Monthly Archives: December 2014

Foreclosure Relief Welcomed by Many

Many people are welcoming foreclosure relief in the form of government stimulus packages and intervention on their behalf. Others are afraid that this will hurt the already struggling real estate market. The sales of over 10,000 homes a month in one area of Orange County alone created a wave of concern that swept across the nation. The investigative actions of the State’s Attorney General were picked up by all the Attorneys General in all 50 states. This shocking revelation made homeowners realize that they had rights and foreclosure relief will soon be available.

obama foreclosure relief

The new stimulus package that President Obama and Congress set into motion also gives homeowners foreclosure relief. The stimulus package was backed with about $75 billion dollars to help avoid foreclosure for homeowners. Most homeowner’s mortgage is held by Fannie Mae or Freddie Mac the largest mortgage lenders in the business. This new package will help those companies from going bankrupt. The onset of the bankruptcy of Fannie Mae and Freddie Mac would be as devastating as that of the auto makers. That is why the government decided to help bailout the lenders with the loss of many who no longer can make their mortgage payments.

 

Foreclosure relief is a welcome gift for anyone who is facing foreclosure. The new stimulus package is there to help others remain in their home and avoid foreclosure. The necessary steps to take to avoid foreclosure are best done by a professional. That is why you should obtain foreclosure services from a foreclosure lawyer. It depends on what phase of foreclosure that you are in which foreclosure service you will need. Many people find that if they act before a notice of foreclosure is served that a foreclosure lawyer can better protect their rights and help avoid the foreclosure.

foreclosure relief for families ready to help

Foreclosure relief may come to many people after the banks have been investigated if fraud was used in the foreclosures. The idea that homes were taken by fraud has shocked the nation. The many that are homeless may have the opportunity to regain their home or compensation for their losses. This is what the banks are fearful of because it would cause many of them to fail. This would be devastating to the economy. Yet those who have lost their homes in foreclosure are crying out for foreclosure relief by some means. This is a situation that will take time to mend in a manner that will be helpful to the homeowner who lost their home in foreclosure and the banks.

Life After Foreclosure

In some situations foreclosure is imminent and there is just no way to avoid foreclosure. In order to survive after foreclosure you need help to find a place to live. A foreclosure lawyer is there to help give you some assistance with their foreclosure services. When a bank forecloses on your property  there are some things that you can do to redeem your home. The lender will auction your property off the first Tuesday after the twenty-one day foreclosure notice on the courthouse steps or lobby. At this point you have the right to bid for your property and get it back from the lender under a new agreement. You will need a foreclosure lawyer in order to write-up this new agreement.

bank owned foreclosed property

The lender will expect you to pay off at least the part of the mortgage that is in the rears if not the whole balance. A foreclosure does not mean that you cannot get a loan to buy your property. The foreclosure services of a lawyer will help you better understand the different types of mortgage agreements and what you need to do to save your home. It is wise to find out the different types of government programs available that can help you regain your home after you have been foreclosed. The help of a foreclosure lawyer will help prevent future problems.

In some cases when you know that you do not qualify for any government programs to help you then there are other steps to take after foreclosure. You will need to move out of your home into a new place. You will find that the property is all that they are entitled to take your personal belongings are yours to keep. You have the right to sell your things if you like or you can take them with you. That is the least of your concerns after foreclosure. The foreclosure lawyer will advise you of your rights and help you to move on with your life.

consulting a foreclosure lawyer

Your credit rating is now very low making it hard to borrow money, buy a car or rent an apartment. When you are unemployed it makes your situation even harder after foreclosure. Life after foreclosure must go on. You may need to also take bankruptcy in order to rid yourself of all your debts and get a clean start. Your lawyer will be able to advise you of what steps to take and how to proceed with life after foreclosure.

Stop Foreclosure Help – Here’s What Happens When You Stop Paying Your Mortgage

As more and more Americans face foreclosure, many are asking the question, “What happens when I stop paying my mortgage?” Here we answer in detail.

Stop Foreclosure Help: What Type of State Do You Live in — Deed of Trust or Mortgage State?

What happens when you stop paying your mortgage depends on which type of state you live in, ie, a deed of trust state or a mortgage state. Why? Because lenders collateralize home loans in one of two ways — as a trustees deed, or as a mortgage.

empowering self against foreclosures

Trustees Deed Defined

A deed is the physical document that transfers the title of a property to another party. trustee’s deed is a deed is the document (deed) executed by a person serving as a trustee — of your home in this case. Trustees can be attorneys, title companies or other entities. It doesn’t really matter because they can’t act unless/until a lender tells them to start the foreclosure process — and provide proof that you are in default.

 

How the Home Foreclosure Process Proceeds Under a Trustees Deed State?

When you stop paying your mortgage, a lender can foreclose at any time. How they foreclose depends on whether you’re in a mortgage state or a deed of trust state.

In a deed of trust state, there are two situations where the lender can start foreclosure proceedings:

(i) Notice of Default: When you miss one payment, you are legally in default on your home loan. But, most lenders won’t do anything until you are e at least 90 days late. Then, the trustee — on direction from the lender — files an NOD; Notice of Default.

This is simply a notice that alerts you, the homeowner, that if you don’t become current with your mortgage, they intend to start the next stop — posting a notice of sale.

 

(ii) Notice of Sale: This is when the lender instructs the trustee to set sale date for your home. How long it will take for a sale date to be set and carried out varies by state. It can be as few as 30 days, or as long as 6 months or more.

In today’s foreclosure-ridden market, not uncommon for this period to be four to six months or longer.

When a property goes to sale in a deed of trust state, there is no right of redemption, which is a major difference between a mortgage state and a deed of trust state, which brings us to how foreclosures happen in “mortgage states.”

 

What is a Mortgage?

Basically, the foreclosure process is the same as in a deed of trust state, with two glaring exceptions: the aforementioned right of redemption and judicial/non judicial foreclosure.

mortgage_house_keys

Stop Foreclosure Advice: The Difference Between a Judicial and a Non-Judicial Foreclosure

When a borrower doesn’t pay the mortgage, the lender has the right — and the power — to foreclosure on the property and sells it to recoup monies owed to them. In a mortgage state, they must go through the court system to start this process. This makes it a judicial foreclosure.

In deed of trust states, the foreclosure process is a non-judicial one. This means, the lender doesn’t have to go through the courts in order to properly foreclose. This makes it easier for lenders to foreclosure because the foreclosure process often quicker, easier and less expensive.

 

Stop Foreclosure Advice: What is the Right of Redemption

The second major difference between mortgage states and deed of trust states is what’s known as a right of redemption period. This regulation that allows homeowners who’ve been foreclosed upon a period of time to “redeem” their property — even after it has been sold.

The right of redemption period varies by state. Only mortgage states have rights of redemption periods. Deed of trust states do not. Once a home is sold in a deed of trust state, the sale is final.

 

Stopping Foreclosure: A Timeline — Why It Takes a While

The foreclosure process can take anywhere from 30 days to a year or more once you break it down, ie:

90 days to Miss Initial Payments: To miss payments before a lender will take action.

30-120 Days: Notice of Default Mailed. This gives homeowners another 30-120 days to bring their mortgage current, or work out some other plan, eg, mortgage modification, forbearance agreement, etc.

30-180+ Days: Notice of Sale. Lender notifies homeowner that a sale date has been set.

If you add all this time up, it’s anywhere from five months to a year or more before you had to vacate your property.

If your financial situation is temporary, this can be enough time to get back on your feet and stop the foreclosure process.

Who Can I Turn to For Help If I’m Facing Foreclosure?

Have you received a foreclosure notice and facing foreclosure? If this describes you then you may be dealing with a range of emotions including anger, sadness and above all you may be dealing with an overwhelming amount of stress. No matter what you may be feeling, the last thing you want to do is not do anything. It’s time for you to take action and start detailing a plan of action. Depending how far down the path you are on for a foreclosure sale your plan of action may vary.

foreclosure-problems-stress

Getting assistance and help is probably one the first step or action that you will want to take. One the place for help is through HUD (Housing and Urban Development). They provide counsellors that can help you sort through your situation and give you advice and a plan of action. They will provide you material and documentation on how you can avoid foreclosure. They will also be able to help you if your foreclosure is imminent and you need to know what steps you need to take after you have been displaced due to a foreclosure.

Foreclosure defense attorneys may also provide advice and counsel if you are a homeowner facing foreclosure. They will give you legal advice and will review your situation. When selecting an attorney you need to make sure that you find an attorney that has handled real estate and foreclosure cases. One area that an attorney may explore is in a loan forensic audit.

A foreclosure defense attorney will be able to determined if you have potential fallen to fraud or scam by your mortgage lender and know what steps to take to avoid foreclosure. He or she will also guide you through a foreclosure process and detail several ways to avoid foreclosure or alternative in lieu of foreclosure. Depending on what the state laws are you may find that professional service will charge you an upfront fee to handle your case. No guarantee can be made however that a foreclosure can be avoided.

foreclosure-defense-attorney

Other that an attorney or HUD you may need to reach out to family and close friends for advice. Even through you may not like the situation you’re in and it may be somewhat embarrassing, your family and friends will be needed to provide support and encouragement. In some case a family member may be able to help you get caught with your payment and bring you mortgage back into good standing with your lender. Family and friends may have a better understanding of your situation and know that it is temporary and that you will be able to pull of your debt within months. Family and friends could be a good source to borrow money to avoid a disastrous foreclosure.

Probably the most logical place to seek advice is your bank or lender. With the HAMP program banks and lenders received billion of fund of our tax dollars. Because they received these funds, most of the bank have signed up to received incentives for every loan modification or short sale that they complete. The bank will require you to provide financial and various other documents. Bank and lenders want to avoid foreclosure because the cost of foreclosure far exceeds a work out or modification of customer loan. The key in a bank making the decision to work with you will be your hardship. If you’re hardship is temporary there’s a good chance that they will work with you.

Other location to find assistance and foreclosure help is the internet. When researching on the internet you will want to proceed with caution. Educate yourself as much as possible before selecting a company to assistance. There are fraudsters that will be take advantage of you but that are the exception to the rule. For the most part most companies are honest and have a genuine interest in helping you avoid foreclosure. In most case professional service will charge you an upfront fee unless it is prohibited by law or based on if you are a licensed professional. The internet is full of information and free advice to avoid foreclosure.

Delay the Foreclosure Process

If you’re facing foreclosure now and looking to get help with the Presidents’ Mortgage Modification Plan, it maybe isn’t a choice any longer. Because of the extensive needs and requirements that considered for help under this plan of action, the majority of the homeowners facing foreclosure are now being declined or otherwise considered ineligible with this program.

foreclosure-house

However, you’ve still got options. You will find a lot of things you still can perform if you’re facing foreclosure. You need to approach your circumstances with understanding and also you had better be knowledgeable about how exactly the foreclosure process works contributing to the methods will remain in your house for a very long time.

First, it’s impossible to precisely tell how lengthy a foreclosure process might take since it varies for hundreds of reasons, such as the State that you simply live, your loan provider, the kind of mortgage you’ve, etc.

However, the steps from the foreclosure process are essentially exactly the same, and when you are already facing foreclosure you might be conscious of a number of them. I’ll mention these steps which mean you have an idea by which area of the foreclosure process you’re at this time.

The initial step most banks do whenever you neglect to help make your normal monthly obligations is to try and contact you for a few several weeks. Whether they cannot make contact with you thru calls or letter, they’ll file a Foreclosure Petition using the court as you have inside your guaranteed obligations.

You might or you might not answer this foreclosure filling. Knowing how to get this done the proper way, you are able to delay the foreclosure process for just one, two several weeks or even more, just applying this little trick.

home for sale

Should you decide so, you may even request a foreclosure Hearing together with your Local Circuit court to protect from the foreclosure demand. You do not need an attorney to get this done, but you should use one if you want. Many families facing foreclosure, effectively, make use of this alternative to be able to delay the foreclosure process for a few several weeks it can be done too.

Time you’ll have the ability to remain in your house following the bank files for foreclosure against you’ll essentially depend within the fight that you place upon your loan provider and also the understanding you have on how to fight the foreclosure steps on the way. It might take less than three several weeks or around 2 yrs or even more.

Foreclosure is really a process and you will find ways that you should delay that process and remain in your house mortgage-free for any couple of years even when you are not entitled to the Obama’s Mortgage Loan Modification Plan or other Program, even when you haven’t earnings whatsoever. Regrettably, many people haven’t heard of the numerous tactics and methods readily available for fighting foreclosure. To prevent foreclosure and remain in your house is of up-most importance not just since it could possibly help you save thousands of dollars, speculate it’ll make sure that you maintain the opportunity to be eligible for a future programs.