As most of us know, Nolo.com is the best Website for consumer and small business USA legal information. Nolo’s lawyers-writers-editors are the best. Nolo.com covers everything from starting a business, employment, real estate, intellectual property, immigration, family law, tax, estate planning, bankruptcy, credit law and foreclosures.
Steve Elias has been writing about legal and consumer financial issues for Nolo.com for nearly thirty years. He has been covering the recent legal and ecomomic changes that folks face, including credit, bankruptcy and foreclosure issues. Steve is currently blogging (with Albin Renauer – Go Blue!) on Nolo’s Bankruptcy & Foreclosure Blog, covering the latest issues, as well as legislation on bankruptcy and foreclosure. He also blogs on The Law Reform Soapbox.
Nolo.com also has put together the Property & Money Resource Center with loads of legal and consumer content from Steve and the other Nolo editors. This resource center includes specific sections with articles & FAQs on Foreclosure, Credit Repair & Debt, Bankruptcy and Social Security & Retirement. The Property & Money Resource Center is constantly being updated with the latest information.
Steve has written a new book on foreclosures, appropriately called the The Foreclosure Survival Guide (on Nolo.com the book costs $14.99, and the immediately downloadable ebook pdf costs $12.99, you can also get the book on Amazon and BarnesandNoble.com). The Foreclosure Survival Guide has information on mortgages, including adjustable rate mortgages (ARMs), short sales, deeds in lieu of foreclosure, judicial and non-judicial foreclosure, credit counseling, liens, and using bankruptcy to deal with foreclosure.
Steve goes into much more detail in his book, but here is some information from his book about nonprofit counselors that may be able to help:
Nonprofit Housing Counselors (from Chapter 10 – Resources Beyond the Book)
I strongly suggest that you find a nonprofit housing counseling agency. The counselors there can help you assess your mortgage situation and, if possible, negotiate a solution with your lender that will keep you in your house. Lenders–which suffer economically from foreclosures and benefit if something can be worked out–are the main source of funds for these agencies. (see Ch. 4 [of The Foreclosure Survival Guide] for an in-depth discussion of finding and working with a nonprofit housing counselor.)
- The Federal Department of Housing and Urban Development (HUD) has a list of approved counselors. You can find a hud-approved agency at www.hud.gov/foreclosure/index.cfm or by calling 800-569-4287.
- The Homeownership Preservation Foundation website, www.995hope.org, offers free online counseling, among other things. or you can call 888-995-HOPE and talk with someone.
- The Homeownership Crisis Resource Center, www.housinghelpnow.org, will link you up with a local nonprofit foreclosure prevention specialist who may or may not be hud approved.
- The National Foundation for Credit Counseling will get you to a nonprofit counselor (typically HUD approved) through its toll-free hotline, 866-557-2227.
The foreclosure problems have been going on for a while and could get much worse if something is not done by the lenders and government (who will soon own large stakes in the lenders). As it is in the best interest of the lenders and the neighborhoods to try to keep people in their homes to reduce the number of foreclosures and vacant units, there needs to be something done to revalue some of these loans. We will see what Congress, President Bush and then President ??? do. And then there is the US and world economy as a whole… we will see.
For those facing credit issues, foreclosure or possible bankruptcy, check out Nolo’s Property & Money Resource Center for very helpful consumer information. For those facing foreclosure, falling behind on their payments, or just need help with paying their mortgages, check out The Foreclosure Survival Guide. The table of contents of The Foreclosure Survival Guide is in the extended entry of this post.
The Foreclosure Survival Guide – Table of Contents
|1 Foreclosure: The Big Picture|
|What to Expect||6|
|Your Options: An Overview||6|
|How You Can Stay in Your House Payment Free||17|
|Why Foreclosure Doesn’t Have to Be So Bad||18|
|Don’t Get Scammed by a Foreclosure “Rescue” Company||18|
|2 Foreclosure Nuts and Bolts|
|How Much Time You’ll Have to Respond||26|
|In or Out of Court?||28|
|After the Foreclosure?||36|
|3 Can You Keep Your House? Should You?|
|The Emotional Part of Foreclosure||40|
|The Economics of Foreclosure: What You Need to Know||45|
|When It Makes Sense to Keep Your House||52|
|When It Makes Sense to Give up Your House||54|
|4 Negotiating a Workout|
|Do You Have Enough Time to Negotiate?||59|
|Working With a Nonprofit Housing Counselor||61|
|Basic Workout Options||69|
|Workouts for Government-Backed Mortgages||74|
|Special Protections for Service Members on Active Duty||76|
|5 How Chapter 13 Bankruptcy Can|
|Using Chapter 13 to Keep Your House||81|
|Using Chapter 13 to Delay Foreclosure||90|
|Coming Up With a Repayment Plan||91|
|An Overview of the Chapter 13 Bankruptcy Process||93|
|Will You Need a Lawyer?||96|
|6 How Chapter 7 Bankruptcy Can|
|How Chapter 7 Bankruptcy Helps You||101|
|Using Chapter 7 Bankruptcy to Keep Your House||103|
|Using Chapter 7 Bankruptcy to Delay a Foreclosure Sale||109|
|The Chapter 7 Bankruptcy Process: An Overview||115|
|Do You Qualify for Chapter 7 Bankruptcy?||116|
|Will You Need a Lawyer?||119|
|7 Fighting Foreclosure in Court|
|How Long Can You Delay the Sale of Your House?||123|
|When It May Be Worth Fighting||125|
|How to Fight a Foreclosure||139|
|8 If You Decide to Leave Your House|
|Let the Foreclosure Proceed||149|
|Sell the House in a Short Sale||152|
|Offer the Lender a Deed in Lieu of Foreclosure||160|
|Avoiding Deficiency Judgments||161|
|Income Tax Liability for Deficiencies||162|
|9 How Long Can You Stay in Your House for Free?|
|When You Miss Your First Payment||167|
|After You Receive a Formal Notice of Intent to Foreclose||168|
|After the Sale||172|
|After You Get a Notice to Leave||174|
|10 Resources Beyond the Book|
|Nonprofit Housing Counselors||178|
|Real Estate Brokers||179|
|Bankruptcy Petition Preparers||187|
|Looking Up Foreclosure Statutes||191|
|Appendix State Information|
|District of Columbia||228|