We've all heard the reports. Americans are losing their homes in record numbers, and the housing crisis seems unlikely to subside anytime soon. Foreclosures affect all kinds of people and all kinds of properties. Many people faced with foreclosure feel helpless and resigned to giving up their homes without even trying to save them.Read more...
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We've all heard the reports. Americans are losing their homes in record numbers, and the housing crisis seems unlikely to subside anytime soon. Foreclosures affect all kinds of people and all kinds of properties. Many people faced with foreclosure feel helpless and resigned to giving up their homes without even trying to save them. The good news is that with the right advice, homeowners can take control of the situation, avoid foreclosure proceedings, and even protect their credit. Lloyd Segal, mortgage banker, attorney, and real estate investor has spent the last twenty-five years helping homeowners save their houses. In "Stop Foreclosure Now," he shows readers how to:
develop a plan to delay or stop foreclosure - understand the documents involved - negotiate with their lender - use the courts to stop foreclosure and bankruptcy - arrange to refinance their property - sell their property quickly - use military status to stop foreclosure - understand foreclosure laws in all 50 states
Timely and indispensable, this guide will help anyone survive the housing crisis and preserve their most important investment.
Putting your house in order
If you're facing foreclosure, pick up a copy of Stop Foreclosure Now, by attorney and mortgage expert Lloyd Segal. Lloyd self-published Stop Foreclosure Now in 2007 with considerable success; AMACOM recently issued a paperback edition. For less than $20, the book is a wealth of information on the foreclosure process, walking the reader through every detail. Early on, Segal advises the reader not to panic because foreclosure is a lengthy process that can take anywhere from three months (in nonjudicial foreclosures) to two years to complete. He urges homeowners to use that time to figure out whether it's better to try to keep the property or lose it. There's a lengthy section on refinancing as well as a chapter devoted to members of the military on active duty who are legally protected from foreclosure and may actually be entitled to a lower interest rate. Foreclosure is complicated and while Segal argues that a homeowner can handle the process, the wiser move still seems to be hiring an attorney to help you navigate the system.