Posts Tagged ‘stop bank from foreclosing’
Working with the Mortgage Company
August 18th, 2009
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.
Facing Foreclosure Alone is always tough. You've got to stay in the loop! So in case you're new here, you may want to subscribe to the Prevent Foreclosures RSS feed. It will keep you up to date with the latest resources and tactics on how to prevent your foreclosure from happening.
Posted in Foreclosure Consequences, Foreclosure Laws, Foreclosure Process, Help to Avoid Foreclosure, Real Estate Short Sales, Upside Down Mortgage Options, Upside Down Mortgages, Walk Away from an Upside Down Mortgage, Ways to Avoid Foreclosure | 
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23 Legal Defenses To Foreclosure
August 1st, 2009
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.
- recommended strategies for fighting foreclosure, and
- checklists that make this book easy enough for anyone to understand.
- 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."
Posted in Foreclosure Laws, Foreclosure Process, Help to Avoid Foreclosure, Ways to Avoid Foreclosure |
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The Homeowner’s Guide to Foreclosure
July 26th, 2009
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.).
Posted in Foreclosure Consequences, Foreclosure Laws, Foreclosure Process, Foreclosure Timeline, Help to Avoid Foreclosure, Ways to Avoid Foreclosure |
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