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I have not made a mortgage payment in over 120 days, am I eligible to have a short sale?

A Short Sale is when you have found a buyer for your home, but the price is not enough to pay off the lender and all other creditors/lienholders on the title. Continue reading

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I have not made a mortgage payment in over 120 days, am I eligible for a deed in lieu?

A Deed in Lieu is when you decide NOT to keep the house and the lender has agreed to accept it back from you as full payment on the loan. Continue reading

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I have not made a mortgage payment in over 120 days, am I eligible for a forebearance agreement?

With a Forbearance Agreement, the foreclosure case is NOT dismissed. Rather, the lender and you sign off that the case will not be moved forward to foreclosure if you make payments on time, pay down the back payments, and start making the future monthly payments on time. Continue reading

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I have not made a mortgage payment in 120 days, am I eligible for the reinstatement plan?

In a Reinstatement Plan, the foreclosure case is dismissed and you borrow the money to make up the back payments completely and have the income to make the future payments going forward. Continue reading

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I have not made mortgage payments for over 120 days, am I eligible for the payment plan option?

With a payment plan, you and the lender agree that you will keep making your monthly payments going forward, but you also agree that you can afford to make additional payments each month toward your back payments and get caught up in an agreed-upon time frame. Continue reading

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My mortgage lender is filing foreclosure because I am behind 90-120 days. What are my options?

Your options at this point are still numerous. However, be aware that as your case progresses through the legal system you start to have fewer and fewer options until finally you have none. Continue reading

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What is debt management?

In a debt management program, you are paying the company a monthly debt management payment for a period of usually 3 to 6 years that they will apply to a monthly payment to each credit card in the program until the debt has been paid. Continue reading

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What is debt settlement?

Generally, debt settlement is a process in which a company, individual attorney or law firm negotiates settlements of your debts after you pay a fee and pay into an escrow account for many months or years. Continue reading

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When filing bankruptcy, what property is exempt?

While your exemptions allow you to keep property even in a Chapter 7 case, your exemptions do not make any difference to the right of a mortgage holder or car loan creditor to take the property to cover the debt if you are behind. In a Chapter 13 case, you can keep all of your property if your plan meets the requirements of the bankruptcy law. Continue reading

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If I file bankruptcy, will I lose my car or home?

In most cases, you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Continue reading

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