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The market has not been the best for homeowners in recent years. In a difficult economy, many homeowners have found themselves struggling to make payments on their homes and falling behind. When this happens, their houses fall into foreclosure. However, in 2012 the Ohio Supreme Court ruled on a case that offers hope to those in Ohio facing foreclosures. The…
If you are facing foreclosure on your home in 2021, you aren’t alone. The economic downturn of 2020 has led many homeowners to get behind on their mortgage payments. You now may be considering your options, hoping for a way to avoid foreclosure. Seeking bankruptcy is one option you should consider. Avoiding home foreclosure through bankruptcy A Chapter 7 bankruptcy…
Buying a home is one of the biggest purchases you make in your entire life. It usually requires in-depth planning and budgeting in order to maintain the right house in your right budget. However, it’s still challenging to determine what is affordable for you. There are a few strategies that homeowners can use to determine their price limits for any…
Americans continue to see a rise in foreclosures as the mortgage bubble shows signals that it is about to pop. However, many families feel stuck because they do not want to uproot their children and they cannot afford their current residence. With over 250,00 new families entering foreclosures every three months, it begs the question of how potential foreclosures affect…
People who find themselves considering bankruptcy due to financial hardship often worry about the long-term implications of bankruptcy. Misinformation abounds on this topic, and many people are quick to claim that filing bankruptcy means losing your home. While it is true that Chapter 7 bankruptcy proceedings may sometimes require the liquidation or sale of assets to repay creditors before a…
Abandoning your home to escape your mortgage debt—what’s known as a “zombie” foreclosure—can be an ineffective strategy. When some people are behind on their mortgage and facing foreclosure, they think that abandoning their home to the lender is their only option. By abandoning their home, they assume that it will be later sold in the foreclosure sale, relieving them of…
Financial Strain Amidst Current Challenges: Uncertainties Surrounding Foreclosures and Economic Recovery The recent climate is extremely stressful for most Americans for several reasons; many citizens do not have a job, remain locked in their homes and struggle with the costs of living with limited or no income. It puts most families in a dark position where they have to consider…
You may be behind on your home payments, and you’re almost at the point where you feel like there is no way out of foreclosure. It’s an overwhelming and terrifying thought for most homeowners. No one wants to face losing their home. But there are some last-minute strategies you can try before allowing the foreclosure process to begin. It’s important…
Mortgages are fairly common. Anyone who buys a home or knows they will receive a mortgage loan until the property is paid off entirely or you decide to move. However, most people do not know that you can take out additional mortgage loans on your home, essentially using it as collateral. Should you take out a second mortgage? For some…
Most business owners anticipate costs upfront. Between loans, investments and property development, most entrepreneurs have to put in a lot of cash before they can see any profits in the future. But what’s a reasonable amount for business-related debt? The answer is it depends. Most business debts rely on multiple factors like the industry you are entering into, your specific…