Archive for the ‘ Stop Foreclosure ’ Category

Wanting to Stay in Your House Can Lead You to Foreclosure

Monday, July 2nd, 2012

A new report from YouWalkAway.com indicates that lenders are taking longer to initiate and to complete a foreclosure. So that means that homeowners can stay in their house longer while the bank is taking their sweet time to start or complete a foreclosure. This seems like a great deal for the delinquent homeowner who already undoubtedly has a lot of other obligations they are trying to meet, and the relief of not having to make a monthly mortgage payment is a very welcome one. But the unintended consequence of banks taking longer to complete a foreclosure is that it will become less likely for a homeowner to get a loan modification as their delinquency increases.

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: LOAN MODIFICATION

Sunday, June 20th, 2010

The Loan Modification includes changing the original terms of the mortgage through several methods.

This option provides for either a permanent change in one or more of the terms of a your loan, which allows a loan to be reinstated and results in a payment you can afford.

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: A DEED IN LIEU OF FORECLOSURE

Wednesday, June 9th, 2010

The Deed-in-Lieu of Foreclosure allows a mortgagor in default, who does not qualify for any other HUD Loss Mitigation option, to sign the house back over to the mortgage company. A homeowner is sometimes better off signing a deed-in-lieu rather than letting the lender start foreclosure proceedings.

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: Hope for Homeowners (HoHo)

Monday, May 31st, 2010

In July of 2008, the United States Congress passed and President Bush signed into law a bill commonly referred to as “Hope for Homeowners”. In the land of acronyms, it got the nickname of HoHo. HoHo has some characteristics that each homeowner who is thinking about needs to know before they try and access the 300 billion dollar loan guarantee designed to help homeowners who are underwater refinance their homes.

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: Chapter 7 – Discharge Debts

Thursday, May 20th, 2010

Chapter 7 bankruptcies provide for the total discharge and liquidation of debts. Because of this powerful debt relief tool, individuals are only able to file a chapter 7 bankruptcy once every eight years. In a chapter 7 bankruptcy, people may list their home and mortgage as one of the debts that they are seeking to discharge.

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: Chapter 13 Repayment Plan

Tuesday, May 11th, 2010

The 2005 reform legislation has made chapter 13 the most common type of bankruptcy. Essentially, chapter 13 is a Court-supervised and Court-monitored repayment plan where the debtor provides the Court with a listing of all of their debts and a budget for their monthly needs. Any extra money left over each month is

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: FILE FOR BANKRUPTCY

Saturday, May 1st, 2010

The bankruptcy reform act of 2005 changed the entire bankruptcy landscape as we used to know it. Today most bankruptcy attorneys need at least 3 weeks before any major event such as a foreclosure auction date in order to adequately prepare a bankruptcy petition and file the same with the Court.

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: SELLING THROUGH A SHORT SALE

Thursday, April 22nd, 2010

A short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic or financial hardship on the part of the borrower (you). This negotiation is all done through communication with the lender’s loss mitigation department. You sell your property for less than the outstanding balance of the loan, and turn over the proceeds of the sale to the lender in full satisfaction of your debt.

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: WORK OUT A “FORBEARANCE PLAN”

Friday, April 16th, 2010

If you are unable to make your monthly mortgage payment, the mortgage company may extend forbearance by agreeing to suspend payments or accept partial payments for a limited period of time until the bank will be able to begin a repayment schedule.

The 5 Fastest Ways to Stop Foreclosure in 48 Hours Or Less: BRINGING THE LOAN CURRENT a.k.a. REINSTATEMENT

Tuesday, April 13th, 2010

Reinstatement occurs when the loan is brought current by paying the total amount past due. You have an absolute right to fully reinstate you loan within 90 days of being served with a Notice of Default. If you are now able to make your mortgage payments or your income has returned to its former level, you can negotiate with the bank or lender to bring your loan current by paying off any arrearage.

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