Foreclosure Defense Secrets.com

California is one of many states instituting temporary moratoriums on the foreclosure of primary residences.  While the moratorium is supposed to encourage lenders to work with homeowners on loan modifications, in reality it merely delays the inevitable and buys the homeowner three months to find a new place to live.  In order to complete a loan modification, you need to first get the bank’s attention.  In order to do that, you need to learn how to be a pest.  After all, it’s the squeaky wheel that gets the grease.  Learn how to squeak loud enough to save your home at www.ForeclosureDefenseSecrets.com.

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The moratoriums issued by the banks and the government did very little to solve the mortgage foreclosure crisis.  2009 looks to be even worse than 2008.  No one is coming to the rescue.  If you want to keep your home and avoid foreclosure, you will need to take matters into your own hands.  Learn more at www.ForeclosureDefenseSecrets.com.

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U.S. foreclosure filings climbed 28 percent in November from a year earlier and a brewing “storm” of new defaults and job losses may force 1 million homeowners from their properties next year, RealtyTrac Inc. said.

A total of 259,085 properties got a default notice, were warned of a pending auction or were foreclosed on last November, the seller of default data said in a report today. That’s the fewest since June. Filings fell 7 percent from October as state laws and lender programs designed to delay the foreclosure process allowed delinquent borrowers to stay in their homes.

“We’re going to see a pretty significant storm next year,” Rick Sharga, executive vice president of marketing for Irvine, California-based RealtyTrac, said in an interview. “There are two or three clouds that suggest a pretty heavy downpour.”

Rising unemployment, expiring foreclosure moratoriums and state efforts that “run out of steam” will push monthly filings toward the record of more than 303,000 set in August, Sharga said. The number of homes that revert to lenders, the last stage of foreclosure and known as “real estate owned” or REO properties, will increase to 1 million from as many as 880,000 this year, he said.

With this storm brewing, it has never been more important to educate yourself on your options and learn how to defend yourself from foreclosure, and even possible benefit from it. Learn how to end up a winner in this losing situation. Educate yourself at www.ForeclosureDefenseSecrets.com.

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Foreclosure filings may have decreased over the past month due to a lot of large lenders putting temporary holds on files for the purpose of loss mitigation, or so as to avoid the bad public relations that comes with the eviction of someone from their home around the holidays, but as soon as Christmas and New Years Day are behind us, the foreclosure filings are sure to pick up.

As the economy worsens and job losses mount, more and more home owners will be facing the harsh reality that they can no longer afford their monthly mortgage payments. If this sounds like a situation you might be facing soon, you need to be prepared to defend yourself. Find out how to defend yourself from foreclosure at www.ForeclosureDefenseSecrets.com.

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Watching the news, reading the paper, listening to the radio, and even surfing the internet, I am shocked by the lack of coverage that the mortgage foreclosure crisis is currently receiving. The housing market continues to decline, unemployment numbers continue to go up, and banks continue to foreclose. Has everyone forgotten that this crisis still exists?

Perhaps the word “moratorium” has given everyone amnesia. With all the talk of banks putting foreclosures on a temporary hold, it seems like the masses have assumed this problem to be behind us. What everyone is forgetting is that this hold will be lifted on almost all foreclosure actions in January or February of 2009.

If your goal is to keep your home for four more weeks, maybe your problems are behind you. However, if you would rather keep your home indefinitely, or at least long enough to modify the terms of the loan or complete a short sale, you still need to fight the foreclosure in a court of law. All the loss mitigation in the world will not protect you from a foreclosure judgment unless you delay the impending legal action against you.

It is important to remember that this problem is not going away. The only way to save yourself from foreclosure is to educate yourself and choose to take matters into your own hands. Learn how to save yourself at www.ForeclosureDefenseSecrets.com.

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With all of this talk of foreclosure moratoriums, bailouts, and loan modifications, the popular thought is just to let your mortgage enter foreclosure merely to get a better rate from your lender. So, how do the lenders expect to separate all the people who need a mortgage modification from those people who just want one?

The Federal Housing Finance Agency is attempting to implement a program that will modify the loans of certain troubled borrowers until the payments are reduced to 38% of the homeowners’ income. The Agency’s plan is to modify 2.2 million troubled loans by the end of 2009.

It’s not as simple as just asking for the restructuring though. The FHFA program would only be available to homeowners who can first demonstrate some change in financial circumstances. Even interpreted broadly, there must have been some hardship involving death, medical bills, job change or simply a reset in the rate of an adjustable-rate mortgage.

The programs will also require that the subject properties have high loan-to-value ratios, that the borrowers currently reside in the property, and that the borrowers are gainfully employed. But what stops everyone who meets these qualifications and has an adjustable-rate mortgage above the ideal income thresholds from skipping two or three payments to qualify for a reduction?

Sure, a missed mortgage payment may remain on a credit report for seven years and missing several mortgage payments in a row would badly damage a credit score, more so than missing most other types of payments, but credit can be repaired and a modification would prevent a foreclosure from being stapled to your credit report, so that damage wouldn’t be as tragic as a bankruptcy, or the like.

Because of the low level of risk, some homeowners, particularly those with little debt beside their mortgage and little anticipation of future borrowing, will be tempted to take a run at the system. The programs offer reductions in interest rates, extending the loan terms, and principle forbearance, saving potentially hundreds of dollars a month. After all, it’s a lot easier making on-time payments when the payments are thousands of dollars a year cheaper.

Now is the time to take advantage of the current system. There is no need to fear foreclosure if you know how to delay long enough to modify your loan and get a better deal for you and your family. Find out more at www.ForeclosureDefenseSecrets.com.

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Miami-Dade County is dubbed the foreclosure capital of the state of Florida, and now the county could be taking on the most drastic housing relief effort to date.

If Miami-Dade’s chief judge approves this moratorium, it could stop all foreclosures for four months, starting as soon as November 1st. It’s a measure that could eventually be adopted in all counties across the state.

Roughly 36 families are evicted everyday, and a local mayor is proposing to put a stop to it.

“I think it will be immediate relief that could happen within weeks for the residents of our county,” said North Miami Mayor Kevin Burns.

Burns wants a countywide moratorium on foreclosures, oddly enough one that even the banks could support. The program is mirrored of what Philadelphia started this summer that has remarkably saved 80% of their homes in foreclosure.

“If they can do it in Philadelphia, the City of Brotherly Love, I think they can do it the City of North Miami but also in Miami-Dade County,” said Burns. “And I assure you that if the Chief Judge approves it here in Miami-Dade County, they’ll do it throughout the state of Florida.”

The plan is pretty simple: There would be a 120 day halt to all existing foreclosure filings, and new filings would be sent to mediators within 45 days of the filing. Essentially banks and homeowners would be forced to meet to work something out.

Additionally the moratorium would give homeowners and banks time to take advantage of new assistance programs approved by Congress but haven’t been rolled out.

With the backing of the North Miami Council Tuesday night, the plan is now headed to the chief judge of the circuit court. His decision could not only keep South Florida families in their homes, but perhaps keeps the rest of the state’s homeowners as homeowners.

Palm Beach and Seminole Counties each have similar administrative orders that provide mediation to those homeowners that request it. In the “Foreclosure Defense Secrets” eBook, I thoroughly explain how to request mediation and make the most of your opportunity to mediate. I also include the motions and orders that are necessary to file with the court in order for the judge to make mediation mandatory.

For more information, visit www.ForeclosureDefenseSecrets.com.

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