Homeownership is a delight, but if you can’t make the payments it can become a nightmare. When you reach a point where the bank is threatening foreclosure, then you may feel like you’re out of options. On the contrary, there are a few options to avoid or, at least, delay foreclosure. The most common option […]
Consequences of a Foreclosure on Income Tax
A lender may initiate foreclosure proceedings against you if you fail to meet your monthly mortgage dues. The lender will dispose of the home at a foreclosure auction. If the price obtained for the home does not pay off the principal balance of the mortgage your lender might cancel the debt. The Internal Revenue Service […]
Using Bankruptcy to Stop Foreclosure
Chapter 13 Bankruptcy Can Be Used to Stop a Home Foreclosure and Get Those Payments Up to Date The housing bubble has burst few years back. Many people with unfavorable mortgage terms are finding it more and more difficult to keep up with payments. Adjustable rate mortgages (ARMS), a huge number of which were written […]
Why Foreclosure isn’t as Bad as You Think
Due to the housing crisis, more homeowners than ever are turning to foreclosure. However, this time there’s a twist. Not too long ago, foreclosure was only a process forced onto homeowners by banks as a punishment for missing payments. Today, homeowners are choosing to walk away from their homes, and enter willingly into foreclosure. While […]
How to Avoid Foreclosure
There is no place like home. However, if mortgage debt and threats of foreclosure have you sleep-deprived with worry, home may undeniably become a source of stress more than anything else. But there are ways you can prevent the bank from taking back your home. You are not alone as Uncle Sam is here to […]