Total Personal Bankrupticies Filed On the Rise

Have you read this article about personal bankruptcies on the rise?
http://money.cnn.com/2008/10/24/pf/bankruptcy_filings/index.htm?postversion=2008102711

It talks about 2008 approaching the 1 million mark for filings.  In 2005 they tried to reduce bankruptcy filings by making tougher guidelines.  Now with the housing downturn and economic meltdown, they are on the rise again as I am sure that’s no surprise.  As more file for bankruptcy experts are predicting the numbers to only get worse.

The article states “The Bankruptcy Abuse Prevention and Consumer Protection Act, which took effect three years ago this month, increased restrictions for Chapter 7 bankruptcy filings by applying a “means test” which would disqualify many consumers with higher incomes from discharging their debts.”

The experts are saying that bankruptcies became more complex with extra counseling and more paperwork added on.  Rising consumer debt with the mortgage meltdown in the main cause for the rise in bankruptcies.  It’s expected that by 2008 we could see 1.2million bankruptcy filings.  Another 15-20% increase next year due to inflation outpacing incomes.  This article discusses how many people went for Chapter 7 and how many went for the Chapter 13 option.

If you feel that you owe too much on your house and you have had to file bankruptcy or are considering filing bankruptcy and need to work with a foreclosure home or a home you owe too much on at the same time, this can be a complicated matter and you should see the advice of a professional.  I can offer a 3rd party negotiator to work with your bank on the short sale and foreclosure sale of your home, and they can direct you to an attorney to help you with the bankruptcy part of you may also have your own attorney.  Bankruptcy often can slow down foreclosure, but not stop foreclosure, so please contact us if you have a house to sell that you have fallen behind on, I recommend you read our Minnesota short sale homes article for more information.

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Have you seen this latest article on the market bottoming later on  It goes on to say how long real estate will continue to go down and by how much.  It could take a long while for it to crawl back. Interest rates on the rise the past week.  New construction starts slumped.  The market will have to over correct to get rid of the inventory.   If you think you may owe too much on your house and you want to possibly sell your house for less than what’s owing, than a short sale is the answer. We have 3rd party negotiators to negotiate with your bank to help get your house listed and hopefully eventually sold for less to a new buyer.   Our Minnesota Short Sale Home article talks in depth about how short sales work, the process, and answers a lot of the most common questions.   Obviously the negotiator is going to do their best to try to negotiate away the deficiency.  Also in other cases after the sherif sale during the redemption period , typically 6 months in most cases the negotiator will try to get the short sale done if that particular lender does short sales after the sheriff sale.  We would like you to contact us right from the moment you are about to be behind on a payment, well before the initial notice of mortgage foreclosure or if you are listed in the finance and commerce or local legal newspaper.  We can get started on the process right away.    You can speak to our 3rd party negotiators on their best ideas to get a release of deficiency on a short sale.  We have short sale agents here in minnesota to assist you for your area. They are up to date on the latest minnesota foreclosure laws.   These are short sale specialist, they have practiced on hundreds of transactions over the years in Minnesota.  These negotiators contact the lenders loss mitigation department and that’s where the file is worked on almost daily.  Remember a seller has certain redemption rights in minnesota where they can rent, sell etc the property.  In the redemption period though as the seller you will have to pay off the loan in full to keep the house.  What I mean by this, is after the sheriff sale it’s too late to then try to reinstate the loan.  You may want to talk to an attorney about your mortgage foreclosure rights in the state of Minnesota.  Our negotitators deal with foreclosure sales and rules every day of the week.  Please contact me by email ron@minnesotainvestors.com so we can talk to you about your short sale situation.

Minnesota Short Sale Home

Minnesota Short Sale Homes

Have you seen this article on other markets?East Bay  They are predicting it could be 2014 before this market even recovers. The question is will it be that long with other states also?  If we feel Minnesota’s market may not recover for 3-4 more years at least and you can’t afford the payments or you simply are falling behind in payments and can’t catch up.  Let me ask you this, do you want to sell the house?  Could you sell the house?  It’s a fact that many people right now are over leveraged on their current mortgages and simply don’t have enough money to bring to the closing, and or to pay holding costs, repairs, or an agent to just get out of the house. They have to pay to get out of the house.  There is a solution.  It’s referred to as a short sale.  A short sale can be a better solution in many ways then completely losing the house.  There are new fannie mae guidelines that state this.  I have shown these guidelines on other short sale posts.  With the financial economy problems right now, it’s just making the housing market move like a snail.  Some people are able to weather through it, some are not.  Also as more houses go back to the bank more houses will sell very cheaply as foreclosure, forces the comps to lower prices in all types of neighborhoods, leaving it even harder to sell.  With a short sale, the bank will pay our 3rd party negotiators to help out, put the paperwork together and negotiate.

Learn about Minnesota Short Sale Homes to see if it makes sense for you. This article is very long and descriptive and tells you if it’s right for you.  You can view the full article on www.MinnesotaInvestors.com

Minnesota Short Sale Homes 1 in 6 Underwater now

It’s time to learn what a short sale is at this article: Minnesota Short Sale Homes
Have you read the latest article on MSNBC?     http://www.msnbc.msn.com/id/27089919
1 in 6 now owe more on their mortgage then their property is worth.

This article is from Oct. 8th , 2008:

The idea of this is that it makes people feel less rich, the total opposite of the last 5-7 years and makes people want to shop less, eat out less, etc.  As you probably know that most people can’t refinance the house because they get behind in payments or they simply don’t have the value or equity needed to refinance the property. Many choose to let the house go back to the bank.  This will lower the price of comps in that neighborhood.  For those who bought a home in the past 5 years, it’s estimated 29% of all homeowners are underwater on their homes. Meaning they owe more than the house is worth.  The article reads as Minneapolis being back to 2004 price levels. I personally have seen many houses even from 2001-2002 selling for the same or less money.

The article goes on to read that “9.16 percent were a month or more overdue or were in foreclosure in the second quarter” , That’s a lot!

So the estimate is that 12 million homes are underwater right now.

Many people even think they have $5000 in equity still need to pay an agent commission when listing the house, holding costs, and other closing expenses. If you are behind on payments, about to be behind on payments, or clearly owe too much on your home, I have associates who can negotiate with your lenders and get paid by the lenders. They take care of the work. You hand in some initial paperwork and they do most of the rest just listing the house, taking in PA’s submitting to banks, etc.  Selling your home on a short sale is far better than giving it back to the bank.  If you can afford the payments and aren’t behind much you could rent it out for awhile, but if you are under water by a lot, you may not want to wait 5-10 years for the price to catch up, that is if you can’t afford the payments or your ARM is about to adjust.  Health bills, layoff at work, loss of employment, death, divorce, these all cause foreclosures, it’s a part of life that many go through. You don’t have to be a foreclosure expert, we have those who are.

Minnesota Short Sale Homes

Need 24 hour money loan FAST EZ Money

In this current economy a lot of people are looking for quick cash. People are looking for payday loans, or anything that’s a personal loan for their lives.  These loans can be called consolidation loans, and some people need the money even with bad credit.   Many of these loan programs are online.   The point is that the money is quick and easy and fast. There does seem to be a high premium or interest rate paid for these loans.   I have provided a long list of companies that provide very quick money. I personally have used HFC, Citifinancial and E-commission years ago on this list and it was the same day type of thing. Some of these you’ll need recent tax statements, some you may not. a few of these are quick money for real estate agents while they are waiting on commissions.  These are usually not business loans. To see the business loans section please visit my Tom Kish posting for unsecured business lines of credit.

I do want to mention that at the end of this list I am going to discuss some articles that are troubling to the housing market and how to solve it.  For many people the housing market has left them with little money. Also fuel prices, and groceries are sky rocketing causing many to need quick cash. Credit Card defaults are skyrocketing as people simply need money.  Please read the terms very carefully on this site. I may add more companies to this site, but if you need quick cash and pay day type of loan to solve some problems, for quick cash money please check out this list of easy loans, it may work even with bad credit:

CitiFinancial.com
CitiFinancial
8036 Brooklyn Boulevard
Brooklyn Park, 55445
763-424-6012

HFC.com
HFC
10100 6TH AVENUE NORTH
PLYMOUTH, MN 55441
763-593-1992

Beneficial.com
Beneficial
13501 BUSINESS CENTER DRIVE
ELK RIVER, MN 55330
763-441-8437

CashCall.com
866-590-CASH (2274)

For Real Estate Agents:

Ecommissions.com
1-877-882-4368
5914 West Courtyard Dr.
Suite 320
Austin, TX    78730
Tel: 877.882.4368
Fax: 877.882.6960

realcommissions.com
1-888-610-0003

commissionexpress.com
Phone 888-560-5501
FAX 703-560-5502

www.paydayloansrus.net
contact @ paydayloansrus.net

www.paydayone.com
888-PAYDAY1
888-729-3291

www.mycashnow.com
1-866-398-CASH
1-866-398-2274

www.paydaymax.com
1-877-937-3729

www.soniccash.com
1-866-574-CASH

Also if you have a decent credit score and want hundreds of thousands of dollars in unsecured business lines of credit please check out our article here for EZ business credit.

This is why you may need some quick cash based on the economy we are currently in, please read these articles, these
articles don’t include all the recent fall outs of other very big banks, and record drops in the stock market.

1 MILLION going into Foreclosure

Brokers ready to COLLAPSE

Big Housing Decline Ahead

Over 40% of House Sales are Distress Sales

Housing Timebomb

Housing Market Going Down

ARM Reset Chart

25% of SOLD’s are for a LOSS

After reading these articles if you feel that you may owe too much on your house or you feel stuck and need to do a short sale please read our Minnesota Short Sale Home article here:
Minnesota Short Sale Homes article

For today’s home loans and today’s EZ loan guidelines for 2009 check out this