Make the Bank Produce the Note When You are Being Foreclosed On

Originally posted 2011-09-04 08:46:19. Republished by Blog Post Promoter

How to Fight for Your Home

There is a lot of media attention on the lenders about the foreclosure crisis.  There is also a lot of media telling you fight for your home, but what I do not see is anyone telling you exactly how to fight for your home.  WELL, TODAY THAT IS GOING TO CHANGE.

The first thing that you must be equipped with to fight for your home is knowledge.  This post is guarantee to give you the knowledge needed to fight the lender.

Did you know that despite the fact that you are negoitating a short sale or a loan modification that you could still lose your home?  The reason is that the foreclosure that you are trying to avoid is a lawsuit filed by the lender.

The lender or plaintiff files a lawsuit in  court for the sale of the home to repay the mortgage.  However, what you may not have known is that as the defendant you can file legal documents to resolve the foreclosure.  The resolution can and may be the pending short sale or loan modification, but there must be proof of that information filed by the defendant.  In other words, the lender does not stop the foreclosure proceeding simply because you contact the company and tell them you want to apply for a short sale or loan modification.

The necessary documents that you needed to file can be filed with or without an attorney.  With the latter being said, I can not stress enough DO NOT IGNORE THE FORECLOSURE DOCUMENTS especially if you are working on a short sale or loan modification.

The documents are simple to prepare and file yourself. However, it is very important to know the deadline that the document must be filed to preserve your rights.  This will vary by state, but the deadline are on the foreclosure documents that you receive in the mail or from the sheriff.  In New York, for instance, you have 20 days.  In Indiana, you have 36 days.

Filing the answer for the foreclosure summons or complaint filed by your lender ensure that you receive all notices for future actions on the case.  Another important reason to file an answer is to keep the lender from getting an automatic deficiency judgement due to your lack of appearance or answer to the complaint.

To prevent the latter from happening, you will need to file an answer.  This post will instruct you on how to do just that by providing an example answer to mortgage complaint blog.

Related articles

• Realty Q&A: Help for getting a mortgage modification (marketwatch.com)
• Federal Homeowner Bailouts Don’t Work as Planned (activerain.com)
• The Never-Ending Real Estate Woes Of Bravo’s Real Housewives (businessinsider.com)

Do You Sincerely Want to Avoid Foreclosure?

Originally posted 2009-06-09 15:22:35. Republished by Blog Post Promoter

There is renewed hope for homeowners in default on their mortgage.  The program started October 1, 2008 and will end September 30, 2011.  The program is called Hope for Homeowners Program.

The homeowner can get a 30 year fixed rate mortgage from the Federal Housing Administration (FHA).  The program is designed to refinance homeowners out of high interest rate loans and possible adjustable rate loans to a fixed affordable rate loan.

The program is voluntary, and both the homeowner and the lender must agree to participate in the program.

To be eligible, the homeowner must meet these guidelines:

• the home must be your primary residence
• you can not have ownership interest in another home such as, a second home
• your mortgage was originated on or before January 1, 2008
• you have made at least six on time payments
• you are not able to pay your existing mortgage without assistance
• your monthly payment is more than 31 percent of our gross monthly income
• you have not been convicted of fraud

To participate in the program, you must contact your lender.

The new loan will be no more than 90% of the appraised value of your home.  As a results of this, the lender will be required to write down your loan to that amount.

The new mortgage will replace your current mortgage if it is approved by the lender.  In other words, you will not owe anything on the original mortgage.  This new mortgage will replace it.  You will allso have to share both the equity and any future appreciation for five years.  In essence, you are not eligible to carry a second mortgage for five years after initiation of the Hope for Homeowners Program.  You will have to pay 1.5% annual mortgage insurance premium and 3% mortgage insurance premium up front.  By the way, the 1.5% annual mortgage insurance premium is part of your monthly mortgage payment.

You will be paying closing for the loand to include the 3% mortgage insurance premium, the 10% down payment, title insurance, etc.

You can prevent foreclosure by contacting your lender to find out what your options are.  Remember to ask for the loss mitigation department.