Hong Kong's plans to impose a tax on new, unsold apartments are unlikely to have much of an effect on the city's housing market. The rate was announced as part of a broader effort to boost supply in the world's most inaccessible real estate market. But analysts at Goldman Sachs, Morgan Stanley and JPMorgan Chase say the new tax will not stop the price increase.Cooling the housing boom in Hong Ko...
One of the most justified concerns homeowners have about foreclosure is how long they have to save their homes. This is such an important issue that many homeowners simply give up their homes and move in long before their time is up. They just assume the bailiff will show up any day and kick them out! Unfortunately, this is a dangerous assumption, and homeowners often have more options than they might think possible to increase the time they have available.
In fact, it’s reasonable to say that any homeowner can still stop the foreclosure process at almost any time up to the date of the sheriff’s sale. Of course, if that date is on the horizon or coming up in the next few weeks or months, then there is still some time, but foreclosure victims need to do something pretty quickly. Stopping a sheriff’s sale is vital if there is a realistic plan in place to save the home and cancel the mortgage or restore payments. A sheriff’s sale will nullify almost any plan that was in the works prior to the auction.
It is also important not that the bank will not accept only a regular payment once the home is in foreclosure, nor will it accept any form of partial payment. The lender will most likely demand the full amount that is in arrears at this time, unless they are willing to work out some kind of repayment plan with the landlord. This is one of the reasons that homeowners, as soon as they have recovered from a financial hardship, should call the lender to find out exactly what plans they can offer and how much money they will have to shell out to start a plan.
But, if the bank does not agree to a forbearance agreement or other plan, there are some other ways to stop the foreclosure date that do not involve direct intervention from the mortgage company. Sometimes homeowners need to take control of their home and take advantage of other opportunities.
First, homeowners can simply file for Chapter 13 bankruptcy to avoid foreclosure. That puts all creditors’ collection efforts (including the mortgage company’s attempts to collect) on hold while the court system deals with the debt. You can stop a sheriff’s sale the day before the sale and it could work as a last-ditch effort. Although it is not the most preferable way to stop foreclosure, homeowners should take it into account if they are short on time. In many cases where the owners are almost out of time, no other way to postpone the auction will work.
Second, just paying the full amount back will restore the mortgage. It will return the loan status to “current” and end the foreclosure process. If there are no arrears, and no part of the loan is delinquent, the bank cannot continue to foreclose. Admittedly, this is also the most unlikely scenario presented here, primarily due to the bank’s unwillingness to find a solution and the fact that they typically add thousands of dollars in late fees, interest, court costs, and bank fees. lawyers to the total. amount needed to reinstate the loan. But if homeowners can get the money, they can save their home right away.
Lastly, going to court and asking the judge to order the lender to try to resolve something is always a possible solution. However, very few homeowners take advantage of this opportunity, simply because of a rational fear (going) to the legal system. But the judge can order the bank to consider a payment plan or offer some other rulings in addition to going straight through the home foreclosure legal process. The judge can also suspend the bailiff’s sale, since he is the one who orders the sale in the first place. In fact, the judge wields an enormous amount of power over the bank, for some unknown reason, but this power can be used by the owners in self-defense, if necessary. Ignoring this option is a big mistake for homeowners trying to avoid foreclosure.
The bottom line is that foreclosure is never inevitable once it begins. To ensure they have the best chance of saving the home, foreclosure victims simply need to take advantage of the options available to them and make sure they can make the payments on time again, or get the money to reinstall, or have enough time to look for one. option like a foreclosure refinance or sale. Having a sheriff’s sale scheduled is obviously a big hurdle, but homeowners have more options than they know to get the time to work on a foreclosure solution.