8 do's and don'ts for fighting foreclosure
In the beginning of the foreclosure process, homeowners can still save money, their credit or their house if they act quickly.
Even when declaring bankruptcy, avoiding a foreclosure on your credit report can salvage your ability to rebuild credit and buy another house, which makes the struggle against a possible foreclosure well worthwhile.
6 possible do's when foreclosure looms:
1. Sell the property.
2. Work out a deal.
3. File Chapter 7 bankruptcy.
4. File Chapter 13 bankruptcy.
5. Short sale/deed in lieu of foreclosure.
6. Walk away from the house.
... and don't forget the don'ts.
1. Sell the property: If you can find a buyer before the house is auctioned, you can sell it and keep whatever equity still exists.
2. Work out a deal: Your lender may be willing to work with you, rather than lose money at a foreclosure sale.
3. File Chapter 7 bankruptcy: If you can't get caught up in time, you will not be able to keep the house, but you'll generally be able to delay the foreclosure sale a month or even several months.
However, any remaining debt to the lender will be wiped out.
4. File Chapter 13 bankruptcy: If you can afford to make the future mortgage payments and the delinquent payments, too, file Chapter 13 bankruptcy.
This is different than Chapter 7, in which assets are liquidated but debts are wiped clean.
With Chapter 13, you keep your assets and, under court supervision, you repay your debts under a three-to-five-year plan.
To search for bank owned properties on the market go to http://www.LAHomeSearch.com
To search for Southern California Real Estate including real estate in Beverly Hills, Brentwood, santa Monica, and Malibu go to http://www.LAHomeSearch.com
For Los Angeles Real Estate go to http://www.LAHomeSearch.com
To search for "For Sale By Owner" properties in the Los Angeles Real Estate Market visit http://www.FSBO.LAHomeSearch.com
Thinking of Selling? To get the most Money, Fastest Sale, and the Fewest Problems, visit http://www.LAHomeSearch.com
Email This Page To A Friend
