What "They" Won't Tell You!

Are you facing foreclosure? If you are, the best advice we can give is to ACT NOW!!!

Not only can foreclosure mean the loss of your home, but it could mean that you may never be able to get another home loan again for another 5-10 years. It could cost you tens of thousands in high interest payments on all future debt. It could cost you and your family the opportunities that are available to everyone else. Not able to have a bank account, a credit card, able to rent a car, even being able to RENT an apartment!!!

Many people facing foreclosure simply do nothing and hope for a miracle.
DO NOT fall into that trap!

Some seek advice from a an attorney ( and why not, a lawyer is supposed to have all the right answers, right?) Maybe, but then again maybe not!

The attorneys tell some owner’s to file a BK and that will protect them and now all their problems are solved. Bankruptcy does put a hold on everything, but it will not stop the inevitable. It gives you a little time but the end result is almost always the property still goes to auction and now you have a bankruptcy in addition to the foreclosure on your credit report.

What They Don’t Tell You is that a lot of attorneys are pushing for you to file a Chapter 13 Bankruptcy to stop a foreclosure. Bankruptcy will temporarily stop a pending foreclosure but it only delays it. It creates what’s called a “Stay” against all pending legal and collection actions. The foreclosing attorney (the attorney working for the lender you owe money to) will eventually file what’s called a “Relief of Stay” and the foreclosure will continue on course until you either reinstate the loan or pay it off.

In a BK-13, you are placed typically on a 5 year repayment plan for all of your creditors. If you fail to make the payment plan as agreed, the BK trustee will have you dismissed and then most likely you will have to file a Chapter 7 BK and you will lose your home anyway with a foreclosure on your credit.

Read More...