The most recent foreclosure statistics present a disheartening image of the real estate market and the American economy. According to RealtyTrac, an average of 1 in every 634 housing units received a foreclosure filing in December of 2011. The states with the highest rates of foreclosure were California, Florida, Nevada, Arizona, Georgia, Michigan and Illinois. As homeowners across the country are facing foreclosure or threatened foreclosure, it is important to consider what remedies are available.
Most people think they have to hire an attorney and pay thousands of dollars. There are a whole lot of things to consider, and eventually you may want to hire an attorney, but first things first. You can deal with all that later after you take away the immediate threat of losing your home tomorrow.Remember the immediate goal is stopping the sale. The good news is that all you need is a preliminary filing in place for that to happen. That's all it takes to stop 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.
What is a loan modification? A loan modification is a amendment to the loan contract which is agreed to by The lender and the homeowner. The lender modifies the existing loan(s) in Order to work with the homeowner because of hardship. The reason is to Help make the loan(s) more within your means. Ordinarily it is in the form of a rate Reduction, fixing the rate for a certain duration of time, or term extension. In the past, this was only used when a borrower was delinquent and suffered A hardship such as employment loss, divorce, illness, and so on.
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.
This policy can be purchased from a high Street broker or is often now offered with your mortgage; but a cheaper method is to look for a standalone provider on the internet.However as with all insurance policies there is small print that you must be very aware of to ensure that this is the right policy for you. The first and most important is the "exclusion period". This is defined as from the start date of your policy and during this period you must not be made aware of impending unemployment. Providers vary with the length of this and as unemployment claims have soared so to have the Income protection exclusion periods. It is worth shopping around but the average is about 120 days.
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.
[Save My Home]
Most people think they have to hire an attorney and pay thousands of dollars. There are a whole lot of things to consider, and eventually you may want to hire an attorney, but first things first. You can deal with all that later after you take away the immediate threat of losing your home tomorrow.Remember the immediate goal is stopping the sale. The good news is that all you need is a preliminary filing in place for that to happen. That's all it takes to stop 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.
What is a loan modification? A loan modification is a amendment to the loan contract which is agreed to by The lender and the homeowner. The lender modifies the existing loan(s) in Order to work with the homeowner because of hardship. The reason is to Help make the loan(s) more within your means. Ordinarily it is in the form of a rate Reduction, fixing the rate for a certain duration of time, or term extension. In the past, this was only used when a borrower was delinquent and suffered A hardship such as employment loss, divorce, illness, and so on.
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.
This policy can be purchased from a high Street broker or is often now offered with your mortgage; but a cheaper method is to look for a standalone provider on the internet.However as with all insurance policies there is small print that you must be very aware of to ensure that this is the right policy for you. The first and most important is the "exclusion period". This is defined as from the start date of your policy and during this period you must not be made aware of impending unemployment. Providers vary with the length of this and as unemployment claims have soared so to have the Income protection exclusion periods. It is worth shopping around but the average is about 120 days.
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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