By Sunny Tan
 Receiving a home foreclosure advisory is perhaps one of the most dreaded things that any homeowner would ever get. As simple as the notice may appear, the words printed in a home foreclosure notice is more than enough to bring a sense of fear and uncertainty to the homeowner since he or she is now faced with the reality that he or she is about to lose his or her home.
Being educated about the legalities of home foreclosure may not eradicate any feelings of uneasiness you may now be experiencing. However, having some insight on how foreclosures are processed and handled can equip you to be able to take the proper steps in order to save your home from being lost completely.
Definition of Foreclosure
The first thing that you would need to know is exactly what a foreclosure is. The term foreclosure refers to a legal process that is taken by a mortgagee or lien holder. When a foreclosure is taken out, a court order is issued to an individual who has taken |
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By Jerry Samuels
 Nearly one in ten Americans or 10,000 people a day are now in some stage of foreclosure now.
Foreclosure is a legal process in which you can possibly lose your home due to a violation of your agreement with your bank (or other lending institution). You are required to leave your home. Your home becomes the property of the bank.
A foreclosure occurs, typically, because you fail to make your monthly payment. But foreclosure may occur for a number of other reasons too, as an example, your failure to pay your taxes or condominium homeowner association dues to name two.
The process starts when you fail to make a monthly payment. Typically this is due to you experiencing some kind of hardship. Hardship examples are job loss, divorce, injury or death to name a few. Whatever the reason the payments stop being made to the bank.
The bank then notifies you repeatedly for 90 days, at which time, if some kind of workout agreement has not been made, you receive a Notice of Default (NOD) in Deed |
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By Joseph Smith
 A tax relief is given to distressed owners of tax foreclosure properties when they file their 2008 tax return. The break on tax foreclosure properties can benefit homeowners who are facing the threat of mortgage foreclosure and those who have reduced their debt by restructuring their mortgages.
In 2007, the U.S. Congress approved a law that exempted as much as $2 million debt for tax foreclosure properties from taxable income if the debt is ensured by a principal home.
Previously, mortgage lenders invalidate a part of distressed homeowners loan debt through short sale or debts for tax foreclosure properties can be totally erased. This debt is then considered taxable income. The break for distressed owners of tax foreclosure properties is extended until 2012.
For example, a borrower purchased a house for $500,000 in 2004 and then in 2008, the property reduced its market value to $350,000. His mortgage balance reached $450,000, and added to that, he lost his job. With no other means to pay his monthly mortgage loan and no opportunity to sell his property in the current |
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