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Sale You Do Have A Choice New Bankruptcy Law Foreclosures: Did You Know Facing Foreclosure? Have a Problem Property ? You Do Have A Choice At some time or other almost everyone has money problems. If you find yourself facing foreclosure the first thing you must do is admit it to yourself that you have a problem. It's the only way you can help yourself and seek answers to your dilemma . If you ignore the problem or are embarrassed by it then you miss opportunities that can help you stop the foreclosure process and start you on a path of secure living once again. Bad things happen to good people and you aren't alone. Thousands of families are face foreclosure and bankruptcies everyday. Sit down with your family and discuss the problem so it's out in the open and everyone can pitch in and help. You'll be surprised at how everything changes when you have your family to back you up! Families that strive together survive together. Keeping your troubles a secret produces fear and discontent. Have everyone keep track of their spending habits and donate the 'extras' to the family 'Save Our House' fund. Brand name items, designer jeans and fancy footwear can wait. Starbucks can be just a once a week treat for now and Fido doesn't really need to go to the groomer every week. Have a garage sale or two. Not only will you make some extra cash but you feel more in control when things are organized and there is less clutter in your life. Call the credit card companies and ask for lower interest rates. Some will even lower your monthly payments but only if you ask and make payments on time. Do not renew magazine subscriptions, send back the big screen TV and basically learn to live with less. Some people prefer it after awhile because they start enjoying life when they're not chasing the buck to keep up with the Jones all the time. If you feel you don't have the time to get back on your feet then quickly sell your house. Even if you find someone to take over the mortgage payments and loose the equity built up you will still have your good credit and dignity intact. Those two things are worth more than whatever loss of equity you may suffer. Stop Foreclosure Selling For help or advice quick sale questionaire no obligation or risk © 2006 Maricopa Property Solutions, LLC www.maricopapropertysolutions.com Copyright 2006 All Rights Reserved. Published with Permission of Author. No part of this publication may be copied or reprinted without the express written permission of the Author and Maricopa Property Solutions, LLC. --------------------------------------------------------------------------------------------------------------------------------------- New Bankruptcy Law Makes it Harder to Stop Foreclosure By Herbert Addison On October 17, 2005 President Bush's sweeping bankruptcy reform law goes into effect forever changing the rules of debt collection in this natiion. Consumer advocates and the public appear to be completely unaware of the total and complete victory of the creditors under the new legislation. This article opens the door to the Trogan Horse so that consumers can prepare themselves for the worse. The most important aspect of the bankruptcy code was the œautomatic stay provision. This allowed consumers to file for bankruptcy at anytime during the creditor's collection process putting an immediate stop to all contact and collection activities from the creditor. The new law requires that a debtor receive credit counseling from an approved non-profit credit counseling agency for 180 days prior to filing Chapter 7 or Chapter 13 bankruptcy. While this may sound benevolent, a much closer look at the practical effect of this provision reveals the crafty peeling of the debtor's rights. The 180 day requirement is to provide the credit counseling agency the opportunity to work out payment plans with creditors. However, during this same period of time the creditor is not restrained from collection efforts. For example, Margaret is a homeowner in Jacksonville, Florida and is six months behind on her mortgage. As a rule, credit counseling agencies only work with credit card companies and have little or no training with dealing with mortgage companies. After receiving foreclosure papers, Margaret goes to see her attorney to file for bankruptcy and is told that she must first seek credit counseling before filing for bankruptcy protection. Meanwhile, the foreclosure proceeds on schedule and a sale date is set 120 days later. However, Margaret still has not completed her 180 day requirement. What will happen to Margaret's home? That's right! The home will be sold and she cannot stop the sale by filing bankruptcy. This is the most sweeping shift in debt collection in the past 50 years. Margaret's only hope will be to work out a repayment plan or a loan restructure with her mortgage company. This is a process called loss mitigation and is explained in great detail to consumers in our new book, How to Save Your Home, ISBN#09753754-0-7, $19.95, SYH University, LLC, 2005 which is sold at Amazon.com. Loss Mitigation works because lenders lose an average of $28,000 to $50,000 per foreclosure nationwide. It is a myth that the lender wants your home and makes a profit off of foreclosure. A lender has to pay attorney fees, court and collection costs, maintain fire insurance, hire a real estate professional, repair structural and other damage to the home, and pay property taxes. The homeowner can work out an agreement with the lender in over 90% of cases. Our company has provided housing counseling service to thousands of homeowners and loss mitigation absolutely works. In conclusion, it is up to the consumer to educate and prepare themselves for worse case scenarios. How to Save Your Home is an excellent training tool and will teach homeowners how to protect themselves under the new bankruptcy law. Most Americans do not have health or disability insurance and are vulnerable to job layoffs because of a stagnant economy. Who amongst us is immune to heart attacks, business failure, strokes, law suits, tax liens or other challenges that life sometimes presents. One pay check is literally what separates many families from home security and despair and the new bankruptcy law will severly punish those who slip behind on their mortgage payments. --------------------------------------------------------------------------------- Herbert Addison, JD, CHC is a Certified Housing Counselor and a member of the Virginia Association of Housing Counselors. Mr. Addison is co-author of the new book, How to Save Your Home, and has helped thousands of families to save their homes from foreclosure sales. Article Source: http://EzineArticles.com/?expert=Herbert_Addison For help or advice quick sale questionaire no obligation or risk Foreclosures: Did You Know....
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