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What to expect during foreclosure

The number of Americans struggling to keep up with their mortgages is astronomical, and many of them are wondering what happens if you foreclose. It’s scary to even think about it. If you are falling behind on your payments, how long do you have until the bank forecloses on your home? Will you have enough time to pack all of your things before you have to move out?

The amount of time you have depends on where you live, unfortunately, so there is no way to give all of the answers in one short article. However, you should know that there are guidelines your lender must follow and they always include giving the owner of the home notice of the impending foreclosure. As for the actual amount of time given, you’ll need to research the laws in the state where you live.

In some states, even after the foreclosure auction there is a chance to get your home back. The period of time involved can range from a month to as much as year and is known as a redemption period. At any time during this period, you can pay off the entire amount owed to the lender including legal fees and they must let you take back ownership of the house.

Another thing you might be worried about is what happens to your credit when you foreclose. Obviously it is going to be impacted in a negative way and it will be more difficult for you to obtain new credit lines following the foreclosure of your home. However, if you are able to start paying everything on time afterward, you could be qualified to purchase another home in as little as two years.

Although the foreclosure will remain on your credit for as long as seven years, it will have the most negative consequences during the first year. Once lenders start seeing positives show up on your report, they give less weight to the older negatives. As time passes, your recent on-time payments will be given more credence than your past failures.

How to file bankruptcy when you are broke

One of the most frustrating things about coming to the realization that you are broke and you need to file bankruptcy is the realization that many people that need to file bankruptcy are actually too broke to come up with the fees for bankruptcy. Fees include, the filing fee, class fees and of course you bankruptcy attorney fee.

What do you do if you are living pay check to paycheck and you can not afford an attorney?

Before I decided I had no choice but to file for bankruptcy I was trying to everything to pay down my bills. I would listen to gurus like Dave Ramsey to see if he could offer anything new that I had not already thought of. I really wanted to avoid filing bankruptcy and pay on the debts that built up until late fees and a ton of other fees started piling up after I was late on a couple credit card bills. My budget was so tight that being late and incurring late fees, over the limit fees and a couple other fees on my credit card sent me over the top to the realization that I had to file bankruptcy.

Although the fees at the time were very frustrating and very stressful they were also a blessing in disguise and is what propelled me forward to research bankruptcy to see how bad things could be if I filed. I was already living pay check to pay check and my only fear would be they would make me sell my home. I met with a Michigan bankruptcy attorney to discuss my case and I expressed my inability to pay him in full and wanted to know if he had a payment plan of some kind. This is common and most attorneys will tell you their fee and how much it is to retain them. Once you retain the attorney you can begin sending all your creditors to their office. The attorney will tell you to stop paying all of your credit card bills and this is the money you can use to pay your attorney and your filing fees even if it takes a couple months to pay the attorney off in full.

Making investments that are right for you

Most of us dream of making it big and becoming rich; if not that, then at least being secure financially in life. So many of us think of making an investment; but what is an investment? It is that amount of money that an investor places with an expectation of profit. There are two more popular types of investment: real estate and stocks. Let’s take a look these types of investments.

Stocks have the potential of making you very rich. The richest men in the world have gotten their fortune through stocks. Buying stock is buying ownership in a company. So you end up owning a part of the company. When buying stocks, you should try to find undervalued stocks. It may also take years, ten to twenty, for your money to grow. It will also be necessary for you to hold on to stocks for a long period of time, hoping that the company will make it big and thus making your stock more valuable.

There are some disadvantages in getting stocks. One is lack of control, and the other is lack of financing. Although you may be part owner of the company, you may not have enough stocks to gain control of that company; thus, you are at the mercy of the directors that run that company. Also, it would be very hard to find a creditor to lend you money for you to be able to buy more stocks and gain you of the company. Find companies that have impeccable records, both in the performance of the company and the people who run the company, as you would not want to be a part of a financial meltdown. You may want to look into investing in ETFs (Exchange-Traded Funds) – like the gold or silver ETF. These are great funds for less experienced investors to invest in when you want to get into a sector, but not a specific company.

Buying real estate also has the potential of making you really rich. Try to find properties that are undervalued or those that are in need of repairs. This is especially true if you are one who can make those repairs. When you have repaired the properties, all you have to wait for is for someone to rent or you can sell it at a higher price.

For the average Joe, the advantages of investing in real estate are clear. You have more control over the investment. There is a faster rate of return when you do all things well. This is especially true if you have a good mortgage provider. When renting out, you will be paying your mortgage from the rent and the house will become yours without you dishing out any money. Although it is true that stock can sometimes appreciate faster than a real estate investment; for the average person investing in real estate is the way to go.

Whatever your financial planning goals are – you always have lots of options for investing your money in either real estate or the stock market – just make sure you plan well and do it wisely. You’ll be sure to come out ahead.