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July 22, 2008
Deed in Lieu of Foreclosure is a powerful tool when properly used.
Deed in lieu of foreclosure is a legal document which allows Borrowers to transfer all interest of their property to their lender. Individuals facing foreclosure are able to utilize deed in lieu of foreclosure to stop foreclosure proceedings and return their real estate to the bank.
The main advantage to deed in lieu of foreclosure is it allows the Borrower to immediately be released from their mortgage debt. In essence, the Borrower hands over the keys to their lender and walks away from the house. Deed in lieu of foreclosure is relatively quick and less traumatic than the foreclosure process. Additionally, deed in lieu of foreclosure is usually less damaging to the Borrower's credit.
July 03, 2008
Avoid Bankruptcy
People should avoid bankruptcy whenever possible. It is a life-altering experience that affects a person's credit history for years and can bankrupt emotions and self-confidence for a lifetime. Most people believe bankruptcy can wipe their financial slate clean. However, few people realize the underlying consequences and negativity associated with the bankruptcy process.
Options are available to avoid bankruptcy. One of the most efficient options is debt consolidation. Using debt consolidation to avoid bankruptcy can reduce owed debt by 40- to 60-percent and help individuals obtain a clean credit report once outstanding debts are paid in full.
Real Estate Investing article on "Avoid Bankruptcy"
March 01, 2008
Chapter 13 Bankruptcy may not be the right option.
Chapter 13 Bankruptcy is the most common type of bankruptcy filed in the United States. Also known as Wage Earner's Plan, Chapter 13 allows individuals to retain their possessions and repay their debts over a period of three to five years.
Individuals facing foreclosure oftentimes file Chapter 13 Bankruptcy in an effort to save their home. Filing Chapter 13 can stop foreclosure proceedings; however, the individual must continue making mortgage payments in a timely fashion.
Real Estate Investing article on "Chapter 13 Bankruptcy may not be the right option."
