I have not been able to pay my house for the past six months, it went into foreclosure and know I got to pay Property Taxes but I dont have the money either. Could all of this affexct my ability to get my citizenship.

One thing that immigration looks into is
that once the process is started you wont
be a burden in society or ask for food
stamps, they want to know that theyre
giving citizenship to hardworking people
File your taxes on time and you shouldnt
have that much of a problem. Now your
credit is another thing, once youre a
citizen then you have to worry about
the foreclosure and your payments that
really doesnt help you, I dont know what
state your from but here in texas you
miss 2 payments and youre outta there
so youre lucky you got 6 months.

I keep seeing in the news that foreclosure's are up XX% in the last year. What they never say is what the foreclosure rate actually is. I mean if it's up to 4% from 3%, that's a dramatic 33% increase, but it also means that there are still 96% of people still paying their mortgages.

I just want to know what the real number is.

The article I read today said that 1 in 538 mortgages are in the foreclosure process…

So, 0.2% or so. This is an almost 100% increase from last year. Some regional markets are disasters with up to 5% of houses in foreclosure (Stockton, CA is one example).

The news makes it sound a lot more scary, no?

good luck!

My husband and I are looking at a possible forclosure. He wants to give the house up. I want to keep it. We have enough money to make payments now, but he wont agree to pay the mortgage company. Our relationship is already on very shakey ground and in danger of collapse. My concern is if we split, how will a foreclosure affect my ability to find a place to live, get a job, buy a car, or just get credit? He is the one with the income, I have been a stay-at-home mom for 22 years.

WOW, are you in a pickle !!! Now, I am assuming you and your husband are both on the note and you are in a community property state and have co-mingled your funds without a prenuptial agreement. As most of us have done !!!

In short, you and your husband are equally liable for any and all debts and are entitled to half of any and all assets. (1) Call a Reputable Broker/Agent ask for a CMA or a Comparable Market Analysis. Most do this for FREE (hoping you list with them) (2) call your bank request a "30 day pay-off" and ask them to mail you a "hardship package" , (a knowledgeable agent can do this for you, but you can do it yourself). You really need to know these details and how much if any equity you have in the house before you can make a good decision !!

NEGOTIATE with your bank/lender BEFORE its too LATE!

In addition, you may want to do what it takes to STOP the foreclosure !! Contact a Bankruptcy attorney, and maybe even a divorce/family attorney for a confidential consultation —-your husband may be in shock when he finds out that he MAY be "OBLIGATED" to pay you child support and/or alimony maybe even equal to or MORE than the current house payment, for a certain period of time to allow you to get a job or learn a trade or other means of producing your own income.
- Time is of the essence – Now is the time to muster ALL your strength and take a stand -

I purchased a foreclosure in June 2008. I know the Foreclosure Prevention Act underwent many revisions. Does anyone know if the final version which the President is expected to sign still includes the provision for the $7000 tax credit for the purchase of owner occupied foreclosed homes? I am not a first time homebuyer.

I had the same question as I also bought a foreclosure this year. I think this morphed into the $7500 credit for all first time home buyers (not a homeowner within 3 years). However, it has to be paid back to the gov't with 15 yrs, ie, $500/yr.

This is the forum where I got the info.

http://forum.dvdtalk.com/showpost.php?p=8836174&postcount=47

Can you explain the process of shorting on a foreclosure? How do the negotiations work with the lien holders? What would be a normal offer for a foreclosure property (as a percent of retail value)? Thanks, first best answer gets my ten points.

First I do not know whether you are looking to sell or buy.

I have assisted with many short sales. From the buyers perspective you must asses the value and make an offer to the lending institution prior to the process of foreclosure.

You need to know that the home-owner is struggling before they go into foreclosure.

You then negotiate the price with the lender and the seller. getting the lender to take less than the seller owes.

Most generally this is only accomplished if the seller owes more than the property is worth.

You will need cash or a verified line of credit as the lender will not likely loan on the same property again.

I have linked to an article below that is pretty complete.

Single family is harder as it is a smaller portion of the total assets of the lender. Large multi-family and commercial is easier because the lender is out so much money and they are restricted in how much they can loan based on the amount of bad loans they have. Federal law restricts lending institutions from lending more than a certain percentage of good assets.

Often in larger acquisitions you can expect to purchase for as much as 20% less than owed.

Occasionally more depending on the properties condition and other facts.

Wasn’t the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?

The FHA has a loan program you an try to qualify for, although the requirements and terms make foreclosure seem the more beneficial resolution to your situation.

1. You have to show that you can not afford the payments.
2. Your mortgage-to-income ratio must be below 31% of your gross income.
3. Your tax statements must be used to qualify you for the new loan. If you had a stated income loan before, you probably won’t qualify.
4. Any second mortgage must be paid off before the FHA will refinance.
5. You must have a down payment of at least 3.2% of the new loan.
6. Your new interest rate may be .25-.50% below the norm, but you must pay a 1.5% insurance fee, which could raise the costs.
7. If you sell in the next 5 years, you have to split any proceeds with the FHA (up to 90% would go to the FHA).
8. This can only apply to your primary residence.
9. The max loan amount is based on the current market value of your home; your bank must be willing to write down the mortgage if you are underwater.

That’s the best the government can do. It’s quite a bit worse than a regular foreclosure loan or a hard money loan. But if you want to give it a try, contact the FHA. In the meantime, it would make sense to work on other solutions, too, and not trust solely in the government.

Good luck.
ForeclosureFish

I’m interested in applying for a department store credit card like Carsons, Target, Wal-Mart, etc. However, my credit is not all that great right now but I would like a chance to RE-BUILD it. Does anyone have any experience with getting a department store credit card but you had bad credit? I appreciate and thank-you guys in advance for your kind answers and intelligent business advice.

It depends on whether or not you have unpaid bills on your report. If you do, it will be hard to convince a credit card company that you’re going to pay them.

You might try local merchants such as American Eagle, or a jewelry store. They’re pretty easy to get.

Man. My company ran out of buisness long time ago, and I need about $1000 quick cash, but my credit is bad. After all research, the only option I have seems OrchardBank. How much credit line do they offer to someone with real bad credit under 520?

The average is a $200-300 credit limit. And they will probably charge you about $70 annual fee which they will deduct from your credit line right away.

I'm looking to rebuild my credit, and a credit card seems to be the most popular way to get it done. I have had bad credit, and am now told that it is up to zero. What kind of card can I get, or can I even get one?

Might want to try checking your SPAM inbox. We seem to get tons of these emails of companies that will help rebuild bad or no credit w/a credit card.

I have only owned old cars that were passed on to me by my father. I have never actually went to a dealership and bought a car before. I feel trapped! The car I have now is falling apart! My parents and friends eathier have no credit or bad credit, but mostly just bad credit. So there is no way I can get a co-signer! I called a credit union today and they also said they couldn't help me. So I am confused. My father has purchased all of his cars through a credit union… Can someone please help me?!
& yes, Kia rejected me also!

You need a buy here pay here lot, or try J D Byrider-they finance almost anyone.