Taking a Closer Look at the Advantages of Foreclosures- By: Jacquelyn Marks
Many people would look at the concept of foreclosures as something so negative. However, what they do not realize is that there are several advantages that people would find in foreclosures than just losing homes, both for the property sellers and buyers.
Knowing all these advantages can definitely help convince more and more people about grabbing the good opportunities that foreclosed homes offer. This list can also guide potential buyers and sellers when it comes to how they should sell or buy properties.
Dealing with Foreclosures: Seeking Legal Help
It is not at all surprising that most people fear that giving their homes up for foreclosure would mean that they would be unable to recover and lose whatever is left in their possessions. Although part of it may be true, it doesn’t mean that there’s no way to get through all these without lenders and banks draining them dry of cash and other properties.
Facing foreclosure may mean that you will be giving up the home that you have always wanted for various reasons: You may either be unable to pay for the remaining mortgage payments or settle your remaining debts and other loans. And even after you have surrendered your property, there would still be a possibility that your lenders will still file a case against you because the value of your home is not sufficient enough to complete all your dues.
Bad as this situation may seem, there are in fact positive ways to deal with all these legal concerns. First, you can talk to your lenders to see if your debts can be waived, at least what’s left of them. Second, you have to look for a reliable real estate or bankruptcy lawyer to help you out. More often than not, your lawyer would advise you to file for either a Chapter 7 or a Chapter 11 type of bankruptcy, for you to be discharged off your debts. Now, the kind of bankruptcy you can file will depend on your financial situation.
File a Chapter 7 if you are unemployed and if you have no other means of earning enough money to pay for your debts. Once proven in court, your possessions will be put up for sale, which can be done by a court-appointed trustee. On the other hand, if you have a business and you feel that your business is about to go under, file for a Chapter 11 to help you avoid having your properties included in the foreclosure listings. What you also need to keep in mind is the fact that bankruptcy can reflect on your credit standing for a long as 10 years. Therefore, you need to make sure that this is what you really want to do, otherwise, it would be best to look for another way to fix your foreclosure issues.
There is another way to fight foreclosure that does not leave a bad mark on your credit scores. Moreover, this can be done if you will consider selling your property in advance. You may be unable to hold on to your home, but you can surely hold on to the opportunity to be debt free. The money that you get out of the sale of your home can be used to pay off your existing debts and if you have some money left, then you will have a better opportunity to start fresh and to start acquiring new properties for you and your family.
Dealing with foreclosure can also be avoided through preparation. Never let the opportunity of learning everything about how to safeguard your property pass, and all you need to do is to talk to a real estate expert who you can trust for the “do’s and don’ts” in acquiring properties, as well as with a legal representative to discuss the legalities of bankruptcy, foreclosure and acquisition of property.
Article Source : http://www.realestateproarticles.com/
Author Resource : ForeclosureFreeSearch.com is the leading resource provider for onlineforeclosure listings.