With new Loan Modification Program of Obama, homeowners now are worried and feel that there are not helped with this law.
They are worried about how long they could stay in their house and their ordeal on being forced out to leave their house.
You have to know that you can stay in your house before foreclosure without paying.
These foreclosure and mortgages policies differ from one state to another or from one country to another country.
But the basic policy is same wherever you are: that after you begin to miss monthly payments, you will be allowed specific period of time to settle your accounts.
If you still fail to do so, your creditor can file for a foreclosure against your property.
Normally, you will be given 30 days to answer the foreclosure notice.
Issues like if there is mortgage after bankruptcy comes up and have to be answered.
Actually, foreclosure can help you save money because these legal procedures which includes foreclosures, will take several months because many houses are not sold at auctions.
And while the foreclosure proceedings are going on, and the house is still vacant and failed to sell at an auction, you do not have to transfer or leave the house, or even make payments.
Thus, there is no exact time or period to say for how long you can stay.
If you pay no attention to this notice, the judge will give the property for sale in your local property auction and you will be given a number of days to move out.
But as long as the house has not been sold yet, you can stay in the house.
Will you be able to get a mortgage after bankruptcy? The answer is yes.
There are cases when a mortgage can be acquired a day after filing for a bankruptcy if you can afford to make a 15% down payment and you are not in a debt counseling programs.
But most of the banks will require you to wait after 3 years to apply again for a mortgage.
These banks also charge you with a higher interest fees and you will need a down payment.
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In a world of competitive ventures, there are creditors who can give you another chance.
Others follow the strict 2 to 3 years waiting period.
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But that is already good than nothing at all.
In your end, it is recommended and wise to save money while waiting.
Pay your secured credit cards on time or before time to improve your credit status and rating.
Two or three years will give you enough time to improve your financial standing and plan for a better future with less debts or loans.
Keep your job and the same job.
Job hopping will give a negative impressive to creditors while being on the same job will give them better impression.
By showing that you can be trusted with borrowed money, that you are stable and secured are good signs to get a mortgage after bankruptcy.
Surely, there is better life after bankruptcy.
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Just be wise and learn lesson from it.