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2009-12-24 01:21:30
Distressed Homeowners Be Your Own Hero!

 

This has been a challenging 2 years for distressed American homeowners.  It seems they receive little hope of protection from the foreclosures. The banks are receiving incentives to foreclose. Even though there are incentives in place to help the distressed homeowner get a loan modification, there are many profitable reasons the banks opt to foreclose.  For a deeper understanding of the dynamics of this nightmare check out,  http://iamfacingforeclosure.com/blog/2009/12/01/anatomy-of-a-government-abetteded-fraud-why-indymaconewest-always-forecloses/

As a real estate broker I witness the sickening repercussions of the mortgage crisis on a very real human level.... distressed homeowners....families.....my clients...my friends. It is sad and heartbreaking to know the financial and personal losses encountered by the homeowner that can't find a viable solution to their own mortgage meltdown.  Many have no choice but to file bankruptcy in order to possibly save their home.

When people get to a point of foreclosure and they file for bankruptcy they are at the last step to reach a fair and balanced way to deal with devalued assets, secure and unsecure debt.  With everything but a home mortgage, the bankruptcy courts can reduce the principle balance to the value of the asset. So if you acquired a $10,000 loan for a boat and it was now worth $4000 you would owe $4000 and pay for it in the bankruptcy.  This is true of all assets, except real estate assets in bankruptcy.  Although it is allowed for business bankruptcy chapter 11.  Some believe this is a clear indication of the value our government puts on the importance of human rights in America as opposed to corporate rights.

Recently, Americans last hope was a bill before the senate that was already approved by the congress.  This would have afforded real change in bankruptcy laws that would allow the judges to reduce the principal to the value of the property.  It was a promise from our new president.  Unfortunately, this hope for equal American citizen representation was squashed by our leaders, in favor of the bank lobbyists,  http://www.reuters.com/article/idUSTRE5BA3CN20091211.

It is a sad and unfortunate day for the American people caught in the middle of this storm.  Those in this situation have extraordinary stories elaborating their personal journey.  No two are alike it seems.  I can appreciate that the mental and emotional stress that goes along with these extreme financial hardships affect families.  Families suffer deeply when they have to choose between food and a house payment.  Distressed homeowners are held to much higher standards than the protected banks, investors and lenders.

If you know someone hit by this type of challenge, listen, try not to judge, http://modificationzoom.com/blog/loan-modification/loan-modification-dont-judge/

For those dealing with the challenges described above, it's common sense to seek out a real estate attorney that gets your situation and is good at defending foreclosure.  Ask around, get referrals, interview them before you decide. But don't buy into a loan modification without speaking to real estate attorney in your state. It may be less expensive and more effective to have legal representation, than to hire a loan modifiction company. I really like http://www.livingliesweblog.com. It is a great resource. Check it out if you are a distressed homeowner and want to learn more about your rights.  You may decide it is best to walk away.  But get educated on your rights so that you can make a decision that you can live with.

Many foreclosure victims are fighting back by being proactive and talking to people. Some believe it costs less than rent to fight the foreclosure with a good attorney. They are taking control of their life and reading up on everything they can find to save themselves from drowning in hopelessness or denial. Contact people that write insightful articles. Learn about your best defense.

Feel free to check out our favorite links for resources to help you navigate your path toward your highest good. Also, here are a couple of links offering free help and advice with the your situation; http://www.livingliesweblog.com http://www.makinghomeaffordable.gov/

 
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