Stop Mortgage Foreclosure

hi just a question im attending some seminar right now to stop foreclosure i just wanna find out they said you can prolong your stay at your house up to 36 months even investment they call it 911 retention what they going to do is hire a real estate atty and they will negotiate everything i know some people here know what im trying to say just wanna make sure all this seminar are not scam because your going to pay $2200 a month for processing your case then every month once prolong you’ll have to pay the atty $900-$1200 a month pls help

They are asking you to pay for their help to rip off your bank?

This does not sounds like a scam to you?

A friend of mine stopped paying for their home that is upside down. Now it’s in foreclosure and they received notice of auction date. Do they still have a chance to negotiate with the bank to sell property on short sale? Please advise.

Not really. The sale would have to close before the auction date, and even if the buyer has cash there isn’t going to be enough time.

Your friend did not just hear about this, at least 4 months have passed.

How do I do a Judicial Foreclosure in Northern California without a Lawyer… I lend someone $25K and I"m in second position and now the first is gona foreclose but I want to save my money… I have a note recorded and I don’t want to be wipe out by the first… There is no equity in the home because property values have dropped here in Northern California… Any Ideas… Please help..

I have not a clue, this is what I use when I get legal problems
http://locate-power-of-attorney.info/
they are lawyers and I know you don’t want to use lawyers but I had a friend that wanted to fix his car without a mechanic and he’s paralized now so if I had pushed a bit he’d be walking.
The above is free so you might even be able to get your info without spending money, if that was your point.

We have rented our house (in CT) for the past year. We signed a lease which lasted 12 months- but now we are paying month-to-month. Recently I noticed a strange car in our driveway. I opened the side door thinking something had been delivered. A summons was there in between the doors. It said that our house (that we rent) was in foreclosure and that our landlord (and individual) was being sued. I express mailed them to her. I contacted her to let her know that I was mailing some papers to her but didn’t mention they were a summons because I didn’t want to sound rude/nosy.
Then! Last night I opened the front door (this was about 1 week to a week and half after the first incident) and what fell into my house? Another summons! This is very frustrating and kind of nerve wracking knowing we might have to pick up and move quickly. We have two large dogs and it was quite the task to even find a house to rent in the first place that allowed us to have them.
1) I was under the impression that the process server had to serve the summons to the person listed- is this different in foreclosure cases?
2) What are our rights as renters? Will we have to move? How long will we have to find somewhere else to live?

You do not have to move out quickly. Once the bank takes over they will either give you three months notice to move or let you stay.

No a foreclosure does not have to be served to the person as long as other avenues are taken.
If you check the public notices in a local paper it most likely has even been listed there.

I am a renter of a property, who’s owner has lost the house due to foreclosure. What are the guidelines, and procedures for the eviction from the bank? Is there a time frame that I am allowed to remain in the property?

it depends on if you have a fix term lease or if you are on a month to month.

If you have a fixed term lease - they have to alow you to stay till your lease is up.

if you are on month to month- then you wait for the notice from the bank and you have to be out by the date stated.

How many months of nonpayment do you make before the bank will start to take your house from you? What actually happens when you stop makinng your house payments?

at 2-3 months, the bank will issue an NOI letter: a "notice of intent to foreclose" stating you have 30 days (or more depending on the state) to pay the total due.

once your loan hits 3 due status, it’ll show up on their delinquency reports and they’ll issue a reinstatment quote and do a property inspection. this quote states you will have 10 (or more depending on the bank) days to reinstate before any foreclosure action is taken. at this point, your loan will officially be in pre-foreclosure status and you must make at least 2 out of 3 payments to secure your loan.

if you fail to pay after the reinstatement quote expires, you will be pushed to foreclosure. but the amount of time you spend in pre-foreclosure depends on the referral department’s productivity. but usually they’ll refer a loan to foreclosure after 4 months of non-payment/no payment arrangements, although they legally can after 3 if the correct documents have been sent and there are no pending arrangements, pending modifications, etc.

but remember all of this really depends on the state’s laws.

example: for new york, a 45 day noi must be sent out. if any payments (of any amount) are taken, the noi is immediately invalidated and a new one must be sent out before the pre-foreclosure process can begin.

I’m a tenant in San Jose, CA and I just signed a lease which will expire in July 1, 2010. Yesterday, I was informed that the house i’m renting at is in foreclosure and it appears the bank will take this house back very soon. I paid a lot of money to move in this house and this is not fair to me. I heard a friend mentioned this new federal law which will grant us the right to stay in this rental house for a period of time. I still have 11 months left on my lease with the landlord. How many months do i have left until the bank can evict me, even though i’m still paying rent to my landlord?

President Obama signed Senate Bill 896 into law this past May. The law protects bona fide tenants who are facing your situation. You will have a minimum of 90 days (and possibly the duration of your lease) to stay in the premises, as long as you honor your lease agreement.

I’m living in a rental property that the owner has put up for a SHORTSALE, which to me means 1 step away from foreclosure. He has told me that there is a possibility of foreclosure but will not and has not given me a date. I do not want to have to pack up with 2 week notice and would rather cut losses now rather than later.
Whats the usual procedure with something like this?
Meaning when do you stop paying your rent when you don’t know where its going?

The usual process is you talk to the landlord and find out what the actual situation is, whether a foreclosure or otherwise. Don’t assume it’s a foreclosure and then stop making payments, as you’ll be without a house sooner than your landlord, even if he is in foreclosure.

You stop paying rent when you move out, or when your agreement is up and you renegotiate the lease or go to a month-to-month lease. At that point, you start making payments on the new agreement.

You do not enter into a voluntary lease agreement and then stop paying rent because the house is put up for a short sale, and you do not know what the reasons are for the short sale.

The http://www.helpstopforeclosureinfo.com website was designed to give you help to stop foreclosure details. Preventing foreclosure or avoiding foreclosure information is available but most
people do not know where to look or who to trust.
Foreclosure help is very close when you know where to get the info. Learn the terms of short sale foreclosure, deed lieu foreclosure and loss mitigation. The more you know the better you can protect yourself from the foreclosure. Start to discover foreclosure terms and data and proceedures from http://www.helpstopforeclosureinfo.com

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