Having to file for bankruptcy is not a walk in the park or a fun thing to do. It is a long process and usually occurs after months and even years of hardship. Constant struggle with debt, trying to pay bills, trying to improve income, or whatever other reasons have occurred that led to this point. The process isn’t impossible to do on your own, however hiring a lawyer to make sure its don’t correctly would not be a bad idea. Another thing you should consider is how you will recover. Bankruptcy is a way of starting over, or at the least trying to start over. First you have to try and improve your financial situation, mainly income versus cost. If you file for bankruptcy and your cost are still greater than your income then you have a serious problem. Hopefully its not long after you file for bankruptcy that you are able to start the road to recovery, managing to pay your regular bills on time and even start saving. Eventually, and especially after you are out of debt, you want to try and re-establish your credit. This is very important; unfortunately it is also very difficult to do. You can start out with a low balance credit card, if you can get approved for one, use it on some cheap items, and pay the card on time. This process could take a year or even longer until your credit is repaired. Another idea is to use a credit repair company. They do all the work for you and within 6 months your credit will be fixed.

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Although the process of foreclosure varies from one state to another, there is still that common ground. Any homeowner can get affected by property foreclosure and it’s serious enough for people to dread it. Just as it is a loss for homeowner, the same thing goes for lenders. The following processes reflect why some properties are foreclosed. The main cause of property foreclosure is failure to settle loan payments. Though banks will not foreclose a property following one missed payment, homeowners are required to settle their dues within a specified grace period. If the homeowner fails to settle the second payment, then they are contacted. If the borrower can settle two missed payments as agreed with the bank then everything’s settled. However, failure to do so triggers the foreclosure. The procedures usually begin after missing the third payment. The mortgage holder will be asked to consent to a power of sale or judicial sale. A judicial sale allows a lender to file a case with the judicial court. The court in turn will send a letter to the borrower demanding settlement of dues. Homeowners are usually given 30 days to answer the letter and settle the payment dues. If the homeowner cannot pay the settlement, property foreclosure takes place. The lender puts the property up for sale in an auction.

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Do I repay any unpaid mortgage on the property that I bought from tax deed auction? The answer to this often-asked question is generally no (though you’ll want to check with the county you’re purchasing property in to be absolutely sure). The property you buy at tax sale will be free and clear once the redemption period is up, and you apply for the deed. If there is no redemption period, then the title will be cleared at or around the time of the tax deed auction. This does not necessarily apply to the tax deed overages, however. Tax deed overages are the amount bid over what was owed in taxes, that is generally held for the owner to collect. If there is a big mortgage on a nice property and not much tax owed, the mortgage company can usually apply for the excess ahead of the owner. That being said, by the time a property makes it all the way to tax sale, it generally doesn’t have a mortgage. That is, properties sold at tax sale are usually free and clear. This is because mortgage companies will come in and bail out the taxes, to prevent the situation above from occurring in the first place. Then they can foreclose and do as they please with the property. So the list of properties sold at tax sale are generally free and clear. What this means for investors is that that list is a golden opportunity to pick up free and clear properties by contacting those owners during the redemption period and buying – often for pennies on the dollar. This is a truly amazing time to pick up properties for next to nothing.

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If you’re looking for a work-at-home opportunity that is open to just about anyone with any education level, working as a finder of mortgage foreclosure overages may be exactly what you need to look into. If you have real estate experience, all the better. But anyone who is willing to work hard an learn can learn this niche business, and the earnings potential is through the roof. What are mortgage foreclosure overages? It’s a pretty simple concept. When a bank forecloses on a property, it’s generally sold at sheriff’s sale. If a bidder bids more for the property than was owed on the mortgage, the excess funds are called “mortgage foreclosure overages.” Laws vary state to state, but in all cases, the owner is entitled to those funds for at least some period of time. However, as you might imagine, these folks aren’t always aware of the funds. In fact, much of the time, they walk away and leave them behind. After a while, the government can seize them, and the owner is out of luck. These owners need a middle man to step in and reunite them with their funds. That’s where you come in. Being a mortgage foreclosure overages finder is a bit different from being the type of money finder that works state funds. First of all, a legal loophole allows you to charge a lot more for your services. Also, there’s not nearly as much competition for these funds as other funds. They’re not publicly advertised, and most money finders don’t even know they exist.

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With tax sale properties, do banks redeem the properties after the auction? The answer to this question is “maybe.” If a property makes it all the way through auction without the bank coming in and paying off the taxes, it’s likely that the records of the mortgage have been lost or misplaced. An accounting/filing error is usually at fault in these cases. Mortgages are often sold and resold and along the way, paperwork can be misfiled. This is not generally the case, but it can happen. That being said, if the mortgage company that owns the mortgage on a tax property is that disorganized, the chances of them figuring out what happened during the (usually 1 year) redemption period are slim to none. The property will likely be lost, and the mortgage wiped clean when the new owner applies for the deed to the property. However, if the mortgage company does figure out what’s going on in time, they can redeem the property and/or reverse the tax sale and foreclose themselves. If there are tax overages (bids over the amount of taxes owed), they can apply for those excess funds as well. In some places, if the owner applies first, they can collect the funds.

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