Prevent Foreclosures » Foreclosure Laws

Should I Contest my Foreclosure?

admin — Tue, 01 Sep 2009 20:46:44 +0000

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.

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Should I Contest my Foreclosure? is a post from: Prevent Foreclosures

Foreclosure Complaint

admin — Wed, 26 Aug 2009 20:10:03 +0000

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.

Foreclosure Complaint is a post from: Prevent Foreclosures

Foreclosure Nation: Mortgaging the American Dream

admin — Tue, 25 Aug 2009 19:47:11 +0000

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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Working with the Mortgage Company

admin — Tue, 18 Aug 2009 22:22:06 +0000

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.

Working with the Mortgage Company is a post from: Prevent Foreclosures

Walk Away from Foreclosure

admin — Mon, 17 Aug 2009 18:23:46 +0000

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.

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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.

Walk Away from Foreclosure is a post from: Prevent Foreclosures

Servicemembers Civil Relief Act (SCRA)

admin — Sun, 16 Aug 2009 20:58:09 +0000

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.

Servicemembers Civil Relief Act (SCRA) is a post from: Prevent Foreclosures

Power of Sale

admin — Mon, 10 Aug 2009 15:45:26 +0000

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.

Power of Sale is a post from: Prevent Foreclosures

Judicial vs Nonjudicial Foreclosure

admin — Tue, 04 Aug 2009 20:04:49 +0000

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.

Judicial vs Nonjudicial Foreclosure is a post from: Prevent Foreclosures

The Foreclosure Workbook

admin — Mon, 03 Aug 2009 15:51:33 +0000

Even though we often hear in the news nowadays that the real estate market is improving, the job market is still not much better. People are still unemployed and they cannot afford to keep paying their mortgage payments. Many of them have fallen behind and they are now in foreclosure. While there are many new homebuyers and investors trying to snatch up good deals on foreclosed homes, homeowners in foreclosure are struggling and screaming for help. Who is going to come to their rescue? This book called The Foreclosure Workbook is America's #1 Do-It-Yourself Foreclosure Prevention Resource! While the government is trying to help, help is not coming soon enough and you might just need to find a way out of foreclosure yourself. This book will help you.

Prevent Foreclosure Today
Immediate Prevention. Most homes
can be saved. Fast & Free Advice

Across the nation, foreclosures are on the rise due to designer mortgages, rising debt ratios, and depressed housing markets.

Most homeowners have no idea where to find basic, credible, and instructional information about the foreclosure process, or what to do when facing the time crunch before an auction.

The Foreclosure Workbook is a revolutionary system that provides an unprecedented approach to foreclosure avoidance, protection, and survival. This workbook presents a proven step-by-step process that guides the homeowner in distress through the hurdles of foreclosure, and presents critical information about state procedures, foreclosure protection legislation, con artists, options, and much more!

This is the one-stop resource that homeowners need - arming them with easy to understand facts and processes for how to maneuver through the onslaught of mail they receive, fight off foreclosure scams, and organize and prepare a plan for saving their home and credit. Carla Douglin is a national speaker, CEO of Dominion Foreclosure Consulting Services, Inc., and founder of Dominion Housing Counseling Services, a nonprofit organization.

Buy The Foreclosure Workbook

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23 Legal Defenses To Foreclosure

admin — Sat, 01 Aug 2009 22:37:24 +0000

When homeowners are in foreclosure, they often panic - most of the time too much. They do not think clearly enough to find real solutions. Without thinking clearly, they fall for scams and become victims of mortgage frauds and other types of scams. What they really need to know is that there are many legal defenses to foreclosure, against banks or mortgage companies. Banks may try to scare them into thinking that there are no way out whereas, in fact, there are many legal ways that homeowners can prevent foreclosure and keep their homes. This book called Legal Defenses To Foreclosure: How To Beat The Bank has 23 legal defenses to foreclosure. If you want a free consultation so that you can talk to someone who knows about how to prevent or stop foreclosure, use the link below.

Falling Behind on Your Mortgage?
Local Experts Are Here 24/7 To
Help You Save Your Home.

23 Legal Defenses to Foreclosure breaks down 23 powerful foreclosure defenses into easy-to-understand chapters.

Each chapter is packed with useful information that you can use directly in court in any state. The book includes:

legal letters,
forms,
motions,
an "Answer" to the lawsuit, and
sample discovery to get damaging information directly from the bank.

It includes:

recommended strategies for fighting foreclosure, and
checklists that make this book easy enough for anyone to understand.

Each chapter incorporates a section of the possible damages available for each defense - including how to cancel the loan and get a refund of all money paid to the lender. Defenses include:

TILA,
HOEPA,
RESPA,
FDCPA,
FCRA and more.

Nevada attorney Ramon Dy-Ragos calls this book a "goldmine." Ohio attorney Thomas Tootle calls it "a necessary desk reference for anyone defending foreclosure - even the most seasoned practitioner."

Buy 23 Legal Defenses To Foreclosure: How To Beat The Bank

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The Foreclosure Survival Guide

admin — Fri, 31 Jul 2009 14:33:17 +0000

As we have already mentioned in many posts that there are many options that are available to homeowners who are facing foreclosure. However, you have to act fast. The faster you try to get help, the better your chances of getting out of foreclosure are. One of the biggest problem is that most homeowners in foreclosure are in denial about their situations until it is too late. Many homeowners do not tell anyone, do not ask for any help and just ignore the bank during the foreclosure process. Finally, a day or a week before the foreclosure auction, they speak up and ask for help. By that time, they only have very few options available to them, if any. This book called The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket will help you understand what you need to do if you are going to stop the bank from taking away your home.

"Nolo's just published The Foreclosure Survival Guide: Keep Your House or Walk Away with Money in Your Pocket by Steven Elias "discusses the most recent laws designed to help homeowners deal with the crisis and points them to resources (nonprofit housing counselors, government agencies and so on) that may help," says Mary Randolph, Nolo's senior vice president of editorial.

Elias, a practicing attorney, former Nolo associate publisher and current president of the National Bankruptcy Law Project, advises that readers not panic. "Even if the lender does foreclose on the house, the process takes months at the least. You're going to have time to evaluate your options and make smart choices." (Publishers Weekly )

Bankruptcy attorney Elias targets the estimated two million American homeowners who are currently in default on their mortgages. Elias explains how foreclosure works, what options there may be for keeping a home when in default, and what to do when that is not possible. He includes instruction on negotiating a workout with a lender as well as chapters on how to use bankruptcy to avoid foreclosure. Elias's section on fighting foreclosure in the courts helps readers understand the circumstances in which they may be able to delay or stop a foreclosure action. The appendixes provide summaries of each state's foreclosure laws, a glossary, and information on finding and working with lawyers and bankruptcy petition preparers. Straightforward and timely, this is recommended for most public libraries.

Description

Facing foreclosure? Know your options!

According to Harvard's Joint Center for Housing Studies, "the number of homeowners paying more than half their income on housing rocketed from 6.5 million in 2001 to 8.8 million in 2006... The number of homes entering foreclosure nearly doubled to 1.3 million in 2007 from about 660,000 in 2005."

If you're having trouble making your mortgage payments or are already in jeopardyof foreclosure, The Foreclosure Survival Guide compassionately gives you the practical information you need, step by step.

An essential tool for anyone at risk of foreclosure, The Foreclosure Survival Guide provides key information about:

mortgages, including adjustable rate mortgages (ARMs)
short sales
deeds in lieu of foreclosure
judicial and non-judicial foreclosure
credit counseling
liens, and
using bankruptcy to deal with foreclosure.

The Foreclosure Survival Guide gathers all the information Attorney Stephen R. Elias has used to help hundreds of clients over 30 years of practicing law and shows you how to deal with foreclosure.

Like many hardworking people facing foreclosure in this rough economy, you deserve answers to your pressing questions. Thorough and easy to understand, The Foreclosure Survival Guide can help you stay in your home or walk away with money in your pocket.

The 2nd edition is updated with the latest federal legislation and bank-implemented foreclosure-delay programs which offer homeowners even more ways to keep their homes.

Buy The Foreclosure Survival Guide: Keep Your House or Walk Away With Money in Your Pocket

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Stop Foreclosure Now

admin — Wed, 29 Jul 2009 16:35:41 +0000

Although, there are signs that the real estate market may be improving, there are still many homeowners in foreclosure and many are about to default on their mortgage payments because they have just depleted their savings, having been unemployed for a while. For those homeowners that need help and advice on how to stop foreclosure, there are many resources that can help. This book called Stop Foreclosure Now: The Complete Guide to Saving Your Home and Your Credit, for example, will tell homeowners what to do to stop foreclosure now. There is no time to waste. The sooner you act, the better your chance of preventing or stopping foreclosure.

You can also get a free consultation that can help you explore your options about how to get out of foreclosure and help you fight to keep your home.

Free Consultation

Prevent Foreclosure Today - Immediate Prevention. Most homes can be saved. Fast & Free Advice

There are hundreds of books that show investors how to purchase foreclosure properties, but this is the only book that helps people who are in foreclosure. This is the only book that helps homeowners understand the foreclosure process, and explains practical strategies they can utilize to save their homes.

This book is required reading for anyone confronting foreclosure. Foreclosure is not the end of the world - or even the end of your home, necessarily.

First, know that you're not alone.

Foreclosures affect all kinds of people and all kinds of properties. Like many people faced with foreclosure, you may feel helpless, hopeless, and resigned to giving up your house without trying to save it. If so, cheer up! You actually have some good, solid options to take control of the situation, avoid foreclosure proceedings, and even protect your credit.

Depending on which option you choose, Stop Foreclosure Now will help you:

decide whether your property is really worth saving
figure out how much time you have to respond
negotiate with your lender
use the courts to stop the foreclosure
decide whether bankruptcy is a good option
arrange to refinance your property
sell your property quickly
use military status to stop foreclosure
understand foreclosure laws in all 50 states

Includes all the necessary forms and step-by-step instructions.

Book Description

We’ve all heard the reports. Americans are losing their homes in record numbers, and the housing crisis seems unlikely to subside anytime soon. Foreclosures affect all kinds of people and all kinds of properties. Many people faced with foreclosure feel helpless and resigned to giving up their homes without even trying to save them. The good news is that with the right advice, homeowners can take control of the situation, avoid foreclosure proceedings, and even protect their credit. Lloyd Segal, mortgage banker, attorney, and real estate investor has spent the last twenty-five years helping homeowners save their houses.

Buy Stop Foreclosure Now: The Complete Guide to Saving Your Home and Your Credit

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Foreclosure Self-Defense For Dummies

admin — Tue, 28 Jul 2009 15:21:46 +0000

Most people are scared and they panic when they are late on their mortgage payments or they cannot afford to pay them. They know that soon the bank will foreclosure and they will have no home. People are afraid of being homeless. The first thing to remember when you are facing foreclosure or when you think that you may be facing foreclosure soon is to not panic. You need to think clearly and objectively. There are many ways to get out of foreclosure. If you have not received the notice of default or notice of foreclosure, you can prevent foreclosure from happening to you. This book called Foreclosure Self-Defense For Dummies will teach you what you need to do. Alternatively, you can get a free consultation to learn more about your options here.

Behind on your mortgage? Don't Panic- Talk to us. Learn more about your options. We can help.

Facing foreclosure? You need to do three things:

stop worrying about why this has happened to you;
resolve to fight the foreclosure and save your home; and
read Foreclosure Self-Defense For Dummies.

It delivers the knowledge, strategies, and tactics you’ll need to take command of your situation and achieve the best possible outcome.This practical, no-nonsense guide helps you size up your options and increase your chances of saving your home. You’ll find out how to:

delay foreclosure,
form a plan of attack,
negotiate solutions with your lender, and
restore your financial health.

You’ll also find field-tested strategies for dodging the foreclosure trap, getting out from under a house you really can’t afford, and finding help where you might least expect it. Discover how to:

Regain your emotional composure
Confront your foreclosure head-on
Protect your rights
Assess your situation and weigh your options
Touch base with key people who can help you
Stop the financial bleeding
Team up with your lender to find solutions
Work out a refinancing deal with another lender
Avoid quick-fix schemes and scams
Cash out before it’s too late
Recover from foreclosure
Re-establish your credit

Complete with a handy cheat-sheet to help you keep your most important tasks in the front of your mind Foreclosure Self-Defense for Dummies gives you the moral support, commonsense guidance, and expert advice you need to make the best of this difficult situation.

From the Back Cover

Save your home, protect your family, re-establish your credit!

Defend your home from foreclosure — or get out from under it

Are you facing foreclosure? This no-nonsense guide helps you size up all your options and increase your chances of saving your home. You'll see how to delay foreclosure, form a plan of attack, negotiate solutions with your lender, and restore your financial health. Discover field-tested strategies for dodging the foreclosure trap or getting out from under a house you really can't afford.

Discover how to:

Protect your rights
Weigh your options
Team up with your lender
Avoid mortgage scams and pitfalls
Recover from foreclosure

Buy Foreclosure Self-Defense For Dummies

Behind on your mortgage? Don't Panic- Talk to us. Learn more about your options. We can help.

Foreclosure Self-Defense For Dummies is a post from: Prevent Foreclosures

The Homeowner’s Guide to Foreclosure

admin — Sun, 26 Jul 2009 18:32:55 +0000

Sometimes, foreclosure is unavoidable. Things happen to make homeowners fall behind on their mortgage payments such as the falling of home values, the credit crunch, loss of jobs or medical expenses. Unexpected things can happen and sometimes it is beyond the homeowner's control. However, when a homeowners cannot afford to pay his or her mortgage payments, it is a sure thing that the bank will soon start the foreclosure process. This book called The Homeowner's Guide to Foreclosure will give the homeowners in foreclosure or about to be in foreclosure a chance to save their homes. The book will explain everything from the foreclosure process to what to do when there is a chance that you can be foreclosed on.

Foreclosure is the last thing that anyone wants to think about. However, for a growing number of homeowners, it's something that is looming over them if not already on their doorstep. The Homeowner's Guide to Foreclosure provides answers to all your questions as well as step-by-step guidance on what you can do. If you, a friend, or a relative needs to avoid, delay, or stop a foreclosure, remember that the homeowner can take charge.

About the Author

James I. Wiedemer is a licensed real estate agent and has been a practicing attorney in Houston, Texas since 1979. Wiedemer’s experience in Houston’s active market includes buying foreclosures, conducting foreclosures, and stopping foreclosures. The first edition of this title was widely praised for its in-depth coverage of procedures. As a long time Real Estate educator, he is a member of both the Real Estate Educators Association (R.E.E.A.) and the Texas Real Estate Teachers Association (T.R.E.T.A.).

Buy The Homeowner's Guide to Foreclosure

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Fight Foreclosure!

admin — Sun, 26 Jul 2009 00:11:48 +0000

If you are facing foreclosure or you know what you will face foreclosure in the near future, you need to fight back. Foreclosure is a big problem nowadays with many people losing their jobs and finding it hard to make mortgage payments. Even though the government has come up with several plans to help the mortgage and housing industry, a lot of homeowners are not finding the help they deserve and need. They cannot wait for help to come, they need to know what they can do - right now! This book called Fight Foreclosure!: How to Cope with a Mortgage You Can't Pay, Negotiate with Your Bank, and Save Your Home will help homeowners prevent foreclosure, save their homes and save their credit too.

Fight Foreclosure! offers a practical, step-by-step system for taking action to prevent foreclosure on your home before it's too late.

If you're having trouble keeping up with your payments, the worst thing you can do is nothing. This book explores:

all your options,
weighs the pros and cons of each, and
explains the pre-foreclosure process in detail.

Plus, it points out the too-good-to-be-true credit repair offers you should avoid and gives you real, practical alternatives that help you help yourself before it's too late.
From the Back Cover

FIGHT BACK!

With a Take-Charge Strategy for At-Risk Homeowners

Millions of homeowners are at risk of losing their homes. Are you one of them? If so, you need this practical, step-by-step guide to help you take action before it's too late.

In Fight Foreclosure!, David Petrovich offers honest advice on all of your options, weighs the pros and cons of each, and shares smart, practical strategies for lowering your payments and keeping your home. He points out the too-good-to-be-true foreclosure rescue offers you should avoid, and offers real alternatives that worknow!

Petrovich is a mortgage banking insider who understands the loan servicing industry inside and out. And he understands the pressure you're under. Don't worry! You're not alone. Inside, you'll find the calm, professional advice you need to manage your financial crisis, including topics such as:

The foreclosure time-clockwhy acting early is critical
Handling collection calls
Cutting expenses and rebuilding your budget
Negotiating with your lender
Utilizing all your legal defenses
Using bankruptcy to save your home
Selling your home to avoid foreclosure while saving your credit
Finding legitimate help and avoiding rescue scams

Buy Fight Foreclosure!: How to Cope with a Mortgage You Can't Pay, Negotiate with Your Bank, and Save Your Home

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Foreclosure Legal Defense Arguments

admin — Wed, 15 Jul 2009 04:25:40 +0000

There are some foreclosure legal defense arguments that can help you delay foreclosure, prevent foreclosure or stop home foreclosure altogether. If you think you have found foreclosure legal defense arguments, you should contact a foreclosure lawyer immediately to investigate the foreclosure legal defense arguments further. Below are some foreclosure legal defense arguments you may be able to use to prevent foreclosure.

Mortgage company fails to follow foreclosure procedures

Even homeowners in foreclosure have rights. Each state has different requirements and laws that mortgage companies have to follow when they want to foreclose on homes. Notices of foreclosure, for example, are required to be in certain publications for a certain amount of time. Proper procedures need to be followed before the mortgage companies can proceed with foreclosure.

Illegal Interest rates

The federal and state laws have strict rules on the interest rates a loan can have. Some states limit how much interest you can be charged on a loan.

Cancelling home improvement loan

Sometimes, homeowners take out the second mortgage or the third mortgage or home equity loan for home improvement to increase the value of their home. Unfortunately the contractor for home improvement rips him or her off or did very bad job. This can constitute home improvement fraud and you may be entitled to cancel your home improvement mortgage loan.

Truth in Lending Law violation

The Truth in Lending Law is a very important law in real estate and mortgage lending. The Truth in Lending Law is a federal law that requires all mortgage and loan companies to provide borrowers with required information before the loan application is signed. The Truth in Lending Law discloses everything. If you were never provided with the Truth in Lending disclosure, then you loan could be deemed invalid.

Foreclosure Legal Defense Arguments is a post from: Prevent Foreclosures

What is the Definition of Short Sale Foreclosure?

admin — Wed, 15 Jul 2009 04:17:46 +0000

If you have an upside down mortgage, you may have heard of a short sale. Below explains what is a definition of short sale foreclosure.

Definition of short sale foreclosure

When you owe the mortgage company more than your home is worth. (You can find out what your home is worth for free using the link on the right hand side.) Then even if you sell your home, you will not have enough money to pay off your mortgage balance. In this case, there is a solution and it
is called short sale or real estate short sale or foreclosure short sale.

What happens in a short sale foreclosure?

When a homeowner realizes that he or she is upside down on his or her mortgage, he or she can find a realtor or a real estate investor to help him/her with a short sale.

As your mortgage company is getting to foreclose on your home, you can have a real estate investor send them a short sale proposal letter. In the letter, the real estate investor will express his or her interest in buying your home to avoid foreclosure. By buying your home, he/she will save everyone from the headache of foreclosure.

Since you owe more than your home is worth, the real estate investor or realtor will convince the bank to accept less than the amount you owe for the property. For example, if your mortgage balance is $200,000 and your home is now worth only $150,000, you are "upside down" $50,000. If you contact the bank yourself and ask them to take $150,000 they are unlikely to listen.

However if you prove to them of your hardship, provide them with a willing buyer who is the one doing the short sale, and convince them that if they did not accept the short sale then they will have to file for foreclosure and sell your home in an auction which could be much less than the short sale price offered. If the short sale is done right and the real estate investor is experienced at doing short sale, then the bank is likely to accept less money than the actual amount that you owe.

What's the best that can happen in a Short Sale?

In a successful short sale case, you walk away free and clear, the real estate investor buys the property and the bank settles. A realtor can usually find you a buyer who is willing to do a short sale with the bank.

What is the Definition of Short Sale Foreclosure? is a post from: Prevent Foreclosures

What to do about Bank Foreclosure Delays?

admin — Wed, 15 Jul 2009 04:14:59 +0000

When your bank sends you a notice of foreclosure, you still have time. Usually you can work out a deal with your bank to delay foreclosure while you look for solutions to your problems.

What to do about Bank Foreclosure Delays?

If your bank has not filed for foreclosure, then you should contact your bank and ask them for more time to catch up on your mortgage payments. This is an effective delay strategy especially early on when you just defaulted on your payments and the bank is just adding interests, fees, and penalties to your mortgage bills.

However, when you are many months behind, calling the bank and asking for more time will not help too much. If the bank is nice, they might extend a grace period further but most banks will start the foreclosure process.

If you want to make sure that you have explored all the options, you can get a free foreclosure consultation below. Many times, you won't have to negotiate with your bank yourself especially if they are not cooperating, the foreclosure help service below can even negotiate with your bank to lower your interest payments.

FREE Consultation

FREE Foreclosure Consultation

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Do not ignore the lender!

Some people think that by ignoring the lender, they are actually delaying foreclosure. While this may be true of some lenders (some lenders send your account to collection before starting the foreclosure process) that you don't owe much money, more lenders would file foreclosure on your home faster if you ignore them.

Communication is key. The question is are you the one communicating? or is it better to have a professional communicate on your behalf. Sometimes you should communicate through a realtor or a real estate investor in the case of a short sale foreclosure, see What is the Definition of Short Sale Foreclosure.

What to do about Bank Foreclosure Delays? is a post from: Prevent Foreclosures

The Mortgage Foreclosure Process

admin — Wed, 15 Jul 2009 04:12:16 +0000

The most common questions about foreclosure is about the actual mortgage foreclosure process. Most people have a mortgage or even mortgages when they are in foreclosure. Knowing what the mortgage foreclosure process is will give help you avoid or stop foreclosure.

Bear in mind, though, that the mortgage foreclosure process explained below is a general process. While the mortgage foreclosure process below hold true for most states, there are states that use different foreclosure processes. We will start explaining the mortgage foreclosure process from the time the Foreclosure Notice is filed.

Notice of foreclosure and Notice of Trustee's Sale

Usually about 3-4 months after you missed your mortgage payment and have failed to pay or negotiate with the lender, you will receive the Notice of Foreclosure and the Notice of Trustee's Sale. These notices officially start the mortgage foreclosure process and are mailed to you by certified, return receipt requested, or they can be ‘served’ to you.

Advertising of your foreclosed property

Before your home is sold in a Trustee's Sale, the lender or the firm paid to foreclose is required to advertise the property for a minimum number of days such as 20 days. After your foreclosure is published, you will see many real estate investors driving by to see if they want to buy your foreclosure home.

You will get lots of people interested in buying your home for cheap coming by to see prior to the auction. If you don't want your home sold cheap at a foreclosure auction, you have a choice to do something about it. See I Had to Move from My Home to Avoid Foreclosure. Alternatively, you can get a free foreclosure consultation to find out once and for all what
your options are.

Opportunity to pay off your mortgage

Before the foreclosure home actually go on sale at a foreclosure auction, the lender will give you the last chance to pay back your loan in full. However, this is usually not an option for most people. Not only you have to pay your mortgage balance in full, you will have to pay any additional fees the lender decides to slap on top of what you owe such as interests and penalties, attorney fees and back
payments. The lender may be willing to still negotiate at this point but they are usually past the point where they would accept lower payments.

Trustee's Sale

If you have not come up with all the payments required then the lender will auction off your foreclosed home to the highest bidder at the auction. The price that your foreclosure home is auctioned off will be significantly lower than the market value of the home. This is why you should try to sell your home before it goes to foreclosure. In some states, the lender can even bill you or sue you for the difference between the amount you owe and the amount that was collected at the auction. So, if you think you can walk away from the foreclosure situation free and clear, think again!

The Mortgage Foreclosure Process is a post from: Prevent Foreclosures

What Happens During Foreclosure?

admin — Wed, 15 Jul 2009 04:08:15 +0000

If you have received a foreclosure notice or notice of default, you should learn about what happens during foreclosure. Bear in mind, though, what happens during a foreclosure varies from state to state. Some states are more strict about foreclosure and has a more complex foreclosure process than other states.

What happens during foreclosure also varies based on the types of foreclosure you are facing such as mortgage foreclosures or property tax foreclosures. We will not discuss what happens during a property tax foreclosure here since property tax foreclosures are less common than mortgage foreclosures.

Below are the normal steps of what happens during foreclosure. See "mortgage-foreclosure-process">mortgage foreclosure process for what happens during a mortgage foreclosure.

Default on mortgage payments

If you have consistently missed your mortgage payments then your mortgage account would be in default status. At first the lender will try to contact you to remind you that you have missed payments. If they cannot get a hold of you or you don't bring your account current, then they will send you the Notice of Default. Usually they will wait until you have missed three mortgage payments.

Notice of Default and Notice of Foreclosure

Lenders may use scare tactics at this point to scare you into paying your mortgage payments. They might say that you will be evicted and your home repossessed in as little as 60 days. This usually scares homeowners into doing irrational things. If you have received a Notice of Default, the free foreclosure consultation will come in handy. Below is the free consultation link.

Prevent Foreclosure Today - Immediate Prevention. Most homes can be saved. Fast & Free Advice

After a while you will receive the Notice of Foreclosure and the Notice of Trustee's Sale. See our page on the Mortgage Foreclosure Process for more detail of what happens during a foreclosure step by step. Be prepared that once your account is marked in default and various notices have been sent to you and also published publicly, you may start to get many calls a day from collection agencies or companies offering help for you to get out of foreclosure and settle for much less than the amount you owe. However, when you call them, it might not turn out like they promised.

When you call them, they know that you care and they usually try to get more money out of you than you need to be paying. Sometimes they would even say anything to get you to agree to pay and give them your bank account number or credit card number and then do not do what you originally agreed to. Once you hand them your bank account number, you can expect huge, regular payments to be withdrawn monthly. Do not fall for this trap!

Prevent Foreclosure Today - Immediate Prevention. Most homes can be saved. Fast & Free Advice

What Happens During Foreclosure? is a post from: Prevent Foreclosures