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.
As the number of foreclosures continues to grow, so do the number of vacant houses in your neighborhood. With no one to care for these houses, the lawns become overgrown, insects and rodents take up shelter in the yards, vagrants who act as squatters become your neighbors, pools grow algae, and assessments go unpaid. These results directly affect the property value of all the homes in the neighborhood and make it nearly impossible to sell your home. The only way to stop the cycle from continuing is to stop the foreclosures from occurring. If you, or anyone you know, is facing foreclosure or having trouble making their mortgage payments, be sure to refer them to www.ForeclosureDefenseSecrets.com and stop the foreclosure crisis from hurting us all.
With the nation on pace for over 3,000,000 foreclosures for the second straight year, and over half of all properties sold at foreclosure auction going back to the banks, lenders are willing to modify loans now more than ever. If you are in an adjustable rate note, the lender will offer you a fixed rate. If you have a fixed rate of 8 percent, the lender will offer you 4 percent. In some cases, the lenders are even reducing the principal on loans that are more than fifty percent upside-down from their original appraised value. Your lender wants to modify your loan and keep you in your home, but they dont have enough time or manpower right now to get it all done and help you modify. This is where you need to help yourself.
The court systems are currently overrun with foreclosure filings and the rash of budget cutbacks have forced them to layoff over half of the clerks working at the courthouses. This means that any filings in defense of a foreclosure will delay the foreclosure from being entered at an exponential rate. For a foreclosure proceeding in which the borrower does not file any responsive pleadings, the judgment will be entered againts the borrower and the property is often sold at auction before any loss mitigation or loan modificatioon can be completed.
However, if you file affirmative defenses, motions for extension of time, requests to produce, and the like, you can stall your foreclosure for anywhere from 18 months to 5 years, depending on how you use the legal system and how you time your filings. This is plenty of time to work out a loan modification or short sale, or even to save up enough money that you can move into a nicer home at a lower price without ruining your credit. It might sound impossible, but it is actually quite easy if you know what you are doing. Learn the exact procedure and download the necessary forms at www.ForeclosureDefenseSecrets.com. You can save your home!
When I began this blog under a year ago, the climate surrounding the mortgage foreclosure crisis in the United States was drastically different than it is today. The initial assumption was that borrowers facing foreclosure were people who got in over their heads and tried to take advantage of an under-regulated lending system by taking out loans that there was no way they could afford. The public opinion was more in favor of the banks instead of the borrowers, labeling the borrowers as uniformed investors seeking an undeserving bailout. From the time you missed your first mortgage payment until the time a foreclosure judgment was issued against you was about five months.
A few months ago, the public opinion began to shift. The government became aware that borrowers need to be protected and that the lenders need to be coerced into looking into loss mitigation solutions, such as loan modifications and principal reductions, to keep families in their homes at affordable rates, especially when the unemployment levels are so high and the economy is so low. From the time you missed your first mortgage payment until the time a foreclosure judgment was issued against you was about eight months.
Today we have a much more favorable situation. Not only have the media and the government been active in expressing the desire to protect borrowers from foreclosure, but now the courts are aiming to protect borrowers as well. With programs forcing the lenders to attempt mediation prior to getting a foreclosure judgment, judges being instructed to view foreclosure hearings in favor of the borrower, and a general sentiment by judges that there are too many foreclosures and some of the cases need to be dismissed, the courts are begging you to be active in defending yourself against foreclosure. From the time you missed your first mortgage payment until the time a foreclosure judgment was issued against you is about twelve months, if you do nothing, and up to three or for years if you actively defend yourself.
Hiring a defense attorney is expensive and not really worth the money unless you plan on filing bankruptcy. In fact, sometimes the attorney will charge you around $5,000 and hinder rather than help since you will lose the benefit of sympathy and compassion which are crucial when you are dealing with a court of equity, as is the case with foreclosure hearings. Doing nothing is absolutely unacceptable. While the thought of losing your home is scary enough to make you want to put your head in the sand, you would be doing yourself and your family a great injustice if you didn’t attempt to defend yourself and save your home. You are strong enough to beat the bank and keep your home. Learn how at www.ForeclosureDefenseSecrets.com.
Another fiscal quarter, another jump in foreclosures. With the Federal Government attempting to manage the foreclosure crisis, the banks are trying to get as many foreclosure judgments entered as soon as possible. In the coming months, there will be a push for more mediation, higher filing fees, and loan principal reduction through the court. The lenders want to avoid these issues so they are pushing the foreclosures through the system as fast as they are allowed by law. Don’t believe the lender when they tell you they are working on a modification and will notify you shortly. Don’t think that the foreclosure process will be stopped at all before a judgment is entered against you. Loan modifications will only become a possibility after you stall the legal process and make a little noise so that the lender pays attention. Don’t let yourself get pushed through the system and miss out on the bailout that is coming for any homeowners behind on their mortgage payments. You need to fight the foreclosure and stall the legal process for as long as it takes to get a better deal. Learn how to fight the process at www.ForeclosureDefenseSecrets.com.
When the foreclosure crisis began, it was due to adjustable rate mortgages jumping up and people not being able to afford the new rate. Now, just about everyone is affected by the foreclosure crisis and many homeowners with fixed rate mortgages are now in foreclosure as well. While the popular sentiment may be to hide your head in the sand and walk away from a bad deal, it is important to understand all of the repercussions to having a foreclosure judgment against you and a deficiency judgment pending. The better option is to fight. By using the eBook available at www.ForeclosureDefenseSecrets.com you can delay the foreclosure for as long as you need in order to get a loan modification from the bank or sell your property yourself. Find out more by visiting www.ForeclosureDefenseSecrets.com.
While this report is not entirely accurate, some of the information is very true and very helpful. It is not true that you only need to find $35 of mistakes to get your foreclosure suit dismissed and the attorney that expresses that in the clip is known for making false promises and does not have a good reputation among his fellow attorneys. You should also not expect to get your home for free.
However, it is true that you can delay the foreclosure process for as long as you need in order to get a loan modification, short sale, reinstatement, or stipulation agreement completed and keep yourself out of foreclosure for good. It is also true that you dont need to hire an attorney to accomplish this feat. You can do it yourself at almost no cost!
Whose fault is it?There is a lot of blame to go around.After all, there is no one person or entity that could cause such an economic crisis, no matter how hard they might try.As the attorney hired by the banks to execute the foreclosures, I have had the opportunity to interact with all of the possible culprits.
Is it the bank’s fault?Well, there are two banks to speak of in most foreclosure situations; there is the bank that did the lending and the bank that purchased the Note and Mortgage and is now initiating the foreclosure.The bank that purchased the Note and Mortgage as an investment is a victim.They do not want to foreclose.They thought that they would be collecting mortgage payments and that the loan was a good loan.They clearly thought wrong.
Is it the lending bank’s fault?The bank that originally lent the money did so because the borrower met certain qualifications.The bank reviewed the loan application that was filled out by the borrower or the mortgage broker and lent the money based on that application, however they failed to verify any of that information by requesting proof of employment history, credit scores, or income statements.They thought the loan applications were filled out honestly.They clearly thought wrong.
Is it the borrower’s fault?The borrower was looking at a real estate market that was skyrocketing.They figured that they could purchase a house now and sell it later for way more than they paid because real estate is the safest investment and the real estate market would continue to rise.They thought that any loan they would receive today would easily be paid bank with the equity they could pull from their ever-increasing value of their house.They clearly thought wrong.
Who is to blame for the mortgage foreclosure crisis?Everyone.We all thought we were making correct decisions and we were all wrong.No one stopped to take the time to educate themselves before taking these unnecessary risks.The true cause of the massive amount of foreclosures facing the nation today is ignorance.Suffice it to say, our best weapon against foreclosure is education.Educate yourself at www.ForeclosureDefenseSecrets.com.
Foreclosures affect people in many different ways. There are tax implications, deficiency judgments, emotional distress, credit issues, legal fees, and even the chance of divorce or severe depression. This is why I encourage everyone to fight to prevent foreclosure from ever occurring. The best defense is a good offense. Learn how to get on the offensive at www.ForeclosureDefenseSecrets.com.
Part of President Obama’s proposed stimulus package specifically addresses three ways in which he intends on greatly reducing the number of foreclosures facing the nation today. For people currently behind on their mortgages, the interest will be reduced so that the total payments made to the bank each year do not exceed 30 percent of their annual income. For homeowners who are currently upside-down on their mortgage and owe a lot more than the house is currently worth, the President is suggesting incentives for the banks to reduce the principal amount and modify the terms of the loan around this new lower principal. The third part of the plan would allow bankruptcy judges to modify mortgages, but only mortgages closed before the law is enacted are eligible.
However, what no one seems to be mentioning is that there is no moratorium on foreclosures and that all of these new programs will only work if the banks take the initiative to implement them. The banks truly do want to rework these loans and keep good borrowers in the properties. They are not in the business of real estate; they are in the business of lending. However, the banks are so overwhelmed that by the time they get around to working with the borrower, a foreclosure judgment has already been entered.
In order to truly benefit from President Obama’s stimulus package, you will need to know how to stall the foreclosure proceeding long enough to work something out with the bank. Learn how to stall your foreclosure for as long as you need at www.ForeclosureDefenseSecrets.com.