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The Fair Credit Reporting Act
This is the Fair Credit Reporting Act (FRCA) as prepared by the Federal Trade Commission (FTC). It is intended only as a convenience for the public and not a substitute for the text in the U.S. Code. Learn More
A number of government and private organizations have information about various aspects of identity theft and fraud: how it can occur, what you can do about it, and how to guard your privacy. Agencies like the Federal Bureau of Investigation, Federal Trade Commission, United States Postal Inspection Service, United States Secret Service, the Better Business Bureau, and more.
There is no “quick and easy” answer to this question. You should discuss your situation with a credit counselor or a bankruptcy attorney, to evaluate the costs and benefits of bankruptcy given your personal financial situation.
Not every debtor qualifies to file for Chapter 7 bankruptcy. A means test is applied to determine if you will be able to repay a substantial percentage of your debt, and if you are determined able to do so you will be ineligible for a liquidation of your debts and will likely have to engage in a repayment plan as part of a Chapter 13 bankruptcy.
The type of debt you owe can be a significant factor in whether you file for bankruptcy, as well as the form of bankruptcy you pursue. Factors which may affect your decision to file for bankruptcy protection are detailed in this associated article: Filing For Personal Bankruptcy Protection in a U.S. Court.
Your ability to rebuild credit after filing bankruptcy is better than it has ever been. After you get your discharge, you will receive many solicitations from lenders offering to finance homes, vehicles and credit cards.
A company will attempt to stall or reduce your payment by submitting a hardship package on your behalf. Many times the lender will work with a “foreclosure assistance” company before working with an individual attempting to submit a foreclosure package.
With this option, you can actually sell your house and continue living in. Some investors offer a buy back program where they will step-in quickly, purchase your house, and allow you to rent it while you catch up on your bills and even allow you to purchase it back from them once you are “back on your feet”. (Be very careful, some companies are better then others, and of course, you have those predators out there)
Restructure (Most Popular Alternative)
Some foreclosure companies will negotiate with your lender to get your loan in good standing again. There are many options available to get a restructure approved like a separate payment plan for your delinquency or even adding the delinquency to the end of your loan. No one can guarantee to restructure your payments, so be careful.
Pay your lender(s) your entire past due payments to bring your mortgage current. This option is rarely feasible. (However I know some private money lenders that will provide homeowners up to 90% for the reinstatement amount.)
Hardly available, through traditional lenders, however some foreclosure companies have established relationships with in-house lenders who can give loans on mortgages that are in foreclosure if there is enough equity in your property available.
Sell Your Home
You may simply sell your home before the Foreclosure Sale Date. Sometimes the home owner is unable to sell the home outright at the desired sale price and this is not an option.
In this instance the lender may take less than what you owe on the loan to avoid a lengthy and costly foreclosure process.
Deed-in-lieu of Foreclosure
You or a foreclosure company can arrange for you to simply give the home back to the lender and walk away with a clean slate.
This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure.