Prevent Foreclosures » Foreclosure Process http://www.prevent-foreclosures.net Lets Stop It Before Its Too Late! Thu, 17 Sep 2009 02:23:38 +0000 http://wordpress.org/?v=2.8.4 en hourly 1 Should I Contest my Foreclosure? http://www.prevent-foreclosures.net/foreclosure-process/should-i-contest-my-foreclosure http://www.prevent-foreclosures.net/foreclosure-process/should-i-contest-my-foreclosure#comments Tue, 01 Sep 2009 20:46:44 +0000 admin http://www.prevent-foreclosures.net/?p=311 There are times when it makes sense to contest a foreclosure but not every time. However, if you have a case to contest your foreclosure in court, then you might buy yourself some time to stay in your home longer while you figure out what to do next. You must contest a foreclosure in court. There are many reasons why someone will and can contest a foreclosure even if that person defaults on the loan and fails to keep up with mortgage payments.

When does it make sense to contest the foreclosure?

If the foreclosing party obviously fails to follow the law when they try to foreclose on your home, then you might have a case in court. If by them not following the law, you are deprived of your rights, then the court may rule in your favor when you contest the foreclosure in court. By contesting the foreclosure in court, you could get the foreclosure lawsuit dismissed or delayed. That means, you can stay in your home for much longer than you could have otherwise. By being able to stay in your home longer and stalling the foreclosure process, you will save a lot of money and buy yourself time to find another solution.

Examples of reasons a homeowner can use to contest a foreclosure

Attorneys can help you come up with all sorts of reasons why your foreclosure needs to be contested. For example, you may be able to convince the court that the terms of your loan are too unfair. If the judge agrees with you, then he or she may rule in your favor. If a homeowner can show that the lender took advantage of his or her in any way when signing up for the loan, he or she may be able to convince the judge to rule in his or her favor.

If you need a lawyer to help you, then here is a service to help you find just the right lawyer. The service is free and confidential.

Need a Lawyer? LegalMatch allows you to present your case, and respond only to lawyers who want to help you. It’s Free & Confidential.

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]]> http://www.prevent-foreclosures.net/foreclosure-process/should-i-contest-my-foreclosure/feed 0 Deed in Lieu of Foreclosure http://www.prevent-foreclosures.net/avoid-foreclosure/deed-in-lieu-of-foreclosure http://www.prevent-foreclosures.net/avoid-foreclosure/deed-in-lieu-of-foreclosure#comments Sun, 30 Aug 2009 22:34:00 +0000 admin http://www.prevent-foreclosures.net/?p=292 If a homeowner cannot pay the mortgage payments and is in default, he or she may not have to go through the foreclosure process if the lender accepts a transfer of title of the property or deed in lieu of foreclosure.

What is a deed in lieu of foreclosure?

A deed in lieu of foreclosure is a legal document conveying property to the lender after the borrower defaults on his/her mortgage payment.

What happens when the lender accepts deed in lieu of foreclosure?

When the lender accepts deed in lieu of foreclosure, the right to the deficiency judgement is waived. The lender takes possession of the property and, by doing so, avoids the cost of foreclosure, eviction, auction sale, etc. When this happens, the lender will not come after the homeowner for the difference between the amount owed and the proceed from the sale of the property. Usually the lender will not do this unless the lender feels like the homeowner has little wealth and it is not worth their time and cost in risking coming after the homeowner. Usually, even if the lender manages to file a deficiency judgement suit against the homeowner and successfully won, the homeowner still cannot pay.

Problems with deed in lieu of foreclosure

A homeowner should not expect all problems to go away when the lender decides to accept the deed in lieu of foreclosure. Deed in lieu of foreclosure process may not resolve all claims against the property. This is why the warranty deed is so popular to protect buyers against future claims against the property.

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]]> http://www.prevent-foreclosures.net/avoid-foreclosure/deed-in-lieu-of-foreclosure/feed 0 Foreclosure Complaint http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-complaint http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-complaint#comments Wed, 26 Aug 2009 20:10:03 +0000 admin http://www.prevent-foreclosures.net/?p=269 In Judicial foreclosure, you may have heard of the foreclosure complaint. Let’s define what a foreclosure complaint is and then we will discuss what a homeowner can do to answer a foreclosure complaint, how to answer a foreclosure complaint, and what happens if you do not respond to a foreclosure complaint.

What is a Foreclosure Complaint?

A Foreclosure Complaint is usually a document several pages long that is filed with the court in the county where the property to be foreclosed on is located. The document alleges that the borrower willingly signed a mortgage and a promissory note that is now in default.

What is the purpose of the Foreclosure Complaint?

The purpose of the Foreclosure Complaint is to initiate a lawsuit against all party involved including:

  • the owners of the property
  • tenants (if any)
  • lien holders

The Foreclosure Complaint outlines that the plaintiff sues the defendant(s) and alleges the action for the foreclosure of a mortgage on a specified property. The plaintiff is usually the owner and holder of the Note and Mortgage on the home.

What happens when the Foreclosure Complaint if filed?

The Foreclosure Complaint document and a court summons announcing the lawsuit will be served upon all of the defendants (i.e. all parties involved including owners, tenants, and lien holders)

How to answer a foreclosure complaint?

The Summons details what your options are in terms of answering the Foreclosure Complaint. The Summons explains that a lawsuit has been filed against you and you have a certain number of days, such as 30 days, to file a written response with the clerk of the court. If you want the court to hear your side of the story, you must file your foreclosure complaint answer with the court officially as directed in the Summons you receive. Do not call the court instead of filing a written answer.

What happens if you do not respond to a foreclosure complaint?

If you do not file a foreclosure complaint answer or you do not respond on time, then you will lose the case and you will be basically admitting the Foreclosure Complaint. If you lose, then your wages, money and property may thereafter be taken without further warning from the court.

If you need an attorney to help you, you need to contact one immediately. If you do not have an attorney, you can call an Attorney Referral Service or Legal Aid Office to help you. If you are filing a written response yourself, you need to file it with he court as well as mail a copy to the Plaintiff’s attorney whose contact information will be listed on your Foreclosure Summons.

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]]> http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-complaint/feed 0 Foreclosure Nation: Mortgaging the American Dream http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/foreclosure-nation-mortgaging-the-american-dream http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/foreclosure-nation-mortgaging-the-american-dream#comments Tue, 25 Aug 2009 19:47:11 +0000 admin http://www.prevent-foreclosures.net/?p=263 Foreclosure Nation: Mortgaging the American Dream

Foreclosure Nation: Mortgaging the American Dream is an informative book that is very detailed. If you want a better understanding of the current foreclosure crisis, this is definitely a book to consider. If you want help understanding how the mortgage and foreclosure processes work in general, this is also a great book. Olefson has laid it all out in the most understandable format.

The family residence is the backbone of the American economy, the most valuable and enduring asset for those who have achieved a financial foothold. Yet today record numbers of households confront foreclosure. In the next year it is estimated that over two million Americans will lose their homes and almost two billion dollars of wealth will disappear in the process. How did the traditional “American Dream” morph into a nightmare for so many?

Real estate attorney and educator Shari B. Olefson, a recognized expert in the current mortgage crisis and its effects on homeowners, explains how America slipped to the edge of this dangerous stagnation-recession precipice. In plain language that is easily understandable to the average person, she clarifies legal and financial terminology and describes how our country’s mortgage system really works. Utilizing real-life lender and borrower interviews, she exposes its intrinsic flaws and often discriminatory practices, from the mortgage application process to the securitization of bundled mortgages by large investment firms. She also provides evidence to show the government’s and Wall Street’s roles in both causing and solving the problem.

Above all, Olefson offers expert tips, tools, and resources to help you:

  • Choose a mortgage professional and understand what’s motivating him or her
  • Decide what mortgage product fits best and when to refinance
  • Get the best fees, interest rate, and service
  • Create your own solutions for navigating the credit crunch
  • Know what to do when you can’t afford your mortgage
  • Protect your home if you are at risk of foreclosure
  • Understand how to proceed if you are already in foreclosure
  • Capitalize on emerging opportunities and avoid the scams and mortgage fraud
  • Prepare for coming changes

Foreclosure Nation demystifies the real estate bubble and the subprime mortgage crises that followed. With bold, clear visuals like inventory, absorption, and price trend graphs, Olefson pinpoints exactly when and why experts are predicting a recovery. She also cites statistics that strongly suggest the number of foreclosures will surge in the fall of 2008 and again in 2009, with increased reverberations felt throughout the US and global economies. Foreclosure Nation will prove indispensable to explaining what is happening and guiding readers through.

Whether you are planning on buying your first home, struggling to meet your current mortgage payments, facing foreclosure, or wondering how your investments will be affected, this comprehensive book will assuage the fear of the unknown, empowering you to make wise choices and protect your most valuable assets.

About the Author
Shari B. Olefson, JD, LLM (Fort Lauderdale, FL), is a partner and the head of her office’s real estate department at a national law firm.

Buy Foreclosure Nation: Mortgaging the American Dream

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]]> http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/foreclosure-nation-mortgaging-the-american-dream/feed 0 Working with the Mortgage Company http://www.prevent-foreclosures.net/avoid-foreclosure/working-with-the-mortgage-company http://www.prevent-foreclosures.net/avoid-foreclosure/working-with-the-mortgage-company#comments Tue, 18 Aug 2009 22:22:06 +0000 admin http://www.prevent-foreclosures.net/?p=232 When Lenders Wanted to Foreclose

In the past, when home values were high, lenders would not think twice about foreclosing on homes that were in default. When homeowners could not afford the monthly mortgage payments, the lenders would soon send notices to remind the homeowners to pay up. When they still did not get any responses or payments, they sent foreclosure notices. A few months later, if the homeowners could not pay or come up with solutions somehow, the mortgage companies would proceed with the foreclosure auctions. At the auctions, the banks would set opening bids which are roughly the amounts they were owed.

Lenders No Longer Want to Foreclose (most of the time)

When home prices were high and kept rising, there were hopeful buyers looking for homes that they could fix and sell for much higher values. So, the system worked out well for the banks and the buyers or investors. The problem is that now home values are low and many homeowners are upside down, as in they owe more than their homes are worth.

Lenders know that at foreclosure auctions, they cannot set the opening bids as high as they want to in order to payoff the mortgages owed. Homebuyers are looking for real bargains and they are not going to pay as much as the lenders need to recoup all of the money owed on each home. Also, the foreclosure process costs money. The process is risky for the banks as they might end up getting very little money back, or worse yet, end up with the homes that they cannot get rid of or do anything about. Remember, lenders are not landlords and they are not in the real estate business.

Selling Homes at Auctions

Right now, it costs the banks more to proceed with the foreclosure process than what they are going to get back. So, unless your home is in an up and coming neighborhood with real value, then the bank would prefer to work with you to come up with something that works for them and for you. If your home is in a bad condition and homes around you are not selling well then it is likely that you can work something out with the bank. Many banks have shown that they prefer to have the homeowners in the homes and making some payment rather than have them out if the prospect of selling the home is not good. This is why a short sale is attractive to the bank when a homeowner has no way of being able to afford the mortgage payments. By making the bank see that it is better to have you in the home, you can avoid foreclosure or live rent free for a while.

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]]> http://www.prevent-foreclosures.net/avoid-foreclosure/working-with-the-mortgage-company/feed 0 Walk Away from Foreclosure http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/walk-away-from-foreclosure http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/walk-away-from-foreclosure#comments Mon, 17 Aug 2009 18:23:46 +0000 admin http://www.prevent-foreclosures.net/?p=228 Sometimes, when people are in foreclosure and they do not have a way out, they just want to walk away. But, do you know if it is wise to do so or if you can even do it? Can you walk away from all of your mortgage or foreclosure problems? Sometimes, it is easy to do so but you need to know what the consequences are. Even if you are willing to give up your house to the mortgage company and just be gone, it might not be that simple.

Should I just walk away?

Firstly, you should not think about walking away if there is a chance that you can save your home. There may be solutions that you are not aware of. Most homeowners do not know all the options available to them. But, the experts who deal with foreclosure situations daily may know and may be able to suggest something that can help you.

Don’t Lose your Famliy Home. 95% success rate in matching you with loan modification firms- Act Now!

If there is nothing that can be done, you can consider walking away from your home and your mortgage obligations. However, you need to be sure that the mortgage company (or companies) is not going to sue you later. It could be years before they decide to sue you. If you just have a first mortgage to worry about, then it might make sense to try to make sure that you are going to walk away free and clear and the mortgage company will not come after you. There are many homeowners that thought their problems were behind them until, after the foreclosure sale, they found out the hard way that the lenders had no been paid off and they wanted money from the homeowners still.

If the lender cannot sue you, then you probably have a non-recourse loan. You need to check with your state what the lenders can or cannot do. State laws vary from state to state.

Should I walk away if I have a second mortgage too?

Usually walking away will not get you free from the second mortgage debt and the second mortgage lender would likely come after you for the money you owe.

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]]> http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/walk-away-from-foreclosure/feed 0 Servicemembers Civil Relief Act (SCRA) http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/servicemembers-civil-relief-act-scra http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/servicemembers-civil-relief-act-scra#comments Sun, 16 Aug 2009 20:58:09 +0000 admin http://www.prevent-foreclosures.net/?p=224 On December 19, 2003, the Servicemembers Civil Relief Act (SCRA) was signed into law by the President of the United States. This section applies to military personnel and it can help them in case of foreclosure. The Federal Housing Administration has lot of information on this Servicemembers Civil Relief Act (SCRA). This law completely rewrites the Soldiers and Sailors Civil Relief Act of 1940, expanding many of the previous law’s civil protections.

For example, if you or your spouse is on active military duty, you may qualify for a reduction in your mortgage interest rate. This will lower your house payments. That means, if you currently cannot afford to keep up with your mortgage payments and you will be facing foreclosure pretty soon, then this law can help lower your payments to an affordable level.

Who is eligible for the Servicemembers Civil Relief Act (SCRA)?

The law applies to active duty military personnel who had a home loan prior to enlistment or prior to being ordered to active duty. This includes members of the:

  • Army
  • Navy
  • Marine Corps
  • Air Force
  • Coast Guard
  • and more

Does this Servicemembers Civil Relief Act (SCRA) cover dependents?

In some cases, dependents of servicemembers are covered but not always.

Does the Servicemembers Civil Relief Act (SCRA) protect me against foreclosure?

Although the Servicemembers Civil Relief Act (SCRA) helps prevent foreclosure by lowering mortgage interest rates, it does not totally protect you against foreclosure. However, mortgage lenders cannot foreclose while you are on active duty or within 90 days after military service without court approval. If the mortgage lender can show that your ability to repay the mortgage debt was not affected by your military service, the court may allow them to proceed with the foreclosure process.

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]]> http://www.prevent-foreclosures.net/foreclosure-process/foreclosure-laws/servicemembers-civil-relief-act-scra/feed 0 Power of Sale http://www.prevent-foreclosures.net/foreclosure-process/power-of-sale http://www.prevent-foreclosures.net/foreclosure-process/power-of-sale#comments Mon, 10 Aug 2009 15:45:26 +0000 admin http://www.prevent-foreclosures.net/?p=202 We previously discussed briefly what a power of sale is. Let’s recap it here.

What is a power of sale?

The deed of trust contains a power of sale clause while a mortgage usually does not. However, there are some exceptions. Unlike a mortgage, a deed of trust with a power of sale clause grants the beneficiary (the lender) the right to request the trustee (third party) to sell the property (your home) without having to file a lawsuit. That means, the lender can very easy sell your home and the homeowner will have very little say on the matter.

How come my lenders uses a mortgage but also has a power of sale clause?

Some states allow lenders to use a mortgage with a power of sale clause attached. Examples of states that allow both types of foreclosure are:

  • Maryland
  • Massachusetts
  • Minnesota
  • Mississippi
  • New Hampshire
  • North Carolina
  • Oklahoma
  • Rhode Island,
  • Virginia

You need to look into the laws of each state carefully for more specific information on the type of foreclosure process allowed in that state.

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]]> http://www.prevent-foreclosures.net/foreclosure-process/power-of-sale/feed 0 Nonjudicial Foreclosure http://www.prevent-foreclosures.net/foreclosure-process/nonjudicial-foreclosure http://www.prevent-foreclosures.net/foreclosure-process/nonjudicial-foreclosure#comments Wed, 05 Aug 2009 18:37:31 +0000 admin http://www.prevent-foreclosures.net/?p=171 Most homeowners much prefer the process of judicial foreclosure but, in some states, they do not have the choice of choosing one or the other.  In California, for example, nonjudicial foreclosure is common and when you buy a home in California, you have to sign a promissory note and a deed of trust. Most people do not know the implication of signing a promissory note or a deed of trust at the time of buying a home. Many think that a deed of trust is just another word for a mortgage. However, legally, a deed of trust is very different from a mortgage.

Consequences of Signing a Deed of Trust

In deed of trust states, such as California, when you buy a home, you usually have to sign a deed of trust. If the borrower defaults on the loan or fails to comply with the terms of the deed of trust agreement, then the deed of trust would authorize the trustee to:

  • declare the whole amount of balance of the loan due immediately
  • sell the property at a public auction

With a deed of trust, the power is in the hands of the lender, unlike a mortgage where the mortgage lender has to go to court to first to start the foreclosure process.

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]]> http://www.prevent-foreclosures.net/foreclosure-process/nonjudicial-foreclosure/feed 0 Judicial vs Nonjudicial Foreclosure http://www.prevent-foreclosures.net/foreclosure-process/judicial-vs-nonjudicial-foreclosure http://www.prevent-foreclosures.net/foreclosure-process/judicial-vs-nonjudicial-foreclosure#comments Tue, 04 Aug 2009 20:04:49 +0000 admin http://www.prevent-foreclosures.net/?p=169 You might have heard the term Judicial foreclosure and Nonjudicial foreclosure. They are different processes of foreclosure. One is in court and the other is out of court. Some states allow both judicial foreclosure and nonjudicial foreclosure whereas others may allow only one type. Knowing about different types of foreclosure can help homeowners avoid foreclosure.

What is Judicial Foreclosure? (in court)

A Judicial foreclosure usually occurs when your home loan is secured by a mortgage (as opposed to deed of trust). A judicial foreclosure usually takes longer than a nonjudicial foreclosure. A homeowner in judicial foreclosure, therefore, has longer to come up with ways to prevent foreclosure. Since the court is involved in this process, it ensures that homeowners are less likely to be taken advantaged of by mortgage lenders.  A judge has to sign off on this type of foreclosure.

What is Nonjudicial Foreclosure? (out of court)

When a home loan is secured by a deed of trust, rather than a mortgage, then the foreclosure process can be achieved without the involvement of the court or a judge. Having a deed of trust is worse than having a mortgage in many cases. A deed of trust authorizes the trustee, usually your lender or a title insurance company, to foreclose on the property in case of a default on payment. The lender can then foreclose on your home without the trouble of having to go to court. This can make foreclosure easier and cheaper for them.

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