Josh Talayka | June 1, 2009
Many people make the mistake in thinking that because their lender foreclosed on their home, that they no longer owe on their debt. This is dangerous misconception. In the state of Nevada (check your state laws) after your lender forecloses, they may file a deficiency judgment against you.
Josh Talayka | June 1, 2009
Everyday more and more Americans are at risk of becoming default on their mortgage, and simply do not know what they can do. You’ve tried contacting your lender via the (800) numbers on your bill to explain that you are not going to be able to make your payments for much longer, and want to know if there is any help. Instead of getting help, you found yourself in an endless loop on their automated system. Eventually (if you’re lucky) you were able to reach a live person who then transferred you to another, who transferred you to another, and so on, while remaining on hold for twenty plus minutes between each person. Finally, the last person you speak with tells you there is nothing they can do, and that you should try back once you’re behind.
here are some things you should know before going down that road.
Under the federal “HOPE Now” program approved in October 2007, you are not eligible for a loan modification until you are 90 days late on every one of your bill
Don’t mistake a foreclosure with forgiveness of debt.
A short sale is when a homeowner sells his house for less then what is owed, and has the difference forgiven.
