Foreclosure Defense Secrets.com

1. The Law- This is the #1 tool any homeowner can use to fight back against their lender or servicer. Unfortunately it is the most over looked and under utilized weapon by homeowners in avoiding foreclosure. Any foreclosure prevention service company (whether it be for profit or non-profit) that is not utilizing the all important legal layer in the homeowner loss mitigation process is actually maybe causing more harm than good to the homeowner. Their attempts to be of service to a struggling borrower, may actually be causing a disservice because they need to use the law.

The facts are that there was a lot of fraud and predatory lending perpetuated in the lending industry over the last 5 plus years and now we are seeing the results of that reckless and unlawful behavior with our current foreclosure crisis. You may be the victim of fraud or predatory lending and in some cases, both. Knowing the intricasies of mortgage law can assist you and help you identify if you are in fact a victim of predatory lending. The Truth in Lending Act and RESPA federal laws and various state laws can serve as protection and as a tool to stop foreclosure.

The best weapon in fighting against a foreclosure is the law, provided that you know how to use it to your advantage.  Learn how to use the law at www.ForeclosureDefenseSecrets.com.

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2. Loan workout - A loan workout is a broad term used in the loss mitigation arena to describe the negotiation with your lender of any kind of plan that will benefit both you and the lender when you are delinquent or in default of your loan.  The term can be used to cover the different “workout” options you may have such as a loan modification, repayment plan, short sale, forbearance plan, etc.

Aside from a full loan modification, a loan workout is usually a temporary solution to a more permanent problem.  For some, the problem is that the house they currently own is worth way less then they owe on it.  For others, the problem is that the monthly payments they are being asked to make are just way too much for them to afford.  Whatever the problem is, a loan workout will stop the foreclosure process until the next time a payment is missed.

Loan workouts are a very valuable tool in foreclosure defense and are deadly to the bank’s ability to take your home, if they are used properly.  Learn how to use loan workouts, and other techniques, to stop the foreclosure of your home at www.ForeclosureDefenseSecrets.com.

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