Loan modification and Foreclosure site

Many states, including California, have introduced a so called “Foreclosure moratorium”. This is basically where no foreclosure activity is allowed to take place for a specified period of time. California gave it a 90 day moratorium period back starting in June.

This has its ups and its downs. Obviously this will reduce the number of foreclosures for a short period of time, but all this really does is put a temporary band-aid on the problem. Homeowners and lenders could also use these 90 days to talk, negotiate, and come to agreements that do not end in foreclosure.

There will likely be no more moratorium’s for foreclosure’s anywhere in the U.S. anytime soon because the economy and the real estate seems to be coming back, slowly but surely.

The best way to fix the foreclosure problem that we have is not to put a temporary band-aid on any problem, it is to face the problem head on. It is for all sides to be reasonable and up front and get a deal done that benefits everyone.

Unfortunately, many states allow banks to garnish the wages [Take your paychecks] in order for the banks to be able to recoup their loan. Losing your home is bad enough, not being able to get your paycheck would be disastrous considering most Americans are living paycheck to paycheck.

If you are in a foreclosure you need to check your state’s laws about wage garnishment. Your state should have a website that gives homeowners this important piece of information.

The best thing you can do if you are in a foreclosure situation is to inform yourself. You need to know your area’s specific rules, the foreclosure process, and every viable option that you have. It is too late for you to be able to turn back time and try to change what happened in the past, but you can do everything now to make the most out of the situation that you are in.

What is the “foreclosure redemption period”?

It is a specific period of time given to the homeowner, depending on your state law, that gives the homeowner however much extra time allotted to live on their property legally.

Why is a redemption period so valuable?

It’s pretty obvious that a foreclosure redemption period is very important to many homeowners. The homeowner gets a significant amount of time to get his or her finances together, his or her life together… He or she also gets to live in their home rent free, possibly saving thousands of dollars.

How long are redemption periods?

I hate to be vague, but it really depends on your state. It is a good idea to check your state’s individual laws if you are in the foreclosure process. Remember that not all states grant redemption periods.

Remember that a redemption period does not do anything to help or end your foreclosure, it just helps delay it.  You should use this time to figure out “your next move” so you can be ahead of the game. Being smart and able to adapt is important at every step of the foreclosure process.

Checking out foreclosure stories on the internet is a great way to both give you guidance on what actions you should take to improve your situation and to get a “read” on how your situation compares to others.

One important thing to remember is that however bad your situation is, you could be unemployed, deep in debt, have trouble making your monthly mortgage payments… Someone is always out their that has it worse off. Many that have it or had it worse off then you still found a way to make things work out, you can too.

If you want to check out specific foreclosure stories I recommend you go to foreclosure forums such as:

http://www.foreclosureforum.com/mb/index.html

One of the best ways to improve your situation is to talk about it with people who are going through the same thing you are.

Although exchanging foreclosure stories is no substitute for guidance from an actual professional for example, it is nice to hear from people like yourself. Also, you do not have to worry about being embarrassed by your situation because you are online!

The number of foreclosured filings in 2009 will top 3 million! Of course not every filing will end up being a foreclosure, far from it, but that does tell you the number of families out their that are having trouble making their monthly mortgage payments.

I have noticed in the past couple of month that foreclosure filings have started to trend downward. The real estate market in general is far from where it was 4 years ago, it might take a decade until we get back to new highs, but it is nice to see that the worst is behind us.

If you take out California, Florida, and Michigan, the trend in foreclosures actually starts to look pretty favorable. Most of the foreclosures in the U.S. happen in concentrated areas, not only in certain states, but also in specific cities and areas.

“The trend is your friend” as they say, there are still many foreclosures to come, but at least we know the worst is behind us.