bankruptcy chapter 7 california exemptions

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Since the housing slump continues to affect not only the African American homeowners, but homeowners across the country and in every environment.

The questions I receive each month to reflect what the minds of Black homeowners. I want to share these questions with you to give you the opportunity to to learn not only from the answers I give, but from the questions.

NOTE: Questions edited for brevity.

1. If the values after Home to stop declining?

Most experts expect them from declining home values remain at least two to three years. Based the time it would be for all the foreclosures and potential foreclosures take cycle through the market.

2. Will the new housing law to help the most Homeowners in trouble?

The housing bill, while with the goal of helping homeowners in distress to do more to lenders than the Millions of homeowners will help in distress. While it may help some homeowners, it's a case of too little too late for most of Now help homeowners in difficulty.

3. Is this a good time to buy a house, or should I wait?

While we have not yet reached a bottom in the market, it is a good time to buy anyway, especially if you do not plan to in the next 3 to 5 years after the purchase sell.

Be aware that the longer you wait, the more stringent principles for credit growth. As I write this, many lenders Speakers larger down payments, higher FICO scores, and even six months in savings before granting credit. This amounts to a lender in your area. Therefore Buy the time is now, if you can.

4. Most lenders want to buy 10 to 20% down payment on a house now, what's left a first time home buyers?

You can use a FHA (Federal Housing Association) mortgage for a 3 percent down payment. Because the U.S. government supports the loan, the credit qualifications for an FHA mortgage is less serious than conventional mortgages.

In addition, a bankruptcy or exclusion does not prevent Borrowers, if it can meet the following requirements. Bankruptcy Chapter 13: One year on time payments. Bankruptcy Chapter 7: At least two years must elapse since the Discharge time of the borrower. Auction to happen: At least 3 years must be because of foreclosure.

5. Can you explain the new housing bill Everyone is talking about?

The housing bill that President Bush may, homeowners who have problems meeting mortgage payments on loans from FHA foreclosure instead of negotiating through the guaranteed new.

The program is voluntary and lenders must approve certain conditions. The law also provides a $ 7500 income tax credit, repayable in 15 years to first time home buyers on qualified purchases of 8 April 2008, to June 30, 2009.

6. Will you hear the people who foreclose, always in a position to buy a house again if so how long?

After the waiting period to buy a foreclosure General Guidelines

The qualifying period is 5 years up to 7 years after a foreclosure.

The wait for a Deed-in-Lieu of Foreclosure Action is 4 to 7 years.

The wait for a short sale is 2 to 3 years.

7. I see advertisements offering free grants as I can on the good of the fraud to say?

Although government grants are still there, even though the economy have to watch you. Many grant fraudsters bilk tens of thousands daily from people. Here are some quick tips you think of difficulties.

* If they ask you to pay for an application, it is a trick.

* The application process for government grants can take months. If someone tells you in one or two days you have selected a grant, you keep your wallet and walk away … it is very likely a scam.

* Most reputable grant information is free. However, there are legitimate businesses, which will help you find a grant for a fee. If you choose to help with a grant worth sure that you get charged for a specific service You in writing. Do not pay for information you can charge.

Google search for "scam buster sites" and read it before any money pay each time. These pages will help you smell a scam when you see them.

Roy Prmm is publisher of the Black Homeowner Newsletter. To get more answers, ideas and solutions to sucessfully managing your home effectively through a housing slump go to–file bankruptcy–Chapter 7 or 13– for $150+fees!

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