Mortgage HOPE Crisis Hotline, mortgage foreclosure.#Mortgage #foreclosure


mortgage foreclosure

Mortgage foreclosure Mortgage foreclosure Mortgage foreclosure Mortgage foreclosure Mortgage foreclosure Mortgage foreclosure

HOPE Social Media

  • Project 5117
  • INCLUDES:
  • The Mission
  • Join Project 5117
  • HOPE Inside
  • INCLUDES:
  • 700 Credit Score Communities
  • Mortgage HOPE Crisis Hotline
  • Small Business Empowerment Program
  • Home Buyers Program
  • HOPE Coalition America
  • HOPE South Africa
  • Youth Empowerment Group
  • HOPE Office of Innovation Research and Assessment
  • America Uplift 2020
  • INCLUDES:
  • Atlanta Uplift 2020
  • Detroit Uplift 2020
  • HOPE Global Forums
  • The Gallup-HOPE Index
  • INCLUDES:
  • About the Index
  • The Research
  • In The News
  • Advisory Board
  • Get Involved with the Gallup-HOPE Index
  • Gallup-HOPE Index Cities Initiative
  • HOPE Global Initiatives
  • INCLUDES:
  • Global Dignity
  • Global Money Initiative
  • Forum of Global Shapers – Atlanta Hub
  • HOPE Business In A Box Academies
  • INCLUDES:
  • How it Works
  • The Goals
  • How It’s Funded
  • Core Strategic Partners
  • Business Opportunities

Mortgage foreclosure

There is help

At the dawn of the financial crisis in 2007, many homeowners began to face challenges as their interest rates and monthly payments increased. Seeing the effect on clients and individuals across the nation, Operation HOPE jumped into action.

  • How to negotiate with your lender
  • How to apply for loan modifications
  • How to avoid foreclosure
  • How to sell a house and purchase an affordable home
  • How to restructure your existing debt and obligations

About Us, Foreclosure Defense Nationwide – Mortgage Foreclosure Help – Free Advice, mortgage foreclosure.#Mortgage #foreclosure


Foreclosure Defense Nationwide Mortgage Foreclosure Help Free Advice

About Us

Mortgage foreclosure

Jeff is the founder of the Foreclosure Defense Nationwide (FDN) website and blog. His law practice is primarily oriented towards defense of foreclosure actions throughout the United States, with his Firm having represented victims of foreclosure and predatory lending practices with local counsel where required in the states of Alaska, Arizona, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Maryland, Massachusetts, Michigan, Missouri, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Jersey, New Mexico, New York, Ohio, Oklahoma, Oregon, North Carolina, Pennsylvania, South Carolina, Tennessee, Texas, Vermont, Washington, Wisconsin, and Wyoming.

Jeff has been a member of the Florida Bar since 1988 and is also a member of the Colorado Bar, first admitted in 1990. Before concentrating full-time on foreclosure defense, he had been previously admitted to practice in several state courts, including the Superior Court for the State of New Jersey (Atlantic City); the Hennepin County Circuit Court (Minnesota); the Norfolk Superior Court (Commonwealth of Massachusetts); the Circuit Civil Court of Walker County, Alabama; and the Superior Court for the State of California (Orange County).

He is also admitted to several Federal Courts, including the United States District Court for the Southern and Middle Districts of Florida and the United States Courts of Appeals for the Third, Sixth, Tenth, and Eleventh Circuits. Jeff has been previously admitted to practice pro hac vice in the United States District Court for the District of Minnesota (Duluth); the United States District Court for the District of New Jersey (Newark); the United States District Court for the District of Wyoming; the United States Bankruptcy Court for the Northern District of California (San Jose Division); the United States District Court for the Northern District of Ohio (Eastern Division); the United States District Court for the District of Oregon (Portland Division); the United States Bankruptcy Court for the Western District of Washington; the United States District Court for the District of Hawaii; and the Federal Ninth Circuit Bankruptcy Appellate Panel. He is currently admitted to the United States District Court for the Middle District of Tennessee (Nashville Division) as well.

Jeff has been admitted pro hac vice to the Superior Court of New Jersey, Chancery Division (numerous counties, including Atlantic, Ocean, Monmouth, Morris, Glouster, Burlington, and Passaic); the Superior Court for the Commonwealth of Massachusetts (Plymouth); the Superior Court for Flathead County (Montana); the Superior Court of Coweta County (Georgia); the Superior Court of Washington (Ferry County); the District Court for Kootenai and Bonner Counties (Idaho); Hancock County Superior Court (Indiana); the Circuit Court for Cook County, Illinois; Iowa District Court (Greene County); Kern County Superior Court (California); San Bernadino County Superior Court (California); Washetenaw County (Michigan); Mahoning County (Ohio); Maricopa County Superior Court (Arizona); Pima County Superior Court (Arizona); the Hawaii First District Court (Honolulu); the Hawaii Second District Court (Maui); the Kenosha County Court (Wisconsin); the Superior Court for Washington County, Vermont; the Superior Court for Stamford/Norwalk, Connecticut; the Circuit Courts of Oregon (Clackamas, Multnomah, and Crook Counties); Oklahoma County District Court; and the Circuit Court of the 17th Judicial Circuit (Winnebago County, Illinois); all such admissions and applications being in connection with foreclosure defense litigation representing borrowers. Mr. Barnes does not represent any banks, lenders , servicers, trustees of securitized mortgage loan trusts, trustee sale companies, or any others who seek to foreclose.

He prevailed against MERS (Mortgage Electronic Registration Systems, Inc.) in the Supreme Courts of both Oregon and Montana in having those Courts declare that MERS is not the beneficiary of a Deed of Trust notwithstanding MERS claim that it is, and thus making the law on this issue in Oregon and Montana. As a direct result of Mr. Barnes efforts, all non-judicial foreclosures involving MERS in both Oregon and Montana stopped upon issuance of the Supreme Court decisions.

Jeff has spent over twenty-seven years litigating throughout the United States in the areas of business tort litigation, contract litigation, insurance litigation (coverage, claims, premium fraud defense, and Unfair and Deceptive Insurance Practices), fraud litigation, real estate litigation, and Administrative proceedings involving defense of chiropractors in disciplinary proceedings, and appeals in deportation proceedings following the enactment of the Illegal Immigration Reform and Responsibility Act. His practice includes both trials (jury and non-jury) and appeals at both the state and Federal levels, and opposing Proofs of Claim and Stay Relief Motions in Bankruptcy proceedings involving foreclosure issues. Jeff was also previously a Certified Mediator and Arbitrator certified by the Supreme Court of Florida, and also previously obtained status as a Qualified Neutral in the State of Minnesota.

After graduating from Franklin Marshall College in Lancaster, Pennsylvania with a degree in Experimental Psychology, Jeff obtained a Master of Science degree in Education and his Juris Doctor (law) degrees from the University of Miami (Florida). Between graduation from college and prior to law school, Jeff was a public and private school teacher in Miami, Florida, having taught elementary, junior, and senior high students, as well as serving as an assistant adjunct professor at Florida International University in the areas of Behavioral Science Statistics and Preventive Law to Master s and Doctoral candidates. While in law school, Jeff served as a prosecutor in the Office of the State Attorney in Miami, Florida, and was in charge of his own division where he conducted arraignments and trials on a daily basis.

FDN attorneys handle foreclosure defense matters in both judicial and non-judicial (trustee) jurisdictions and are affiliated with securitized trust auditors and investigators; mortgage loan auditors, certified fraud examiners, and paralegals who conduct a wide-ranging review of mortgage documents to ascertain any violations of Federal lending laws, loan tracking through securitizations, applicable insurances, and other issues. A mortgage loan examination or audit is strongly recommended for anyone seeking to defend a foreclosure action. FDN will provide contact information for an auditor or loan examiner upon request made through our Contact Us link.

FDN s local counsel network currently embraces forty-three (43) separate law Firms throughout the United States and continues to grow.


Mortgage foreclosure #mortgage #calculator #with #amortization #table


#mortgage foreclosure

#

Foreclosure

Introduction

Foreclosure is a catch-all term for the processes used by mortgage-holders. or mortgagees. to take mortgaged property from borrowers who default on their mortgages. Foreclosure, like mortgages generally, is governed by the law of the place where the mortgaged thing is.

Default

The foreclosure process may begin once a mortgage borrower. or mortgagor. falls so far behind on her mortgage payments that she enters default. The conditions for entering default vary, based on state law and terms in mortgage agreements. Once a mortgagor enters default. she starts to accumulate late fees, legal fees, and other charges that are added to her outstanding debt, as determined by the mortgage agreement and state law.

Mortgagees do not have to foreclose on mortgages that are in default. They are free to negotiate with mortgagors. For example, they might agree to adjust the terms of the mortgage. refinance, allow the mortgagor to sell the property, or allow the mortgagor to make up for his or her missed payments.

Types of Foreclosures

There are two types of foreclosure: judicial foreclosures. which require a court order, and non-judicial foreclosures. which do not. In judicial foreclosures. the mortgagee must go to court and prove that it owns the mortgage and has the right to foreclose on it. Non-judicial foreclosures allow a mortgagee to foreclose without going to court. This is cheaper and quicker than a Judicial Foreclosure. Non-judicial foreclosures may only be used where the mortgage has a power-of-sale clause. These clauses most often appear in deeds of trust. a type of real estate secured lending instrument similar to a mortgage.

Acceleration Clauses

Most mortgages now include acceleration clauses. According to these clauses, if borrowers falls far enough behind in their payments, the rest of the loan is due immediately. Mortgagors usually invoke these clauses as a prelude to foreclosure. Most states regulate acceleration clauses. either generally, as specifically as applied to mortgages, or both.

Mortgage-Backed Securities

In recent years, lenders frequently bundled groups of mortgages into mortgage-backed securities. and then sold shares of the securities to investers. As a result, some mortgages have many owners. Others have changed hands so many times that it is difficult to determine who actually owns them. As a result, it is often difficult for mortgagors to modify the terms of their mortgage. Similarly, mortgagees might have trouble proving that they own a mortgage they want to foreclose on.

Sale of Foreclosed Property

Most states require mortgagees to sell foreclosed property at public auction. If the property does not sell at auction, the mortgagee keeps it, and later resells it in a normal real estate sale. State laws vary regarding what happens if foreclosed property sells for less than the mortgagor’s unpaid debt. In some states, mortgagors are liable for the difference. In others, they are not. In every state, if the property sells for more than the mortgagor’s unpaid debt, the mortgagor gets the difference.

Right of Redemption

In some states, mortgagors have a right of redemption that allows them to get back foreclosed property. If the original mortgagee owns the property, mortgagors may exercise the right by paying the bank the unpaid balance of their mortgage. If the property was already resold at auction, mortgagors must pay the purchaser whatever he or she paid for it. Rights of redemption only last for a limited time, which varies by state.

Timing

Once mortgagees begin the foreclosure process, it may take them six months or more to get clear title to the mortgaged land, depending on the state, foreclosure type. and type of mortgage .

Related Topics


Mortgage Foreclosure Overview #mortgage #help #programs


#mortgage foreclosure

#

Mortgage Foreclosure Overview

When you took out your home loan, you gave your lender a mortgage (called a deed of trust in some states). This created a security interest in your house. It gives the lender the right to start foreclosure proceedings if you don’t make payments or default. The bank may sell your house to pay off what you owe.

The good news is, banks don’t like foreclosures because they’re expensive and not fast or easy to do. The bad news is, they won’t hesitate to foreclose if they’re not given better options.

What to Do First

Chances are, your home loan is only a part of bigger financial problems. Don’t stick your head in the sand and wait for more bad news. Develop a game plan to deal with the situation immediately. Your options include:

  • Reorganizing, consolidating or even eliminating debts through bankruptcy or credit counseling
  • Trying to work out a compromise with your lender
  • Selling your home

Talk to a bankruptcy lawyer or someone who professionally counsels people with credit problems. You shouldn’t have any trouble setting up a free consultation.

Consider Everything

Here is a list of options and factors to think about when deciding what to do:

  • What’s the extent of your financial crisis – is there a major problem, like a job loss? Or, is paying one debt at the root of your financial problems, like medical bills or your mortgage?
  • Is your financial crisis temporary, such as a short period of unemployment or underemployment? Is there a permanent change, like a disability that will affect your long-term earning power?
  • How much equity is in your house? Do you owe more than what it’s worth?
  • How does your home meet your housing needs? What are the ongoing maintenance and ownership costs, and does the location meet your lifestyle, family and employment needs?
  • Is home ownership the best way to meet your housing needs? Maybe renting better fits your budget and personal needs
  • Have you looked into loan modification ?
  • Have you tried to sell your home, either through conventional means or through a short sale ?
  • Do you qualify for Chapter 7 or Chapter 13 bankruptcy relief? Do you have other debts, and could those debts be discharged or restructured through bankruptcy?

Negotiating with Your Lender

Talk to your lender about working out a compromise. such as:

  • Different payment terms (lower payments over a longer period of time)
  • Forgiving some late payments now in exchange for a longer repayment period
  • Lower payments in exchange for a higher interest rate over a longer repayment period
  • Refinancing at a lower interest rate (to make payments lower)

Lenders aren’t always willing to make a deal. It never hurts to try, though.

Deeds in Lieu of Foreclosure

If you can’t reach a compromise, consider offering to give the property back to the lender voluntarily by a deed in lieu of foreclosure. It’s sometimes called a deed in lieu of forfeiture. too.

A lender may be reluctant to do this, however. This is especially true if the laws in your state give you the right to redeem or buy-back your property within a certain period of time.

It’s a good idea to talk to an attorney to make sure a deed in lieu of foreclosure is right for you and to make sure it gets done properly.

The Foreclosure Process

State laws vary greatly, but the foreclosure process generally involves:

  • The lender giving you a written notice of default
  • You getting a period of time to pay the missed payments, or cure the default
  • The lender electing to proceed with foreclosure
    • You getting a notice of foreclosure sale
    • A public sale held by auction. The highest bidder can buy your property
    • If no one bids enough, the lender may buy the property
    • If the lender buys it, it may sell it again by private sale at a later date
    • If you haven’t vacated the property by the time of the foreclosure sale, an unlawful detainer lawsuit may be filed to evict you

    At any point during these proceedings, you usually may keep your home if you pay off the loan and pay any costs or expenses the bank had in the foreclosure process.

    You may have defenses in the action, too. For example, if the bank didn’t follow the foreclosure rules. a court may stop the foreclosure.

    You can also stop a foreclosure temporarily by filing bankruptcy. A bankruptcy creates an automatic stay that stops lenders from taking legal or collection actions against you without permission from the bankruptcy court.

    Questions for Your Attorney

    • Can I bid on my own house at a foreclosure sale? What if my bid is lower than what I owe on the mortgage and I’m the highest bidder?
    • Will a short sale have a negative impact on my credit rating? Do I need the bank’s permission to make a short sale?
    • Can the bank foreclose on our house if my spouse defaults on the mortgage while our divorce action is still pending?

    How Chapter 13 Bankruptcy Affects Mortgages and Foreclosure #mortgage #calculator #bankrate


    #bankruptcy mortgage lenders

    #

    How Chapter 13 Bankruptcy Affects Mortgages and Foreclosure

    When you file for Chapter 13 bankruptcy, you do not lose any property to the bankruptcy trustee (including your home), nor does the bankruptcy filing affect your mortgage.

    However, although you won’t lose your home through the Chapter 13 bankruptcy process, you can still lose your home through foreclosure. This means that you must continue to make your mortgage payments during Chapter 13 bankruptcy if you want to keep your home.

    If you are facing foreclosure, Chapter 13 can help. First and foremost, it allows you to make up mortgage arrears through your plan (something you cannot do in Chapter 7 bankruptcy). In addition, you can remove second mortgages and HELOCs in certain circumstances.

    Here’s how it all works.

    Staying Current on Mortgage Payments During Chapter 13 Bankruptcy

    If you want to keep your home, you must stay current on your mortgage payments during your Chapter 13 case.

    In many Chapter 13 bankruptcies, you will pay your mortgage lender directly. In some, however, the court and trustee will require you to make your mortgage payments through your Chapter 13 plan. The trustee then pays your lender with this money. If given the option, it’s almost always better to pay your lender outside of your Chapter 13 plan. This is because the trustee’s fee is based on a percentage of your plan payment. The higher your plan payment, the more fees you pay.

    Mortgage Arrears

    If you want to keep your home, you’ll have to pay back all of your mortgage arrears by the end of the repayment period. This gives you three to five years to make up the arrears. This feature of Chapter 13 is one reason why many people facing foreclosure opt for Chapter 13 over Chapter 7 bankruptcy.

    Chapter 13 and Foreclosure

    If you are in foreclosure when you file for Chapter 13 bankruptcy, bankruptcy’s automatic stay stops the foreclosure. If you stay current on your mortgage payments, and make up the arrears through your Chapter 13 plan, the lender cannot foreclose.

    Stripping Off Junior Mortgages

    If you have second or third mortgages or a home equity line of credit (HELOC) that are no longer secured by the equity in your home, you can strip these loans off through Chapter 13 bankruptcy. The stripped off loan becomes part of your unsecured debt, which is paid off (usually at a steep discount) through your Chapter 13 plan. At the end of the repayment period, any remaining loan amounts on the stripped off mortgages are discharged. (For more on how this works, see Removing a Second Mortgage in Bankruptcy .)


    Foreclosure legal definition of foreclosure #mortgage #rate #calculator #with #taxes


    #mortgage foreclosure

    #

    foreclosure

    Foreclosure

    A procedure by which the holder of a mortgage an interest in land providing security for the performance of a duty or the payment of a debt sells the property upon the failure of the debtor to pay the mortgage debt and, thereby, terminates his or her rights in the property.

    Statutory foreclosure is foreclosure by performance of a power of sale clause in the mortgage without need for court action, since the foreclosure must be done in accordance with the statutory provisions governing such sales.

    Strict foreclosure refers to the procedure pursuant to which the court ascertains the amount due under the mortgage; orders its payment within a certain limited time; and prescribes that in default of such payment a debtor will permanently lose his or her equity of redemption, the right to recover the property upon payment of the debt, interest, and costs. The title of the property is conveyed absolutely to the creditor, on default in payment, without any sale of the property.

    foreclosure

    n. the system by which a party who has loaned money secured by a mortgage or deed of trust on real property (or has an unpaid judgment), requires sale of the real property to recover the money due, unpaid interest, plus the costs of foreclosure, when the debtor fails to make payment. After the payments on the promissory note (which is evidence of the loan) have become delinquent for several months (time varies from state to state), the lender can have a notice of default served on the debtor (borrower) stating the amount due and the amount necessary to “cure” the default. If the delinquency and costs of foreclosure are not paid within a specified period, then the lender (or the trustee in states using deeds of trust) will set a foreclosure date, after which the property may be sold at public sale. Up to the time of foreclosure (or even afterwards in some states) the defaulting borrower can pay all delinquencies and costs (which are then greater due to foreclosure costs) and “redeem” the property. Upon sale of the property the amount due is paid to the creditor (lender or owner of the judgment) and the remainder of the money received from the sale, if any, is paid to the lender. There is also judicial foreclosure in which the lender can bring suit for foreclosure against the defaulting borrower for the delinquency and force a sale. This is used in several states with the mortgage system or in deed of trust states when it appears that the amount due is greater than the equity value of the real property, and the lender wishes to get a deficiency judgment for the amount still due after sale. This is not necessary in those states which give deficiency judgments without filing a lawsuit when the foreclosure is upon the mortgage or deed of trust. (See: mortgage. deed of trust. forced sale. execution. notice of default )

    foreclosure

    foreclosure

    the right to take mortgaged property in satisfaction of the amount due. Where a mortgagor has defaulted on his obligations under the terms of the mortgage, the mortgagee has a number of powers available to him to protect his investment. One of these is the power to foreclose. Foreclosure can be effected only by an order of the court that involves, first, the granting of an order of foreclosure nisi, which effectively gives the mortgagor six months grace within which to raise the sums due; if the mortgagor has failed to do this, the foreclosure becomes absolute, whereupon the rights of the mortgagor in the property cease and become vested in the mortgagee.

    Ask a Lawyer

    Question

    Country: United States of America
    State: Florida

    We have an upcoming date concerning foreclosure on our home during which they are going to set a sale date. We need to delay this first meeting by a week so we can get a payoff figure from the mortgage company. Is there any way to file paperwork or reasons that we can file a motion that will help buy us some time?

    Answer

    It is difficult to do unless the parties agree. you can say you are unavailable for some serious reason etc.

    Link to this page:

    Ohio’s foreclosure total of 15,709 ranked third behind California and Florida.

    New York City: Number of New Foreclosure Auctions: There were 425 new residential foreclosures in New York City (5 boroughs), an overall decrease (-21%) in new foreclosures in the current quarter from the second quarter of 2006 (538 foreclosures ).

    Colorado, Nevada and Florida post top state foreclosure rates

    Foreclosure equity-stripping scams, which have existed since the 1930s, are on the rise across the country.

    California reported 7,674 properties entering some stage of foreclosure. a 27 percent increase and the third most new foreclosures reported by any state in December.

    David Washington, president and CEO of Forbes Capital Group, who gives seminars on foreclosure prevention.

    Upon receipt of property through voluntary reconveyance, foreclosure or abandonment, the mortgagee neither recognizes a gain or loss nor considers the debt worthless or partially worthless under the bad debt provisions of IRC section 166.

    Lower mortgage payments – Get rid of the second mortgage – Lower their principal balances – Eliminate past balances due to the lender – Keep their cars, homes, and other property while eliminating debt – Save homes from foreclosure within 1 hour of the time of sale – Stop the foreclosure date altogether with a court order

    Most of the January increase in foreclosure starts is due to repeats.

    This longer time in foreclosure has economic consequences, as well.

    Foreclosure statistics in the boroughs varied widely year-over-year.

    Foreclosures increased across all regions despite temporary halts by major banks and Fannie Mae and Freddie Mac, primarily in the second half of February, in anticipation of the Obama administrations foreclosure mitigation effort.


    Mortgage foreclosure #mortgage #payoff #calculator


    #mortgage foreclosure

    #

    Foreclosure

    Introduction

    Foreclosure is a catch-all term for the processes used by mortgage-holders. or mortgagees. to take mortgaged property from borrowers who default on their mortgages. Foreclosure, like mortgages generally, is governed by the law of the place where the mortgaged thing is.

    Default

    The foreclosure process may begin once a mortgage borrower. or mortgagor. falls so far behind on her mortgage payments that she enters default. The conditions for entering default vary, based on state law and terms in mortgage agreements. Once a mortgagor enters default. she starts to accumulate late fees, legal fees, and other charges that are added to her outstanding debt, as determined by the mortgage agreement and state law.

    Mortgagees do not have to foreclose on mortgages that are in default. They are free to negotiate with mortgagors. For example, they might agree to adjust the terms of the mortgage. refinance, allow the mortgagor to sell the property, or allow the mortgagor to make up for his or her missed payments.

    Types of Foreclosures

    There are two types of foreclosure: judicial foreclosures. which require a court order, and non-judicial foreclosures. which do not. In judicial foreclosures. the mortgagee must go to court and prove that it owns the mortgage and has the right to foreclose on it. Non-judicial foreclosures allow a mortgagee to foreclose without going to court. This is cheaper and quicker than a Judicial Foreclosure. Non-judicial foreclosures may only be used where the mortgage has a power-of-sale clause. These clauses most often appear in deeds of trust. a type of real estate secured lending instrument similar to a mortgage.

    Acceleration Clauses

    Most mortgages now include acceleration clauses. According to these clauses, if borrowers falls far enough behind in their payments, the rest of the loan is due immediately. Mortgagors usually invoke these clauses as a prelude to foreclosure. Most states regulate acceleration clauses. either generally, as specifically as applied to mortgages, or both.

    Mortgage-Backed Securities

    In recent years, lenders frequently bundled groups of mortgages into mortgage-backed securities. and then sold shares of the securities to investers. As a result, some mortgages have many owners. Others have changed hands so many times that it is difficult to determine who actually owns them. As a result, it is often difficult for mortgagors to modify the terms of their mortgage. Similarly, mortgagees might have trouble proving that they own a mortgage they want to foreclose on.

    Sale of Foreclosed Property

    Most states require mortgagees to sell foreclosed property at public auction. If the property does not sell at auction, the mortgagee keeps it, and later resells it in a normal real estate sale. State laws vary regarding what happens if foreclosed property sells for less than the mortgagor’s unpaid debt. In some states, mortgagors are liable for the difference. In others, they are not. In every state, if the property sells for more than the mortgagor’s unpaid debt, the mortgagor gets the difference.

    Right of Redemption

    In some states, mortgagors have a right of redemption that allows them to get back foreclosed property. If the original mortgagee owns the property, mortgagors may exercise the right by paying the bank the unpaid balance of their mortgage. If the property was already resold at auction, mortgagors must pay the purchaser whatever he or she paid for it. Rights of redemption only last for a limited time, which varies by state.

    Timing

    Once mortgagees begin the foreclosure process, it may take them six months or more to get clear title to the mortgaged land, depending on the state, foreclosure type. and type of mortgage .

    Related Topics


    Mortgage Foreclosure Overview #mortgage #costs


    #mortgage foreclosure

    #

    Mortgage Foreclosure Overview

    When you took out your home loan, you gave your lender a mortgage (called a deed of trust in some states). This created a security interest in your house. It gives the lender the right to start foreclosure proceedings if you don’t make payments or default. The bank may sell your house to pay off what you owe.

    The good news is, banks don’t like foreclosures because they’re expensive and not fast or easy to do. The bad news is, they won’t hesitate to foreclose if they’re not given better options.

    What to Do First

    Chances are, your home loan is only a part of bigger financial problems. Don’t stick your head in the sand and wait for more bad news. Develop a game plan to deal with the situation immediately. Your options include:

    • Reorganizing, consolidating or even eliminating debts through bankruptcy or credit counseling
    • Trying to work out a compromise with your lender
    • Selling your home

    Talk to a bankruptcy lawyer or someone who professionally counsels people with credit problems. You shouldn’t have any trouble setting up a free consultation.

    Consider Everything

    Here is a list of options and factors to think about when deciding what to do:

    • What’s the extent of your financial crisis – is there a major problem, like a job loss? Or, is paying one debt at the root of your financial problems, like medical bills or your mortgage?
    • Is your financial crisis temporary, such as a short period of unemployment or underemployment? Is there a permanent change, like a disability that will affect your long-term earning power?
    • How much equity is in your house? Do you owe more than what it’s worth?
    • How does your home meet your housing needs? What are the ongoing maintenance and ownership costs, and does the location meet your lifestyle, family and employment needs?
    • Is home ownership the best way to meet your housing needs? Maybe renting better fits your budget and personal needs
    • Have you looked into loan modification ?
    • Have you tried to sell your home, either through conventional means or through a short sale ?
    • Do you qualify for Chapter 7 or Chapter 13 bankruptcy relief? Do you have other debts, and could those debts be discharged or restructured through bankruptcy?

    Negotiating with Your Lender

    Talk to your lender about working out a compromise. such as:

    • Different payment terms (lower payments over a longer period of time)
    • Forgiving some late payments now in exchange for a longer repayment period
    • Lower payments in exchange for a higher interest rate over a longer repayment period
    • Refinancing at a lower interest rate (to make payments lower)

    Lenders aren’t always willing to make a deal. It never hurts to try, though.

    Deeds in Lieu of Foreclosure

    If you can’t reach a compromise, consider offering to give the property back to the lender voluntarily by a deed in lieu of foreclosure. It’s sometimes called a deed in lieu of forfeiture. too.

    A lender may be reluctant to do this, however. This is especially true if the laws in your state give you the right to redeem or buy-back your property within a certain period of time.

    It’s a good idea to talk to an attorney to make sure a deed in lieu of foreclosure is right for you and to make sure it gets done properly.

    The Foreclosure Process

    State laws vary greatly, but the foreclosure process generally involves:

    • The lender giving you a written notice of default
    • You getting a period of time to pay the missed payments, or cure the default
    • The lender electing to proceed with foreclosure
      • You getting a notice of foreclosure sale
      • A public sale held by auction. The highest bidder can buy your property
      • If no one bids enough, the lender may buy the property
      • If the lender buys it, it may sell it again by private sale at a later date
      • If you haven’t vacated the property by the time of the foreclosure sale, an unlawful detainer lawsuit may be filed to evict you

      At any point during these proceedings, you usually may keep your home if you pay off the loan and pay any costs or expenses the bank had in the foreclosure process.

      You may have defenses in the action, too. For example, if the bank didn’t follow the foreclosure rules. a court may stop the foreclosure.

      You can also stop a foreclosure temporarily by filing bankruptcy. A bankruptcy creates an automatic stay that stops lenders from taking legal or collection actions against you without permission from the bankruptcy court.

      Questions for Your Attorney

      • Can I bid on my own house at a foreclosure sale? What if my bid is lower than what I owe on the mortgage and I’m the highest bidder?
      • Will a short sale have a negative impact on my credit rating? Do I need the bank’s permission to make a short sale?
      • Can the bank foreclose on our house if my spouse defaults on the mortgage while our divorce action is still pending?

      How Chapter 13 Bankruptcy Affects Mortgages and Foreclosure #mortgage #trends


      #bankruptcy mortgage lenders

      #

      How Chapter 13 Bankruptcy Affects Mortgages and Foreclosure

      When you file for Chapter 13 bankruptcy, you do not lose any property to the bankruptcy trustee (including your home), nor does the bankruptcy filing affect your mortgage.

      However, although you won’t lose your home through the Chapter 13 bankruptcy process, you can still lose your home through foreclosure. This means that you must continue to make your mortgage payments during Chapter 13 bankruptcy if you want to keep your home.

      If you are facing foreclosure, Chapter 13 can help. First and foremost, it allows you to make up mortgage arrears through your plan (something you cannot do in Chapter 7 bankruptcy). In addition, you can remove second mortgages and HELOCs in certain circumstances.

      Here’s how it all works.

      Staying Current on Mortgage Payments During Chapter 13 Bankruptcy

      If you want to keep your home, you must stay current on your mortgage payments during your Chapter 13 case.

      In many Chapter 13 bankruptcies, you will pay your mortgage lender directly. In some, however, the court and trustee will require you to make your mortgage payments through your Chapter 13 plan. The trustee then pays your lender with this money. If given the option, it’s almost always better to pay your lender outside of your Chapter 13 plan. This is because the trustee’s fee is based on a percentage of your plan payment. The higher your plan payment, the more fees you pay.

      Mortgage Arrears

      If you want to keep your home, you’ll have to pay back all of your mortgage arrears by the end of the repayment period. This gives you three to five years to make up the arrears. This feature of Chapter 13 is one reason why many people facing foreclosure opt for Chapter 13 over Chapter 7 bankruptcy.

      Chapter 13 and Foreclosure

      If you are in foreclosure when you file for Chapter 13 bankruptcy, bankruptcy’s automatic stay stops the foreclosure. If you stay current on your mortgage payments, and make up the arrears through your Chapter 13 plan, the lender cannot foreclose.

      Stripping Off Junior Mortgages

      If you have second or third mortgages or a home equity line of credit (HELOC) that are no longer secured by the equity in your home, you can strip these loans off through Chapter 13 bankruptcy. The stripped off loan becomes part of your unsecured debt, which is paid off (usually at a steep discount) through your Chapter 13 plan. At the end of the repayment period, any remaining loan amounts on the stripped off mortgages are discharged. (For more on how this works, see Removing a Second Mortgage in Bankruptcy .)


      Federal Law Protecting Homeowners from Foreclosure Scams #obama #mortgage #relief


      #federal mortgage assistance

      #

      Federal Law Protecting Homeowners from Foreclosure Scams

      Homeowners facing foreclosure sometimes pin their hopes on companies that claim they can stop a foreclosure by negotiating new mortgage terms with lenders. These companies are often called foreclosure consultants or mortgage assistance services. Unfortunately, some of these services are scams — and homeowners end up losing their homes and lots of money too.

      Congress passed the Mortgage Assistance Relief Services (MARS) in an effort to protect homeowners from foreclosure consultant scams. The federal law requires mortgage assistance relief service companies to disclose information about their services. Read on to learn more about the MARS rule and how it protects consumers from unscrupulous companies associated with mortgage assistance relief services.

      (To learn more about how these scams work, and how to avoid them, see our Foreclosure Rescue Scams topic area.)

      Mortgage Assistance Relief Services Companies

      The MARS rule applies to mortgage assistance relief services companies. It defines “mortgage assistance relief service” as any service, plan, or program offered to a consumer to assist, or attempt to assist, the consumer with:

      • stopping, preventing, or postponing a foreclosure
      • negotiating, obtaining, or arranging a loan modification or forbearance
      • negotiating, obtaining, or arranging any extension of the period of time to cure a default, reinstate the loan, or redeem the property
      • obtaining a waiver of an acceleration clause or balloon payment, or
      • negotiating, obtaining or arranging a short sale, deed-in-lieu of foreclosure, or any other disposition of the dwelling (other than a sale) to a third party.

      The rule requires certain disclosures, prohibits mortgage assistance relief services companies from taking advance fees, and bans certain untrue or misleading claims. Below are the details.

      Required Disclosures

      The MARS rule requires mortgage consultants to disclose specific information to consumers. In advertising to a general audience, companies must disclose that:

      • they are not associated with the government
      • their services have not been approved by the government or the lender
      • your lender may not agree to adjust your loan, and
      • if the company instructs you to stop making payments, that you could lose your home and damage your credit rating by not making payments.

      Companies also must explain in their in communications with prospective customers that:

      • you can stop doing business with the company at any time
      • you can accept or reject any offer the company obtains from the lender or servicer, and
      • if you reject the offer, you don’t have to pay the company’s fee, the amount of which must be disclosed.

      Advance Fees are Prohibited

      Under the MARS rule, mortgage assistance relief services companies are not allowed to collect any fees until:

      • you receive a written offer from your mortgage lender to reduce, modify, or otherwise change the terms of mortgage, and
      • you accept the offer.

      This means that even if you hire a company to help you, you are not required to pay a fee until they get results that you like. The company must also provide you with a written document from the lender or servicer that explains the key changes to your loan that would result if you accept the offer, as well as remind you that if you reject the offer you do not have to pay the company its fee.

      Additionally, if you negotiate an alternative to foreclosure, like a loan modification, on your own, you are not required to pay the mortgage assistance relief services company’s fee.

      Prohibited Misrepresentations

      Mortgage assistance relief services companies sometimes make misrepresentations to consumers to convince them to sign up for the company’s services. The MARS rule prohibits companies from making untrue or misleading claims about, among other things:

      • the likelihood of obtaining a specific form of mortgage relief
      • the amount of time it will take to obtain mortgage relief
      • the company’s refund and cancellation policies
      • affiliation or endorsement by the government or any other entity
      • the terms and conditions of the homeowners’ mortgage, including how much they currently have to pay
      • the amount homeowners may save if they use the mortgage relief services
      • whether the company has performed the services it promised
      • whether the company will provide legal representation to consumers
      • the total cost of the mortgage relief service, and
      • the terms, conditions, or limitations of a lender or servicer’s offer of mortgage relief, including how much time the homeowner has to accept the offer.

      If a company makes claims about the benefits, performance, or effectiveness of the services they provide, they must be able to support those claims.

      Example. If a company claims they can reduce your mortgage payment by 50%, this claim must accurately reflect the results they achieved for previous customers.

      In addition, the MARS rule prohibits companies from telling consumers to stop communicating with their lender or loan servicer.

      Attorneys Are Generally Exempt from the MARS Rule

      Attorneys that provide mortgage assistance relief services are generally exempt from the law. To be eligible for the exemption, the attorney must:

      • be providing mortgage assistance relief services as part of the practice of law
      • be licensed in the state where the consumer lives or where the property is located, and
      • comply with state laws and regulations that cover the same type of conduct the MARS rule addresses.

      To be exempt from the prohibition on advance fees, an attorney must place any fees collected in a client trust account, withdraw fees only as they are earned, and abide by state regulations covering such accounts.

      For More Information

      To learn more about the MARS rule, go to www.ftc.gov and search for “Mortgage Assistance Relief Services” to find links to further information.