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Foreclosure Rates Don’t Matter
You've probably seen the statistic released yesterday by RealtyTrac that says foreclosure filings were up 81% in 2008 vs 2007. The article went on to say that if you translate that into numbers of houses affected, 1 in every 54 homes in the country had received at least one foreclosure notice in 2008. However, according to the Dallas Morning News, Dallas-Fort Worth foreclosure filings in December were 8% lower than in December 2007. I would argue that both of these figures are irrelevant to you, though (even if you live in the Dallas area). See why and what you should do about it by reading the rest of this post...
Continue reading...Good News for Renters
If you're renting a home that's going through foreclosure, Fannie Mae announced that they a working on a program for you. In the near future, they will not force you to move out of the home even if the foreclosure completes and the person you're renting the home from loses it.
Continue reading...State Attornies General Play Bad Cop
The mortgage industry would like to have everyone believe they are doing all they can to help homeowners in dire straights. Even with an improved Hope Now initiave, though, the Attornies General (AG) of many states do not agree. Iowa attorney general Tom Miller explained in an interview that he believes a systemic approach is necessary to aid homeowners. He said most of the industry's biggest mortgage servicers are setting up meetings or discussions with a state foreclosure prevention working group, of which he is one of the leaders. While most are considering a systemic approach, he said there are some holdouts that remain focused on taking a case-by-case approach to loan workouts and are reluctant to embrace a streamlined modification program. "That's not acceptable. That's not going to work as an answer or a policy," Mr. Miller said.
Continue reading...Who Determines What’s An Acceptable Workout?
When you start negotiating with your lender or servicer, it may seem like they're dragging their feet. But what you don't see is everything that's going on in the background. Because of the primary and secondary mortgage markets and private mortgage insurance, your service may just be collecting your information to pass on to someone else. The more you know about your loan and the mortgage market in general, the better off you'll be in negotiations. Check out the video on why mortgage guidelines matter to you as a consumer too.
Continue reading...What I Forgot to Say
Yesterday's post about being proactive and calling your lender BEFORE you miss any payments left one important fact out. I was reminded of this when I tried to call my own lender this morning and got the cold shoulder. Find out why...and what you can do about it.
Continue reading...The Unfortunate Truth
It seems all the focus in the press and on the Internet these days is about homes in foreclosure and what you can do to exit foreclosure. But what if you're not in foreclosure yet? What if you haven't missed any payments? What if you're struggling every month to put food on the table and pay all the bills but so far you've been able to do so? First of all, let me say you're not alone! You have options...unfortunately, though, they're nearly all dependent upon your lender or servicer. Follow this checklist to start the process...be proactive rather than waiting for the inevitable.
Continue reading...Heading for Foreclosure?
Have you had a hard time trying to keep your head above water? Perhaps you have been slipping on your mortgage payments. Have you been getting telephone calls from your lenders asking you to call them? If you think your home is headed for the foreclosure list, here are a few things you will want to do.
Continue reading...Some Houses Shouldn’t Be Saved
This post holds nothing back in the interest of "political correctness" or saving your feelings. The intent is to tell it like it is, not to hurt anyone's feelings. There are too many people out there today telling homeowners in foreclosure what they want to hear instead of what they need to hear.
Continue reading...Thinking Differently…Is Your Home or Your Life More Important?
It's natural to assume you want to save your home from foreclosure. It's natural to want to protect what we have from danger and uncertainty. But sometimes this emotion gets in the way of doing what is truly best for us. I hope this post helps you break through that emotion. No matter what situation got you into foreclosure. Regardless of what your hardship is and whether it is resolved or not, you need to at least consider that it might be far better for you to leave your house rather than fighting to stay.
Continue reading...Quit Trying to Save Your Home
As much as we hate to admit it, not everyone is going to be able to stay in their home. How do you know if you can? It's actually pretty straight forward because your lender looks at the situation from a strictly financial perspective. When you're in the evaluation stage of deciding whether to stay and fight to save your home or not, you too. Start by asking yourself these four questions.
Continue reading...4 Ways to Ensure You’re Scammed
Since we've decided to stop counseling with homeowners and negotiating with lenders, we've been looking for other companies that we can feel comfortable referring people to. You see, we feel it's our duty to help you weed out the good from the bad...because there are a lot of companies out there and we have a level of knowledge and experience you don't. We don't want to see anyone get scammed, but if you really want to, here's how to do it.
Continue reading...Banks Don’t Want Your Home
It's natural to think that your lender wants your home when they begin contacting you and demanding your past due payments plus additional fees and costs. However, this is rarely the case. Especially in today's market!
Continue reading...What is a Foreclosure?
When solving problems, it's often helpful to define them. The idea of a foreclosure does not apply solely to home loans...a lender could foreclose on any loan if it is past due. But you're probably on the site to find out about a home foreclosure.
Continue reading...How Long Does a Foreclosure Take?
How long a foreclosure takes to complete and the process it follows depends on whether it is a Judicial or Non-Judicial foreclosure. There are similarities between the two as well. Find out what you can expect in your situation and how to be proactive rather than reactive.
Continue reading...Judicial, Non-Judicial, and Why It Matters to You
There are two types of foreclosure: Judicial and Non-Judicial. As you can probably tell from the names, Judicial goes through the court system while Non-Judicial doesn't. Judicial foreclosures typically take longer than Non-Judicial foreclosures. You can usually stay in your home until after the foreclosure sale in either type, but there are significant differences and you don't get to choose...the decision was made when you signed your mortgage paperwork.
Continue reading...State Law Summary
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The following summaries give some information on individual state foreclosure laws. Timelines will vary depending on specific circumstances and each situation. The timelines noted within are based on uncontested actions and assume no delays. They give the time for the sale, then the running totals for various procedures, until the end, when the longest time [...]
Continue reading...State Law Overview
Foreclosures are regulated by state laws and these laws can change quickly in today's environment. This page lists each state according to whether they are Mortgage, Deed of Trust or both.
Continue reading...- Todd: The bottom line is that once the home is sold, it'...
- Todd: First of all, just because the bank says you CAN s...
- Todd: I'd recommend going to your state attorney general...
- Jane Stewart: Dear Todd, We got behind on our mortgage and was ...
- D Weaver: I applied for the Home Modification program last m...
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