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

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• Federal Homeowner Bailouts Don’t Work as Planned (activerain.com)
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Foreclosure May Be a Pay Day for Some Chicago Homeowners

Great News!

If your home was foreclosed on in Chicago, and the bank sold it for more than what you owed. You may be due a refund. Go to Cook County Clerk of the Circuit and insert your name.  If your name is found on the site by last name and first initial, you are required to call (312) 603-5133 to confirm your identity.

Some previous owners have gotten as much as $2000.00

 

Related articles

• Cook County To Foreclosure Victims: Please Come Claim Cash (huffingtonpost.com)
• Is there money due to you after a foreclosure? (via BethMannRealEstateLaw) (hcompanys.wordpress.com)

Commercial Real Estate – Latest News

The latest news in commercial real estate from around the blogosphere is about the early signs of what I blog about a couple of months ago, the second wave of foreclosure are coming in commercial real estate.  Check it out for yourself:

<a href=”http://housingdoom.com/2010/01/02/commercial-real-estate-a-darwinian-herd-thinning-event/”>Commercial Real Estate: “A Darwinian Herd-Thinning Event …</a><p>Zisler: I think what we are going to see, we are witnessing, certainly in commercial real estate, what I refer to as a “Darwinian  Herd-Thinning Event”. And we are seeing not only a deleveraging  of real estate, but a reduction in the …</p>

Grubb & Ellis: Commercial Real Estate Will Decline | EstateAnalytics

Grubb & Ellis Co. released its annual forecast Monday, predicting that commercial real estate will decline more slowly in 2009, reaching bottom by the end … View the full story.

In the Eye of a Commercial Real Estate Storm « Anthony Homer

In the Eye of a Commercial Real Estate Storm. As always, a picture’s worth a thousand words and here is one that deserves to … Commercial Real Estate News. Mystique theme by digitalnature | Powered by WordPress · RSS Feeds XHTML 1.1 Top.

MBA Sees Distress in Q3 Commercial Real Estate Data « Foreclosure …

MBA Sees Distress in Q3 Commercial Real Estate Data. The Mortgage Bankers Associates (MBA) notes that, while some economists may have declared that the recession technically ended with the third quarter,rnits effects are still plaguing …

2010 Trends: For commercial real estate, '09 ends with some …

Brokers and owners of North Bay commercial real estate were happy to see the departure of 2009, with its rising vacancy and unemployment rates, slumping property values and challenging finance market. But as the year came to a close, …

Insider Information – On Getting a Successful Loan Modification (Part 1)

In the next couple of days, I will share with you tips that will increase your chances of getting a successful loan modification.

If you are facing foreclosure, there is hope.  Even if you received the foreclosure documents, there is hope.  Yes,a pending foreclosure can be scary, but don’t go it alone and by all means do not do nothing.

If your problem is temporary, you may be able to get a temporary forbearance, a reinstatement, or a repayment plan.

A forbearance is when the lender allows you to suspend or reduce your payment for a specific period of time.  Once that time has been completed, you will be contacted to determine when you will be able to bring the account current.  An important note is that a forbearance is often used in conjunction with a reinstatement because the homeowner knows that he or she will be able to bring the account current because he or she may be waiting on a lump sum.  The lump sum may be from an insurance settlement, tax refund, hiring bonus, or investment.

A repayment plan, on the other hand, is an agreement between the lender and the borrower for the borrower to resume making regular payment and portion of the past due amount.

If the borrower financial problem is long, a mortgage modification may be needed.  An example of long term may be a reduction in income due to reduction in work hours or temporary job loss. 

A loan modification can consist of:

• adding the missed payments to the back of the loan
• adjustment of the interest rate from adjustable to a lower fixed rate
• adjustment of the interest rate from a higher fixed rate to a lower fixed rate
• extending the number of years to repay the loan

Another little known loan modification applies to FHA/VA loans.  If you have this type of loan, you may be eligible to get an interest free loan from the mortgage guarantor to bring the loan current, and the repayment may not start for years to come. 

Tomorrow, we will discuss what is required by the lender to determine if you qualify for a loan modification and tips on how to present the information to increase your odds of getting your loan modification approved.

Foreclosure – Latest News

Today’s latest news will give you valuable information on what happens after a foreclosure when you want to rent, and other up to the minute news from around the blogosphere:

Extreme Makeover Home Edition Foreclosure? How Do You Write a …

Extreme Makeover Home Edition is an ABC’s ratings juggernaut. Each week, the show takes a family that is far down on their luck, and helps them.

Intent to Foreclose versus Notice of Foreclosure – Loan …

I noticed that I keep getting a Intent to Foreclosure letter whenever we are 2 months behind on our mortgages. However, we are currently on a special.

3 Miami-Dade firms accused of foreclosure scam | World News

Three Miami-Dade businesses were sued last week by the Florida attorney general over their alleged involvement in a foreclosure rescue scam affecting homeowners nationwide. more … You must be logged in to post a comment Login …

Important Advice When Rent After A Foreclosure | Articlicious

After a foreclosure rebuilding your life is a must . Some aspects such as recovering financial security will take time. However others cannot wait.

Related articles of foreclosures

• Real Estate News: Delinquencies Climb, ‘Dream’ Home Hits Snags (blogs.wsj.com)
• Fighting Mortgage Scams: Gov’ts Team Up (abcnews.go.com)

Latest News in Real Estate

Real estate news from around the blogosphere:

These homes are about to be foreclosed – Mortgage Insider : The …
By Marilyn Kalfus, real estate reporter
November 30th, 2009, 12:00 pm · Post a Comment · posted by Marilyn Kalfus, real estate reporter. First, in recent foreclosure news: Housing threat looms in South County · Delinquencies could pull down home prices …

Real Estate — DailyFinance
As I’ve posted, the $6.7 trillion commercial real estate lending industry has been dangling out there as the potential cause of a double dip economic …

What Should a Home Really Cost? Using Real Estate Valuation …
By drhousingbubble
This is also the approach used by most real estate investors. After all, you need to make sure that your expenses are lower than your revenue otherwise you are losing money like any business. Now in California, people used the tulip …

Related Real Estate Articles:

• Foreclosed Homes – Wholesale Real Estate Deals – Rent to Own Homes – Own Your Own Home Today! (activerain.com)
• Which O.C. city had Top 10 price gain? (lansner.freedomblogging.com)
• Real estate news all-stars for November (lansner.freedomblogging.com)

Credit After Foreclosure

Originally posted 2009-04-06 05:00:26. Republished by Blog Post Promoter

Is rebuilding your credit after a tragedy like foreclosure over?   According to an article by an attorney that I found, it may as well be.   He states that due to the removal of sub prime lending a person that had the unfortune of being foreclosed on may have at the very least a three to five year battle to get his or credit back on track.  

Steven Elias goes on to say that consumers have three major things they need to consider if they are going to attempt to become credit worthly after a foreclosure:

• Think of saving instead of spending
• Learn how to live more simply
• Take the slow road to rebuilding credit

If foreclosure can be avoid then it is best to do.  A short sale is an option that you can consider. 

Call your the loss and mitigation department and tell them you would like to do a short sale.   The process for the short sale does not take as long as it use to.  There has been several improvements to the process thanks to Fannie Mae finally stepping up and prompting mortgage companies to eliminate the long process of approval. 

You can find out more about short sale my reading my book “Should I Short Sale My Home“.

FREE Foreclosure Prevention Workshop in Northwest Indiana

There will be three foreclosure prevention workshops held in three different location throughout Northwest Indiana.  The workshops are FREE.  The workshops will be conducted by The Consumer Credit Counseling Service of Northwest Indiana.  The schedule is as follows:

• Monday, May 28, 2009  6:30 TO 8:30 PM Lake County Public Library 1919 West 81st Avenue Merrillville, IN 46410
• April 22, 2009  6:30 TO 8:30 PM Lake Station Public Library 2007 Central Avenue Lake Station, IN 46405 
• May 27, 2009  6:30 TO 8:30 PM Lake Station Public Library 2007 Central Avenue Lake Station, IN 46405 

Come out to learn ways to save your home while reducing expenses and maximizing your income. 

For more information contact The Consumer Credit Counseling Service of Northwest Indiana at 219-980-4800.

Is a Short Sale The Answer?

There is a Formula to Whether Your Short Sale will be Approved

I have fifteen short sales that I am working on of those fifteen all of the lenders are stating that they need to net a certain amount.  I was beginning to think this was an isolated case until I came across the article at http://latimesblog.latimes.com. 

I discovered from this article that if the seller has a FHA loan, the lender “requires a net of 82% of current market value.  I was relieve to find out it is a formula that the lenders use.

The article went on to state that VA loans are required to net 88% of the current value.  Still yet, the conventional loans are required to net between 78% to 85% of the current value. 

As a homeowner who needs to sell it may be helpful to understand this formula.  Remember, a short sale can save your from a foreclosure as long as the lender can yield enough money from the sale.

Even Fannie Mae is Time Conscience

The number of homeowners in default has led Fannie Mae to experiment with a pre-approval process for a short sale prior to getting an offfer on the property.

If this test works, it will reduce the time necessary to get the short sale approved and make the concept of a short sale more attractive for the seller, Realtor, and more importantly the potential buyer.  Often times,  buyers have passed and not put offer in on homes that were subject to a short sale approval due in part to the longevidity of getting the offer approved.  I am sure that Fannie Mae may have discovered as many Realtor have that the longevidity contributes greatly to the attempted short sale often times going into foreclosure.  When this happens the lender now has the added risk of losing more money by the value being exposed to the downward trend in market value. 

This experiment is hoped to yield a closing process that is closer to that of a traditional conventional mortgage or FHA loan.  Both products can take up to 30 to 45 days to close were as the short sale have taken as long as eight weeks. 

Lastly, this new concept is being experimented upon in hopes to move the market to an upward trend by reducing the amount of properties that are on the market for sale.

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