Stop Mortgage Foreclosure

Finding a way to stop foreclosure sale on your home can be difficult, especially if you are having a hard time working with your mortgage company. So how can you do it? What options do you have?

Sometimes getting a third party involved can be what is needed to have your mortgage company work with you. Getting an attorney is ideal since they have knowledge of the laws involved with the foreclosure process and how to best protect your interests. The mortgage company will also likely take an attorney more seriously than they will take you.

If you cannot get an attorney, the next best thing is getting advice from a third party about what to do in your situation. Talking to a HUD approved housing counselor could be just what you need to figure out how to deal with your mortgage company or to figure out a way around your mortgage company.

It is also a good idea to do some research to see what the foreclosure laws are in your state and what rights you have under those foreclosure laws. You do have some protection under those laws but you need to know what they are so that you can use them to your advantage.

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Finding a way to stop foreclosure sale on your home can be difficult, especially if you are having a hard time working with your mortgage company. So how can you do it? What options do you have?

Sometimes getting a third party involved can be what is needed to have your mortgage company work with you. Getting an attorney is ideal since they have knowledge of the laws involved with the foreclosure process and how to best protect your interests. The mortgage company will also likely take an attorney more seriously than they will take you.

If you cannot get an attorney, the next best thing is getting advice from a third party about what to do in your situation. Talking to a HUD approved housing counselor could be just what you need to figure out how to deal with your mortgage company or to figure out a way around your mortgage company.

It is also a good idea to do some research to see what the foreclosure laws are in your state and what rights you have under those foreclosure laws. You do have some protection under those laws but you need to know what they are so that you can use them to your advantage.

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If you file ch 7 or 13 to stop a foreclosure sale, can you stop the bankruptcy petition at a later date if for example the repayment is not feasible, and still just delay the sale of the property (primary residence)? Also, if you do file and own half of another property in another state (FL) equally with another relative and it is your father’s life estate (not ownership), will that property be affected at any time by the bankruptcy filing (the other house is worth quite a bit)? Thanks

Capture 13 allows you to reorganize your bills.

ACORN STOP foreclosure SALE IN BALTIMORE

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I bought my house for $400,000 , now it wort 245,000. I am six month behind on my mortgage, I did try to do refinance with wells fargo. they did charge me over $4500, and now gave me a plane to pay 7800 for 3 month and then if every thing goes fine they will check my loan.(they stop foreclosure )
I am tired of this game, and i am going to do short sale.my question is it late for short sale or still I have time?
Thanks.
mailboxreza@yahoo.com

short sales can technically work, but i haven’t ever heard of one actually going through

i’m pretty sure the law changes so that you don’t have to pay income tax on the difference between what you owe and the sale price

Stop Foreclosure do a Short Sale
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I have been looking at preforeclosure investment as a way to make a profit by stopping the foreclosure of a family home. Other than a sale at a discount, if the seller has some equity and its a price appreciating neighborhood; and trying a short sale if the lender can be convinced to discount the loan, the only other strategy I can think of is a "subject to" where I take over the seller’s primary loan. Does any one know if lenders as a principle will act on that clause or are they more flexible this year?

Hmmm, I think what you are proposing is that you get title but the loan stays in the seller’s name.
In practice, here in Missouri at least, it’s rare for the lender to try to enforce this clause. I am not a lawyer, but I understand that this clause -sometimes you will hear refernce to an "acceleration clause"- is a contractual right and not a law so to transfer title secured by a "due on sale" mortgage is not illegal.
If the lender later discovers the transfer he/she may at his/her option call the loan due and payable.

I haven’t noticed any change in the attitude of the banks at all, it seems they would rather have the timely payments than the hassle of foreclosure.
If the payments are missed at any later stage, it’s the seller’s credit rating that is affected!
To protect all involved there is another strategy you can consider and other documents that could form part of your deal (The "Trust assignment" ) but see your attorney first. And check on your State law.

- and other loans I have that I’ve never been late on? The house has been unoccupied for a year and I cannot afford payments and need to get a short sale approved as the current price is too high for the market. She said the 99% of approved short sales need to be pre-foreclosure.
It has never been refinanced (purchase money) and is an 80/20 loan with 2 separate lenders.

You have not provided enough information regarding the property to give a good answer. I can only generalize a few things.

If this is your only home, a short sale can only be done if the lender approves it and agrees to permit you to do a short sale–thus, they certainly will not agree to a short sale if they intend to seek a deficiency from you. This is a complex area, but generally, a lender cannot seek a deficiency judgment against a borrower if the loan was a "purchase money" loan and secured by a residence. Please note, if the loan was originally made at the time of purchase but was later refinanced, it LOSES its purchase money character, and also, if there is any misrepresentation in the loan documents signed by the borrower (i.e., income was inflated, borrower said he was going to occupy home but did not intend to, etc.), then the lender may seek a deficiency.

Thus the reason for your attorney to tell you to stop making the mortgage payments, it’s a quicker way but could cost you more in the end due to the following area of possible threat. Even if the lender cannot get a deficiency judgment because your loan is purchase-money or because it elects the speedier and cheaper route of foreclosing by trustee sale, it may be able to sue you for something unconnected with the loan obligation per se, such as falsifying your income on a credit application or for trashing the property and thus unfairly reducing the collateral value.

As to your other debts, as long as you pay them as agreed, they should not be affected but your score will go down due to the forclosure on the house.

Hope this answers your question
LEGAL DISCLAIMER: The advice contained herein is for informational purposes only. It is not to be construed as Legal Counsel nor Legal Advice.

http://www.theearlofrealestate.com/short-sale.aspx - Stop Foreclosure - Don’t just let the bank take your home, you have options including a short sale. Northern Virginia Short Sale Specialist at Stopping Foreclosures

If you are “under water” - meaning you have more mortgage amount than home value we have a program to help.
If you are behind on your mortgage payments, have received a notice of default, or are facing a foreclosure sale we have a program to help.

A short sale is the best option for all homeowners who are upside down on their mortgage,
unable to make their mortgage payments, facing foreclosure and looking for a way to stop
the foreclosure process on their home

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I just called my lender and asked about a return of deed in lieu of foreclosure, and they said I have to put house on market with a realtor for at least 60 days. I have had it for sale in papers and signs for 6months, and no luck. Houses dont sell good here at the lake. They mentioned a short sale, where I could take a lower than payoff amount and offer it to the lender. Should I stop makin 1500 a month payments now to show that I can not afford it, it would be just like giving them my money and gettin absoutely nothing out of it. Having goin bankrupt last yr, I do not care about credit at this time, just need out of this. Moving out of state and dont plan on buyin another home for yrs anyway. Anyone with any experience in this kind of thing have any advice???? Thanks.

A foreclosure (which will happen if you stop making payments) can be much more damaging to your credit than a BK…so it’s better if you can avoid that route.
Selling it on your own is not always the best decision. Many homes need the exposure that the local MLS provides and there are creative, industrious agents out there that may be able to help you. For example - what about renting it out? Or finding a tenant on a lease to own situation?
Just because you don’t plan on buying another home for years down the line is no reason to be so blase about your credit. Bad credit can affect your employment, and everyday purchases ranging from cell phone plans to utilities. You’ll be paying more on these things because you have a bad credit history - and why fall deeper into that pit if you have alternatives? Find a couple of agents, interview them and pick one who can help you out of your predicament.