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Article: Foreclosures-and-How-To-Stop-Foreclosures
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Sometimes very good people find themselves with very bad problems. Foreclosure is a very bad problem but foreclosures can be stopped. Yes, you can stop foreclosure. There are basically four ways to stop foreclosures. First a little background. When you buy a home and borrow money you get are getting a mortgage. The lender or bank requires you to sign a mortgage note or mortgage bond which is like a car lease where you have to pay so much money per month for a certain number of months. With a car, if you skip payments, the lender can reposes or take back the car or truck. With a home, you sign a mortgage along with the mortgage note or mortgage bond where you also promise to make a certain number of payments over a certain number of months. If you don't make the payments, the lender starts an action which seeks to sell your home and that action is called a foreclosure. You can stop a foreclosure by making a deal with the lender which is called a forbearance agreement. The borrower and lender agree to make current payments together with additional payments each month until the arrears have been paid. The Second way in which to stop foreclosures is by getting a new mortgage. You exchange your mortgage which is in default with a new mortgage and thereby stop the foreclosure. A third way to stop a foreclosure is by filing a Chapter 13 petition and plan in the Bankruptcy Court where you promise to pay your new bills as they fall due and your arrears over 3-5 years. Of course a foreclosure can be stopped by the owner of the property, selling the property and stopping the foreclosure and keeping the equity in their home with which they can get a fresh start. So the four ways to stop foreclosures are by a forbearance agreement, a new mortgage, a Chapter 13 Bankruptcy Case or the sale of the property.
Norman M. Mendelson, Esq., Copyrighted 2006
Norman M. Mendelson, Esq. is a New York State attorney who has specialized in the practice of real estate involving builders, developers, purchaser, sellers, borrowers and title insurance companies since 1968. He helps people find homes, obtain mortgages and stop foreclosures. 100%, 103% and 106% mortgages are here as well as 40 year financing and purchaseing homes with no money down and $795 total move in. Mr. Mendelson is a member of the New York State and Nassau County Bar Associations and a member of their banking, mortgage, bankruptcy and real estate committees. Mr. Mendelson is licensed as a New York State Realtor by the State of New York, Secretary of State, Division of Licensing Services as a licensed realtor, a member of the National Association of Realtors and is the the founder and president of OneBetter Realty Corp. (www.OneBetterRealty.com) and a member of MLS. Mr. Mendelson is also licensed by the New York State Banking Department as a Mortgage Broker and is the President and founder of OneBetter Mortgage Corp. (www.OneBetterMortgage.com) and is a member of the New York State Mortgage Broker's Association. He regularly practices in the United States Bankruptcy Courts in New York where he helps homeowners by processing Chapter 13 cases which stop foreclosures and provide a fresh start to families with financial problems save their homes. The greatest professional joys in life are helping people realize the Great American Dream of Home Ownership by creative financing and helping people in financial trouble get a fresh start and stopping foreclosures.
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