Dateline’s Chris Hansen checks up on a family that was evicted from their Las Vegas Home a year ago. Look at the video and see how they are doing after the foreclosure process.
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California Governor Arnold Schwarzenegger reveals plan for state assistance to stop foreclosures
The Governor announced a public awareness campaign aimed at California homeowners who may be staring down the barrel of foreclosure. According to the Governor’s website, he stated,
“Our message is that lenders are willing to work with borrowers on finding a solution. But right now we are seeing homeowners who are afraid to even talk with lenders,” said Governor Schwarzenegger. “In fact, loan officials have not been able to reach borrowers in more than half of all foreclosures. Some of these homes could have been saved, so seek out a solution now before it is too late.”
This 1.2 million dollar campaign is designed to educate California homeowners how and where to seek assistance with their mortgage to avoid foreclosure. California is one of the top 10 states with the highest foreclosure of homes.
Check out the Governor’s video below on his stop foreclosure plan.
If it is not bad enough that your lender has foreclosed on your home, but there is a study that indicates the amount of money owed stated in the foreclosure notices may be incorrect! You may not owe as much as stated by the lender or there may be questionable fees charged in the foreclosure process. The bankruptcy courts are finding questionable fees charged to borrowers who file for protection under Chapter 13 Federal bankruptcy laws to try and save their homes in foreclosure and stop foreclosure.
Under a Chapter 13 bankruptcy, a debtor or borrower must file a statement of assets and liabilities under penalties of perjury declaring all monies owed and all income. A Chapter 13 Bankruptcy is also known as a “reorganization plan”. In other words, a Chapter 13 filing allows a debtor to try and get their financial house in order by making scheduled payments to creditors approved by a Federal Bankruptcy Judge. The repayment plan may be spread out over several years to allow the debtor to make payments to the creditor, that may be lower than their original monthly payments. In a Chapter 13 proceeding, creditors must also file a statement to the court declaring the amounts owed by the debtor, before a repayment schedule can be approved by the Judge. [Read more →]
The FBI recently came out with its 2006 Mortgage Fraud Report, which somewhat anticlimactically concludes that there is “a strong correlation between mortgage fraud and loans which result in default or foreclosure. (read more)
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Foreclosure is the process where the lender of a mortgage terminates the borrower’s interest in the property secured by the mortgage loan. It is a termination of all rights of the homeowner covered by a mortgage. Once the foreclosure process is completed, the lender becomes the absolute owner of the property.
The trigger of the foreclosure process is when a homeowner misses a payment or fails to make payments of the money due on the mortgage at the appointed time. Many factors can cause this situation, like losing a job, becoming ill and unable to work, divorce and many other scenarios. However, the lender rarely considers any reason valid enough when they don’t get their payments on time.
Foreclosure allows the lender to “repossess” the property secured by the loan, and sell the property legally to try and recover the loan amount. Currently, foreclosures
Remember, the lender generally is not interested in owning your home, and you do not want to lose your home, so it’s time for a compromise!
