Stop Mortgage Foreclosure

foreclosure sale set for today at 2pm. heading down to court house to file for backruptcy, this morning.
I live in AZ. and my lender has been lying, cheating…. she even took out a 2nd mortgage on MY HOUSE! we just want to stop the sale so we can show the court what’s she’s been doing.
I did the credit counselling course over the phone last night, have my printed certificate in hand.

It ALWAYS someone else’s fault, isn’t it?

SIGH!

NO, it’s too late to get out of it now. It’s not as easy to file for bankruptcy now as it used to be - for the very reason that people used it as a loophole to deny their own financial responsibility.

Sorry. You’re just going to have to face the music on this one.

Wasn’t the bailout suppose to help homeowners refinance if they were facing foreclosure? How? Was there any agency or website to go to in order to start the process?

The FHA has a loan program you an try to qualify for, although the requirements and terms make foreclosure seem the more beneficial resolution to your situation.

1. You have to show that you can not afford the payments.
2. Your mortgage-to-income ratio must be below 31% of your gross income.
3. Your tax statements must be used to qualify you for the new loan. If you had a stated income loan before, you probably won’t qualify.
4. Any second mortgage must be paid off before the FHA will refinance.
5. You must have a down payment of at least 3.2% of the new loan.
6. Your new interest rate may be .25-.50% below the norm, but you must pay a 1.5% insurance fee, which could raise the costs.
7. If you sell in the next 5 years, you have to split any proceeds with the FHA (up to 90% would go to the FHA).
8. This can only apply to your primary residence.
9. The max loan amount is based on the current market value of your home; your bank must be willing to write down the mortgage if you are underwater.

That’s the best the government can do. It’s quite a bit worse than a regular foreclosure loan or a hard money loan. But if you want to give it a try, contact the FHA. In the meantime, it would make sense to work on other solutions, too, and not trust solely in the government.

Good luck.
ForeclosureFish

Renting Month to Month,i think its called Renters at Will, and have proof such as Checks and Money Orders for about 3 years now. The condo owner just got served papers from court and have 20 days to appear in court. What are my Renters Rights in Florida once Forclosure happens and how many days do I have till I have to leave apartment.

You have to be out in 30 days after the foreclosure ends and the bank owns the home.

You have no "rights" in regards to the foreclosure, you are a third party and are not involved in the process at all. It has nothing to do with your ability to rent it.

LIS PENDENS is a legal term that indicates a lawsuit (lis = litigation) is being pursued (pendens = pending) on a piece of property. It is usually recorded with the county in which the property is located, in order to show everyone interested in the house that there is a lawsuit.

For people looking for great deals on foreclosures, this means that the homeowners have missed enough payments that now the lender is suing them for possession of the house.

For lenders that may be able to refinance the loan, a lis pendens is very bad news. It means that there will eventually be a judgment against the homeowners for an unknown amount, and lenders never like not knowing things. In foreclosure, the payoff keeps going higher and higher, due to accelerated interest, late fees, attorney fees, and court costs, so a lender trying to refinance the homeowners will not know exactly what the payoff is from day to day.

Generally, a lis pendens means bad things for homeowners trying to save their homes, as it indicates the bank is taking the property through the court system in order to sell it at sheriff sale. Not every state/county calls the procedure a lis pendens, though, so you might not see it with every foreclosure property you research.

Good luck.

ForeclosureFish
http://www.foreclosurefish.com/

I ve had the house for a year now. I dont have enough paid off to apply for an equity loan. I am going through a divorce which has been the main reason why i havent been able to pay the escrow on the property each month in addition to the loans.

Call the taxing authority–often you can work out a payment schedule.

Search for all possible sources of income so you can pay your mortgage/taxes. For example: get a 2nd job, do you have any life insurance policies or pension/IRA funds you can borrow from? You might want to consider cashing out life insurance policies (don’t cash our retirement funds unless you absolutely have to because of potential taxes/penalties). Any old savings bonds laying around? Check your state’s unclaimed property database to see if there’s any money owed to you. If you filed your federal tax return separately from your spouse last year can you get your spouse to agree to amend jointly (usually results in a refund). Take in a roommate to cut expenses. Take a personal loan. Charge your taxes to a credit card so you can pay less per month. If you create more debt to pay the current debt and have no long term plan, sell the house.

Hope something’s helpful.

if so what do i do if the loan company want stop the sale if there some kind of paper that i can file with the court to stop it? First Franklin is the loan company and they don’t care

You cannot stop a foreclosure sale if the lender does not agree to same. Attempting a short sale MIGHT benefit the lender, as well as it might benefit you. However, if the lender involved wants to move forward with foreclosure, the only thing you can do to stop it is to pay in full what you owe.

You can only ask if the lender will postpone a foreclosure if you are working toward a short sale.

My sister is already facing bank foreclosure but she also just got a letter saying that she will be facing homeowner’s association foreclosure because of unpaid dues. They’re filling a lien against her … I don’t understand the difference … I thought only banks could foreclose.

Nope they both can since ownership is dependent on paying both your mortgage and association fees.

My sister and her family rent a home and were informed today by the landlord that the house was in foreclosure. Do they have to leave, if so, how long do they have? There are small children involved? Please advise!

During foreclosure, your sister has a valid and binding lease and needs to pay rent to the LL. At the very end of foreclosure, the property is taken from the LL and the lease is voided. Tenants will be given some notice, and may be entitled to "key" money upon moving out.

Check out your state law on foreclosure and protections for tenants. Many states have new laws permitting tenants to remain after foreclosure.

The CINS numbering system is an extension of the CUSIP numbering system and follows a 9-character format similar to CUSIP. CINS can therefore be used as a bridge to ISIN, as well as other national security identification numbers. It has to do with a syndicated mortgage loan.

Foreclosures are running rampant among Miami Dade county Florida homeowners. In order for a homeowner to stop foreclosure in most cases is to do what is called a short sale. Short sales allow homeowners to sell their house fast to avoid foreclosure if they don’t have enough equity to pay off the mortgage and other fees they may incur. Sellers that want to short sale their Miami - Dade county house can go to http://www.buyersofcharlotte.com/stopforeclosure/miamidadefl.htm or call 888-219-8619.

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