Home mortgage foreclosures were halted in up to 50 states while the banks re-examined their foreclosure processes and documents . . . → Read More: Banks Stop Foreclosure Temporarily
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Lawsuit against Citigroup and Ally Financial claims that through MERS the banks are foreclosing on homes even when they don’t hold titles to the properties. . . . → Read More: Citigroup and Ally Sued for False Foreclosures In the last couple of years, the bankruptcy laws have changed in congress and as recent as April 2007. There was a time that a homeowner who came upon hard times could seek protection from creditors under Federal Bankruptcy laws by filing a Chapter 13 , Chapter 7 and other options and stop foreclosure. Now, times and the laws have drastically changed. The process of filing a bankruptcy to try and save your home and reorganize your debts have taken a turn with twists and curves just to be able to consider filing! The new Bankruptcy laws according to the Department of Justice, were enacted under the following
The bankruptcy changes were put into effect in October of 2005. In a nutshell, before anyone can file a petition for bankruptcy, they must obtain credit counseling within 180 days before being able to file a bankruptcy. Once you have filed a bankruptcy, you must obtain a debt management education certificate before the bankruptcy is discharged. Continue reading Bankruptcy To Save Home  You have fallen behind on your mortgage payments, and the lender has sent you notices to try and collect the late payments and threatening foreclosure. What can you do to stop foreclosure on your home? When facing foreclosure, many panic and give up, thinking that there are no other options to stop foreclosure and save their home. Well, here are some actions that can be taken to try and stop the foreclosure of your home! Before any action, get your financial house in order. Calculate your income and expenses and determine what is really coming in and what is really being paid out monthly. If it is too much to do your own financial analysis, look for a nonprofit counselor that would probably do it free of charge and may also help negotiate with the lender. The U.S. Department of Housing and Urban Development, HUD, sponsors housing counseling agencies. Click here to find a list of HUD Housing Counseling agencies in your state. Next, contact your lender and be sure to have an idea what you need from them, like some of the actions below. Continue reading Tips On Stopping Foreclosure At the rate of foreclosure filings by home mortgage lenders, many borrowers find themselves stuck in idle and do not know what to do next. Recently, in March 2007, a couple was facing foreclosure and began worrying their heads off about losing their home. The husband was in between changing jobs and they had fallen behind on their mortgage payments by a month. Their first action to try and catch up on the home loan, was to contact friends and family to borrow money. Needless to say, many of them were in a cash crunch themselves, so they ran into a brick wall. The next action was to call the lender and try to negotiate a payment for the current month and ask, if the month missed could be paid later on during the term of the loan so they could prevent foreclosure. The lender’s representative insulted them and told them “if they could not pay the missed payment, then they did not deserve to have a home! ” Continue reading Foreclosure only Option 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) More: continued here More than 925,000 foreclosure filings were reported on more than 573,000 properties in the first half of 2007, according to the RealtyTrac Midyear 2007 U.S. Foreclosure Market Report, released today. The report marks the first time that RealtyTrac has included a count of unique property addresses in some stage of foreclosure. But whether you . . . → Read More: Two Counts Show Foreclosure Activity Rising In the late 1990′s in Los Angeles, Ca., and surrounding areas, homeowners experienced a wave “property snatching” under the color of foreclosure. In one case, a homeowner had their mortgage payment servicer, the company that collects the money, change over four times. Every couple of months they were directed to make payments to a different lender. While trying to keep up with the lenders reselling the loan to different companies, the homeowner was late mailing one payment to their new lender. The homeowner, tried to speak to someone in charge of the account at the lenders’ office, but was rudely snubbed. The clerk, who claimed to be a supervisor, stated that “even if the payment was made, it would not be accepted”! The homeowner became confused and did not know what to do, if the lender refused to accept the payment on their mortgage to their home! Continue reading Lender Refused Payment |
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