Stop Mortgage Foreclosure

It is true that there are many aspects of your foreclosure procedure that you have no control over. Your mortgage company’s policies, the laws in your state, the timeline that you have to work with. None of these can you control. But rather than focus on those, turn your focus to those areas that you have complete control over.

How fully, timely and accurately you respond to your bank is an area that you control. Once you get behind in your payments, your mortgage company should contact you. If they do not, be sure to contact them. Be sure to promptly return all phone calls to your bank. Be sure to fully explain your situation to them. If you got laid off from your job and that is why you cannot pay them, tell them that. There are typically certain workout packages that they can offer you based on your situation. Be sure to give them accurate information about your finances. If you are able to get a possible workout package with them, be sure to provide all of the information that they are requesting. Also be sure to provide it as quickly as possible.

Another area that you have complete control over is your attitude. You can choose to be negative or positive in how you look at the situation and in how you respond to people. You can choose to blame others or you can look for solutions to your problem instead. You can choose to see the negative in the situation or you can choose to look for the lesson and the gift in this experience.

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In many cases, there will not be much in the way of foreclosure procedures after the sale of your home has been completed. But there are a few things you need to make sure that you know about so that you can protect your rights.

The first thing that you need to know is if there is a right of redemption in your state and if there is, if it applies to your situation and how long it is. The right of redemption allows you to basically find a way to come up with all of the money (your entire loan amount plus fees) that you currently owe your lender. While it is unlikely that you can come up with this much money, it might be helpful in allowing you some more time to find somewhere else to live. You may be able to stay in the house during the entire right of redemption time period. Be sure to check your local laws.

You also need to know what the legal eviction procedures are in your area. If there is no right of redemption period, you will likely have to get out of the house fairly quickly after the sale date. Be sure that you fully understand how much time you will have after the sale to move out.

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Getting a loan modification is not as difficult as you might think. And despite what some will tell you, it is not necessary to hire someone to work with your bank in a loan modification procedure. Many mortgage companies will work with you on this if you are in the middle of foreclosure. But you will need to provide them with proof of your financial difficulty. So what are some of the things your mortgage company might ask for?

• Current financial documents (paystubs or profit and loss information if you own your own business)
• Most recent three years of tax returns
• Current bill and payment information
• Hardship letter with reasons why you are late on your payments

Some banks have certain financial and hardship criteria that you must meet before they will consider you for a loan modification. If you can, try to get these criteria before submitting paperwork to them. There is no point in you tracking down a lot of financial information if your situation is not even going to be considered anyway.

Also be sure that you understand exactly what the specific paperwork requirements of your mortgage company are before submitting anything. It is best to submit everything to them all in one package so that all of your information stays together. Be sure to keep a copy of what you sent just in case they lose it.

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How do you find out what the foreclosure procedure is in your state? Why do you even need to know?

Every state is different when it comes to foreclosure. You have to understand how it works in your state if you want to stop it. There are different laws and different timelines for each state that govern how foreclosure works and how quickly it happens.

So where can you find out that information? There are many different sites on the internet that discuss foreclosure timelines and procedures for each state. The thing that you must remember about these sites is that they are mostly privately owned and only as good as how often they are maintained. While these sties are a good starting point, you need to be sure to verify this information against a credible source like your state’s foreclosure web pages. If you cannot find it on your state’s website, then try calling the appropriate department at your state’s government offices.

You certainly do not want to view the foreclosure timeline for your state on some random website and base your plan to stop foreclosure on that timeline. You need to verify anything that you find on the internet against a credible source.

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Loan modifications are one of the best ways and one of the most common ways to avoid foreclosure on your home. This can take the form of a refinance, an extended repayment term on your loan, or other workout packages that your lender can offer you.

So what are the loan modification procedures that you need to know about? The process involves working with your bank to come up with new loan terms so that you get loan payments that you can realistically afford. There will be a lot of paperwork that you will need to provide your bank. The first part of it will be hardship paperwork. You will need to prove to them that you are undergoing some sort of financial hardship. You will also need to sign workout paperwork and possibly even documents for a new loan if your loan ends up getting refinanced.

If there is anything in the paperwork that you do not understand or do not know how to fill out, contact your lender and see if they can walk you through the paperwork. It is important that you understand what they need from you and that you truly understand what it is that you are signing.

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A short sale can be a good alternative to letting the bank foreclose on your home. If you either do not want to save your home or simply can no longer afford the payments, this may be your best bet. But before you go down this road, it is important to understand short sale foreclosure procedures.

The first thing that you need to know is what exactly a short sale is. A short sale is when the mortgage company agrees that you can sell your home for less than what you owe them. They agree to take less money than what you owe so that they do not have to go through the expense of foreclosure. Keep in mind that there are fees (realtor fees, closing costs, etc) involved in selling your home so the price you list the home at may be more than what you owe the mortgage company but after those fees are paid, it will be significantly less.

It is important to get a realtor that understands short sales and can work with your lender on your behalf. You will need someone who has experience in short sale foreclosure procedures. If you can, it is also important to get the short sale amount pre-approved by your bank. This means you will need to work with them and get them any necessary paperwork.

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There are many different possible solutions for your foreclosure procedure. Part of the trick of being able to save your house from foreclosure is being open to any idea, no matter how ridiculous it sounds. With that in mind, here are some possible solutions for you:

• Get another job to help you make the mortgage payments
• Find ways to cut back on your spending (no eating out or clothes and sticking to a strict grocery budget)
• Make a list of everyone who might be able to help you and go ask them
• Find “odds and ends” types of jobs (lawn mowing, shoe shoveling, etc)
• Start a part-time business
• Sell some of your stuff

This list is just to get you started thinking about what you can do to stop your foreclosure. Sit down with a pen and paper and do your own brainstorming. Think about how you can either generate more income or about how you can cut down on expenses. Ideally, you want the cut in expenses or the increase in income to be something ongoing. That way you can be sure that you can continue to make your mortgage payments every month.

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I need some help with a ? and I can not find a confident answer to anywhere. I’m referring to when you don’t pay ur property taxes in California… Does this show up on your credit report? I’m not referring to any other type of tax lien, meaning all income taxes are current, and all mortgage payments are current. By this point, someone must have not paid their property taxes within the last year or two, and since checked their credit reports. Are property taxes even connected to your SSN?

I found this in another post here, but I’m not sure if it is true…
"This answer is based on a referenced book below. So it isn’t my opinion that I just randomly typed up.
First, property tax liens are not part of the three credit agencies reporting. Personal tax liens are, but not property tax liens. Second, the mortgage company will pay for it during the foreclosure procedure. Source: Complete Guide to Real Estate Tax Liens and Foreclosure Deeds: Learn in 7 Days

Anyone know for sure?

Any taxes that are in default are reported to the credit bureaus. If the taxes are not paid in a certain time frame, you could lose your house in a sheriff sale and you would still have to pay the "mortgage" even though you no longer own the property.

http://www.davidpannellhomes.com Call David Pannell and Barbara Newton today for help. Calling the leander will cost you. Sell your home for FREE with a Texas Realtor. We can help you sell before the lender takes for homes from you. Call Today before the take your homes.
Stopping Foreclosures
From Elizabeth Weintraub,
Your Guide to Home Buying / Selling.
FREE Newsletter. Sign Up Now!
Ways to Stop Foreclosures
Home owners who are facing foreclosure often dread dealing with the facts that got them to that place. If they think back to when they first bought that home, losing the home was probably the furthest thing from their mind. Few home owners actually plan to go into foreclosure.

Reasons For Pending Foreclosure
Apart from those who knowingly participate in mortgage fraud — with the intention of never making a single payment — most homeowners face sudden extenuating circumstances that force them to stop making timely mortgage payments. Here are a few of those reasons:

Job loss / unexpected unemployment
Sudden illness or medical emergency
Death in the family
Divorce / loss of second income
Excessive debt obligations
Job demotion or promotion denials
Inability to pay an adjustable interest rate that increases
Unexpected major home maintenance expense
Ways to Stop Foreclosure
When the lender files a Notice of Default, your options are limited. That is why it is better for you to call your lender before falling behind on your payments, because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced.

You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure and stop the foreclosure. This is called reinstatement of your loan. If you cannot make up the missed payments and the lender will not work with you, here are a few other options to stop foreclosure:

Sell Your Home.
Interview real estate agents to get an opinion of market value and average DOM to sell your home. You might be tempted to hire a discount broker, but many sellers feel they need the exposure and marketing that full-service brokers offer. Compare both to determine which best meets your needs and time frame.

Consider a Short Sale.
If your home is worth less than the amount you owe, you might be a candidate for a short sale. A short sale affects credit but it’s not as bad as a foreclosure. You or your agent will need to negotiate with your lender to find out if the lender will cooperate on a short sale. This is called a pre-foreclosure redeemed.

Sign a Deed-in-Lieu of Foreclosure
This is called deeding the home back to the lender. The homeowner give the lender a properly prepared and notarized deed, and the lender forgives the mortgage, effectively canceling the foreclosure action. Lenders tell me that deeds-in-lieu of foreclosure affect credit the same as a foreclosure.
The lender might also work an arrangement where a home owner can remain in the home until finding a place to move into. Owners in default should negotiate the right to retain occupancy, arguing that if the lender followed through on the foreclosure, an owner would still enjoy the right of possession during that procedure.

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In this situation, the attorney was hired by a Homeowner’s Association (HOA) to collect on a debt for property upgrades the homeowner clearly did not need (and has proof). The evil one is the HOA President — a Realtor — who sold the homeowner their property and collected a commission, and who now hopes to put them into foreclosure and secure a commission on that sale too. This question does not ask what wrong the Realtor is doing though. It asks what the Realtor’s attorney (acting under powers from the HOA) is doing wrong when they write a letter to the homeowner’s mortgage bank to notify them that the attorney is foreclosing on the property — and the attorney is ONLY BLUFFING.

This strikes me as Deceptive Trade Practices or possibly Fraud or Malpractice. As Officers of the Court, Attorneys are held to a higher standard of ethical behavior than the average layman or non-attorney. There would be action possible to bring the attorney before a review board of the State Bar for blatantly LYING in the conduct of their business. And the State Bar could impose sanctions such as fines, reprimand, censure, or in extreme cases, taking away the attorney’s license although this infraction would probably not qualify for a penalty that stiff. And these would be ethical issues before the State Bar.

But what, if anything, on a CRIMINAL level would the attorney be guilty of?

Threatening to have someone thrown out of their home is one of the most harrowing experiences one can go through, so there should definitely be cause to sue for something like harassment and/or mental anguish, particularly when the attorney was bluffing and the entire debt was based on fraud by the Realtor to effect property upgrades that would help her sell more properties in the HOA on a quicker basis in a down market. The Realtor is in desperate need of money and is late in paying her own mortgage so she is engaging in desperate real estate practices to exploit others with her realtor’s license.

The attorney sent this foreclosure notice to the bank almost 1 month ago but has yet to file a lien on the property (County records are being monitored daily and new liens are reported within 24 hours). And versus sending a notice directly to the homeowner, the attorney only copied the homeowner on the letter the attorney sent to the bank. Therefore, the attorney may never have even sent the letter to the bank so as to avoid accountability while scaring the homeowner, contributing further to their deception and manipulation.

But might there be some other foreclosure procedure that the attorney is pursuing BEYOND the filing of a lien on the homeowner’s property which the homeowner cannot see at this time? Could the attorney argue that they ARE foreclosing on the homeowner, even without filing a lien on the property as of yet?

You are fighting an uphill battle The HOA spread the cost over all the home owners they enjoy the power without the cost I too have gone thru what you are In the end I lost I let the HOA take the stupid thing and my bank foreclosed on them It was all over the earthquake cost Any way i heard they talked of one home owner that cost them over $30,000 GOOD
I know I well never put myself in that position again
Just play with them as long as you can and cost them as much as you can They well feel very powerful for a time But move on and learn
For some reason it never affected credit score Now live in a nice S/F home Few month back ran across the main fool I dealt with Good God he looked as if he as aged 50 years in tha last 15 years
I really lot nothing would have made money except I keep paying the bank till I as forced to move out They were the ones that lost $30000 So I guess i did win over those silly SOB’s