Steps to purchase a foreclosure

Recently on our bankruptcy forum a user asked, “My husband and I are considering buying a home foreclosure. We are wondering what steps we should take to ensure that we get a good deal.”

Although the number of home foreclosures was down last year to the lowest level since 2008 when home foreclosures spiked to a whopping 2.9 million homes, there were still over one million homes foreclosures last year. With all the foreclosures on the market it is possible for the savvy home investor to find some great deals, assuming they know what they are doing and they take the right steps to find a good property.

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Five things to understand before filing bankruptcy

Almost one million Americans filed for bankruptcy protection last year. Unfortunately, many of them did so without fully understanding the legal ramifications, what bankruptcy could and could not do for them, and without first determining if bankruptcy was really their best option.

With that in mind, let’s take a look at the top five things debtors should understand about bankruptcy.

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Foreclosure will I still owe money?

Recently on our bankruptcy forum a user asked, “I have owned my home for ten years. I lost my job last year and have not been able to make my mortgage payments for several months. I have just been notified that the bank is going to foreclose on my home. If the bank takes my house and sells it but the amount they get on the sale is less than my mortgage amount will I still owe them money after the sale?”

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Timeshare what happens if I file for bankruptcy?

Timeshares are big business. Not only have they been around since 1969, but they generate an estimated $7.9 billion a year in annual sales. While some people love their timeshares and enjoy the accommodations, in-room amenities, and the ability to “exchange” their shares for accommodations at other resorts around the world, other buyers have difficulty using their vacation weeks and paying high payments for annual fees.

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North Carolina bankruptcy can it save our house?

If you own a home in North Carolina it’s likely this is one of your most valuable investments. Recently on our bankruptcy forum a couple asked, “We are in dire financial straits and have debts that we will never be able to repay. We have considered filing Chapter 7 bankruptcy but we are concerned we might lose our home. Can you explain how we can save our house by filing a North Carolina bankruptcy?”

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