Loan Modification | Stop Foreclosure | Foreclosure Attorney

Foreclosure is the legal proceeding in which a mortgagee, or other lienholder, usually a lender, obtains a court ordered termination of a mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults and the lender tries to repossess the property, courts of equity can grant the owner the right of redemption if the borrower repays the debt. When this equitable right exists, the lender cannot be sure that it can successfully repossess the property, thus the lender seeks to foreclose the equitable right of redemption. Other lienholders can and do use foreclosure, such as for overdue taxes, unpaid contractors' bills or HOA fines.

The foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust". Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, the lender can sell the property and keep the proceeds to pay off its mortgage and any legal costs, and it is typically said that "the lender has foreclosed its mortgage or lien". If the promissory note was made with a recourse clause then if the sale does not bring enough to pay the existing balance of principle and fees the mortgagee can file a claim for a deficiency judgement.

We can assist with any of these items you searched for online below! Foreclosure is frequently mispelled as Forclosur, Foreclosur, and Forclosure.
 

Loan Modification

A modification to an existing loan made by a lender in response to a borrower's long-term inability to repay the loan. Loan modifications typically involve a reduction in the principal balance, interest rate or an extension of the length of the term of the loan. In some cases a different type of loan or any combination of the three. A lender might be open to modifying a loan because the cost of doing so is less than the cost of default or foreclosure.

A loan modification agreement is different from a forbearance agreement. A forbearance agreement provides short-term relief for borrowers who have temporary financial problems, while a loan modification agreement is a long-term solution for borrowers who will never be able to repay an existing loan.

Loan modification is a term very unfamiliar to homeowners but not for very long. What most people are coming to realize is that losing their house to foreclosure is becoming a real possibility. Home foreclosure in America today is at an all time high and is affecting many homeowners that never believed they could lose their home to foreclosure. Homeowners are feeling the crunch of higher interest rates and a slowing economy. A loan modification may be the only way for a homeowner to save the biggest investment of their life, their home. Negotiating with the bank for a modification of your home loan can be an overwhelming process for many homeowners. That is why retaining the services of an experienced law firm or real estate attorney rather than a loan modification company is of extreme importance.

The reality of today's market is one of steep drops in real estate values nationwide coupled with tighter credit requirements. The combination of the two makes a formidable opponent for someone facing an upcoming adjustment in their payments due to an adjustable rate mortgage (ARM). It’s not a good idea to take on your lender alone, as they would prefer. A Loss Mitigation / Loan Modification Company will represent you in bringing your mortgage lender to reasonable terms that make sense in today’s volatile economy. They will fight to save your home and get you a payment you can afford. No matter what the reason, the sad truth is that millions of people are in the same boat. People are struggling to make their mortgage payments and live worry free lives.

The first thought most people have is to refinance their high interest rate mortgage. During normal times this would be the correct answer, although it’s always painful to pay the associated fees with doing the refinance. In today’s market this formula doesn’t work, between the drop in real estate value and the tightening of credit you cannot recreate your past deal. The Loss Mitigation / Loan Modification Company will work to alter the terms of your mortgage to fit a workable solution between you and your lender so it’s a win-win for all involved.

There is no more time to waste, now that you have a viable solution to your mortgage problem. Save your home and protect your family. A licensed real estate attorney is the solution. A loan modification company may not be the answer if you are in fear of losing your home. Save your mortgage and families life today. Make sure you contact a Loss Mitigation / Loan Modification Company today and get started on restructuring your mortgage.

Foreclosure Attorney

You don’t fall behind one day and lose your home the next. The bank would like it to work that way, but the law doesn’t allow it to happen quite so quickly.

When you fall behind, the bank will hire a lawyer. That lawyer will file a document, called a Notice of Lis Pendens, in the county clerk’s office That document alerts the world that you are going into foreclosure, so if you try to sell the house it can’t be done unless the mortgage is paid in full.

If you don’t hire a lawyer . . .
Next, the bank’s lawyers will file a Summons and Complaint against you. This is the actual foreclosure lawsuit – and the most important document you’ll get. The Complaint outlines who is suing you, why they are suing you, and for how much money. It highlights who owns the mortgage (they’re sold from company to company all the time, and yours was probably sold before the ink was dry), and how they came to own it.

If you do not answer the Complaint, the bank will file a motion for summary judgment, which asks the court the give them a judgment due to your lack of appearance.

Once granted, the bank will seek an Order of Reference. This is a request that the court appoint a referee to calculate the amount due. The referee, once appointed, will file a Referee’s Report; at that time, the bank will request an Order of Sale.

The Order of Sale will allow the bank to advertise the foreclosure action, which will take place usually about 4-5 weeks after the first publication.

The entire process takes anywhere between 6-10 months, depending upon how quickly the bank submits documents to the court and how long it takes for the judge to review the case.

But if you DO hire a lawyer . . .
Once the Summons and Complaint is filed, I leap into action. I’ll rip apart the entire case, filing an Answer that raises all applicable defenses.

But I don’t stop there. Next, I’ll request documents from the bank – documents that prove ownership of the mortgage, calculations of the amounts they claim are due, and a rundown of every single fact of the case.

One I get the documents and information, I’ll dissect it to make sure the bank isn’t trying to pull the wool over your eyes. No stone will be left unturned. And no cliché will be left unuttered.

Banks frequently can’t prove they own the mortgage, the amount due, and their compliance with federal laws governing mortgages. If that’s the case then I’ll ask the judge to throw out their case and pay you damages and legal fees.

If the bank wants to foreclose, we’re going to make them do it right.

That can take years . . . which means you get to stay in your home for a year or more without paying the mortgage.

As long as there’s doubt as to the bank’s right to collect, you cannot be forced to pay.

Stop Foreclosure

A foreclosure occurs when a property owner cannot make principal and/or interest payments on his/her loan, typically leading to the property being seized and sold.

Stages of Foreclosure
The foreclosure process is not very difficult to understand. There are several stages during which the homeowner has an opportunity to bring the loan current and avoid foreclosure.

After about three to six months of missed payments, the lender orders a trustee to record a Notice of Default (NOD). At the County Recorder’s Office. This puts the borrower on notice that he or she is facing foreclosure and starts a reinstatement period that typically runs until five days before the home is auctioned off.

If the default isn't corrected (the loan must be brought current) within three months, a foreclosure sale date is established. The homeowner will receive a Notice of Sale, and this notice will also be posted on the property. In addition, the Notice of Sale is recorded at the County Recorder’s Office in the county where the property is located. Finally, this Notice of Sale is also published in newspapers local to the county in question over a three-week period.

The foreclosure Trustee Sale typically occurs on the steps of the county courthouse in which the property is located. The time and location of this sale are designated in the Notice of Sale. At the Trustee Sale, the property is auctioned in public to the highest bidder, who must pay the high bid price in cash, typically with a deposit up front and the remainder within 24 hours. The winner of the auction will then receive the trustee’s deed to the property.

Foreclosure Auction
At auction, an opening bid on the property is set by the foreclosing lender. This opening bid is usually equal to the outstanding loan balance, interest accrued, and any additional fees and attorney fees associated with the Trustee Sale. If there are no bids higher than the opening bid, the property will be purchased by the attorney conducting the sale, for the lender.

If this occurs, and the opening bid is not met, the property is deemed a REO or Real Estate Owned. This typically occurs because many of the properties up for sale at foreclosure auctions are worth less than the total amount owed to the bank or lender.

When you purchase property at a foreclosure sale, all junior liens other than property taxes are wiped out. Priority of liens is determined by the date of recording. When you purchase a REO aka. Bank REO, you will typically receive the property with a clean title.

Mortgage Leads | Real Time Mortgage Leads | Exclusive Mortgage Leads | Cherry Pick Mortgage Leads

Trigger Mortgage Leads | Aged Mortgage Leads | Mortgage List | Debt Leads
 

Copyright ©1998-2008 LeadBull.com - All rights reserved - Privacy Policy | Terms & Condition
Mortgage Leads | Mortgage Refinance Leads | Mortgage Purchase Leads | Mortgage Loan Leads | Mortgage List