Comments on: Foreclosures and the Five Stages of Grief

By: Arnold

Arnold — Thu, 24 Jun 2010 01:35:55 +0000

And this is supposed to be helpful to someone other than a realtor7 I think it is useless. I’m in the anger stage.

By: Pamela Seley

Pamela Seley — Wed, 16 Jun 2010 19:42:29 +0000

Sean, you used a great metaphor for facing foreclosure — and so true. I’ve learned as a Realtor, I will not be able to sell a home when the homeowners are in the anger and bargaining stages. When homeowners have moved into the acceptance stage, they’ve decided it will be better for them to let go and move on. If they choose to go in the direction of a short sale, then we can be successful together.

By: club penguin

club penguin — Mon, 08 Jun 2009 08:54:03 +0000

I did try to find a buyer for the property, without success. I wish
that I knew about a short sale then. I would have done it to avoid the
humiliation and blowing my credit and credibility to shreds. I wanted
to bargin and just get this burden off of me. I used my home like an
ATM machine hoping that my situation would turn for the better. I went
bankrupt and on February 14, 1995, it was all over. I’ve accepted the
fact, but still feel ashamed that I had failed. And I’m still angry, at
myself.

By: bedroom furniture

bedroom furniture — Tue, 24 Feb 2009 09:42:36 +0000

It is possible to completely Stop Foreclosure if the bank or lender is
in violation of the Florida Unfair Lending Act or other predatory
lending practices. If the lender has committed such a violation, the
entire principal and interest balance may be waived and the mortgage
may be voided.

By: Debt Relief Grants

Debt Relief Grants — Mon, 26 Jan 2009 04:54:39 +0000

The same holds true in the personal finance field. This economic downturn has literally pushed thousands of people into confronting a whole new set of realities, and it has happened so fast that people’s heads are spinning.

By: Anonymous

Anonymous — Thu, 13 Nov 2008 18:43:42 +0000

Foreclosure can be so depressing. I have a friend who is worrying about her housing situation right now. There are some things you can do to avoid foreclosure: there is an article here about alternatives to foreclosure http://www.lawfirms.com/resources/real-estate/foreclosure/alternatives-foreclosure.htm and there’s also info on the HUD site http://www.hud.gov/

By: Frederick A Neustein

Frederick A Neustein — Fri, 07 Nov 2008 14:40:14 +0000

Most people do not realize that they can stop foreclosure even if they stopped paying their mortgage. Many recent cases have been filed improperly and an experienced attorney can assist with the identification and filing of substantive and procedural defenses with the court and vigorously defend your case. Due to the lender's actions, omissions or other facts surrounding your case, you may be able to stop making mortgage payments and stay in your home while your attorney vigorously defends your property. This does not necessarily mean that you will not have to pay the loan back or completely Stop Foreclosure. It is possible to completely Stop Foreclosure if the bank or lender is in violation of the Florida Unfair Lending Act or other predatory lending practices. If the lender has committed such a violation, the entire principal and interest balance may be waived and the mortgage may be voided. This may not be relevant in your case. But, at the very least, a successful defense can do is buy you precious time to:

* Stay in your home

* Negotiate a work-out with the bank
* Sell your home for a fair price
* Refinance your home at a fair rate

* Continue to collect rent on the property
* Apply for a Court Ordered repayment plan
* File a Chapter 13 or 7 Bankruptcy

When home owners are faced with the reality of facing a potential foreclosure, many experience a state of paralysis. They don't know what to do. Selling the home may not be an option since the equity appears to have vanished. To fight foreclosure or not? That is the question. Clouding the answer is perhaps the biggest misconception, "Hiring an attorney is not a cost-effective option." If I can't afford to pay my mortgage, then how in the world can I afford to hire a competent attorney? And why should I, if I am upside down in my home? First of all, EVERYONE can and should hire an attorney to represent them in their foreclosure case. There are many competent attorneys who specialize in this area. Due to the growing number of these cases, many attorneys have become "experts" in this area. Due to the fact that most of these cases are very similar, many excellent attorneys have experienced staff and can offer extremely affordable payment arrangements. Most people don't know that once the foreclosure proceeding has started, the bank will not accept any future mortgage payments - doing so may adversely affect their ability to foreclose on your property. Furthermore, the bank pays any delinquent real estate taxes and the insurance on the property. In summation, once the bank files a foreclosure lawsuit, most of the homeowner's expenses are being paid by the bank (mortgage, taxes and insurance). However, as the legal owner of the house with full possession, you have all the rights associated with same including residing in your home, collecting rents on the property, etc. Imagine the "EQUITY" you can save / build, if you fight the foreclosure case for a year or more. The cost of qualified legal representation is a drop in the bucket compared to your typical home ownership overhead. Time is money and the real estate and financial markets are likely to turn around. The hiring of the right attorney will save you thousands of actual dollars, in addition to thousands in time value of money. Its really a no-brainer.

Respectfully,

Frederick A Neustein

http://StopForeclosureLawyer.com

By: team building

team building — Wed, 22 Oct 2008 10:47:49 +0000

Acceptance occurs when the seller realizes that homes prices have fallen; that he or she will not get peak price of what is now six months or more ago; and that if he or she wants to sell the home, the asking price needs to be adjusted downward considerably.

By: Anonymous

Anonymous — Sat, 06 Sep 2008 09:12:42 +0000

Most people who are in default believes there is nothing they can do but to stay as long as possible. Usually a short sale needs to be handled as soon as a default has been recorded, because time is your worst enemy. Every lender handles a short sale differently. A short sale may be used to salvage what’s left of your credit and giving you another opportunity to purchase a home in a shorter period of time versus being foreclosed. The government has passed a debt relief act since 2007, which allows home owners who are upside down a chance to clear their debt on the home. I would advise the seller to consult with their CPA or professionals for income gains in a short sale. Although there are a few more options for a homeowner to stop the foreclosure process which i’ll talk about another time.

By: Drywall Textures

Drywall Textures — Thu, 14 Aug 2008 01:31:14 +0000

I have a close friend who had to go through this just recently and I beleive that no one should ever go though that pain and humiliation.