Arizona Short Sale Help. Stop Foreclosure Fast With SellQuickForCash.com

Do You Need Help With You Arizona Short Sale? SellQuickForCash.com Specializes In The Arizona Short Sale Process And Can Help You Avoid Foreclosure And Short Sale Your Home!

Arizona Short Sale Help - Stop Arizona Foreclosure Fast With SellQuickForCash.com

WHAT IS A SHORT SALE?

A Real Estate Short Sale refers to a lender(s) accepting a sales price that is less than what is currently owed plus all related sales expenses. So basically, a potential buyer can make an offer on the home for thousands less than what is currently owed, and get it accepted by the bank! This is common in a declining housing market and can be a win-win for both the bank and the homeowner. Home sellers should consider a Short Sale in Arizona when the value of their home is LESS than the amount of their outstanding loans. For example, if your home is worth $225,000 but you have a loan of $250,000 then a short sale is a consideration. Normally a bank will begin to look at the short sale option only if the homeowner is behind on payments and begins to face foreclosure, but not always. In rare instances, the bank will still accept a short sale if the mortgage payments are current.

The process to end up choosing an Arizona Short Sale option typically works like this:

• The homeowner(s) begin to miss payments
• The lender(s) try to arrange a repayment plan
• The repayment plan fails or is never attempted and the bank mentions a short sale

ARIZONA SHORT SALE HELP!

Now, if you do not have to sell your home, you could wait out the market and hope for a turnaround in real estate values. However, if you do have to sell your home you basically have three options. First, you can bring cash to the table. In today's declining real estate market and using the example above, you would sell your home for $225,000 and pay another $25,000 to the lender out of your pocket to pay off the loan on your property. This does not include other selling costs such as closing costs, real estate commissions, taxes etc. Second, you could let the home go into foreclosure. The lender will go through the Arizona Foreclosure Process, force you out of your home and then auction it off to the highest bidder at a foreclosure or Trustee's auction. The third and best option is to pursue a short sale.

LET US APPLY FOR THE JOB!

http://www.sellquickforcash.com/realestateshortsale.htm has a team of highly trained short sale experts who have established fantastic relationships with most banks. We will handle your short sale transaction for you giving you the peace of mind you are searching for. The Arizona Short Sale process is NOT a "do it yourself" project. To successfully negotiate a short sale with a bank takes an experienced and highly trained real estate agent as well as a skilled negotiator. Our advanced process is extremely organized and we conduct these short sales in the quickest time possible relieving you of the fear of foreclosure! We are Arizona's Most Experienced Short Sale and Foreclosure Experts!

We Are A Member Of The BBB. We Have Many Referrals. We Are A Team Of Specialists That All Work On Your File!

CALL 602-626-3598

OR GO TO

http://www.sellquickforcash.com/shortsale.htm NOW!

April 2008 Foreclosure Rates Reach Record Highs. SellQuickForCash.com Provides Solutions To Stop Foreclosure Fast!

243,353 Foreclosures Filled Nationwide In April 2008

In April, one in every 519 American households received either a default notice, bank repossession or auction sale notice, according to RealtyTrac's U.S. Foreclosure Market Report. With foreclosure filings up 65 percent from a year ago, SellQuickForCash.com takes a look at which ten states had the highest foreclosure rates.

Top 10 State Foreclosure Fillings In April 2008

1. Nevada - One In Every 246 Housholds Recieved A Foreclosure Notice
2. California - One In Every 204 Housholds Recieved A Foreclosure Notice
3. Arizona - One In Every 224 Housholds Recieved A Foreclosure Notice
4. Florida - One In Every 242 Housholds Recieved A Foreclosure Notice
5. Colorado - One In Every 349 Housholds Recieved A Foreclosure Notice
6. Maryland - One In Every 380 Housholds Recieved A Foreclosure Notice
7. Georgia - One In Every 422 Housholds Recieved A Foreclosure Notice
8. Ohio - One In Every 432 Housholds Recieved A Foreclosure Notice
9. Michigan - One In Every 440 Housholds Recieved A Foreclosure Notice
10. Massachusetts - One In Every 539 Housholds Recieved A Foreclosure Notice
    

Arizona Foreclosure activity in April increased 26 percent from the previous month and 181 percent from April 2007, helping to bump the state's foreclosure rate up to third highest among the states. Foreclosure filings were reported on 11,620 Arizona properties in March, one in every 224 total households. (Source: RealtyTrac.)

It is obvious to us that the number of homeowners that need a REAL SOLUTION to stop foreclosure is rising and the housing market is still declining

SellQuickForCash.com has the resources and team in place to handle any housing / financial situation. We Are Arizona Short Sale Experts! Our team of specialists are highly educated on Arizona's foreclosure laws as well as the Foreclosure Process. Arizona Short Sales (http://www.sellquickforcash.com/shortsale.htm) are our specialty and we offer a no-hassle, quick close without Realtors and the fees associated with a traditional sale. We pay cash for houses fast in the Phoenix - Metro market. We buy both nice and ugly homes and we can close within 3 days, sometimes faster or slower, depending on your financial needs. We are Arizona's #1 "Cash For Houses" homebuyer dedicated to helping families in their time of need.

http://www.SellQuickForCash.com/

INFO@SELLQUICKFORCASH.COM

602-626-3598

Foreclosure Scams To Avoid. SellQuickForCash.com Educates You On These Threats!

Foreclosure Rescue Scams: Another Potential Stress For Homeowners In Distress. SellQuickForCash.com Educates You On These Threats So You Can Protect Your Family!

The possibility of losing your home to foreclosure can be terrifying. The reality that scam artists are preying on the vulnerability of desperate homeowners is equally frightening. Many so-called foreclosure rescue companies or foreclosure assistance firms claim they can help you save your home. Some are brazen enough to offer a money-back guarantee. Unfortunately, once most of these foreclosure fraudsters take your money, they leave you much the worse for wear.

Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief and then fail to deliver. Their goal is to make a quick profit through fees or mortgage payments they collect from you, but do not pass on to the lender. Sometimes, they assume ownership of your property by deceiving you, the homeowner. Then, when it’s too late to save your home, they take the property or siphon off the equity. You’ve lost your home to foreclosure despite your best intentions.

If you think you may be facing foreclosure, SellQuickForCash.com wants you to know how to recognize a foreclosure rescue scam. And even if the foreclosure process has already begun, SellQuickForCash.com want you to know that legitimate options are available to help you save your home.

The Following Is Taken From FTC.Gov Facts For Consumers Page:

How the Scams Work

Foreclosure rescue firms use a variety of tactics to find homeowners in distress: Some sift through public foreclosure notices in newspapers and on the Internet or through public files at local government offices, and then send personalized letters to homeowners. Others take a broader approach through ads on the Internet, on television, or in the newspaper, posters on telephone poles, median strips and at bus stops, or flyers or business cards at your front door.

The scam artists use simple and straight-forward messages, like:

• “Stop Foreclosure Now!”
• “We guarantee to stop your foreclosure.”
• “Keep Your Home. We know your home is scheduled to be sold. No Problem!”
• “We have special relationships within many banks that can speed up case approvals.”
• “We Can Save Your Home. Guaranteed. Free Consultation”
• “We Stop Foreclosures everyday. Our team of professionals can stop yours this week!”

Once they have your attention, they use a variety of tactics to get your money:

Phony Counseling or Phantom Help

The scam artist tells you that he can negotiate a deal with your lender to save your house if you pay a fee first. You may be told not to contact your lender, lawyer, or credit counselor, and to let the scam artist handle all the details. Once you pay the fee, the scam artist takes off with your money.

Sometimes, the scam artist insists that you make all mortgage payments directly to him while he negotiates with the lender. In this instance, the scammer may collect a few months of payments before disappearing.

Bait-and-Switch

You think you’re signing documents for a new loan to make your existing mortgage current. This is a trick: you’ve signed documents that surrender the title of your house to the foreclosure scam artist in exchange for a “rescue” loan.

Rent-to-Buy Scheme

You’re told to surrender the title as part of a deal that allows you to remain in your home as a renter, and to buy it back during the next few years. You may be told that surrendering the title will permit a borrower with a better credit rating to secure new financing – and prevent the loss of the home. But the terms of these deals usually are so burdensome that buying back your home becomes impossible. You lose the home, and the scam artist walks off with all or most of your home’s equity. Worse yet, when the new borrower defaults on the loan, you’re evicted.

In a variation, the foreclosure scam artist raises the rent over time to the point that the former homeowner can’t afford it. After missing several rent payments, the renter – the former homeowner – is evicted, leaving the “rescuer” free to sell the house.

In a similar equity-skimming situation, the foreclosure scam artist offers to find a buyer for your home, but only if you sign over the deed and move out. The scam artist promises to pay you a portion of the profit when the home sells. Once you transfer the deed, the scam artist simply rents out the home and pockets the proceeds while your lender proceeds with the foreclosure. In the end, you lose your home – and you’re still responsible for the unpaid mortgage. That’s because transferring the deed does nothing to transfer your mortgage obligation.

Fraudulent foreclosure “rescue” professionals use half truths and outright lies to sell services that promise relief and then fail to deliver.

Bankruptcy Foreclosure

The foreclosure scam artist may promise to negotiate with your lender or to get refinancing on your behalf if you pay a fee up front. Instead of contacting your lender or refinancing your loan, though, the scam artist pockets the fee and files a bankruptcy case in your name – sometimes without your knowledge.

A bankruptcy filing often stops a home foreclosure, but only temporarily. What’s more, the bankruptcy process is complicated, expensive, and unforgiving. For example, if you fail to attend the first meeting with the creditors, the bankruptcy judge will dismiss the case and the foreclosure proceedings will continue.

If this happens, you could lose the money you paid to the foreclosure scam artist as well as your home. Worse yet, a bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job.

Why Should You Trust SellQuickforCash.com?

-We Put Everything In Writting
-We Have Many Referrals From Past Clients
-We Do Not Charge Any Fees To Stop Foreclosure
-We Are A Member In Good Standing With The BBB
-We Do Not Charge Any Fees To Purchase Your Home
-We Spend The Time To Educate You On Your Options
-We Close Every Deal Through An Independant Third Party Title Company

SellQuickForCash.com has the resources and team in place to handle any housing / financial situation. Our team of specialists are highly educated on Arizona's foreclosure laws as well as the foreclosure process. Short Sales (http://www.sellquickforcash.com/shortsale.htm) are our specialty and we offer a no-hassle, quick close without Realtors and the fees associated with a traditional sale. We pay cash for houses fast in the Phoenix - Metro market. We buy both nice and ugly homes and we can close within 3 days, sometimes faster or slower, depending on your financial needs. We are Arizona's Premier "Cash For Houses" homebuyer dedicated to helping families in their time of need. WE ARE REAL FORECLOSURE EXPERTS WITH INTEGRITY!

http://www.SellQuickForCash.com/

INFO@SELLQUICKFORCASH.COM

602-626-3598

SellQuickForCash.com Investigates Deceptive Mortgage Advertising. How America Is Facing Foreclosure!

SellQuickForCash.com Investigates Deceptive Mortgage Ads. What They Say; What They Leave Out!

So we all see those ads from Ditech.com or Countrywide.com that pitch low fixed rates, low monthly paymenst, or mortgage rates at 30 year lows. When we talk with homeowners that are Facing Foreclosure we ask them why they are in the situation they are currently in. The majority of them explain to us that their mortgage lender placed them into a bad, adjustable rate loan, a loan with a prepayment penalty, or had them maximize a HELOC (Home Equity Line Of Credit). Deceptive advertising got you in the door, and an unregulated loan officer placed you into a bad loan. Why we can only cross our fingers and hope that the mortgage industry becomes regulated, we can be proactive and unveil the mystery behind some of these deceptive mortgage ads!

The following is from the FTC.Gov website concerning mortgage advertising.

If you’re looking for a mortgage to buy a home or refinance an existing loan, you may see or hear ads with offers of low rates or payments. Whether you see them on the Internet, on television or in the paper, or whether they come by fax or mail, some of these ads look like they’re from your mortgage company or a government agency. Regardless of where you see the ads, remember that while the offers are tempting, some are terribly flawed: they don’t disclose the true terms of the deal as the law requires.

The Federal Trade Commission, the nation’s consumer protection agency, says that when you’re shopping for a home loan, it’s important to understand all the terms and conditions of a proposed loan. Start with what is in the ad itself. Read what’s between the lines as well as what’s in front of your eyes.

What The Ads Say

To help you recognize an offer that may be less than complete, the FTC wants you to know the buzz words that should trigger follow-up questions, as well as information to insist on after you’ve read an ad.

A Low “Fixed” Rate: Ads that tout a “fixed” rate may not tell you how long it will be “fixed.” The rate may be fixed for an introductory period only, and that can be as short as 30 days. When you shop for a mortgage, you need to know when and how your rate, and payments, can change.

Very Low Rates: Are the ads talking about a “payment” rate or the interest rate? This important detail may be buried in the fine print, if it’s there at all. The interest rate is the rate used to calculate the amount of interest you will owe the lender each month. The payment rate is the rate used to calculate the amount of the payment you are obligated to make each month. Some offers advertise a low payment rate without telling you that it applies only during an introductory period. What’s more, if the payment rate is less than the interest rate, you won’t be covering the interest due. This is called “negative amortization.” It means that your loan balance is actually increasing because you’re not paying all the interest that comes due, and the lender is adding the unpaid interest to the balance you owe.

Very Low Payment Amounts: Ads quoting a very low payment amount probably aren’t telling the whole story. For example, the offer might be for an Interest Only (I/O) loan, where you pay only the amount of interest accrued each month. While the low payment amount may be tempting, eventually, you will have to pay off the principal. Your payment may go up after an introductory period, so that you would be paying down some of the principal – or you may end up owing a “balloon” payment, a lump sum usually due at the end of a loan. You must come up with the money when a balloon payment is due. If you can’t, you may need another loan, which, in turn, means new closing costs, and potentially points and fees. And if housing prices are falling, you might not be able to refinance to lower your payments.

Mortgage rates near 30-year lows! Rates as low as 1%! You are paying too much! Who doesn’t want to reduce their mortgage payments? Loan amount $300,000 - pay only $900 per month!: Ads with “teaser” short term rates or payments like these don’t often disclose that a rate or payment is for a very short introductory period. If you don’t nail down the details in advance about your rates and payments for every month of the life of your loan, expect payment shock when the rate and payment increase dramatically.

Important Notice From Your Mortgage Company. Open Immediately - Important Financial Information Enclosed. Please do not discard - account information enclosed: Appearances can be deceiving. Mailers that have information about your mortgage and your lender may not be from your lender at all, but rather from another company that wants your business. Companies can legally get your information from public records. Before you respond to any offer, review it carefully to make sure you know who you’re dealing with.

You are eligible to take part in an exclusive interest rate reduction program. This financial institution has been licensed to negotiate your existing adjustable mortgage to a new fixed rate mortgage. You must contact us immediately regarding this notice. Some businesses use official-looking stamps, envelopes, forms, and references to make you think their offer is from a government agency or program. If you’re concerned about a mailing you’ve received, contact the government agency mentioned in the letter. If it’s a legitimate agency – and not one that just sounds like a government agency – you’ll find the phone number in the Blue Pages of your telephone directory.

What the Ads Don’t Say

The APR: The Annual Percentage Rate is a critical factor in comparing mortgage offers from different lenders. It is the total cost of the credit expressed as a yearly interest rate. This rate is different than the simple interest rate on your loan note, because the APR includes all costs of the credit such as points and processing fees. Knowing the APR makes it easier to compare “apples to apples” when considering mortgage offers. Look for the APR for your loan. The amount may not be in the ad at all; it may be hidden in the fine print, or it may be available deep within a website after multiple clicks.

Important Payment Information: It’s hard to know what you don’t know, and often, some of the most important information you need isn’t in the ad, is hidden in the fine print, or is available only at a website after many clicks. To make an informed judgment about any mortgage offer, you need to know – or ask:

• What will the monthly payment be for every month of the loan, and could it increase?

• When could it increase?

• What would your new payment be?

• Could your monthly payment increase more than once?

• Does the monthly payment include an escrow amount to pay for your property taxes and homeowners insurance, or must you pay these costs on your own?

• If you have to pay on your own, ask your lender for an estimate so you can budget accordingly.

• What is the term of the loan (for example, 15 years? 30 years?)? How many payments will you have to make?

• Would the loan be paid off at the end or would you still owe a “balloon” payment?

• Will you have to pay prepayment penalties to refinance and pay off the loan early? If so, how much, and when would they apply?

• If the loan has an introductory or teaser rate, can you refinance, without penalties, before the rate resets and your payment increases?

At Sell Quick For Cash Dot Com, we want to take a proactive approach to solving Arizona's housing problem. We believe that through education, homeowners can choose the right mortgage option that fits their families needs. Use our website as a tool and together we can hault the rising Foreclosure rate. We are a highly trained group of Foreclosure Specialists that understand Arizona's Foreclosure Process so if you are facing a Foreclosure auction, please feel free to call us at 602-626-3598 or visit our website at http://www.SellQuickForCash.com/ today. Each homeowner has a unique situation, and we provide free, no-obligation phone consultations to explain your options.

Short Sale Experts SellQuickForCash.com Is Helping Arizona's Homeowners Avoid Foreclosure!

ARIZONA REAL ESTATE SHORT SALE EXPERTS

Do you owe more than your home is currently worth? Is your home loan amount equal to or higher than your current home value? Are you behind on payments, or realize that you can no longer afford your home? If this is your situation, SellQuickForCash.com can help!

Selling a home that has a loan higher than it's worth is extremely difficult, if not impossible. Who would want to pay above the true value of a home? Usually when a homeowner owes more than the home's current market value and can no longer afford the home, they are left with two choices: 1. Lose the home to Foreclosure due to no one wanting to buy an overpriced home; 2. Negotiate an Arizona Short Sale with the bank to ensure the home sells before foreclosure. Obviously no homeowner wants to lose their home to foreclosure. People who let their home go to foreclosure typically destroy their credit for 7 years during which time, it is nearly impossible to purchase another house. There is a better way to exit from your financial burden...a Real Estate Short Sale!

So What Is A Short Sale?

A Real Estate Short Sale is when the bank is willing to take a lesser amount of your home's loan in order to sell your home and Stop Foreclosure. Basically, our company goes in and negotiates with your lender to accept a discounted sales price due to your financial situation, as well as the current market conditions.For example: Your home's current market value is $200,000 You loan amount for your home is $225,000. No one will want to buy your home for $225,000 because the real value is $200,000. The bank then realizes they must lower the amount owed to $175,000 (this number varies) so the home can sell. This is just a simple example and all the numbers will vary from deal to deal.

So why Is A Real Estate Short Sale Better Than A Foreclosure?

A Real Estate Short Sale is a win/win solution for everyone. Obviously the homeowner does not want a foreclosure on their record. The bank definitely does not want to take the home back through foreclosure due to the large expenses and long waiting period. So if the homeowner can complete a short sale, they will have successfully sold their home without losing the home through foreclosure, thus saving their credit. And the bank will be satisfied due to not having to foreclose on the home saving time and money.

Plus, the time it takes to rebound from a Real Estate Short Sale is much shorter than the time it takes with a Foreclosure! Furthermore, it shows your character! You are attempting to repay the loan that you took out which gives you peace of mind.Homeowners desiring to do a short sale usually must show to the bank:

• Financial hardship
• Loss of job
• Divorce
• Medical conditions or large medical bills
• Behind on payments
• Job Transfer

Typical Beginings Of A Real Estate Short Sale:

1. The homeowner(s) begin to miss payments
2. The lender(s) try to arrange a repayment plan
3. The repayment plan fails or is never attempted and the bank mentions a short sale

Requirements for a Real Estate Short Sale are:

1. A proven financial hardship
2. Behind on payments (In most circumstances)
3. You owe as much or more than your home is currently worthThe homeowner requests a short sale packet from their lender(s)
4. The bank notifies the homeowner(s) that they can't turn in the short sale packet until they have a signed purchase contract
5. The homeowner(s) decide to contact SellQuickForCash.com

WWW.SELLQUICKFORCASH.COM specializes in negotiating short sales for Arizona homeowners. At http://www.sellquickforcash.com/ we buy houses fast for cash with no Realtors, Fees, or Hassles!

WWW.SELLQUICKFORCASH.COM has a team of highly trained Short Sale Experts who have established fantastic relationships with most banks. We will handle your short sale transaction for you giving you the peace of mind you are searching for. The Arizona Short Sale Process is NOT a "do it yourself" project. To successfully negotiate a Short Sale In Arizona with a bank takes an experienced and highly trained real estate agent as well as a skilled negotiator. Our advanced process is extremely organized and we conduct these short sales in the quickest time possible relieving you of the fear of Foreclosure!

We Are A Member Of The BBB. We Have Many Referalls. We Are A Team Of Specialists That All Work On Your File!

602-626-3598

Info@SellQuickForCash.com

http://www.sellquickforcash.com/shortsale.htm

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Different Ways SellQuickForCash.com Buys Houses In Arizona!

At SellQuickForCash.com, our professional, experienced home buyers can make you an offer for your property regardless of condition, age, repair needs or equity status. The only thing you need is a desire to sell. If you are shopping your home or don't really have a need to sell your home fast, our home buying service probably is not for you. Our home buying specialists buy houses from those who need a quick sale and fast close at a fair price. We are also Foreclosure and Short Sale experts with real solutions to stop foreclosure fast!

Some of the ways we buy houses are:

Cash Transaction — Owner Financing — Creative Financing — Conventional Financing

Cash Transaction
This process takes between 3-14 days. The time is dependent on the title search.

Pros
- Immediate mortgage relief

- No worries of whether the home buyer can qualify for a mortgage

- No worrying with needed repairs- LOW closing costs for your home

Cons

-Higher out-of-pocket expense for home buyer may mean you might get slightly less than full retail value

Owner Financing
This is a process that provides the home seller numerous benefits. It is easy, quick and clean. The home buyer assumes your mortgage note and, if you have ample equity in your house, will cut you a check at closing.

Pros
-Fastest route to mortgage relief

- Cash at closing - Rebuild your credit

- Almost zero closing costs

- No worrying with needed repairs

Cons

From our perspective, there are none

Creative Financing
There are any number of ways to sell a home — too many to list here. Every situation and every reason for a sale is unique. If you and one of our home buyers come up with a creative way to sell a home, let us know so we can share it with others!

Conventional Financing
When a seller needs to sell a home fast, this is the most costly and cumbersome approach. With interest rates at historic lows, mortgage processing time is taking months to close in some cases.

Pros
- Mortgage relief in months

- Cash at closing

Cons
- Home buyer might not qualify

- HIGH closing costs

- Could take months to close

Contact http://www.sellquickforcash.com/ Today For A Free Home Evaluation. Let One Of Our Specialists Evaluate Your Situation And Create A Custom Solution To Your Housing Problem

602-626-3598

Info@SellQuickForCash.com

www.SellQuickForCash.com

How Does Filling For Bankruptcy Affect Foreclosure? SellQuickForCash.com Investigates!

SellQuickForCash.com Investigates Common Questions How Bankruptcy Affects Foreclosure!

When Facing Foreclosure, it is very important you understand how bankruptcy works and we suggest you meet with a bankruptcy attorney before considering this option. Many people use bankruptcy as a scare tactic. There are several different “chapters” of bankruptcy. Some are work-out others are wipe-out, but here is the general idea. When someone files bankruptcy it’s almost like someone builds a temporary “bullet-proof” barrier around the house. No one can touch you! However, you are not free of all responsibility and most people do not understand that. We are not bankruptcy attorneys, but you need to know the difference between a Chapter 7 and a Chapter 13 bankruptcy so you know what happens. Like we mentioned earlier, some bankruptcies are “work out” others are “wipe out”. The two that we will focus on are the Chapter 7 and Chapter 13. These are the most common in your situation. Chapter 7 is the “wipe out” and Chapter 13 is the “work out”. Bankruptcy is a federal court action designed to help individuals repays their debts or eliminate their debts depending on their circumstances. Chapter 13 bankruptcies are designed to reorganize debts in an effort to repay all debt. Chapter 7 bankruptcies are geared more towards liquidation of assets. Both Chapter 7 and Chapter 13 immediately stop the foreclosure process and any creditors from taking further action against you.

How A Chapter 7 Bankruptcy Works:

When someone files a Chapter 7 bankruptcy, all assets and creditor collections are technically frozen which is called an automatic stay. The person filing bankruptcy cannot buy or sell anything, nor can they give away their property. If they try to sell their home, the court could order the receiving party to return it to the custody of the court appointed Trustee. Unsecured debts such as credit cards, unsecured loans, etc. are typically eliminated, although you should confer with your attorney on the rules regarding this. Then the trustee or attorney who represents the court and the creditors will look at all the assets (house, car, furniture, and equipment) a thing of value and decide what must be liquidated to pay some of the debt that was wiped out. The statute provides that there are some minimal assets a person filing bankruptcy may keep. If the homeowners are involved in a pending foreclosure, a Chapter 7 will stop the foreclosure process temporarily. Usually, your lender will request the court appointed Trustee to release the property from the automatic stay so they may continue with the foreclosure process. Once the property has been released from the bankruptcy, the foreclosure process starts up again.

Chapter 13 Bankruptcy Is a Little Different:

When someone files a Chapter 13, they usually keep their assets and repay their debts in a debt consolidation plan. Whatever amount is agreed upon has to be paid to the Bankruptcy Court every month for the next 3-5 years. The homeowner usually keeps their house, car, and other assets. The homeowner is required to stay current with the mortgage payments and pays the amount agreed upon. If any payments are missed, the trustee will dismiss the bankruptcy and the foreclosure process will begin again. Bankruptcy is usually a last resort and should not be used to stop foreclosure unless you have no other option or else you need the protection of a bankruptcy due to other circumstances. If you feel this may be your best option, please seek legal advice.

Bottom Line: To take advantage of this solution you should consult an experienced bankruptcy attorney. We are not in the business of giving legal advice and in no way are we bankruptcy experts. This information is deemed reliable but no guarantees or warrantees are expressed or implied!

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Some Commonly Asked Questions About Bankruptcy & Foreclosure:

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What exactly is bankruptcy?

Bankruptcy is a federal court process designed to help people eliminate their debts or repay them under the protection of the bankruptcy court. Bankruptcies can generally be described as "liquidation" or "reorganization."

Will filing for bankruptcy protect me from creditors' efforts to collect what I owe?
When you file bankruptcy, an "automatic stay" goes into effect. The automatic stay prohibits most creditors from taking any action to collect the debts you owe them unless the bankruptcy court lifts the stay and lets the creditor proceed with collections.

What is the difference between Chapter 7 and Chapter 13 bankruptcy?
In Chapter 7 bankruptcy, you ask the bankruptcy court to discharge most of the debts you owe. In exchange for this discharge, the bankruptcy trustee can take any property you own that is not exempt from collection, sell it, and distribute the proceeds to your creditors.

In Chapter 13 bankruptcy, you file a repayment plan with the bankruptcy court to pay back your debts over time. The amount you'll have to repay depends on how much you earn, the amount and types of debt you owe, and how much property you own.

What might I lose if I file for bankruptcy?

• You may be able to exempt up to $17,425 of your homes equity. Some states have no homestead exemption; others allow debtors to protect all or most of the equity in their home.(this is only an estimate and to please consult a local Bankruptcy Lawyer to discuss your individual situation)

• Insurance. You usually get to keep the cash value of your policies.
  Retirement plans. Pensions which qualify under the Employee Retirement Income Security Act (ERISA) are fully protected in bankruptcy. So are many other retirement benefits; often, however, IRAs and Keoghs are not.

• Personal property. You'll be able to keep most household goods, furniture, furnishings, clothing (other than furs), appliances, books and musical instruments. You may be able to keep jewelry only worth up to $1,000 or so. Most states let you keep a vehicle with more than $2,400 of equity. And many states give you a "wild card" amount of money -- often $1,000 or more - that you can apply toward any property.

• Public benefits. All public benefits, such as welfare, Social Security, and unemployment insurance, are fully protected.

• Tools used on your job. You'll probably be able to keep up to a few thousand dollars worth of the tools used in your trade or profession.

• Wages. In most states, you can protect at least 75% of wages that you have earned but not yet received.

How Creditors Can Get Around the Automatic Stay.
Usually, a creditor can get around the automatic stay by asking the bankruptcy court to remove ("lift") the stay, if it is not serving its intended purpose. For example, say you file for bankruptcy the day before your house is to be sold in foreclosure. You have no equity in the house, you can't pay your mortgage arrears, and you have no way of keeping the property. The foreclosing creditor is apt to run to court soon after you file for bankruptcy, to ask for permission to proceed with the foreclosure - and that permission is likely to be granted.

Will bankruptcy stop a foreclosure?
Yes and No… A home is an asset usually secured by a deed of trust. The mortgage company is entitled apply to the court for relief from the automatic stay, the order preventing creditor action by virtue of the bankruptcy. Depending upon several factors, you may be able to prolong a foreclosure until you have received your discharge from bankruptcy. Usually, to keep a home that is in foreclosure you will have to make a deal with the Mortgage Company. This is the key, you still must work something out with the Mortgage Company to repay the past due amount. This is why we say filing for Bankruptcy is like putting a band aid on a bullet wound… it may help you at first but major surgery is still required.

Bottom Line: Bankruptcy may buy you a small amount of time but negotiations will still need to be made with the Mortgage Company to enable you to keep your home. Most people who file Bankruptcy to save heir home from Foreclosure wish they had not because in most cases they are in a worse position that when they started. Filing Bankruptcy removes your leverage and places your fate in someone else’s hands. Your best option is for you to stay in control, and allow SellQuickForCash.com work something out for your prior to filing.

Pros for filing Bankruptcy to Stop Foreclosure

• The Foreclosure proceedings will be temporarily suspended.
  
  

Cons for filing Bankruptcy to Stop Foreclosure

• There will be a bankruptcy on your record for 10 years.

• The Mortgage Company can work around the Bankruptcy and still Foreclose.

• You lose any leverage and control you once had.

• A deal must still be worked out with the Mortgage Company to repay the past due amount. If you are 1 day late on any trustee payments your case "may" be dismissed, the stay will be lifted and you will be back in Foreclosure.

• SellQuickForCash.com can negotiate on your behalf with the Mortgage Company to keep your Home from Foreclosure and get your loan back in good standing.

About The Author:

WWW.SELLQUICKFORCASH.COM has a team of highly trained short sale experts who have established fantastic relationships with most banks. We will handle your short sale transaction for you giving you the peace of mind you are searching for. The short sale process is NOT a "do it yourself" project. To successfully negotiate a short sale with a bank takes an experienced and highly trained real estate agent as well as a skilled negotiator. Our advanced process is extremely organized and we conduct these short sales in the quickest time possible relieving you of the fear of foreclosure! We are Arizona’s Premier Short Sale and Foreclosure Experts!

CALL 602-626-3598

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