Posts Tagged ‘New Hampshire’

There is a raging debate going on amongst experts about who should be blamed for the foreclosure crisis – the lenders or the borrowers? Whatever the outcome of this controversy there is no doubt that one segment of those who inhabit this country are suffering – the pets. The pets had no part to play in this game of foreclosures, nothing to gain from it and yet they are suffering today and losing out for absolutely no fault of theirs.

The American Society for the Prevention of Cruelty to Animals has appealed to the people who have pets and are facing foreclosures. The first thing is to check with friends, relations and neighbours to see if anyone will provide temporary shelter. The pet should be checked regularly while the foreclosure matter is being sorted out. It is better to seek out a rented accommodation where pets will be allowed. Permission should be taken in writing. If both these fail and yet foreclosure looms large then the next best thing to do is to contact the local animal shelter well ahead as all these units can provide for only a limited number of animals. Keep ready the medical records and information about the behaviour of the pet ready. Despite worries about foreclosure time and energy must be given to these important details.

In extreme cases of cruelty the owners abandon the house together with the pets. Lately the animal shelters in New Hampshire and Main seacoast are seeing the effects of foreclosures on animals. It seems that the foreclosure related problem as regards pets is going to increase and not go away soon. A spokesperson of a society in Dover comments that since January this year the number of animals looking for adoption has gone up suddenly. At Salem it is the same story of dogs and cats being dropped off because of foreclosures. The development manager at Salem shelter Ray Denis has a sad story to tell. One family comprising of the parents and two children came with two cats one day and then with two dogs later. Following this they themselves went to a homeless shelter – all because of foreclosures.

The Animal Welfare Society in Kennebunk, Maine oversees 18 towns. The report from here is the same. Where the foreclosure numbers are low the number of abandoned animals are also low as in New Hampshire seacoast towns.

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Foreclosures are hitting the headlines leading to a feeling of panic everywhere. Will I be the next victim? At this juncture it is vital to know what it is all about. By focusing on one region it is possible to gauge the general trend.
In New Hampshire foreclosures are on the rise. A lender uses the process of foreclosure to repossess the house that has been kept as security for the advancing of a loan, when the borrower fails to meet monthly commitments. The borrower can now sell the house and realize dues inclusive of costs.
The most important thing is to never get trapped into such a situation. As soon as warning signals blink immediately without delay contact the lender. Do not fall too far behind. Then the situation cannot be salvaged. The typical lender is also averse to the foreclosure process. It spells loss to the lender as well. Secondly seek professional advice from registered counselors.
Forbearance is one of the alternatives that may be negotiated. The lender will excuse a payment or agree to a special repayment schedule. The forbearance agreement must be in writing and the borrower must understand all that is contained in the terms.
Another escaper route is loan modification. The lender may modify the terms by lowering interest and extending the period.
In partial claim the lender may stake a partial claim on any insurance that the borrower may have taken out on the loan.
If all the above avenues are blocked then the borrower might opt for a pre-foreclosure sale. In doing so some equity might be saved and also the tag of foreclosure will not be attached to the borrower’s credit history.
Sometimes the bankruptcy clause of chapter 13 might prevent foreclosure. It requires legal expertise.
The last resort is deed-in-lieu wherein the lender may be agreeable to accept the property in lieu of foreclosure. The process stains the borrower’s credit but it is not quite so bad as a foreclosure.
The main thing is to forearmed against scammers. Beware of too-good-to-be-true stories. Do not be trapped into becoming a tenant. Be shy of unethical consulting teams who do not have any license to ply their trade. They will just pocket fees and disappear. Apart from the money precious time will be lost also. New Hampshire has recently passed legislation to protect foreclosure victims and penalize offenders.

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New Hampshire foreclosures, foreclosure, HUD, Fannie Mae, VA, hud home for sale, Real Estate Investing, va home, bank foreclosure, foreclosure listing, Real Estate Investment, real estate foreclosure, government foreclosure, hud foreclosure, reo, home foreclosure, va foreclosure.

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