Posted on 05 30,2015
Your foreclosure can have an immediate effect on your credit score and your ability to obtain another mortgage for a certain amount of time. Your (FICO) credit score is usually the first things a potential lender will look at when applying for a loan.
Posted on 02 28,2015
If you have fallen behind on your mortgage payments and need some time to get back on track, your first step is usually to communicate with your mortgage company and to find out how they can help you. Your lender may be able to help you get your mortgage caught up, perhaps by offering you a forbearance or a loan modification. You can also get free counseling about your options through the government. Click here for a list of HUD-approved nonprofit housing counselors in Virginia.
Posted on 10 30,2014
When it comes to filing for bankruptcy, people often like to weigh their options, alternatives, and the pros and cons of their choice. However, in some cases, there is no time to go through this process. If you find yourself facing a serious situation, you may need to file emergency bankruptcy to get an automatic stay put in place right away. If you do not have time to waste on filing the majority of bankruptcy forms and need a stay put in place as soon as possible, you may be able to pursue an emergency bankruptcy.
Posted on 09 20,2013
Before jumping into any financial decision, it is always a good idea to consider all of your options and make sure it is the best for you or your family. The same is true of bankruptcy. While it can be extremely beneficial for many people, it is not always the perfect solution for everyone. Below we have listed some of the various questions to ask yourself before filing for bankruptcy.
Posted on 05 22,2013
The moment an individual files for bankruptcy protection, regardless of whether they are filing for Chapter 7 or Chapter 13, the bankruptcy court will issue an automatic stay. An automatic stay is a temporary injunction which serves to prevent creditors, lenders, or any other third party collection agencies, from continuing their efforts to collect on your debts. When an automatic stay is issued, all creditor phone calls, written notices, lawsuits, repossession efforts, and foreclosure proceedings, must cease at once. The purpose for issuing an automatic stay is to protect you, as the debtor, and allow you a little breathing room to be able to figure out a repayment plan and/or begin taking steps towards rebuilding your financial future.
Posted on 05 15,2013
There are many reasons why an individual may find themselves in need of bankruptcy protection. A divorce, unanticipated medical expenses, the loss of a job or significant source of income, and the overextension of your credit, could all lead to extreme emotional and financial hardship. The key is to be aware of your financial situation and be able to recognize some of the telltale signs you could be heading towards bankruptcy.
Posted on 03 23,2013
According to information collected by the American Bankruptcy Institute, there were approximately 1.2 million bankruptcies filed in the United States during 2012. While that figure is quite large, it is still about 200,000 fewer bankruptcy filings than the year before. Experts predict that the decline in bankruptcy filings will continue through 2012 as well. Unfortunately, this decline did not carry through into foreclosures in Virginia Beach, VA. Reports show that nearly one out of every 81 homes in Virginia Beach, one out of every 80 homes in Norfolk and one out of every 88 homes in Newport News, were facing foreclosure in 2012.