard to find a job, when renting an apartment or you want to get approved for an auto loan along with several other common place activities. Qualifying for a new mortgage is completely out of the question for a minimum of 5 years.

So how do you handle this predicament? How do you save yourself and your family from losing you home? How do you avoid foreclosure?

There is one answer that stands out from the rest: A Loan Modification, which is sometimes referred to as a Mortgage Modification. What follows is a description of what a Loan Modification is and how it can help you to prevent foreclosure.

What is a Loan Modification?
A mortgage modification is basically a legal negotiation that is held with the mortgage company and a home owner’s representative. During these negotiations an agreement is made to alter the loan’s terms, such as the interest rate, monthly mortgage payment or the length of the loan. The outcome is a reduced mortgage payments which are more conducive to the homeowner’s present economic situation.

What would make a bank to be agreeable to adjusting my mortgage terms in my favor?
For a lender to foreclose on a house is an expensive process for lenders. They have a lot of paper work they have to pay someone to do, more often than not they sell the house for less than its worth and they do not make any money from the interest in the years to come. Simply put it is much more practical for lenders to negotiate rather than foreclose. It is truly a win/win situation.

What is it that bankers alter to make my mortgage payments more manageable?
Generally there are four possible alterations a mortgage company can make to a home owner’s existing loan:

Reduce interest rates ? The lender agrees to lower your interest rate which will lower your monthly payments. This frequently happens when your loan is an adjustable rate mortgage (ARM) and the interest rate has gone up considerably.

Lower monthly mortgage payments ? This is self explanatory; the mortgage company agrees to reduce the payments but you will still pay the full loan. Often this is, for a a few years.

Reduce the principal owed ? There are times when a regions’ housing market slumps so badly that a property is valued at less than what is still owed. In situations like this the mortgage company could reduce the total value of the loan.

Extend the length of the loan ? This may seem like refinancing but it is not since you do not have to qualify, you do not have closing costs, etc. In this scenario the mortgage company extends the length of your loan which gives you more time to repay the same amount of debt.

All of these adjustments are designed to reduce your monthly mortgage payment to make your home affordable again. You could possibly get more than one adjustment but this is not a common occurrence.

The best of these solutions is the reduced interest rate. Not only does it reduce your monthly payments but also lowers the amount you will be paying over time. For those of you who are looking for a mortgage modification you owe it to yourself to check out Loan-Modification-Masters.com and apply for a free evaluation to prevent foreclosure.

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As an individual, what can you do about saving your home from foreclosure? What specific steps can you take to secure the safety of your home and maintain your dignity? Here are some things you can do to ensure that you weather these arduous economic times and emerge from the crunch without losing your home to foreclosure.

Start with the practical – eliminate non-essentials. If you are having a hard time paying your bills, whether it be your mortgage, rent, electric bill, etc., then you seriously need to look at where you can cut back. Most of us do not want to take the time to look at where we can cut back. Often it is our favorite distraction that could save us the most money. However if it means the difference between giving up your home to foreclosure and watching your favorite show on dish TV, the choice to let the service go for a while should not be all that difficult. By reducing expenses that are not really necessary you may be able to do away with any negative discrepancy between your income and bills and keep you from needing foreclosure help.

Talk to your lenders

Okay, you have already reduced your budget in every way possible and you still cannot make your mortgage payments. Talk to your creditors. Inform them of what is happening and that you WANT to do what is right. You may be surprised at what concessions a creditor is willing to make when you speak with them openly. Credit Card companies will often reduce your minimum monthly payment. Mortgage lenders can make a loan modification to make your mortgage terms more affordable.

Find a foreclosure specialist

Sometimes all we need is a little help. If you have not been able to work anything out with your mortgage company then you probably require a professional to help you. A foreclosure specialist will be able to look at your case and determine whether or not they can help you. An honest company will offer you a money back guarantee and all of the negotiations will be handled by a qualified attorney. A foreclosure specialist will charge you but since you need to stop foreclosure and you will choose one that offers a money back guarantee a fee will not be an issue, considering the alternative.

Do not hide from the situation or procrastinate

If you are having money problems, with the threat of foreclosure looming over you, the worst thing you can do is to hide from the problem and wish that it would go away. You have to admit to your financial situation and the longer you put it off the greater the chances you will get so far behind there is no way out for you. In the economic climate we live in foreclosure is a real problem and possibility for those struggling with mortgage payments. Time is critical and you must act now to save your assets, your family and your security.

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Among these options are entering into a forbearance agreement with your lender. What is a forbearance agreement? If you are late on your payments, a forbearance agreement is an arrangement between you and your lender that will bring your payments current by rolling your past due payments into small monthly payments on top of your mortgage. A forbearance agreement may be suitable for homeowners who had fallen behind on their mortgage due to brief economic hardship such as loss of work or income, but would still be able to afford their mortgage along with the added portion of the past due amount. A forbearance agreement is not for every homeowner. As you may be experiencing, your monthly mortgage payment alone is too much to pay, let alone an extra payment as well.

Another option available to you that has recently gotten much attention in the news is what is known as a loan modification. What is a loan modification? A loan modification is the result of negotiations with your lender whereby your mortgage rate, principal balance, and monthly payment are lowered to a level of affordability so that you will be able to once again make your payments. No matter what anyone or any company tell you, know this?you can perform a loan modification on your own.

If you choose to attempt the loan modification with your lender alone, make sure you are properly equipped with the necessary items: time, sample hardship letters, and all of your income documents. The most important of these is time. Why? Like many companies who have customers that are in great need, lenders are forced to put you on ?hold? for hours. After being placed on hold (for an unspecified time), you will have to know who to ask for ? in this case, ask for the loss mitigation department. When you are finally transferred to the loss mitigation department, be prepared to hold again! Distressingly, after you?ve finally reached the person you actually need to speak with, you will also need to have some experience in speaking the jargon to help start the negotiations. This is when one of the few honest loan modification companies comes to the rescue.

When searching for a loan modification company, look for these items: Attorney backed, Online Loan Modification Tracking, Money Back Guarantee, and most importantly ? DOES NOT TAKE YOUR MONEY UP-FRONT!

Many loan modification companies claim they can modify your mortgage. They will take your money up front & cannot guarantee anything.
If you are looking for an honest, ethical & legally backed loan modification company, visit www.LoanModUS.com or call 1-888-500-2414.

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Once you have your credit information, you should focus on improving credit scores. Check out your free credit score reports from Equifax, TransUnion and Experian. Credit reporting is voluntary, so the files may all be slightly different. Once you have this credit info, examine your reports for errors. Roughly one-third of credit reports contain serious errors because the credit bureau doesn’t verify the information your creditors send to them. Therefore, keeping clear credit is your responsibility. Some of the items may come off through a dispute, where you send a letter or a photocopy of your credit report with circles around the mistakes and supporting documents to validate your dispute. As for the legitimate blemishes, they’ll be on your credit for up to seven years and will likely only be fixed through consistent on-time bill payment. You can phase out the use of unneeded credit card accounts but do not close them. Simply stop using them and pay then off. Lastly, a secured credit card can help you re-establish regular on-time payment history again.

To file a dispute about your credit information, you can write a dispute letter to all three of the credit bureaus, which are Equifax, Experian and TransUnion. On the letter, put the date, your name, address, phone number and social security number. Just write “The following data is incorrect and should be updated,” then list each inaccuracy, explaining why it’s wrong and what it should be updated with. Attach a marked copy of your credit score report and include any communication, account records or statements that will help verify your version of the truth. By letter is the best way to dispute with Equifax and TransUnion, although Experian only allows online disputes. The credit bureaus then have 30 days to check and repair your credit information. Once they have done, they will write you a letter including what was or was not updated. If you’re not satisfied with the letter, then you can try repeating the process but with different documentation or get in touch with the creditor to try and resolve.

Often, having a look at your credit information is the only way of finding an identity theft if you are not using one of the identity theft products such as Life Lock who monitor your credit information for you and watch for any weird activity. If you find strange in your credit information that you have absolutely no explanation for, an unpaid loan, a new camera on credit etc. get in touch with the 3 credit agencies immediately and police for help. Without any type of protection, checking your credit information is really the only way to avoid identity theft running amok. It cannot prevent it from occurring it but at least it stops it getting worse.

There’s no tool greater than credit information. If you’ve suffered poor credit scores in the past, then you can still rebound from a foreclosure or collection account by paying regular bills in full and on-time. The best way to stay ahead is to bring in more income, see where your spending problems lie and save sufficiently. “What works” in this department varies for each person. Some need to put the money out of sight, out of mind, while others can manage it in their checking account. Whether it was a one-time “oops” or a pattern of “I didn’t know,” seeking credit info is the first step toward financial recovery.

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• Learn to use Bankruptcy (if you absolutely have to) to your advantage.

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Learn about what the banks cannot legally do but try and get away with because you don’t know the laws. In just few minutes you will be aware of the amazing options you have.

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