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Jonathan Tobin: Defending the Right to a Jewish State

Heather Hale: Compliment your kids without giving them big heads

Megan Shauri: 10 ways you are ruining your own happiness

Carolyn Bigda: 8 Best Dividend Stocks for 2015

Kiplinger's Personal Finance editors: 7 Things You Didn't Know About Paying Off Student Loans

Samantha Olson: The Crucial Mistake 55% Of Parents Are Making At Their Baby's Bedtime

Densie Well, Ph.D., R.D. Open your eyes to yellow vegetables

The Kosher Gourmet by Megan Gordon With its colorful cache of purples and oranges and reds, COLLARD GREEN SLAW is a marvelous mood booster --- not to mention just downright delish
April 18, 2014

Rabbi Yonason Goldson: Clarifying one of the greatest philosophical conundrums in theology

Caroline B. Glick: The disappearance of US will

Megan Wallgren: 10 things I've learned from my teenagers

Lizette Borreli: Green Tea Boosts Brain Power, May Help Treat Dementia

John Ericson: Trying hard to be 'positive' but never succeeding? Blame Your Brain

The Kosher Gourmet by Julie Rothman Almondy, flourless torta del re (Italian king's cake), has royal roots, is simple to make, . . . but devour it because it's simply delicious

April 14, 2014

Rabbi Dr Naftali Brawer: Passover frees us from the tyranny of time

Greg Crosby: Passing Over Religion

Eric Schulzke: First degree: How America really recovered from a murder epidemic

Georgia Lee: When love is not enough: Teaching your kids about the realities of adult relationships

Cameron Huddleston: Freebies for Your Lawn and Garden

Gordon Pape: How you can tell if your financial adviser is setting you up for potential ruin

Dana Dovey: Up to 500,000 people die each year from hepatitis C-related liver disease. New Treatment Has Over 90% Success Rate

Justin Caba: Eating Watermelon Can Help Control High Blood Pressure

The Kosher Gourmet by Joshua E. London and Lou Marmon Don't dare pass over these Pesach picks for Manischewitz!

April 11, 2014

Rabbi Hillel Goldberg: Silence is much more than golden

Caroline B. Glick: Forgetting freedom at Passover

Susan Swann: How to value a child for who he is, not just what he does

Cameron Huddleston: 7 Financial Tasks You Should Tackle Right Now

Sandra Block and Lisa Gerstner: How to Profit From Your Passion

Susan Scutti: A Simple Blood Test Might Soon Diagnose Cancer

Chris Weller: Have A Slow Metabolism? Let Science Speed It Up For You

The Kosher Gourmet by Diane Rossen Worthington Whitefish Terrine: A French take on gefilte fish

April 9, 2014

Jonathan Tobin: Why Did Kerry Lie About Israeli Blame?

Samuel G. Freedman: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Jessica Ivins: A resolution 70 years later for a father's unsettling legacy of ashes from Dachau

Kim Giles: Asking for help is not weakness

Kathy Kristof and Barbara Hoch Marcus: 7 Great Growth Israeli Stocks

Matthew Mientka: How Beans, Peas, And Chickpeas Cleanse Bad Cholesterol and Lowers Risk of Heart Disease

Sabrina Bachai: 5 At-Home Treatments For Headaches

The Kosher Gourmet by Daniel Neman Have yourself a matzo ball: The secrets bubby never told you and recipes she could have never imagined

April 8, 2014

Lori Nawyn: At Your Wit's End and Back: Finding Peace

Susan B. Garland and Rachel L. Sheedy: Strategies Married Couples Can Use to Boost Benefits

David Muhlbaum: Smart Tax Deductions Non-Itemizers Can Claim

Jill Weisenberger, M.S., R.D.N., C.D.E : Before You Lose Your Mental Edge

Dana Dovey: Coffee Drinkers Rejoice! Your Cup Of Joe Can Prevent Death From Liver Disease

Chris Weller: Electric 'Thinking Cap' Puts Your Brain Power Into High Gear

The Kosher Gourmet by Marlene Parrish A gift of hazelnuts keeps giving --- for a variety of nutty recipes: Entree, side, soup, dessert

April 4, 2014

Rabbi David Gutterman: The Word for Nothing Means Everything

Charles Krauthammer: Kerry's folly, Chapter 3

Amy Peterson: A life of love: How to build lasting relationships with your children

John Ericson: Older Women: Save Your Heart, Prevent Stroke Don't Drink Diet

John Ericson: Why 50 million Americans will still have spring allergies after taking meds

Cameron Huddleston: Best and Worst Buys of April 2014

Stacy Rapacon: Great Mutual Funds for Young Investors

Sarah Boesveld: Teacher keeps promise to mail thousands of former students letters written by their past selves

The Kosher Gourmet by Sharon Thompson Anyone can make a salad, you say. But can they make a great salad? (SECRETS, TESTED TECHNIQUES + 4 RECIPES, INCLUDING DRESSINGS)

April 2, 2014

Paul Greenberg: Death and joy in the spring

Dan Barry: Should South Carolina Jews be forced to maintain this chimney built by Germans serving the Nazis?

Mayra Bitsko: Save me! An alien took over my child's personality

Frank Clayton: Get happy: 20 scientifically proven happiness activities

Susan Scutti: It's Genetic! Obesity and the 'Carb Breakdown' Gene

Lecia Bushak: Why Hand Sanitizer May Actually Harm Your Health

Stacy Rapacon: Great Funds You Can Own for $500 or Less

Cameron Huddleston: 7 Ways to Save on Home Decor

The Kosher Gourmet by Steve Petusevsky Exploring ingredients as edible-stuffed containers (TWO RECIPES + TIPS & TECHINQUES)

Jewish World Review

How foreclosure works

By Marshall Brain

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http://www.JewishWorldReview.com | (MCT) Foreclosure is one of those words that every homeowner dreads. But it is in the news all the time right now, as thousands of homes in the United States are being foreclosed on each day. What causes a foreclosure to happen? Can it be stopped? Is there anything you can do to prevent it?

Foreclosure is something that happens to a homeowner who has a mortgage. If you don't own a home, or if you have paid off your house, foreclosure is something you don't have to worry about. For people who have a mortgage, the foreclosure process starts when the homeowner misses a payment.

After missing a payment, the mortgage company will hit the homeowner with a late fee, and about 15 days later someone from the mortgage company will try to make contact. The mortgage company would rather not foreclose on a house - it is generally a long and expensive process. So the mortgage company will try talking to the homeowner to find out what is going on. If the homeowner makes the payment, then the foreclosure machine will stop. If not, the foreclosure machine shifts into second gear.

Let's assume that the homeowner completely ignores the mortgage company and does not make a payment. Two to four weeks later the mortgage company will send a letter telling the homeowner that he/she has breeched the mortgage contract. The homeowner will be given an opportunity to fix the problem, but if he/she doesn't, the foreclosure machine shifts into third gear.

What happens next depends on the state, but probably looks something like this: After missing the third payment or so, the mortgage company starts the legal process. The mortgage company needs to file a notice of default, usually with the county, to let everyone know that foreclosure is starting. There may be a waiting period (again, to give the homeowner a chance to solve the problem), but then a sale date is set, and after an appropriate period of time (depending on the state) the house is sold. The homeowner is usually evicted about that time, and the new owner takes over.

The money from the sale first goes to pay the mortgage company. Then, if there is any left, it pays any lien holders. Any left after that goes to the original homeowner.

Obviously no one wants to go through a foreclosure. The easiest way to prevent it is to make all of your payments on time. But if something goes wrong and you fall on hard times, HUD offers advice on what to do. Your best first step is to contact the mortgage company and let them know you have a problem. They may have ways they can help. Next, you want to do whatever you can to get back on schedule, because each payment you miss simply digs the hole deeper. HUD recommends looking for assets - like retirement accounts or life insurance policies, or anything else of value like a car or jewelry - in order to raise cash.

HUD also offers counseling services in most cities, and your state or county may do the same.

It is also important to avoid scam artists during the foreclosure process. For some reason there seem to be a lot of people preying on people in foreclosure. For example, if someone calls offering to negotiate with the mortgage company on your behalf, you want to take a pass because: a) these companies often charge thousands of dollars, and b) you can probably get this service for free from HUD. You also want to avoid companies that promise to eliminate your foreclosure problems immediately. There's a good chance that they, instead of the bank, will end up taking your home.

Every weekday JewishWorldReview.com publishes what many in the media and Washington consider "must-reading". Sign up for the daily JWR update. It's free. Just click here.

Comment by clicking here.



Previously:


How Air Force One works
How wildfire fighting works
How vitamins work
How ejection seats work
How reattaching limbs works
How hot air balloons work
How paparazzi work
How counterfeiting works
How CDs work
How the Edsel worked
How Stinger missiles work
How hybrid cars work
How sharks work
How mosquitoes work
How diesel engines work
How water towers work
How the Dawn mission works
How Kassam rockets work
How the North American Eagle works
Why aren't we flying to work?
How tofu and soy milk work
How Colony Collapse Disorder works
How airbags work
How the U.S. income tax works
How gum works
How caffeine works
How Daylight Saving Time works
How a cruise missile works
How snow making works

© 2007, How Stuff Works Inc. Distributed by McClatchy-Tribune Information Services.

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