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You can take your personal property, anything that is not attached to the real estate such as furniture, area rugs, tools, portable air conditioners, phones, computers, appliances that are not built-ins, etc. Of course you may take all your personal property such as your kitchenware, clothes, TVs, tools, furniture, plug in lamps, etc. You may not take built in appliances or bookcases, installed floor coverings, window shades, plumbing fixtures, light fixtures, towel bars, kitchen cabinets, awnings, permanently affixed air conditioning units, etc.

This list is open to modifications.

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Tax liens are not wiped out by a foreclosure. They must be paid in order to clear the title to the property so that it can be sold. If the lender has to pay them it will add that amount to the amount you owe.

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The deed in lieu is pretty straightforward. In short, it means that the mortgage creditor will accept the deed of the house in lieu of payment when the debt owner is no longer able to pay upon the debt. When this happens, the home owner surrenders the property and moves out saving the mortgage creditor the lengthy time and legal trouble of taking an legal action upon the home owner to remove the home owner from the premises, enabling the creditor to recover the debt owed. Usually this is to the benefit of the home owner in situations where the housing market is depressed, there are many foreclosures on the market preventing the usual sale of the home, and the amount of equity in the house is not worth keeping the house, and/or selling the house under normal market circumstances.

If you have a second mortgage, you should also consider that that debt is yours because the mortgage creditor is only concerned about the first mortgage, and not any subsequent mortgages taken against the home.

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Alabama is a Recourse State. Banks can sue for the difference.

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Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, making it difficult to acquire credit, buy a home, get life insurance, or sometimes get a job. However, it is a legal procedure that offers a fresh start for people who can't satisfy their debts. Individuals who follow the bankruptcy rules receive a discharge which is a court order that says they do not have to repay certain debts.

Chapter 13 and Chapter 7. Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. Both also provide exemptions that allow people to keep certain assets, although exemption amounts vary. Note that personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. And unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or lien on it. Whether one files bankruptcy is very subjective & one should consult an attorney for help deciding. Accordingly, everything below is FOR INFORMATIONAL PURPOSES ONLY & no person should take any action or inaction based on what it says. The info below is NOT legal advice and does NOT create an attorney-client relationship & no person should rely on info they get off the internet as a substitute for actual legal advice.

BUDGETING One of the things to consider is whether you can find a way to pay bills on your own, and if so, how long it will take to become debt-free and how hard it will be on your family to do so. One can get their pay stub & checkbook and see if they can design a feasible budget that pays more than minimum payments toward the debts without sacrificing too much (i.e. can you afford your child's medicine if you pay triple payments on the credit cards?). Make a budget that pays at least triple the minimum monthly payments toward unsecured debts (like credit cards) or it might take 20 years to pay them off!

CREDIT COUNSELING The credit counseling service one calls should be selected carefully since MANY OF THEM ARE SCAMS. A good credit counseling service should sit down with you IN PERSON (if you have to call an out of state place at an 800 number, you might be making a mistake!), look at your income and expenses, help you fashion a workable budget, & then contact all of your unsecured creditors & negotiate lower balances & interest rates. Then, you pay one monthly payment to the credit counseling service that they then distribute to each of the unsecured creditors. Ideally you become debt-free in 3 to 5 yrs. If the credit counseling service bad-mouths other debt reduction alternatives (i.e. if they say something like "bankruptcy is a 10 year mistake" or other such rhetoric), then they may not really be concerned with what course of action is in your best interest but rather they just want to sell you their product. If they don't seem open-minded to every possibility that might make your life better, find another credit counseling agency. If the credit counseling service suggests you see a bankruptcy attorney, or if the payment amount they come up with is too high, then bankruptcy may be a good option.

DEBT SETTLEMENT Another option to deal with debt is to try settling it. Many people use an attorney for this since there are many pitfalls to debt settlement (more than I can cover here). One catch with debt settlement is that you usually need cash to do it. If you can come up with cash (i.e. from a home refinance, tax refund check, or loan from a relative, for example), then one can frequently settle his or her unsecured debts for around 30 to 60% of the balances. One normally contacts his or her creditors IN WRITING and offers a cash settlement of maybe 15% of the balances, & then negotiates with the creditors until each creditor agrees IN WRITING to accept a certain amount of money to forgive the rest of the debt so long as the settlement amount is received by a certain date. Then, the person mails the agreed-upon amount to each creditor, by certified mail, return receipt requested (so the person can prove that each creditor received the settlement funds timely), and then the debts are gone. Sending cash is a BAD idea, the payment needs to be a check or in some other form that you can prove they got. NOT getting the agreement in writing prior to sending money or not BEING SURE you can get the money to the creditor by the agreed upon deadline are BIG mistakes. it is advisable to use an attorney.

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The lis pendens is usually filed at the beginning of the foreclosure lawsuit. If you don't answer the foreclosure complaint, a default judgment will be entered against you, and foreclosure will take place in about 90 days. If you answer the lawsuit, the foreclosure can take a year or more to occur.

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That means a lender has executed a purchase and sale contract on a property it owns by foreclosure and a sale is pending.

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When a foreclosure is conducted according to law, the debtor's right of redemption is forever barred by the foreclosure. That means the debtor has lost the title to the property and the lender is the new owner. That phrase is also used when a municipality takes possession of a property for non-payment of real estate taxes through a judicial process. The final court decree in a tax title case forever bars the delinquent owner's right of redemption by reason of the tax foreclosure.

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Resume Edge, a consulting group that rewrites resumes and letters for job hunters, recommends that you send a follow-up note about three weeks after submitting a resume. See the link to the right for their "how to write a follow-up" advice and a sample.

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The Redemption period in Kansas is 3-12 months after the foreclosure, depending on the amount of money (as a percentage) that has been applied to the principal balance. To redeem and sell after the foreclosure, the borrower has to re- pay the amount of the highest bid at Sheriff's Sale-- in addition to applicable interest and other fees. Many times, that offers a nice opportunity for both sellers (to walk away with cash and salvage a bad situation) and buyers (to purchase under the market prior to the home becoming property of the bank).

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• No, the foreclosure will stay on your credit report for 7 years. After you will probably have to request it be removed by submitting a written request to the three major credit reporting agencies.
• I lost my job, and had to sell my house. My lender filed a petition of foreclosure on my house the same time I sold it. The house was paid off before any foreclosure was done. But it still shows on my credit report. Now I can't get a mortgage loan to buy another house. What can I do? "...the lender filed foreclosure at the same time I sold it...What can I do?"
• Since foreclosure proceedings were actually filed against you, their appearance on your credit report is correct. This type of information is supposed to show. This is what credit reports are all about. There is no legitimate way to have such information removed.
• All legal proceedings are public records, open for viewing at the courthouse, thus available to anyone who searches. So even a gimmick method of credit report would only yield temporary results. There are existing safe-guards which ensure that this type of information is reported for its' full time period, which is 7 years from date of filing.
• Instead of spinning your wheels at this hopeless endeavor; why not educate yourself on the reality of finances and credit. Re-build your savings and credit. In a few years, you will still have the foreclosure showing, but you will also have a record of efforts to recover from this disastrous financial and legal event.
• 1) There is a difference between a bank filing a foreclosure suit, and actually having your house foreclosed.
• 2) If you sold the house before a foreclosure judgment was made final in court you were not foreclosed on.
• 3) Go to your county courthouse and get a copy of your cases dismissal. If one was not filed by your old mortgage company, get them to file it. (They are obligated to dismiss it after they've received payment)
• 4) After you get a copy of the dismissal, contact all major credit reporting bureaus, and dispute your credit profile by reporting the negative entries on your credit report as inaccurate (because they are).
• 5) The Credit reporting agencies will validate your information with your old lender, after a few weeks, the will let you know the outcome of your dispute. If the old bank does not modify the information, then send the copies of the dismissal to the credit reporting agencies, and have them notate the inaccuracies right into your report.

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Yes. There are generally 3 ways to halt or postpone the sale:

1) File bankruptcy

2) Negotiate with the lender for a postponement. This is usually done to allow time to work on a loan modification.

3) Take legal action against the lender. If you have legal basis, you may file suit or complaint against the lender for fraud, breach of contract or procedural errors that would cause the sale to be postponed.

Remember that unless you will ultimately be able to afford the home, these are merely going to postpone the inevitable. If you are trying to buy time in the home these methods may work, but may further damage your credit (additional late payments reporting). There have been cases where borrowers negotiated with their lender for postponements repeatedly and successfully for over a year, sometimes 2 or more.

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== Foreclosure loans== Beware of this situation: You can't pay your mortgage and face foreclosure. A "lender" contacts you, offering help. First, the lender requires you deed the property to him, claiming this is a temporary safety measure to prevent foreclosure. Once the lender has the deed, he owns your property. He can borrow against it or sell it to someone else. The lender can treat you as a tenant, using the mortgage payments as rent. Once you default on the payments, the lender can evict you from your own home. More opinions from FAQ Farmers: * What most homeowners do not realize is that there are government and private programs available to resolve their situation - with no need to obtain a new loan - and no need to have excellent credit. These solutions often cost much less than obtaining a new loan.

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Generally no, all the owners of a property (and in many states their spouses) must sign a deed of trust or mortgage. The purpose of the mortgage is to give the lender the authority to take possession of the property by foreclosure in case of a default. When all the owners haven't signed, it's usually because someone (at a bank, title company or law firm) has made an error.

If a mortgagor defaults following a properly executed mortgage, the lender can take possession of the property by foreclosure and sell it. If all the owners (and spouses in some states) didn't sign the mortgage then the lender can take only the interest of the owner who did sign the mortgage and cannot take the interest of the owner who did not. Therefore, the lender could not take 100% ownership or possession of the property by foreclosure because it has no claim to the non-mortgagor's interest.

However, remember that what we typically call a "mortgage" involves TWO legal documents, a promissory note AND a recorded document called either a "deed of trust" or "mortgage" depending on state law. It is the promissory note which obligates the borrowers to repay the debt, not the recorded deed of trust or mortgage. The deed of trust/mortgage is the consent by the OWNERS of the property to use that property as collateral for the loan. The borrowers signing the note and the owners ("mortgagors") signing the mortgage do not have to be the same people (although in residential mortgages there is usually at least one person who is both a note borrower AND a mortgagor). It is not always possible to determine from the recorded mortgage who is responsible for the repayment of the note

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To me this is a pretty easy no. Once you get the report I would dispute it and make the bureau prove that your mom filed bankruptcy. They will not be able to so it will have to be removed. It sounds like the mortgage company got wind of the bankruptcy and told the bureaus that all of the owners of the house filed for bankruptcy.

Are the co-owners married? If not, then the bankruptcy effects the owner to the extent that she (he, it) will need to get clear title since it cannot be sold unless the title (deed) gets cleared. Anyone out there knows what needs to be done?

If two people own a house and one files bankruptcy - the bankruptcy can affect the other owner. First, if the house were to be sold or refinanced - the title company or lawyer (depending upon where you live) will search the local courts, where the bankruptcy procedures would be found. As long as the courts don't file an order that the house must be sold or anything like that then title company/lawyer will wait until the bankruptcy is discharged before proceeding.

The way the deed is titled defines how real property is held and how it can be subjected to division or protection under bankruptcy laws or judgments. Every state has what is known as a homestead exemption, in the majority of bankruptcy cases this will protect property that is used as a primary residence. It is important however to know how the state of residency laws apply to joint ownership especially a "JTWRS" as opposed to a "TIC".

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== == You can only receive DPA through FHA, and not conventional. HUD repos only require 100 bucks down

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Banks can foreclose in as short as 90 calendar days.

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I don't know anything about 529 plans, and I can't cite any law or cases, but it has been my experience - in Southern Indiana at least - that trustees don't usually pursue joint accounts with balances in excess of the exemption limit IF the accounts were not funded by the debtor. In other words, if a debtor has a joint account with a child with a $5,000.00 balance, and Indiana only allows a debtor to have at most $100.00 in cash exemption, then if the debtor can show that the account was funded by the child's grandparent and that the debtor's name is on the account solely as a custian for the child, then the trustees usually do not pursue the funds. If however the debtor funded the account, trustees do normally pursue the funds. If trustees didn't pursue the debtor-funded accounts, then any person who knows they're going to file bankruptcy and who has more cash than bankruptcy allows them to keep would simply open an account in their child's name and dump all of the cash into it.

Another possibility: I haven't had this happen, so I don't know for sure and I am doubtful that it would work, but trustees may let you keep a debtor-funded joint account IF the account was funded long enough ago to convince the trustee that title to the funds did pass exclusively to the child and the debtor could not have done it in anticipation of bankruptcy because it was so long ago (more than a year ago at least). I don't know if this would work or not, but by analogy, debtors may put money into their own exemptable retirement plans and it's safe (in Indiana at least) as long as the retirement plans were funded more than 1 year before the bankruptcy filing (since this is the amount of time Indiana decided was long enough ago that the debtor didn't dump cash into the retirement fund in anticipation of bankruptcy). My overall thoughts are that how each district handles this question probably varies widely from district to district, so it would be a good idea to consult an attorney in your area.

Please note that nothing in this posting or in any other posting constitutes legal advice; this is simply my understanding of the facts, which I do not warrant, and I am not suggesting any course of action or inaction to any person.

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If you do not get another policy the mortgage company will procure its own policy which will only cover your home. The policy covers the bank's interest, not yours. For example, if your home burns down, the "forced placed policy" will not cover any damage to your contents.