Tag Archives: foreclosure

The Faces Of Foreclosures Include Mine

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I knew we were in trouble but did not want to admit it. Bills were stacked to ceiling and I was running a no-frills household. Foreclosures had hit our neighborhood hard. Even with a second job I was way behind.

A medical emergency, divorce, or job loss might trigger the process. I received my Notice of Default the day I was holding my garage sale. Looking past the treadmill, books, and my lose weight fast program I was struck with reality. I sunk into a chair by my electric breast pump and stared at my strapless wedding gown.

With three energetic boys and no daughter to inherit my gown, I no longer needed either item. We bought this house with my parents help right after I was married and pregnant with my first. It no longer mattered how we got to here from there in eleven years. What mattered is that I had no idea how to avoid losing our home.

I decided to dig in and find out what I needed to know. I find my mortgage documents and contacted the entity that now owned my loan. I found out that my loan was one of the types that offered free counseling services. This was when I entered the world of loan modification and learned the rules.

There are several categories of special needs or age qualifiers that can help you get a mortgage reduction. VA, HUD, FHA, and your state offer toll free foreclosure counseling. Your state attorney general may have guidelines posted on their website. If you already have a Notice of Default you need to get moving on a solution.

That means that you have a specific period of time to cure your default. This is the total amount of late payments and interest plus any foreclosure costs that you are behind on. That is the cure amount. In the last five days you must come up with the total amount. Check for the details in your state.

The process may vary from state to state. You need to check to determine if you have a one year right of redemption. The time period may be different and it may not apply to your state. Redemption rights should be established.

If you cannot come to terms with your lender your home will finally go to auction. It will likely not be purchased by a bidder who knows that after the bank takes it back they will get a steep price reduction. Whatever you do, do not sit in your attic collecting memories when you could be at your computer collecting the information that might forge a solution.

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Playing Hardball: Loan Audits

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A loan audit is a comprehensive loan fraud/predatory lending investigation report that will identify infractions and violations committed by your lender and/or broker when they originally funded your loan. Obtaining an audit should be the first step on your quest to successfully modifying your home loan. If you are behind on your mortgage payments, facing default or foreclosure, the audit is a critical tool that can be used as leverage to argue your case with your lender(s). It will highlight laws that were broken, if any, by your broker or by your lender. In almost 100% of cases, we find violations in RESPA*, TILA*, and in some cases, egregious Article 32 Predatory Lending violations*. [RESPA = Real Estate Settlement Procedures Act. TILA = Truth-In-Lending Act. Article 32 Predatory Lending = This law is devoted to identifying certain high-cost, potentially predatory mortgage loans.]

You are not alone in this nationwide financial crisis. Times are extremely tough for millions of homeowners like you, and thankfully there many active laws that protect you. If you are having trouble paying your bills, your income cannot support monthly expenses and you ultimately are unable to make your mortgage payment(s), the good news is you have recourse with your lender that inevitably help you keep your home. The main goal of a loan modification is to stop foreclosure of your home. Foreclosures do not help or benefit anyone — not even your bank. An attorney and/or law office that specializes in loan modifications and debt negotiations is your best option to assist you in this process. An attorney can make your lender act on your case in your favor, and a loan audit can only help to successfully restructure your loan.

What is included in a Loan Audit Report?

  • Results report of all factual findings of the audit
  • Any and all applicable federal law violations
  • The real terms of your loan
  • Outline of hidden fees and/or commission earned by your broker and/or lender
  • A complete assessment so you can pursue possible legal claims against your broker and/or lender

Loans with illegal terms or conditions are not enforceable. Foreclosures resulting from illegal loans are also not enforceable. The foreclosure process is stopped when litigation on a questionable loan begins. Mortgage payments are not required during the foreclosure or litigation process. Lenders will choose the most rational and fiscally sensible response when presented with the legal facts. When facing their legal options: modifying your loan, foreclosing your home, paying some high-priced attorneys to litigate, or risking stiff federal fines and penalties, the majority of lenders will choose loan modification as the most financially sensible option.

98% of all mortgages are potentially ELIGIBLE to be RENEGOTIATED due to Truth in Lending Act violations according to a review of thousands of mortgage documents. The 5 most common mortgage violations that break laws within the Truth in Lending Act and Real Estate Settlement Procedure Act are:

  • Missing paperwork. The federal Truth in Lending Act states that lenders must clearly disclose key loan terms and costs at the time of the mortgage application and home closing; however, if paperwork is missing, buyers may never see the final mortgage terms and costs. 98% of the mortgages we review include this violation.
  • Bad “good-faith” estimates. Good faith estimates are intended as documentation of mortgages and costs in order for buyers to compare and contrast offers. However, some brokers write low-ball good faith estimates to “bait and switch” homeowners by representing that they will offer lower costs and mortgage terms, then later inserting higher interest rates, higher closing costs or mortgages that some homeowners can’t afford. We see 21% of this violation in its mortgage reviews.
  • Incorrect payment representations that drive up APRs. Unscrupulous lenders play a bit of a shell game with Truth in Lending Disclosure Statements, which are estimations of the cost of borrowing money to buy a home, the expected payments for a mortgage and other related details. When lenders fill out these documents with incorrect information, particularly in the payment section, the Annual Percentage Rate changes with each error, leaving homeowners with unexpected payment increases that can lead to foreclosures if not paid. One quarter (26 percent) of mortgages we review include this violation.
  • Double-dipping brokers. Within three days of offering a good faith mortgage estimate, brokers are supposed to reveal income to be paid outside closing, often referred to as the yield-spread premium. Unsavory brokers do not disclose the income to the borrower on the good faith estimate. The borrower finds out about the yield-spread premium at closing on the HUD-1, which he/she is paying for indirectly in the form of a higher interest rate.
  • No documentation of income. Initially designed to help the self-employed, who don’t often have a paper trail to show income history, mortgages written with little, if any, documentation of the buyer’s income enable deceitful brokers to fill in false income data. This allows borrowers to qualify for larger loans and brokers to make higher commissions. One third (33%) of mortgages reviewed by us include this violation.

All of this means that you have a lot of leverage to achieve better terms for your current mortgage, as lenders and their counsel are well aware of these violations.

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How To Stop Foreclosure – 3 Legitimate Solutions

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A superb resource: Stop Foreclosure In Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

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How To Stop Foreclosure – 3 Legitimate Solutions

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A great resource: Stop Foreclosure In Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

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How To Stop Foreclosure – 3 Legitimate Solutions

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A great resource: Stop Foreclosure In Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

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How To Stop Foreclosure – 3 Legitimate Solutions

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A superb resource: Stop Foreclosure Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

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How To Stop Foreclosure – 3 Legitimate Solutions

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A superb resource: Stop Foreclosure In Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

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How To Stop Foreclosure – 3 Legitimate Solutions

Posted on by

A great resource: Stop Foreclosure In Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

Technorati Tags: , , , ,

How To Stop Foreclosure – 3 Legitimate Solutions

Posted on by

A superb resource: Stop Foreclosure Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

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How To Stop Foreclosure – 3 Legitimate Solutions

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A superb resource: http://realestate.bryanellis.com/1565/stop-foreclosure-in-houston-3-legitimate-solutions/

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

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