Each Thanksgiving we're all supposed to give thanks for the good things that have happened to us over the course of the year. It's a time to show appreciation and gratitude while enjoying a big meal with family and friends. A turkey is pardoned by the president, and we're all encouraged to relax and enjoy ourselves. But the troubles and difficulties of life don't take a day off just because you do. Concerns about bills, career, and relationships remain even as the focus is supposed to be exclusively on the positive.
Foreclosure starts were up 12% from the previous month in October 2015, according to real estate information company RealtyTrac's U.S. Foreclosure Market Report. RealtyTrac says the October increase in foreclosure starts is not a surprise this year since it has also happened the last five Octobers. What is a surprise is how much of a rise there was this October, which was more than twice the average rate of 5%.
If your lender is threatening to foreclose on you for missed mortgage payments and you don't have the money to get current, and aren't eligible for a loan modification, you may be a candidate for a deed in lieu of foreclosure agreement. A deed-in-lieu of foreclosure agreement is when the borrower agrees to give ownership of their home to the lender in exchange for canceling their mortgage.
Beginning in 2014, the Consumer Financial Protection Bureau (CFPB) established new rules to protect homeowners facing foreclosure from unnecessary expenses and surprises. Among the rules are restrictions on the mortgage servicer's ability to pursue foreclosure while reviewing your application for a loan modification, a practice known as dual-tracking.
Foreclosure does not just impact the place you sleep and keep all your belongings. It could also have a negative effect on your physical and mental health. Studies have shown that people who have fallen behind on their mortgage are more likely to report symptoms of depression and skip medication because of a lack of money. Sadly, the sharp increase in foreclosures since the Great Recession began has also coincided with an increase in suicide.
So, literally and figuratively, foreclosure can kill you. Though tragic, it shouldn't come as a great surprise. The threat of foreclosure is extremely stressful and often occurs following a severe hardship such as loss of employment, death in the family, or a medical problem.
Experiencing a hardship like a serious medical problem can be outrageously expensive, and cause a person to miss work or lose their job. The cost of the medical care and lost income can lead to trouble making mortgage payments, and the stress of potentially losing your home can be severe enough to cause depression, which makes getting out of the hole you're in even more difficult. It's a viscous cycle that's hard for many people to get out of.
If you're in foreclosure and have decided that you cannot or do not want to keep your home, you may be wondering if you could get a “cash for keys” agreement. Cash for keys, sometimes called a "move out incentive", may sound like something you've heard about in hip hop music, but in this case it has nothing to do with kilos of illegal drugs. It's an agreement between you and your lender to hand over the keys to, and move out of your property in exchange for money. Getting paid cash money is always a seductive option, but you should take a close look at what you give up in exchange for that money before signing an agreement.
Entertainment is not just something that distracts us from the realities of our mundane lives with science fiction stories involving space, the distant future, aliens, and supernatural forces. Not that there's anything wrong with that, but some entertainment is grounded in the specific realities and challenges people live with and fight against in contemporary society. One such work is a web series called Lien On Me.
If you're having doubts about your ability to pay your mortgage or come to any resolution with your lender that allows you to keep your home, you may be wondering what your options are for exiting your home, and what responsibilities are associated with each choice. Whether ownership of your home is transferred through a short sale, deed in lieu of foreclosure agreement, or foreclosure sale, one of the most important things to be aware of is that you may be responsible for a deficiency. But, with a little bit of help and some planning, you may be able to get a deficiency judgment waiver that allows you to walk away from your home without owing any money.
Believe it or not, monsters like vampires and zombies do exist. They're not under your bed, but they might be in your neighborhood right now. Fortunately, they're not the kind that want to drink your blood or eat your brains, but you should still be aware of their existence.
When you do not pay your home loan payments, your lender is required to follow the laws and procedures of your state to take ownership of your home and sell it. Some states require lenders to file a lawsuit in court in order to foreclose, which is known as judicial foreclosure. Other states allow lenders to foreclose without filing a lawsuit in court, which is known as nonjudicial foreclosure. Roughly half of the states have judicial foreclosure rules and half have nonjudicial.
