Renaissance Realty Group’s Blog: Georgia: Loganville

 Have to say Yes and No .. it is much like crossing your legs when your in labor. Bankruptcy will stop the foreclosure only for as long as you can keep your legs crossed or until the baby(bank) has decided it has had enough and wants out.

Bankruptcy

Filing for Chapter 7 or Chapter 13 bankruptcy protection sometimes paves the best path for debtors to retain their houses and deal with their creditors. Advantages of bankruptcy include the debtor's ability to stop foreclosure without creditor acceptance and encompassing more than just the mortgage debt with a single action. If bankruptcy emerges as our first recommendation, your personal circumstances must be well suited for this option. In most cases bankruptcy comes as a last resort. While you may file bankruptcy on your own, you will almost always be better served to hire a qualified, experienced bankruptcy attorney.

In Chapter 7 all nonexempt assets are turned over to the bankruptcy trustee and debts discharged. Exemptions vary by state. In most cases the debtors possess so few assets that they may keep everything and have all of their debts wiped out completely. If a chapter 7 will not yield this result it may not be the best option. In Chapter 13 a plan outlines how the debtor will pay creditors over a three to five year period. Only a Chapter 13 can stop a creditor from foreclosing on a delinquent debtor over a period of years. Under a chapter 13 the court retains the right to scrutinize finances of the debtor for the life of the reorganization plan. For a Chapter 13 to work payments under the plan must be kept up or the court protection will evaporate and the house will go to foreclosure

Will a Bankruptcy Stop the Foreclosure?

"SHORT SALE" VS. FORECLOSURE
TEN CONSIDERATIONS

FORECLOSURE

•1.      More legal costs

•2.      Recovery of lesser amount

•3.      More non-performing loans

•4.      Higher reserve requirements

•5.      Possible negative impact on salability of existing loans to secondary market

•6.      More R.E.O. marketing costs

•7.      Negative perception by public

•8.      Possible extensive property repairs

•9.      Marketing challenge of extensive inventory

•10.  Likely lower appraisal value can have negative impact on neighborhood & community

SHORT SALE

•1.      Fewer legal costs

•2.      Greater recovery ratio

•3.      Fewer non-performing loans

•4.      Lower reserves

•5.      Existing loans more marketable to secondary market

•6.      Fewer R.E.O. marketing costs

•7.      Fewer repairs likely

•8.      Greater marketability of property

•9.      Likely greater value from broker price opinion

•10.  Less negative impact on neighborhood

Borrowers Who Are at Risk of Foreclosure Are Asking:

1. What help is available for borrowers who are at risk of foreclosure either because they are behind on their mortgage or are struggling to make the payments?

The Homeowner Affordability and Stability Plan offers help to borrowers who are already behind on their mortgage payments or who are struggling to keep their loans current. By providing mortgage lenders with financial incentives to modify existing first mortgages, the Treasury hopes to help as many as 3 to 4 million homeowners avoid foreclosure regardless of who owns or services the mortgage.


2. Do I need to be behind on my mortgage payments to be eligible for a modification?


No. Borrowers who are struggling to stay current on their mortgage payments may be eligible if their income is not sufficient to continue to make their mortgage payments and they are at risk of imminent default. This may be due to several factors, such as a loss of income, a significant increase in expenses, or an interest rate that will reset to an unaffordable level.


3. How do I know if I qualify for a payment reduction under the Homeowner Affordability and Stability Plan?


In general, you may qualify for a mortgage modification if (a) you occupy your house as your primary residence; (b) your monthly mortgage payment is greater than 31% of your monthly gross income; and (c) your loan is not large enough to exceed current Fannie Mae and Freddie Mac loan limits. Final eligibility will be determined by your mortgage lender based on your financial situation and detailed guidelines that will be available on March 4, 2009.


4. I do not live in the house that secures the mortgage Iâ€^TMd like to modify. Is this mortgage eligible for the Homeowner Affordability and Stability Plan?


No. For example, if you own a house that you use as a vacation home or that you rent out to tenants, the mortgage on that house is not eligible. If you used to live in the home but you moved out, the mortgage is not eligible. Only the mortgage on your primary residence is eligible. The mortgage lender will check to see if the dwelling is your primary residence.


5. I have a mortgage on a duplex. I live in one unit and rent the other. Will I still be eligible?


Yes. Mortgages on 2, 3 and 4 unit properties are eligible as long as you live in one unit as your primary residence.

Foreclosure Homes For Sale In Georgia

Fulton, North Fulton, DeKalb, Gwinnett, County Georgia.

Cities of Decatur, Tucker, Stone Mountain, Lithonia, Duluth, Buford, Lawrenceville, Dacula, Grayson, Snellville, Loganville, Suwanee, Norcross, Winder,

Nov 10th 2008

This list is updated daily with Homes added to MLS in the last 24 hours

Due to the nature of Foreclosure Homes and Short Sale Home,

Buyers should act quickly !

For all Your Real Estate Needs Call !

Eric Reid, Managing Broker Renaissance Realty Group Inc.
Office: 404-921-2067 x 102 Fax: 770-513-4443

Short Sale list click here

Foreclosure list click here

Foreclosures at Auction

The foreclosure auction is the most commonly known way in which a foreclosure can be purchased. If the homeowner does not reinstate their mortgage, the property goes to a public auction, where anyone can bid. Auctions can be tough because they sometimes, you may not ahve time to fully inspect the property and title You MUST take time to do research and analysis of the property before you make that first bid, because once bought you own it, for better or worse. Auction are sometimes offer some of the best discounts, often ranging up to 50% below market value, and avoid some of the trouble of negotiating with a homeowner for a good price. Before you go to auction due you homework or hire a trusted Realtor to help you do your Homework in checking title and liens, arranging an inspection,run market value reports. Don't get caught up in biding frenzy remember this is a business decision first.

HUD Homes:The Department of Housing and Urban Development (HUD) is a federal agency that insures home loans to homeowners through its Federal Housing Administration (FHA). When a property owner defaults on a HUD insured home loan, HUD purchases the home from the lender and sells it to the public at auction or through a traditional real estate listing agent or service. With the high rate of FHA insured loans buyers are seeing more and more HUD home for sale signs. These home sales offer a great opportunity to purchase a quality home adn below traditional resale homes.

Looking to buy a HUD / Foreclosure or Pre-Forclosure talk to someone that know how to get you the best deal intodays market.

Call Renaissance Realty Group