Stop or Stall Your Foreclosure, What the Big Banks Dont Want You To Know
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For loans made in other years, the bank can move directly to.
Notice of default You are now in foreclosure. This legal filing -- a copy of which is sent to you -- declares the loan in default and triggers a three-month buffer period.
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During this time, the borrower can get out of foreclosure by coming up with the past and current payments owed, plus any late fees and penalties that have accumulated, putting the mortgage back on track. A loan modification or temporary moratorium could still be approved by the lender at this point.
A short sale, in which the home is sold for less than the money owed on the mortgage, also gets you out of foreclosure, but you would lose the home. In addition, the lender would have to agree to take the lesser amount, and a buyer would have to be found. Notice of trustee's sale At the end of the three-month period, the lender can file a notice -- a copy of which goes to the borrower and is recorded with the county -- that the house is to be sold.
There is still time. Under the law, the notice has to be filed at least 20 days before a sale can occur. Up to five days before that sale, the borrower can still stop the process by paying all past and current amounts due on the mortgage, plus penalties and fees. To avoid getting saddled with yet another foreclosed property, the bank might remain willing to make some sort of payment plan modification, especially if the borrower can demonstrate an ability to resume payments in the near future.
This could be an apt time for a borrower not planning to hold on to the home to file for Chapter 7 bankruptcy protection.
And it puts a major ding in your credit report. The sale The house goes up for auction. Traditionally this is done on the steps of a county courthouse, where anyone can bid. A very-last-minute accommodation is possible, if it looks like the borrower can pay up or be approved for a loan modification.
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Otherwise, the house is sold, usually to the lender for money owed if there are no other viable bidders. Notice to quit This can be issued as soon as the new owner records the trustee's deed, giving you three days to get out of the house. It's possible you could leave with some cash in your pocket.
The new owner might offer an incentive if you'll get out quickly, without stalling tactics, and leave the house in good shape. In the foreclosure world, this is called "cash for keys. Unlawful detainer You are now being evicted. This lawsuit gives you five more days to clear out. But during that period you can ask for a trial, which is supposed to be held within 20 days of the request.
The trial is a formality. Notice to vacate The sheriff comes to your home and posts an official notice for you to move out. The date and the time are on the notice. Lockout The sheriff returns at the appointed time, and if you haven't left the house, he or she can forceably escort you out. Time's up. Most Read. Now Video shows violent family fight at Disneyland as stunned parkgoers try to intervene. Column One Decades ago, he stole a tree branch. Now he is the Durian King. Business The mystery around Jeffrey Epstein's fortune and how he made it. Now Your instinct may be to run outside during an earthquake.
Now San Andreas fault 'locked, loaded and ready to roll' with big earthquake, expert says. That is why it is important to have an experienced foreclosure attorney review your paperwork and assess your situation. If your loan was denied, you may have the right to reapply if your circumstances have changed.
Most loan modification applications are denied for two reasons. First they do not meet program guidelines. The second is that the application was not submitted or completed properly. Having a foreclosure attorney working on your case, can help eliminate the possibility of having your loan modification denied. The best thing to do for a denied loan modification is to first find out why the loan was denied. Knowing the reason why the loan modification was denied can help you determine the best course of action for your situation.
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Sometimes the modification denial can be something that can easily be resolved, other times, it can be a sign for a different course of action. Without knowing more about your case, it is hard to make recommendations. The information presented in these blog posts is not to be construed as legal advice but for informational purposes only. If you would like a free consultation to discuss your situation, please contact our offices right away.
There is no cost or obligation and we will be glad to answer your questions. Sometimes having the right person to ask can mean a world of difference. You do not have to lose your home. Contact us now for a free consultation. If your modification application was denied, it is important to find out if there is a sale date scheduled for your home or not. If there is a sale date scheduled, it may be time to contact an attorney to way out your options.
Homeowners have very little tools available to disposal when facing the big banks. Having a foreclosure attorney gives you a significant advantage to help you fight back with your lender. In this section, we will discuss the loan modification pros and cons as well as foreclosure alternatives on how to stop foreclosure for primary residence. If you have significant equity in your property, you may find a lender that will take a chance in refinancing your home. Basically it is an equity play. Although most lenders will not make a mortgage if the borrower is in default, there may be some lenders that will be willing to take the chance.
Fair warning, any lender that does make this type of loan will typically charge excessive interest rates to compensate them for the higher risk. Finding a conventional lender is almost impossible. If you are over the age of 62 and have a fair amount of equity in your property or your home is paid off, you may be eligible to receive a reverse mortgage. With a reverse mortgage, you can pay off your existing mortgage and other debts without having to make monthly payments on the home. If your situation has changed and you have money to pay off the past due amount, you may do that almost to the very end.
You may be able to raise money from selling other assets.
If you have a car, boat, camper, second home, jewelry or collectibles, you may be able to sell those assets to raise cash. Sometimes you can borrow from life insurance policies.
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While this is not always the best options, it may be an option of last resort. We do not recommend selling retirement assets because retirement assets may be untouchable in a lawsuit or bankruptcy and may be needed down the road. If you have a friend or family member rich uncle you may borrow the money to pay off your past due mortgage balance.
This is a good option for those who are certain they have a windfall of money coming in soon. If you have no idea where you will get the money, it may not be worth ruining the relationship as there are other alternatives to help you keep your home. If you have exhausted all of these avenues and want to keep your home, one of the best ways to stop foreclosure a mortgage modification. Modifying your loan may allow your lender to postpone delinquent balances and spread them out over time. With a loan modification, you may also be able to get a reduction in your monthly payments as well as a reduction in the interest being charged on your loan.
In some cases lenders may forgive a portion of the loan, known as a principal reduction or principle forgiveness. There are even some foreclosure government assistance programs available. A loan modification is one of the fastest roads to your credit score recovery. To arrange a free consultation or for free foreclosure legal advice to discuss whether a loan modification is the right step for you, click here.
We will show you how to avoid foreclosure and keep your home. A mortgage forbearance agreement is for temporary hardship in which a lender offers to reduce or suspend mortgage payments for a specified period of time while agreeing not to initiate the foreclosure process during the specified period. There may be some additional fees to get the loan current for additional items such as,missed payments, including principal, interest, taxes, and insurance or other fees. A Chapter 13 is one of the best ways on how to stop foreclosure immediately and one of the best ways to stop foreclosure with bad credit.
This plan allows you to make up late payments and postpone the sale date until a judge reviews your case.
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The main purpose of filing a Chapter 13 bankruptcy during foreclosure is to stop the sale date and provide homeowners the opportunity to delay or prevent foreclosure and pay off back debt on their mortgages.