Archive for the ‘Foreclosure Questions’ Category

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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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.

There are many ways to prevent foreclosure and loan modification is one way that has helped many homeowners. If you have a mortgage problem and  you are wondering if a home loan modification is the right option for you, then you can get a free, no obligation consultation to find out what exactly a loan modification is, how it can help you and if it is something that is right for your situation.

What is Loan Modification?

Loan modification allows homeowners and lenders to change the terms of a loan in order to help the borrower stay in the home and avoid foreclosure. It is important to note that a loan modification is not a new mortgage. A loan modification is the renegotiation of an existing loan.

With a loan modification, it's possible that a homeowner's:

• interest rate may be decreased
• interest rate may be changed from an adjustable to a fixed rate
• time the borrower has to pay the loan back can be lengthened
• loan principal may be decreased
• late fees may be waived
• second mortgage could be waived or wiped off of the books

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Can loan modification prevent foreclosure