There are a lot of people whose only thought is "How can I save my house"? They bought a little more than they could afford hoping they would be able to grow into the payments. The banks facilitated this idea with adjustable rate mortgages. For a lot of young couples this was a way to enjoy their future dreams today. Who could have predicted a worldwide recession?Now many people are looking for loan modifications. They thought they would be safe when they took out the loan because if they ever got in trouble, they could always sell their home to avoid foreclosure. Along with a global recession, home values fell as much as 50% in some markets.
Filing for bankruptcy is one way that foreclosure can be halted or even avoided entirely. When a person files a bankruptcy petition, this places what is called an "automatic stay" on all debt collection proceedings against the petitioner. This includes foreclosure. In a Chapter 7 filing, this may give a debtor time to figure out how to sell or surrender the home by way of a deed in lieu of foreclosure or a short sale. In a Chapter 13 filing, the automatic stay may not only buy the homeowner time to determine what to do, but past due mortgage payments and penalties may actually be included in the homeowner's repayment plan - enabling him or her to actually save the home and avoid foreclosure.
The program started slowly but now has the kinks worked out and more loan modifications are being approved than ever before. Just as things are getting rolling, the new powers in the House of Representatives have pledged to cut the budget and assistance to banks. If they are successful the number of approved loan modifications will plunge. If you have been hanging on by a thread, the time to act is now.Banks have their own language. They talk about debt ratios, FICO scores and loan-to-value. If you are familiar with these terms you can probably negotiate the loan modification yourself if you know the right steps, the proper forms to submit and how to fill them out so the lender will be compelled to say yes.
And if you spend $2,000 on a bankruptcy attorney in a last minute ditch effort, you may have wished you spent the money on a different attorney, or maybe an attorney who specializes in loan modifications. And if you don't have the funds right now but your home is scheduled for a sale tomorrow, you have to do something fast, because the bank won't wait for you. If you don't have the $2,000 for an attorney to stop your sale today, then you sure won't need one after they take your home tomorrow.
Next, this attorney will schedule a sale of your home. This is the first day of foreclosure. You might find a notice on your door or receive a statement in the mail. Either way, you have until the sale date to make arrangements with your lender to keep your home or pay the amount that is due, now including attorney fees. Still, after the sale date you may have a redemption period, which is a period of time in which you can still get your home back after it has been sold, provided you can pay all outstanding balances and costs that were incurred during foreclosure.
If foreclosure has already begun --meaning a sale date has been made-- you still have time to save your home. The first thing you need to do is contact your lender and find out what arrangements can still be made. Tell them your situation and how much you can afford. Remember that banks don't want to foreclose, they would rather make a deal with you to help you pay your mortgage. In some states you have until the home is sold to reclaim it, and in many states you have a redemption period even after, although once you reach the redemption period you will have all outstanding mortgage balances and attorney fees to pay.
By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned foreclosing advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.Maybe you are one of the many many beleaguered homeowners in America, who, through no fault of their own, have fallen victim to the current economic situation and have run into financial difficulties.Maybe this has caused you to fall behind with your mortgage payments. Maybe you've received notice of foreclosure from your bank. Maybe you've received notice of foreclosure pending, or imminent foreclosure.
The most effective method is to use a forensic loan audit along with the Use of personal hardship. A Forensic Loan Audit is audit of the loan and it's terms.The audit's#1 goal is to determine Whether there were violations of federal and state law. If these violations Are found, then the client's file has added strength during the loan Modification process. Many folks to have taken control of their mortgage Situation by taking advantage of the loan modification.
I list homes for sale in Fredericksburg and Northern, VA. In this recessed market, I have witnessed a growing trend in homeowners who find themselves upside down in their homes and forced to move due to economic conditions. Layoffs are a reality in Fredericksburg and the job hunt is brutal. The evidence was undeniable as a recent job fair in Stafford, VA attracted national attention with record attendance. Short sales and foreclosures are on the rise in today's real estate market. There is an alternative plan.
What if you have already received notice of Trustee Sale or notice of Sheriff's Sale, and are officially in foreclosure? Can nothing be done?In this case, a loan modification company may still be able to help you.The first thing they will have to do is contact the bank to stall foreclosure.Once the foreclosure process has been stopped, then they can proceed to negotiate to modify the loan.Obviously in this case, speed is of the essence. If you are close to foreclosure, or have recently received official notification of foreclosure, don't delay - engage the services of a reputable loan modification company right away.There is a good possibility they can help you to save your home.
Filing for bankruptcy is one way that foreclosure can be halted or even avoided entirely. When a person files a bankruptcy petition, this places what is called an "automatic stay" on all debt collection proceedings against the petitioner. This includes foreclosure. In a Chapter 7 filing, this may give a debtor time to figure out how to sell or surrender the home by way of a deed in lieu of foreclosure or a short sale. In a Chapter 13 filing, the automatic stay may not only buy the homeowner time to determine what to do, but past due mortgage payments and penalties may actually be included in the homeowner's repayment plan - enabling him or her to actually save the home and avoid foreclosure.
The program started slowly but now has the kinks worked out and more loan modifications are being approved than ever before. Just as things are getting rolling, the new powers in the House of Representatives have pledged to cut the budget and assistance to banks. If they are successful the number of approved loan modifications will plunge. If you have been hanging on by a thread, the time to act is now.Banks have their own language. They talk about debt ratios, FICO scores and loan-to-value. If you are familiar with these terms you can probably negotiate the loan modification yourself if you know the right steps, the proper forms to submit and how to fill them out so the lender will be compelled to say yes.
And if you spend $2,000 on a bankruptcy attorney in a last minute ditch effort, you may have wished you spent the money on a different attorney, or maybe an attorney who specializes in loan modifications. And if you don't have the funds right now but your home is scheduled for a sale tomorrow, you have to do something fast, because the bank won't wait for you. If you don't have the $2,000 for an attorney to stop your sale today, then you sure won't need one after they take your home tomorrow.
Next, this attorney will schedule a sale of your home. This is the first day of foreclosure. You might find a notice on your door or receive a statement in the mail. Either way, you have until the sale date to make arrangements with your lender to keep your home or pay the amount that is due, now including attorney fees. Still, after the sale date you may have a redemption period, which is a period of time in which you can still get your home back after it has been sold, provided you can pay all outstanding balances and costs that were incurred during foreclosure.
If foreclosure has already begun --meaning a sale date has been made-- you still have time to save your home. The first thing you need to do is contact your lender and find out what arrangements can still be made. Tell them your situation and how much you can afford. Remember that banks don't want to foreclose, they would rather make a deal with you to help you pay your mortgage. In some states you have until the home is sold to reclaim it, and in many states you have a redemption period even after, although once you reach the redemption period you will have all outstanding mortgage balances and attorney fees to pay.
By the way, by researching and comparing the best stop foreclosures services in the market, you will be able to determine the one that meet your specific financial situation, plus the cheaper and quicker options. However, it is advisable going with a trusted and reputable stop foreclosure specialist before making any decision, this way you will save time through specialized advise coming from a seasoned foreclosing advisor and money by getting better results in a shorter span of time. Meaning getting your house out of risk as soon as possible.Maybe you are one of the many many beleaguered homeowners in America, who, through no fault of their own, have fallen victim to the current economic situation and have run into financial difficulties.Maybe this has caused you to fall behind with your mortgage payments. Maybe you've received notice of foreclosure from your bank. Maybe you've received notice of foreclosure pending, or imminent foreclosure.
The most effective method is to use a forensic loan audit along with the Use of personal hardship. A Forensic Loan Audit is audit of the loan and it's terms.The audit's#1 goal is to determine Whether there were violations of federal and state law. If these violations Are found, then the client's file has added strength during the loan Modification process. Many folks to have taken control of their mortgage Situation by taking advantage of the loan modification.
I list homes for sale in Fredericksburg and Northern, VA. In this recessed market, I have witnessed a growing trend in homeowners who find themselves upside down in their homes and forced to move due to economic conditions. Layoffs are a reality in Fredericksburg and the job hunt is brutal. The evidence was undeniable as a recent job fair in Stafford, VA attracted national attention with record attendance. Short sales and foreclosures are on the rise in today's real estate market. There is an alternative plan.
What if you have already received notice of Trustee Sale or notice of Sheriff's Sale, and are officially in foreclosure? Can nothing be done?In this case, a loan modification company may still be able to help you.The first thing they will have to do is contact the bank to stall foreclosure.Once the foreclosure process has been stopped, then they can proceed to negotiate to modify the loan.Obviously in this case, speed is of the essence. If you are close to foreclosure, or have recently received official notification of foreclosure, don't delay - engage the services of a reputable loan modification company right away.There is a good possibility they can help you to save your home.
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