FREE YOUR MIND Stop House Repossession

Size: px
Start display at page:

Download "FREE YOUR MIND http://freeyourmindonline.net. Stop House Repossession"

Transcription

1 FREE YOUR MIND Stop House Repossession The purpose of this report is to open the curtains on the mortgage industry and give regular people in depth insights on foreclosure that they won't find elsewhere. So if you or someone you know is going through some hard times and is in danger of losing their home, then this article will be of great assistance. So let's cut right to the chase. First and foremost when it comes to foreclosure, do not bury your head in the sand. This may seem like an obvious statement, but a lot of people do this, and end up paying the price. Fear can make you freeze up, and a lot of people don t take action. So the first thing you must do is make a decision to get in the game. Do not ignore your lender. And do not ignore court requests or documents. Respond to all requests that come from your lender or the courts. If you fail to do this, you may end up in legal trouble. And it won t keep you in your home either. It s best to be proactive. Most people, when faced with an imminent threat will respond in one of two ways. These two responses are either Fight or Flight. But, since foreclosure is not an imminent attack (unless there is someone at your door right now); there is another method that can be used to thwart repossession, and that is negotiation. In this article I will address all three ways starting off with the last option mentioned. NEGOTIATE The following strategies revolve around you making a deal with your lender and staying in your home. Communicate With Your Lender If you have fallen on hard financial times (job loss, medical bills, etc.) and you feel that you may begin to miss payments, or even if you have already missed payments, reach out to your lender ASAP. Let them know what your situation is, and they may very well be able to work with you (especially if your troubles are temporary). Here are some things that you may offer as a compromise. Ask for Forbearance A forbearance is a special agreement between a lender and a borrower to stall a foreclosure. A forbearance will allow you (depending on the agreement) to make partial payments and in some cases, no payments for a specified period of time, which will allow you to get back on your feet. Forbearances are normally granted to borrowers who are experiencing some type of short term financial problems. And most lenders have their

2 own selection of forbearance options. These options include: 1. Full Stoppage of Payments 2. Reduced Payments 3. Split Mortgage Payments (e.g. paying 1/2 of the balance twice per month) 4. A Reduced Loan Rate or 5. Interest Only Payments Remember, a forbearance is a short term fix. If you feel that you won't be able to make payments long term, then you will need to consider other options. Make a Claim If you are behind on your mortgage payments, your lender may allow you to make a claim on your loan to help to bring your loan from delinquent to current. There are two types of claims that you can make. Partial Claim: This is only available on FHA insured loans. In a Partial Claim, the borrower will receive an interest free second loan to cover the delinquent payments on the mortgage. This loan will not be due until you pay off your mortgage, refinance, or sell your home. These are the requirements - Advance Claim: If you have a conventional loan, you can ask your lender if they offer an advance claim. An advance claim is where the borrower will receive a loan from the mortgage insurers to bring the loan current. In this situation, the borrower will be obligated to pay back the loan to the insurer, or the insurer s designated server. Modify Your Loan Sometimes you can get your lender to modify your loan to help you get out of trouble. This may be a win win for both parties, because the lender knows that getting something is better than getting nothing. Extend The Amortization Period: If you have 15 years left to pay off your mortgage, your lender may agree to extend it to 30 years for example. This will lower your monthly payment. Change The Rate: Even though your rate is determined by your credit score, your lender may agree to lower the rate in order to make your payments lower. Remember, something is better than nothing. Switch The Rate: If you have an adjustable rate mortgage (ARM) and your interest rate has gone up over the years, your lender may allow you to switch to a fixed rate instead. Oftentimes doing this can make your monthly payment a lot more manageable for you.

3 Hire A Housing Counselor A housing counselor is someone who you can hire to work on your behalf and negotiate a compromise between you and your lender. They also will work with you financially to get your money on track. A housing counselor will charge you a fee (sometimes thousands of dollars). It can be a good investment if it helps you keep a home that you were about to lose. Recently, The U.S. Department of Housing and Urban Development (HUD) gave out over $40 million in grants to hundreds of national, regional and local organizations to help individuals and families with their housing issues. For more info, you can read the following press release from Hud.gov. HUDNo_ Now remember, no one can guarantee that they will stop or stall your foreclosure process. And also remember that a stall may not leave you in any better position than you were (depending on your situation). FIGHT If negotiation doesn t work, then another alternative is to fight the foreclosure process all together. There are different ways that you can do this. Declare Bankruptcy Bankruptcy is the legal preceding which allows you to start over by forgiving some of your debts in exchange for the seizing your property or your agreement to payback some or all of the debt owed. Bankruptcy has a very bad connotation to it; however it is not the credit death sentence that it is made out to be (http://freeyourmindonline.net/credit-afterbankruptcy.html). Foreclosure proceedings can be stopped completely by an injunction called automatic stay (http://en.wikipedia.org/wiki/automatic_stay) when you file bankruptcy. There are two basic types of bankruptcy that you can qualify for. Chapter 7: This is where you have most of, if not all of your debts discharged by the courts in exchange for seizure of all of your property not exempt from collection. You can stall the foreclosure proceedings for a couple of months using this option, but you won t be able to keep your home. To qualify you must take a means test, and you must also go through a credit counseling and debt education program. Chapter 13: In this proceeding, you agree to a repayment plan to pay back most of, or all of your debt over a period of time. This will help you to keep your home outright. The plan itself will depend on the type of debt you have, how much you owe, and how much

4 you earn. To qualify you will have to show that you have enough income to meet your repayment obligations, and you must be current on your income tax filings. Foreclosure Defense Strategies Similar to credit repair, using the following methods to stop house repossession is controversial. However, they are well within your right to use! The goal of a foreclosure defense strategy is to stop foreclosure on the basis that your bank does not have the right to foreclose. These defenses can be very effective in some cases. It s up to you on whether you want to employ them. Make Them Produce Whenever you get a mortgage, you sign a promissory note (in this case, a mortgage note). This note states the amount of debt and the rate of interest, and obligates you the borrower to pay the debt off to the lender. This is the lender's receipt (if you will). In order for your lender to enforce the debt by law, they have to produce the note to prove they are the true owners of the debt. Making the lender produce the note can in many cases slow down and even stop the foreclosure process. It has been estimated by attorneys that as much as 50% of mortgage notes signed from have been lost or destroyed. Using this defense can slow down and/or stop foreclosure proceedings depending on where your house is located and what court you end up in. This is generally not thought of as a long term strategy, but nonetheless is used to slow down the foreclosure process (and it will often make lenders more willing to negotiate repayment). Question The Chain of Title The following strategy is akin to the above mentioned. It is a way of questioning the ownership of your mortgage. In order to sue a homeowner for a debt, the lender has to prove that it is the actual owner of the debt. The Mortgage Electronic Registration System (MERS) is a privately owned corporation that was set up by banks in 1995 to make it easier to transfer ownership of mortgages from one company to another by acting as a mortgagee (http://www.nolo.com/legal-encyclopedia/what-is-mers.html). This was a convenience to banks (especially when a lot of mortgages were being put into securities and traded in the market. This database is supposed to track the ownership of mortgages. However, there are some people who believe that MERS only serves to hide the true owner of the mortgage, making it hard for people to get help resolving loan issues. And some courts do not completely trust the legitimacy of MERS. That being the case, if you can successfully question the database that keeps track of the chain of title, you may be able to keep your home. Read below for more on using foreclosure defense strategies:

5 FLIGHT The following strategies revolve around either moving from your home or transferring ownership of your home without it being repossessed by the lender. Short Sale: A Short Sale is when you sell your house for less money than what you owe the mortgage company, and the lender agrees to take the short payoff. This can negatively affect your credit unless you can convince the lender to report it to the credit bureaus as paid in full. Not all mortgage companies will allow you to do this, and if you get an offer from a buyer, your lender must approve before you move forward. Deed in Lieu of Foreclosure: This option is usually utilized at the last minute when a homeowner has not been able to sell his/her home. A deed in lieu of foreclosure (or a mortgage release) is where the homeowner voluntarily transfers the ownership of the property to the mortgage company in exchange for a release from the mortgage and payments. Options are usually available to help you immediately leave your home, lease your home for up to one year, or stay in your home rent free for up to three years. Sometimes you will have to pay some type of fee in order to receive this option. Lenders are reluctant to agree to this option, so they normally will not do it unless all other options have been exhausted. Assumption or Lease-Option: In this option, a third party will buy your house, assume the loan and allow the borrower to lease the house from them. Sometimes lenders will be the buyer. In most cases, loans are not assumable as they have a due on sale clause forcing the borrower to pay in full once the property is transferred. However, you may be able to convince your lender to waive this clause. NOTE: There are private firms out there that will offer to buy your house and rent it back to you. These Sale and Rent Back companies are regulated by the FCA (Financial Council Authority). Here are their requirements (http://www.fca.org.uk/firms/financialservices-products/mortgages/sale-and-rent-back). This can be very dangerous and there are a lot of scammers out there. As a matter of fact, in 2012 the Sale and Rent back market was shut down temporarily because of consumer fraud. So make sure they are compliant with all requirements. Read below for important advice on this option: _sort_out_your_mortgage_problems_e/sale_and_rent_back_schemes.htm CONCLUSION

6 This brings us to the end of this article. Hopefully, you have found this information useful to you if you are experiencing issues with foreclosure or a lender trying to repossess your home. I can not stress enough the point that you must take action. Do not bury your head in the sand because the problem will not go away until you fix it. And now that you know your options, hopefully you feel more empowered to take action. However, I realize that sometimes we still may need someone to hold our hands and/or guide us through the process. If you still need assistance, then there is no better place than ASN (All Solutions Network) Financial Services. Why do I recommend ASN Financial Services? They are a network of professionals that span many different fields. Their network provides all relevant viable services and options to credit, debt, real estate, family and many other issues. Therefore, they have more of an unbiased approach when it comes to solving your problem. For example, when faced with identical problems: The real estate agent will tell you to short sale your home. The loan officer will tell you to refinance your home. The bankruptcy attorney will tell you to file a chapter 13. The debt negotiator will tell you to attempt a restructuring of your debt. But what is the right solution? The answer to that should never be based on what a provider has to offer. The only goal should be to solve your problem! Because ASN is so diverse and can offer many different solutions, they don t have any incentive to do anything beside provide the best solution for your own personalized situation. If you need assistance then visit the following link. In the end, whatever you decide to do, I wish you the best. Good Luck! So until next time, Free Your Mind... Online Matt Mason. For more resources, visit the FYMO Resource Center

H O W T O A V O I D F O R E C L O S U R E F O R E C L O S U R E

H O W T O A V O I D F O R E C L O S U R E F O R E C L O S U R E U.S. Department of Housing and Urban Development H O W T O A V O I D F O R E C L O S U R E F O R E C L O S U R E This booklet explains how property owners can avoid losing their homes because of delinquent

More information

Tired of the Foreclosure Threat?

Tired of the Foreclosure Threat? Y o u r R e a l E s t a t e S t r e s s R e l i e f Tired of the Foreclosure Threat? Learn about the 6 options available to you when you are facing foreclosure Loan Modification Foreclosure Prevention

More information

HOW TO AVOID FORECLOSURE

HOW TO AVOID FORECLOSURE U.S. Department of Housing and Urban Development HOW TO AVOID FORECLOSURE This booklet explains how property owners can avoid losing their homes because of delinquent payments. Este folleto explica a los

More information

How to Stop and Avoid Foreclosure in Today's Market

How to Stop and Avoid Foreclosure in Today's Market Solutions Home Buyers, Inc. 800-478-9213 ext. 700 SolutionsHomeBuyersFL.com How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company

More information

Glossary of Foreclosure Fairness Mediation Terminology

Glossary of Foreclosure Fairness Mediation Terminology Glossary of Foreclosure Fairness Mediation Terminology Adjustable-Rate Mortgage (ARM) Mortgage repaid at the rate of interest that increases or decreases over the life of the loan based on market conditions.

More information

How to Avoid Foreclosure

How to Avoid Foreclosure How to Avoid Foreclosure M ost lenders do not want to foreclose. The process costs them money and they often sell the properties at less than the amount of the mortgage. Plus, lenders have some legal requirements

More information

A Florida Homeowner s Guide to. Defending their Foreclosure

A Florida Homeowner s Guide to. Defending their Foreclosure A Florida Homeowner s Guide to Defending their Foreclosure Presented by: Alliance Legal Group. Please note: This guide contains legal information but not legal advice. Unless we have been hired by you,

More information

8 Ways to Avoid or Stop Foreclosure...

8 Ways to Avoid or Stop Foreclosure... Free Special Report 8 Ways to Avoid or Stop Foreclosure... Dear Homeowner, If you are headed toward foreclosure, or are already in foreclosure, you need to know the rights and options available to you

More information

An Overview of Foreclosure

An Overview of Foreclosure An Overview of Foreclosure While the rising number of foreclosures is an alarming national trend, the real hardship is for any individual or family who knows the threat of foreclosure firsthand. Unfortunately,

More information

The Adam Lee Team 480-331-3501 Info@theadamleeteam.com. Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION!

The Adam Lee Team 480-331-3501 Info@theadamleeteam.com. Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION! The Adam Lee Team 480-331-3501 Info@ Alternatives to Foreclosure & REASONS WHY SHORT SALES ARE THE BETTER SOLUTION! Options When Facing Foreclosure 1. Do Nothing: If you choose to do nothing, you will

More information

The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less

The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less The 8 Fastest Ways to STOP FORECLOSURE in 48 Hours or Less Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical.

More information

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another.

MORTGAGE TERMS. Assignment of Mortgage A document used to transfer ownership of a mortgage from one party to another. MORTGAGE TERMS Acceleration Clause This is a clause used in a mortgage that can be enforced to make the entire amount of the loan and any interest due immediately. This is usually stipulated if you default

More information

Foreclosure Prevention Guide

Foreclosure Prevention Guide Foreclosure Prevention Guide 8 Ways to Stop Your Foreclosure in Today s Challenging Economy About Foreclosure Foreclosure begins when a Homeowner is unable to make their mortgage payments on the scheduled

More information

Information on Avoiding Foreclosure

Information on Avoiding Foreclosure Whitney Bank offers and provides financial products and services through its locations in Louisiana and Texas as "Whitney Bank" and as "Hancock Bank" in Mississippi, Alabama and Florida. Information on

More information

FOR SALE. Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS

FOR SALE. Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS FAIR HOUSING UNIVERSITY FOR SALE Sheeley Moving Co. AVOIDING FORECLOSURE & FORECLOSURE SCAMS WHAT IS FORECLOSURE When a lender takes possession of a house from a homeowner who has not met the mortgage

More information

FTC FACTS for Consumers

FTC FACTS for Consumers ftc.gov FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP FTC FACTS for Consumers Mortgage Payments Sending You Reeling? Here s What to Do T he possibility of losing your home because you can t

More information

OPTIONS IN FORECLOSURE

OPTIONS IN FORECLOSURE Section II: KEEPING YOUR HOME OPTIONS IN FORECLOSURE Deciding whether or not to keep your home is something that only you, the homeowner, can determine. The best housing counselors will ask what you d

More information

The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid

The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid The Top Seven Financial Pitfalls Every Homeowner Facing Foreclosure Must Avoid The foreclosure process is perplexing, even for those experienced in real estate. Real estate agents, attorneys, mortgage

More information

Short Sale Seller Advisory

Short Sale Seller Advisory Short Sale Seller Advisory Short Sale Seller Advisory Recent economic challenges have resulted in many homeowners needing to sell their home but owing more on their home than the home is worth. This advisory

More information

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options?

FORECLOSURE. I don t think I can make my mortgage payments but I don t want to go through a foreclosure. What are some of my options? FORECLOSURE When you borrow money to buy a house or land, the creditor usually takes a security interest in the property you buy. This means that if you don t pay, the creditor can foreclose upon (or take

More information

FTC FACTS for Consumers

FTC FACTS for Consumers ftc.gov FEDERAL TRADE COMMISSION FOR THE CONSUMER 1-877-FTC-HELP FTC FACTS for Consumers Mortgage Payments Sending You Reeling? Here s What to Do T he possibility of losing your home because you can t

More information

STRUGGLING TO MAKE YOUR MORTGAGE PAYMENT PAGE 4

STRUGGLING TO MAKE YOUR MORTGAGE PAYMENT PAGE 4 Michigan Lending & Foreclosure Guide Attorney General Bill Schuette TABLE OF CONTENTS PREDATORY MORTGAGE LENDING PAGE 1 PREDATORY LENDING RED FLAGS PAGE 3 STRUGGLING TO MAKE YOUR MORTGAGE PAYMENT PAGE

More information

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM).

Adjustment Date - The date on which the interest rate changes for an adjustable-rate mortgage (ARM). Glossary A Adjustable Rate Mortgage - An adjustable rate mortgage, commonly referred to as an ARM, is a loan type that allows the lender to adjust the interest rate during the term of the loan. Generally,

More information

Barbara W. Griest Trident Land Transfer Company

Barbara W. Griest Trident Land Transfer Company Barbara W. Griest Trident Land Transfer Company 1 Why learn about Short Sales & Foreclosures? Excellent opportunity to grow your real estate business! Changes in the Real Estate Market Declining Markets

More information

Foreclosure Options. Know Your Rights! Your Trusted Real Estate Resource

Foreclosure Options. Know Your Rights! Your Trusted Real Estate Resource Foreclosure Options Know Your Rights! Kirk Russell Managing Broker John L. Scott Firm Kirkrussell@johnlscott.com 206.390.5640 Your Trusted Real Estate Resource If you re listed with a license Realtor,

More information

8 WAYS TO AVOID FORECLOSURE

8 WAYS TO AVOID FORECLOSURE 8 WAYS TO AVOID FORECLOSURE A Free Consumer Guide In this report, you will discover: The #1 Secret Your Lender Doesn t Want You to Know 8 Common Ways to Avoid Foreclosure How the Foreclosure Process Works

More information

Bankruptcy: Is It the Right Choice for You?

Bankruptcy: Is It the Right Choice for You? Bankruptcy: Is It the Right Choice for You? Find more easy-to-read legal information at www.ptla.org Introduction This is to help you to understand some basics about the bankruptcy laws and rules. This

More information

TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST

TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST TEN LOOPHOLES THAT CAN STOP FORCLOSURE FAST Copyright Notice All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means electronic or mechanical. Any

More information

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422

GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 GENERAL TIPS FOR BUYING/SELLING A HOME Office of the Staff Judge Advocate, MacDill Air Force Base, Florida (813) 828-4422 TYPES OF HOMES Buying a house will be one of the biggest investments one will ever

More information

In Home Sales Training Manual. Debt Settlement Program

In Home Sales Training Manual. Debt Settlement Program In Home Sales Training Manual Debt Settlement Program Introduction to the industry The debt relief business is booming because of the rise in unemployment rates, the poor economy, and those who have found

More information

First Time Home Buyer Glossary

First Time Home Buyer Glossary First Time Home Buyer Glossary For first time home buyers, knowing and understanding the following terms are very important when purchasing your first home. By understanding these terms, you will make

More information

BETTER YOUR CREDIT PROFILE

BETTER YOUR CREDIT PROFILE BETTER YOUR CREDIT PROFILE Introduction What there is to your ITC that makes it so important to you and to everyone that needs to give you money. Your credit record shows the way you have been paying your

More information

SPECIAL REPORT. How To Avoid Foreclosure!

SPECIAL REPORT. How To Avoid Foreclosure! SPECIAL REPORT How To Avoid Foreclosure! Homeowner Solutions, LLC Placing People Before Profits To Solve Real Estate Problems P.O. Box 5782, Aiken, SC 29804 Phone: (803) 602-3913 Fax: (877) 245-3646 www.housebuyingcompany.com

More information

GLOSSARY COMMONLY USED REAL ESTATE TERMS

GLOSSARY COMMONLY USED REAL ESTATE TERMS GLOSSARY COMMONLY USED REAL ESTATE TERMS Adjustable-Rate Mortgage (ARM): a mortgage loan with an interest rate that is subject to change and is not fixed at the same level for the life of the loan. These

More information

12 Questions you should ask About Foreclosure Defense and Loan Modification

12 Questions you should ask About Foreclosure Defense and Loan Modification 12 Questions you should ask About Foreclosure Defense and Loan Modification (Courtesy of the Law Offices of Casanova & Kucera, PLLC) 1) What is a Mortgage Foreclosure? A mortgage foreclosure is legal action

More information

How to Stop and Avoid Foreclosure in Today's Market

How to Stop and Avoid Foreclosure in Today's Market How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company name] Discover all of your options [Pick the date] Find the solution or

More information

Foreclosure Guidelines. Do s and Don ts for fending off foreclosure. Compliments of

Foreclosure Guidelines. Do s and Don ts for fending off foreclosure. Compliments of Foreclosure Guidelines Do s and Don ts for fending off foreclosure. Compliments of 2 Foreclosure Guidelines CONTENTS: Introduction. 3 Foreclosure. What is it? What happens next?... 3 7 Possible Do s when

More information

Providing legal help for low-income and disadvantaged people in Missouri. How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006.

Providing legal help for low-income and disadvantaged people in Missouri. How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006. Missouri Legal Aid Programs Providing legal help for low-income and disadvantaged people in Missouri www.lsmo.org Home Foreclosures How to Avoid Losing Your Home in a Mortgage Foreclosure - Revised 2006.

More information

Bankruptcy may make it possible for you to:

Bankruptcy may make it possible for you to: A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This brochure cannot explain every aspect of the bankruptcy

More information

How to Stop and Avoid Foreclosure in Today's Market

How to Stop and Avoid Foreclosure in Today's Market How to Stop and Avoid Foreclosure in Today's Market This Guide Aims To Help You Navigate the foreclosure process [Type the company name] Discover all of your options [Pick the date] Find the solution or

More information

AVOIDING FORECLOSURE

AVOIDING FORECLOSURE AVOIDING FORECLOSURE Consolidated Credit 5701 West Sunrise Boulevard Fort Lauderdale, FL 33313 1-800-210-3481 www.consolidatedcredit.org Congratulations on taking this important step to a brighter financial

More information

COMMON QUESTIONS ABOUT BANKRUPTCY

COMMON QUESTIONS ABOUT BANKRUPTCY SCUDDER G. STEVENS, P.A. ATTORNEYS AT LAW A PROFESSIONAL ASSOCIATION 120 North Union Street P.O. Box 1156 Kennett Square, PA 19348 (610) 444-9840 (800) 294-4242 FAX (610) 444-9841 COMMON QUESTIONS ABOUT

More information

Seller FAQs. If your question is not addressed in this document, please call us at 410-779-1000 and one of our Client Coordinators will assist you.

Seller FAQs. If your question is not addressed in this document, please call us at 410-779-1000 and one of our Client Coordinators will assist you. Seller FAQs You re thinking about a short sale, but want to know more about them. We ve compiled a list of commonly asked questions from sellers just like you. Please read through this document to answer

More information

Facts TIPS FOR CONSUMERS ON AVOIDING FORECLOSURE RESCUE SCAMS

Facts TIPS FOR CONSUMERS ON AVOIDING FORECLOSURE RESCUE SCAMS NATIONAL CONSUMER LAW CENTER INC p Consumer 77 Summer S treet, 10th Fl Boston, MA 02110 617 542-8010 www.nclc.org Facts for Older Americans TIPS FOR CONSUMERS ON AVOIDING FORECLOSURE RESCUE SCAMS Older

More information

Steps you can take to protect your home and your credit

Steps you can take to protect your home and your credit Steps you can take to protect your home and your credit Oregon Division of Finance and Corporate Securities Our mission To encourage a wide range of financial services, products, and information for Oregonians,

More information

LOAN DEFAULT AND FORECLOSURE: A BRIEF GUIDE FOR CALIFORNIA HOMEOWNERS

LOAN DEFAULT AND FORECLOSURE: A BRIEF GUIDE FOR CALIFORNIA HOMEOWNERS LOAN DEFAULT AND FORECLOSURE: A BRIEF GUIDE FOR CALIFORNIA HOMEOWNERS Compiled by: UNIVERSITY OF SAN FRANCISCO, Provided by: COMMUNITY LEGAL SERVICES IN E. PALO ALTO SCHOOL OF LAW 2117 (B) UNIVERSITY AVENUE

More information

For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes

For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes For most families, a home is a place to live and raise children; it s a plan for the future, and also a source of pride. The Town of Davie promotes home preservation. Your home is not only a significant

More information

Tips for Avoiding a Predatory Mortgage Loan

Tips for Avoiding a Predatory Mortgage Loan Tips for Avoiding a Predatory Mortgage Loan What is Predatory Mortgage Lending? A predatory mortgage is a needlessly expensive home loan that provides no financial benefit to the borrower in return for

More information

F.A.C.T. Starter Kit. Foreclosure Avoidance Comprehensive Training. COPYRIGHT 2009 Will Weaver

F.A.C.T. Starter Kit. Foreclosure Avoidance Comprehensive Training. COPYRIGHT 2009 Will Weaver F.A.C.T. Foreclosure Avoidance Comprehensive Training Starter Kit COPYRIGHT 2009 Will Weaver Foreclosure Prevention Law Public Acts 29 31 of 2009 Requires lenders to send a default notice to borrowers;

More information

Florida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A.

Florida Foreclosure/Real Estate Law. E-Book. A Simple Guide to Florida Foreclosure/Real Estate Law. by: Florida Law Advisers, P.A. Florida Foreclosure/Real Estate Law E-Book A Simple Guide to Florida Foreclosure/Real Estate Law by: Florida Law Advisers, P.A. 1 Call: 800-990-7763 Web: www.floridalegaladvice.com TABLE OF CONTENTS INTRODUCTION...

More information

These sample documents are for your reference only and are not to be filled out or submitted as originals.

These sample documents are for your reference only and are not to be filled out or submitted as originals. 9000 Southside Blvd Jacksonville, FL 32256 FL9-400-01-21 Phone: 1 (866) 413-3757 Email: jaxhelocshortsales@bankofamerica.com The following is a sample of the Home Equity Line of Credit (HELOC) Welcome

More information

How To Prevent Or End Foreclosure In Canada And Keep Your Home

How To Prevent Or End Foreclosure In Canada And Keep Your Home How To Prevent Or End Foreclosure In Canada And Keep Your Home 2012 Don t Lose Your Home, dontloseyourhome.ca How To Prevent Or End Foreclosure In Canada And Keep Your Home 2012 Don t Lose Your Home, dontloseyourhome.ca

More information

14 Options Every Home Owner Must Know When Faced With Foreclosure. By: Scott MacDonald

14 Options Every Home Owner Must Know When Faced With Foreclosure. By: Scott MacDonald 14 Options Every Home Owner Must Know When Faced With Foreclosure By: Scott MacDonald Foreclosure is affecting millions of Americans today. It can be a very frightening time for many families who do not

More information

As soon as you know you can t make your payment, take the following steps:

As soon as you know you can t make your payment, take the following steps: As soon as you know you can t make your payment, take the following steps: Call your lender. Ask for the loss mitigation department. Be honest about your situation so you can get the best, most realistic

More information

Foreclosure Rescue. You Have Options! Inside: Powerful Strategies to Avoid Foreclosure. Are You at Risk of Losing Your Home in Foreclosure?

Foreclosure Rescue. You Have Options! Inside: Powerful Strategies to Avoid Foreclosure. Are You at Risk of Losing Your Home in Foreclosure? inside >>> The Foreclosure Process Your Options: - Negotiate a Loan Modification - Work out a Forbearance Plan - Obtain A Deed in Lieu of Foreclosure - Refinance Your House - File for Bankruptcy - Sell

More information

AVOIDING FORECLOSURE

AVOIDING FORECLOSURE AVOIDING FORECLOSURE B U D G E T I N G MADE EASY: WHAT YOU NEED TO KNOW A free publication provided by Consolidated Credit Counseling Services of Canada, Inc., This complimentary a registered publication

More information

AVOIDING B U D G E T I N G FORECLOSURE MADE EASY:

AVOIDING B U D G E T I N G FORECLOSURE MADE EASY: AVOIDING B U D G E T I N G FORECLOSURE MADE EASY: WHAT YOU NEED TO KNOW A free publication provided by Consolidated Credit Counseling Services of Canada, Inc., This complimentary a registered publication

More information

Consumer Credit Counseling. Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy

Consumer Credit Counseling. Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy Consumer Credit Counseling Knowing Your Options A Briefing for Individuals Contemplating Bankruptcy Part 1 Overview You are contemplating bankruptcy and probably have a number of questions. Is bankruptcy

More information

Understanding Your Credit Report

Understanding Your Credit Report Understanding Your Credit Report What is credit? Credit is the use of someone else s money in exchange for a promise to pay it back on a given date. There are two major types of credit: Revolving and Installment.

More information

Massachusetts General Laws, Ch. 188, 1-10

Massachusetts General Laws, Ch. 188, 1-10 Massachusetts General Laws, Ch. 188, 1-10 This webpage has been designed to answer some of the basic questions asked every day pertaining to the Homestead Act. It is not designed to provide any legal advice

More information

FTC Facts. For Consumers Federal Trade Commission. Having trouble paying your bills? Getting dunning. Knee Deep in Debt. Self-Help

FTC Facts. For Consumers Federal Trade Commission. Having trouble paying your bills? Getting dunning. Knee Deep in Debt. Self-Help FTC Facts For Consumers Federal Trade Commission For The Consumer November 2003 Knee Deep in Debt www.ftc.gov 1-877-ftc-help Having trouble paying your bills? Getting dunning notices from creditors? Are

More information

Credit Repair Made Easy

Credit Repair Made Easy Credit Repair Made Easy A simple self help guide to credit repair By Don Troiano Introduction My name is Don Troiano and I spent over 15 years in the mortgage industry. Knowing how to guide customers in

More information

Homeownership Preservation Toolkit

Homeownership Preservation Toolkit Homeownership Preservation Toolkit A guide to understanding and avoiding foreclosure Sponsored and Endorsed by Loveland Berthoud Association of REALTORS CONSUMER CREDIT COUNSELING SERVICE OF NORTHERN COLORADO

More information

K.2 Answers to Common Bankruptcy Questions

K.2 Answers to Common Bankruptcy Questions Adapted from Consumer Bankruptcy Law and Practice, 10 th Edition, National Consumer Law Center, copyright 2012. Used by permission. K.2 Answers to Common Bankruptcy Questions A decision to file for bankruptcy

More information

Life After Bankruptcy. By Jason Amerine

Life After Bankruptcy. By Jason Amerine Life After Bankruptcy By Jason Amerine Bankruptcy: A Fresh Start for You Every day I have clients ask me about what life might be like after bankruptcy, and perhaps you re feeling that way, too. Sure,

More information

Understanding Credit. Megan Stearns, Credit Counselor

Understanding Credit. Megan Stearns, Credit Counselor Understanding Credit Megan Stearns, Credit Counselor Obtaining your free credit report will lower your credit score. Closing old accounts can help your credit score. Paying off the balances on your credit

More information

CONSUMER. Steps That Advocates Can Take To Help Prevent Foreclosure

CONSUMER. Steps That Advocates Can Take To Help Prevent Foreclosure CONSUMER Information for Advocates Representing Older Adults National Consumer Law Center Steps That Advocates Can Take To Help Prevent Foreclosure How Foreclosures Work CONCERNS Foreclosure or the threat

More information

What You Should Know About Bankruptcy What Is Bankruptcy?

What You Should Know About Bankruptcy What Is Bankruptcy? FACTS FOR National Consumer Law Center What You Should Know About Bankruptcy What Is Bankruptcy? Bankruptcy is a process under federal law designed to help people and businesses get protection from their

More information

Overcoming Credit Obstacles

Overcoming Credit Obstacles Overcoming Credit Obstacles Ever wondered how your credit impacts your overall financial wellness? Let us tell you: It plays a starring role in many of your life s important financial endeavors! Whether

More information

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments 90-DAY PRE-FORECLOSURE NOTICE Lender sends notices, bills, letters to borrower stating that he/she is

More information

EHLP Homeowner Post Closing Counseling Summary and Confirmation

EHLP Homeowner Post Closing Counseling Summary and Confirmation EHLP Homeowner Post Closing Counseling Summary and Confirmation NOTE: This form was updated and redesigned to be used for either 5b Post-Approval Counseling or for 5d Transition Counseling as applicable.

More information

Foreclosure Process Timeline

Foreclosure Process Timeline Foreclosure A legal process spanning 150-415+ days, by which a creditor (bank, mortgage company, etc..) takes ownership of a property to satisfy a debt (mortgage, second mortgage or home equity loan).

More information

PATHS OF A FORECLOSURE IN NEW YORK STATE

PATHS OF A FORECLOSURE IN NEW YORK STATE PATHS OF A FORECLOSURE IN NEW YORK STATE BORROWER DELINQUENT 2-3 months late with mortgage payments Lender sends notices, bills, letters to borrower stating that he/she is delinquent Borrower has multiple

More information

Managing Your Credit Report and Scores. Apprisen. 800.355.2227 www.apprisen.com

Managing Your Credit Report and Scores. Apprisen. 800.355.2227 www.apprisen.com Managing Your Credit Report and Scores Apprisen 800.355.2227 www.apprisen.com Managing Your Credit Report and Scores Your credit score is one of the most important aspects of your personal finances. From

More information

Q: Will I have to pay federal taxes on the money my lender loses in the short sale?

Q: Will I have to pay federal taxes on the money my lender loses in the short sale? Q: What is a Short Sale? Answer: In a short sale, the lender agrees to settle the debt owed on the property for less than the full amount. Settled means that the lender is writing off the debt (which is

More information

CALL TODAY: 480.948.6260. Options for Avoiding Foreclosure in Arizona ArizonaForeclosureRelief.com

CALL TODAY: 480.948.6260. Options for Avoiding Foreclosure in Arizona ArizonaForeclosureRelief.com Options for Avoiding Foreclosure in Arizona ArizonaForeclosureRelief.com Thank you for taking the time to request our free report on how to avoid foreclosure in Arizona. We greatly empathize with anyone

More information

Understanding Credit BY Sallie Mae and FICO

Understanding Credit BY Sallie Mae and FICO Understanding Credit BY Sallie Mae and FICO Lisa Mitchell, Sallie Mae Brad Riebel, Sallie Mae April 2015 Session Focus Overview FICO and Sallie Mae partnership on ways to help students understand why credit

More information

Early Delinquency Intervention: Saving Your Home From Foreclosure

Early Delinquency Intervention: Saving Your Home From Foreclosure Early Delinquency Intervention: Saving Your Home From Foreclosure There are many circumstances in a homeowner s life that could result in missed mortgage payments: unexpected expenses, loss of overtime,

More information

LEARN ABOUT YOUR RIGHTS AND OPTIONS IN A FORECLOSURE

LEARN ABOUT YOUR RIGHTS AND OPTIONS IN A FORECLOSURE Helpful Agencies Here are some agencies which may lead you to lawyers who can help you: Lake County Bar Association 7 North County Street Waukegan, IL 60085 847-244-3140 www.lakebar.org Prairie State Legal

More information

Will Lenders or Banks do short sales if the mortgage is current?

Will Lenders or Banks do short sales if the mortgage is current? Frequently Asked Questions FAQ What is a short sale? A short sale is when your Lien Holder(s) agree to accept less than you owe in order for you to sell your home. They agree to a discount of the mortgage

More information

Definitions. In some cases a survey rather than an ILC is required.

Definitions. In some cases a survey rather than an ILC is required. Definitions 1. What is the closing? The closing is a formal meeting at which both the buyer and seller meet to sign all the final documentation required for the buyer's mortgage loan. Once the closing

More information

Foreclosure. in Alberta. Financial Series. Property foreclosure can be a complicated and confusing experience for

Foreclosure. in Alberta. Financial Series. Property foreclosure can be a complicated and confusing experience for sd Financial Series Foreclosure in Alberta Property foreclosure can be a complicated and confusing experience for You should not rely on this booklet for legal advice. It provides general information on

More information

Help for Rhode Islanders in Housing Trouble

Help for Rhode Islanders in Housing Trouble Help for Rhode Islanders in Housing Trouble An Update from Rhode Island Housing June 2009 Table of Contents: Getting Out of Mortgage Trouble... 2 Modification, Refinancing and Beyond... 3 Homeowner gets

More information

Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2

Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2 Table of Contents Do You HAFA? The HAFA Short Sale Program under Making Home Affordable 2 INTRODUCTION 2 Overview: Making Home Affordable ( MHA ) 2 HOME AFFORDABLE FORECLOSURE ALTERNATIVES PROGRAM ( HAFA

More information

FLORIDA HOUSING FINANCE CORPORATION ( Issuer) NOTICES TO BUYERS/AUTHORIZATION NOTICE OF POTENTIAL RECAPTURE EIN # 59-345136

FLORIDA HOUSING FINANCE CORPORATION ( Issuer) NOTICES TO BUYERS/AUTHORIZATION NOTICE OF POTENTIAL RECAPTURE EIN # 59-345136 Servicer Loan # FLORIDA HOUSING FINANCE CORPORATION ( Issuer) NOTICES TO BUYERS/AUTHORIZATION NOTICE OF POTENTIAL RECAPTURE EIN # 59-345136 This mortgage loan is funded from the proceeds of a tax-exempt

More information

I m behind in my mortgage payments, what should I do?

I m behind in my mortgage payments, what should I do? FORECLOSURES This handout was prepared by Legal Services of Greater Miami, Inc.(LSGMI) with support from the Institute for Foreclosure Legal Assistance. LSGMI represents homeowners in foreclosure and homeowners

More information

Bank of America Home Affordable Foreclosure Alternative (HAFA) Matrix

Bank of America Home Affordable Foreclosure Alternative (HAFA) Matrix Bank of America Home Affordable Foreclosure Alternative (HAFA) Matrix If you do not qualify for the Home Affordable Modification Program (HAMP) or other modification programs that we offer, you will be

More information

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order.

To help you better understand the foreclosure process, these definitions are presented in a logical order, rather than alphabetical order. FORECLOSURE GLOSSARY NOTICE: This glossary of legal words and phrases related to foreclosure is provided to you by the Clermont County Common Pleas Court to help you better understand your legal problem

More information

Bankruptcy FAQ. What Can Bankruptcy Do for Me? What Is Bankruptcy? What Bankruptcy Can Not Do. Bankruptcy may make it possible for you to:

Bankruptcy FAQ. What Can Bankruptcy Do for Me? What Is Bankruptcy? What Bankruptcy Can Not Do. Bankruptcy may make it possible for you to: What Can Bankruptcy Do for Me? Bankruptcy may make it possible for you to: Eliminate the legal obligation to pay most or all of your debts. This is called a discharge of debts. It is designed to give you

More information

Foreclosure Prevention Handbook

Foreclosure Prevention Handbook The New York Mortgage Coalition Foreclosure Prevention Handbook We re worried we ll lose our home. We need help... but we re not sure where to start. Let s check out nymc.org New York Mortgage Coalition

More information

YOUR LEGAL RIGHTS DURING

YOUR LEGAL RIGHTS DURING YOUR LEGAL RIGHTS DURING AND AFTER BANKRUPTCY: MAKING THE MOST OF YOUR BANKRUPTCY DISCHARGE Copyright April 2011, Legal Aid Society of Hawai`i All rights reserved. These materials may not be reproduced

More information

JUDGE LAW FIRM 2123 E. GRANT ROAD TUCSON, ARIZONA 85712 (520) 388-5665

JUDGE LAW FIRM 2123 E. GRANT ROAD TUCSON, ARIZONA 85712 (520) 388-5665 JUDGE LAW FIRM 2123 E. GRANT ROAD TUCSON, ARIZONA 85712 (520) 388-5665 ARIZONA BANKRUPTCY REPORT A decision to file for bankruptcy should be made only after careful consideration of your financial situation

More information

How to STOP Foreclosure

How to STOP Foreclosure 1 How to STOP Foreclosure A Free Report from KentuckySolutions.com Kentucky s Real Estate Problem Solvers (Press Control-P to Print) 2 Introduction As Local Investors experienced in the Kentucky foreclosure

More information

ANSWERS TO COMMON BANKRUPTCY QUESTIONS

ANSWERS TO COMMON BANKRUPTCY QUESTIONS Wayne Howell, PLLC ANSWERS TO COMMON BANKRUPTCY QUESTIONS A decision to file for bankruptcy should be made only after determining that bankruptcy is the best way to deal with your financial problems. This

More information

Common Mortgage and Foreclosure Terms

Common Mortgage and Foreclosure Terms H ELP FOR N EW Y ORK S TATE H OMEOWNERS C ONCERNED A BOUT F ORECLOSURE Common Mortgage and Foreclosure Terms Talking about mortgages can feel like speaking a foreign language and is even more confusing

More information

Special Report 23 ways to buy properties at deep discount

Special Report 23 ways to buy properties at deep discount Special Report 23 ways to buy properties at deep discount Special Report 23 ways to buy properties at a DEEP discount This special report lists many ways to buy properties at a discount. It is by no means

More information

How to Use Credit. Latino Community Credit Union & Latino Community Development Center

How to Use Credit. Latino Community Credit Union & Latino Community Development Center How to Use Credit Latino Community Credit Union & Latino Community Development Center How to Use Credit Latino Community Credit Union & the Latino Community Development Center www.latinoccu.org Copyright

More information

Table of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr

Table of Contents Reverse Mortgage O verview... Reverse Mortgage K ey Questions... 5 Reverse Mortgage Pros and Cons... 7 Reverse Mortgage Borr 1 Table of Contents Reverse Mortgage Overview... Reverse Mortgage Key Questions... Reverse Mortgage Pros and Cons... Reverse Mortgage Borrower Qualification... Reverse Mortgage Key Items... Reverse Mortgage

More information