This video is very accurate. While the person being interviewed is a realtor in Southern California, he does summarize the relationship between the banks and the borrowers quite well. The bank doesn’t want your home. They want you to figure out a way to make payments, even if the payments are discounted. The problem is that a foreclosure can move very quickly, if unopposed, and a loan modification or short sale can take a very long time. It is up to you to delay the foreclosure through legal opposition for long enough to get something worked out with the bank. Learn how to accomplish this goal at www.ForeclosureDefenseSecrets.com.
Judges have been leaning more towards granting mediation in cases where the foreclosed property is owner-occupied. In order to have mediation granted, the borrower must file a Motion for Mediation with the court prior to the foreclosure hearing. The judge will then enter an Order granting mediation and ordering the mortgage-holder or representative to attend the mediation in person. The lender can be sanctioned or have the foreclosure suit dismissed without prejudice for failing to attend the mediation.
At the mediation, the borrower needs to bring full financials with them including proof of employment, bank account information, and other proof of what they can afford to pay each month. The lender must send someone who has the full authority to make a deal at the mediation. The mediator must report the result of the mediation to the Court within 10 days of the mediation. No notice for trial, motion for default judgment, or motion for summary judgment can be filed until the mediation has been held.
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!
Sure the President is attempting to reduce the amount of foreclosures, but in reality, none of these plans will have any affect on the falling property values and the foreclosure epidemic as a whole. Most people will not qualify for loan modification. Of those that do, most will be unable to pay their modified rate because the value of their home will still be way lower than the principal amount owed to the bank. Those that choose to file bankruptcy will take the chance that the bankruptcy court judge may reduce the principal owed to the bank, but most judges will choose not to do so and the borrower will be ruining their credit for at least 7 years from filing for bankruptcy. The only way to truly protect yourself from foreclosure is to learn how to use the judicial system and the foreclosure process to your advantage. Learn how to save your home 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.
Here is another example of how knowing how to use the judicial system to your advantage is crucial in keeping your house and modifying your loan. Learn how to use judicial discretion to beat the bank and save your home. Discover more at www.ForeclosureDefenseSecrets.com.