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Get On the Phone and Make Bank Foreclosure Stop

Each year the rate of foreclosures increases across the nation by several percent. If you find yourself in a situation that is causing you to possibly lose your home to bank foreclosure stop waiting around to see if this problem will go away. Can bank foreclosure stop you from getting other items you want to buy? This article will help you decide if stopping your bank foreclosure will help you.

foreclosure solutions

You may be able to stop bank foreclosure if you can make a reduced payment to the bank. Banks do not want your property back they just want the money you barrowed against the home. Bank foreclosures stop you buying another home or many other items for a while. You want to make sure that letting your home go is the last thing you allow to slip in your finances.

 

Owning a home offers many benefits not to mention how great it feels to have your own place. If you are not able to make the payment and make the bank foreclosure stop you may be able to slow down the process until things get brighter for you financially.

 

There are some private loans that you may be able to secure that might make the bank foreclosure stop the proceeding and allow a shared interest with another party. This other party is referred to as a third party interest. It never hurts to advertise in a shopper paper that you have a home and need a private loan. If you can convince the new lender that you can make the payments they may help you out.

house short sale

If your bills are too high to handle you may not be able to stop bank foreclosure. You can seek the advice of non-profit companies that can help you with your debt problems to see what action is best. If bank foreclosure stop you from living your life fully then do everything you can to avoid foreclosure.

Learn How to Stop Foreclosures

While it is unfortunate when Orange County foreclosures occur, they do not need to end up the disaster they usually are to either the residents in the home or the lending institutions that made the mortgage loan. By implementing some of the legal rules that support alternatives to Orange County foreclosures, residents can make the best of an unfortunate situation that they are facing.

Foreclosure-problems

For many people, the problems occurred when they were offered low rates for their homes, which resulted in Orange County foreclosures when they were unable to keep up with the payments over a period of time. These kinds of dangerous rates are ARMS. ARMS start off with a low rate but they reset much higher at the end of the term. For example a 5 year ARM was a common instrument taken out by homeowners, and because interest rates have gone up considerably in the last 5 years, when the ARM resets, the homeowner is no longer able to afford his monthly payments.

Instead of hurting one’s self by allowing the home to go up for auction by the sheriff, there are some other choices to consider.

To stifle the statistics of Orange County foreclosures, some people find it most beneficial to avoid declaring bankruptcy. For most people, this is because this option would hinder their attempts for many years in the future when it would come to getting credit cards, loans, another mortgage and having a regular and typical credit report run. In order to avoid an unsightly and embarrassing auction of the home and the crippling option of declaring bankruptcy, it is distressed homeowners may consider the following two important options when people are facing Orange County foreclosures of their properties.

 

 

Short Sales

short-sale-foreclosure

This is a popular option nowadays. If one of the Orange County foreclosures is not worth as much as the amount of money that is owned on it, the bank might be willing to sell the mortgage loan to an investor at a discount rather than let the home go to foreclosure auction. In this case, the bank wants to do the fastest approach when it comes to getting rid of Orange County foreclosures and wipe “bad debt” (non-performing assets) from their books.

Here’s how it works. The distressed homeowner works with a real estate investor who does short sales. The investor contacts the bank and negotiates a short sale directly with the bank. The short sale will be an offer by the investor for a discount on the loan. For example, if the loan for the home is $200,000 dollars and the home is worth $190,000, the investor may try to get a discount on the defaulted mortgage note to $150,000. If the bank allows it, the investor now has a $150,000 property worth $190,000.

The bank benefits because even though they lost money, going through the foreclosure process is expensive for them and that is avoided. The distressed homeowner benefits because he or she gets to avoid foreclosure and the consequent damage to their credit, not to mention avoiding the horrible experience of having their home auctioned off by the sheriff.

And the investor wins by getting a property at a discount to its fair market value.

 

Orange County foreclosures

Typically, the investor will then eventually offer the homes to other individuals, who can then spend the time fixing the home up either for themselves or the investor may hold it as a rental.

The last option is to consider if you are facing foreclosure is to work with a real estate investor on doing a lease option for your home. A lease option is often called a rent to own. Despite the fact that the previous owners would be still required to leave the home, the note will be paid off by new tenant-buyers who move into the home.

Here’s how it works in simple terms: distressed homeowner wants to avoid foreclosure. Real estate investor has the homeowner sign a non-exclusive simple option agreement that allows the investor to find a tenant-buyer for the home on a rent to own basis. The investor then locates the buyer and works with him to get financed if need be, or helps with credit repair. The tenant-buyer then moves int the home and takes over the monthly mortgage payments, and has an option to purchase the home at an agreed upon date.

The original distressed homeowner who was facing foreclosure gets to avoid the foreclosure and the damage to their credit that would have transpired.

In Orange County, foreclosures can be avoided by simply looking at some of the other laws that will benefit the individual when it comes to these types of problems.

Stop Foreclosure Quick: Knowing Your Options

Tactics and Options to Stop Foreclosure Quick

With interest rates having risen markedly in recent years, and with billions of dollars in ARMS adjusting upward over the next couple of years, many people now want to know how to stop a foreclosure.

When the ARMS reset, millions of people are finding their monthly payments going through the roof and they simply can’t afford the new payments.

Your tactics for how to stop foreclosure quick will depend on if you have much equity or if you don’t, and how far along you are in the foreclosure process.

Your options will vary for each case. Suffice it to say that the earlier you are in the foreclosure process, the more options you have.

foreclosure tactics

How to Stop a Foreclosure: Options to Consider

You may be able to refinance your loan. If you have a fair amount of equity, you can try this to lower your monthly payments and spread them out over a longer period of time. However, this doesn’t do you any good if you simply don’t have the income to make these lower payments or have the money to do the refinance.

Forbearance with the Bank: if you are still in the beginning stages of a foreclosure, you should contact your lender right away and try to work out forbearance with them. Here’s how it may work: let’s say you are behind on your mortgage payments for 3 months and your monthly payment is $1,000 a month. So that is $3,000 you are behind. If you can resume making your monthly payments but cannot pay the $3,000 you are behind, the bank may allow you to, say, pay $1,300 a month, with $300 of that going toward what you have defaulted on. This means that in 10 months, you’ll be current again.

This forbearance strategy generally only works to stop a foreclosure quick if you had lost your job, which created the impending foreclosure hardship, and now you’ve found a new job….in short, if you are bringing in income again that will make the bank believe working out forbearance with you will be in their interest.

Bankruptcy: Some people who want to know how to stop a foreclosure turn to bankruptcy. We are not attorneys, so this is not legal advice, just our opinion. But bankruptcy in our view should be an option of last resort. First, it is an action that will follow you around for years, leaving your credit shattered. Secondly, unlike what many people believe, filing a bankruptcy will not allow you to keep your home in the long run anyway. Lastly, it costs quite a bit of money…money that may be better spent paying off your defaulted mortgage loan.

file bankruptcy

Short Sales: This option is an increasingly popular way to stop foreclosure quick. A short sale is when the bank agrees to sell the defaulted mortgage at a discount. However, you as the homeowner will not be able to short sale the property since the bank will make it mandatory that you can’t profit from defaulting on the payments. Usually it will have to be you working in conjunction with a real estate investor who will negotiate with the bank to buy your mortgage note at a discount.

There is no guarantee the short sale will work, but if the investor can present a compelling case to the bank, they may accept it. Short sales are done all the time these days. You will benefit in that your home, if the bank accepts the short sale, will not go to foreclosure….therefore you will not have your credit ruined due to the foreclosure.

 

How to Stop a Foreclosure with a Lease Option

Lease options are another great way to stop foreclosure quick.

A lease option is also known as a rent to own. This is when you get a tenant-buyer into your home as quickly as possible to take over your mortgage payments. The tenant-buyer will have an option to purchase your home as well. The option term is usually 12 to 24 months.

Of course, you’ll have to move out of your home, but you get to avoid the foreclosure and the subsequent destruction to your credit and the humiliation of having your home auctioned off at the sheriff’s sale.

Working with real estate investors on a lease option also helps because time is critical when you are facing foreclosure. Real estate investors have connections and marketing expertise and may be able to get you a tenant-buyer for your home quickly, and set up the contracts properly.

Foreclosures On The Rise and Foreclosure Solutions

It’s comforting to know foreclosure solutions can be found. Why, you ask. Because home foreclosures are still a big problem inside of our country. While foreclosure numbers are lower in some areas, that aren’t the condition in the majority of the country.

foreclosure house sales increase

Authorities state it’s those popular variable-rate loans that happen to be serving to push the increase in foreclosures all over the United States, allowing potential buyers to buy more costly properties than they might usually easily afford. With adjustable-rate loans comprising around 1 / 4 of all house loans, how big will this issue develop into?

Just about each and every month, you will find a lot of foreclosures in newspapers across the country and several experts predict the stats will stay the same for a long time to come. Simply just get hold of your local paper, or maybe turn on your radio, in addition to your television and you can pick up something relating to the nation’s foreclosure tragedy.

Quite a few representatives that manage foreclosures assert that they believe what we have been witnessing currently will continue and foreclosures may continue at the same pace for a good while. For that reason, it would benefit you to fully understand what your foreclosure solutions are.

There are many alternatives to a foreclosure. One of the main foreclosure solutions is something known as a short sale; however not everyone is approved. The thing is, it can be extremely expensive for a lender to foreclose on a home, and then place it back on the market, and in some cases have to repair the house before placing it in the marketplace.

foreclosure short sales

One more alternative is to battle your foreclosure. Foreclosure rights change some from state to state, so it all will depend on the laws and regulations within your specific state to know what your foreclosure rights are. Thus, the very first thing that you have to do is to find out what the laws and regulations are for your state to know what your foreclosure rights are.

Does your state have a judicial or non-judicial process? How quick does your individual state’s foreclosure procedure move? What about, right of redemption? Each one of these questions, and others, are issues that you must understand so you’re able to actually comprehend what your foreclosure rights are and the way the procedure is likely to work.

How to Handle Foreclosure

When you are faced with the problem of foreclosure on your home on Orange County you need to immediately get the services of a professional Foreclosure Defense Lawyer. The Foreclosure Defense Lawyer will check out the facts behind your foreclosure and give you good advice on how to save your home. Millions of homes a month are ending up in foreclosure leaving families out on the streets. Many times the family could save their home from foreclosure if they had elected to fight the bank or lending institution that is holding their loan agreement (mortgage). That is the first step in handling foreclosure on your home.

foreclosure street

When it comes to handling a foreclosure case the leading attorneys in Orange County know just about everything that there is concerning the law, government programs, and other resources that will help the family to remain in their home. Even though the government has set up several bailout programs to help stop foreclosure it is still up to the homeowner to take the first steps. Most homeowners are not aware of their rights and what they should do in order to handle foreclosure when they have been served the notice of foreclosure. This is very understandable and the main reason that you need a foreclosure attorney by your side to help you through the whole procedure.

 

The best thing that you can do is to avoid foreclosure by taking care of the problem before you are served a notice of foreclosure. In most mortgage agreements is states that if you miss one or more monthly payments that the lenders can foreclose on your property. When you are faced with problems that will prevent you from making your monthly payments as the consumer then you should realize that foreclosure actions will soon take place. You can handle this problem by making arrangements with the bank as soon as possible. Some lending institutions allow you to skip one payment a year as long as you pay the interest amount that is owed. If this is just a onetime event perhaps you could call the bank and ask for a skip payment for that year taking care of the amount that is to be applied towards the interest.

Foreclosure-Defense-Attorneys

When you know that you have a more serious problem then you will need the services of an attorney that can help you work out some arrangements with the bank. Most Foreclosure Defense Lawyers will try to help you to get a lower interest rate, lower payments, and a longer period of time to pay for your home. In most cases this helps the homeowner to keep their home preventing any foreclosure problems. There are various other things that can be done to handle foreclosure and it depends on your situation as to how things can be handled.

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.