According to an article in the Star-Telegram, Fannie Mae is offering homeowners facing foreclosure the option of leasing their home instead of going through the foreclosure process.

The article said:

“The government-controlled company, through its new “Deed for Lease” program, will allow borrowers to transfer ownership to Fannie Mae and sign a one-year lease, with month-to-month …

Tags: Fannie Mae foreclosure Mortgage Renting

… a slew of commercial real estate bankruptcy filings which end with investors taking over property, renting it out and/or finding a buyer even if they need to look abroad.  How does this impact the ordinary Citizen Joe and Jane?  Well, real estate has been the driving force behind the economic boom we experienced; but now that this industry is experiencing a major contraction we could see even more job losses—or what I like to call “silent” job losses.  Many of those working in the …

The Dallas- Fort Worth area is experiencing the highest vacancy rates for its apartment communities in about 20 years.  Only 88.8 percent of Dallas-Fort Worth apartments were rented in 2009, compared to 91.6 percent rented in 2008, which could spell imminent foreclosure for many landlords.

You might suspect that homeowners who suffered foreclosure would move into apartments thus boosting …

Tags: Apartments Arlington dallas Denton fort worth Hurst North Texas Plano Renting

… you can acquire and use it specifically for occasions where you must use a credit card, like renting a car or using a hotel room.  Do not use the card to purchase necessities and for frivolous spending.  You will begin living out of your means again and perpetuate the habits that led to bankruptcy.  Also, be sure to pay more than the minimum due each month, or you may find yourself in bad shape again really fast.

Another challenge freshly bankrupt individuals face is determining how …

… you can acquire and use it specifically for occasions where you must use a credit card, like renting a car or using a hotel room. Do not use the card to purchase necessities and for frivolous spending. You will begin living out of your means again and perpetuate the habits that led to bankruptcy. Also, be sure to pay more than the minimum due each month, or you may find yourself in bad shape again really fast.

Another challenge freshly bankrupt individuals face is determining how to …

… action to protect themselves by checking on the foreclosure status of a home or apartment before renting it.

… the other hand, you might not need internet access or cable television or the luxury boat you’re renting.

Expense items that are not essential should be cancelled immediately.

If, after eliminating non-essential expense items from your budget you find that you are still unable to afford the basics, (rent/mortgage, utilities, car payment) immediately prioritize your debts putting the most important items first. If you have credit card debt and must choose between paying for your basic …

… your other bills.

2. If you’re not facing foreclosure or considering bankruptcy, think about renting the home out and renting a cheaper apartment/house.

3. If you are facing foreclosure and/or a resetting ARM that will be unaffordable, try to negotiate a mortgage modification.

4. If you are facing foreclosure and/or a resetting ARM that will be unaffordable and are unable to successfully negotiate a mortgage modification, contact a bankruptcy attorney today to find out how you can …

… contact a bankruptcy attorney to find out what your bankruptcy options are. Even if you are renting and you know that you will face a job loss, you may want to consider finding a cheaper place and moving out before you face an eviction and while your credit is still decent. The important thing is that you do not wait until the last minute to take action.

… includes creditors that may not show up on your credit report, such as landlords (in the case of renting), personal loans from friends and family and other debts that aren’t normally listed on the credit report.

Although a bankruptcy may, in certain circumstances, discharge an unlisted debt, if the creditor was not properly notified or the debt was unlisted, there may be a limit to the amount a debtor can recover if there is a stay violation by the unlisted/improperly notified …