If you're asking, "How can I delay my foreclosure?" you should watch this video.
In 1,700 bankruptcy cases that deal with foreclosure the bank can't produce the note. Legally, they should be able to prove to the court that you owe them money on your house.
According to fox news, some people have stalled the foreclosure process for a few weeks to several months---Helping buy you time to negotiate a lower payment plan with your bank.
Tuesday, November 24, 2009
CNN Reports that 50% of Banks Can't Show the Note
With tens of thousands of families facing foreclosure each month, Greg Hunter says that 1/2 the time banks don't have the paper-work to show that they own your mortgage.
CNN tells the story about a homeowner falling behind in her loan payments in 2007. Needing a mortgage workout, Wachovia still foreclosed after she tried to pay a catch up payment... But the bank admitted to losing the mortgage note---And this isn't a rare occurance according to Katherine Porter (University of Iowa); she says that 40% of banks can't provide evidence that they own.
One set of 14 mortgages are still in limbo because the bank can't produce the note to show proof of ownership.
CNN recommends that people facing foreclosure get an attorney or at least show up on their court date and content the foreclosure---Ask the bank for proof that they own the house.
Friday, March 20, 2009
Federal Truth in Lending Act may be able to stop your foreclosure
NBC News has recently issued a story about 50 lawyers that help consumers fight foreclosure. It follows people who have fallen behind on their mortgage, and then utilize the Federal Truth in Lending Act, which may be able to void the mortgage if a lawyer finds $35 worth of mistakes in the contract.
In an extreme case, the Mosby's got their house mortgage fee, via suing the mortgage lender.
Visit msnbc.com for Breaking News, World News, and News about the Economy
In an extreme case, the Mosby's got their house mortgage fee, via suing the mortgage lender.
Sunday, March 8, 2009
Tough Times in Georgia
This story is featured in the Atlanta Journal Constitution:
Read the rest of the story here
ISSUE IN-DEPTH: FORECLOSURES: State must aid homeowners
Lawmakers should act to mitigate depth and length of crisis by curbing mortgage practices that hurt borrowers.
The Atlanta Journal-Constitution
Sunday, March 08, 2009
New homes sales in metro Atlanta fall 52 percent in 12 months.
Area foreclosures set a record in February, and the state’s jobless rate hits a record high in January.
One in eight Georgia mortgage holders are now either behind on their payments or in foreclosure.
Read the rest of the story here
Wednesday, March 4, 2009
Delaying Foreclosure in Colorado
House Bill #1276 has started its path towards debate on the house floor. The Colorado legislation would make it possible for a homeowner to delay foreclosure.
Basically, once a notice of foreclosure is sent to the homeowner, they would have 20 days to contact a government agency. That agency would then decide if the home-owner gets a 90 day window to delay foreclosure and try and work out a solution to their mortgage payment issues with the mortgage lender.
You can read the rest of the story here.
Basically, once a notice of foreclosure is sent to the homeowner, they would have 20 days to contact a government agency. That agency would then decide if the home-owner gets a 90 day window to delay foreclosure and try and work out a solution to their mortgage payment issues with the mortgage lender.
You can read the rest of the story here.
Tuesday, March 3, 2009
Foreclosure Delay tactic---Show the Note
The Chicago Sun Times recently published an article talking about how the mortgage securitization market has made it difficult for mortgage companies that are foreclosing on home owners to find the paper-work that proves that they own the mortgage.
Click Here to read the Chicago Sun Times "Produce The Note" story
Click Here to read the Chicago Sun Times "Produce The Note" story
Sunday, March 1, 2009
Delaying Foreclosure with Show the Note, may note work in New Hampshire
According to WMUR the "Show the Note" technique doesn't work too well in New Hampshire in delaying foreclosure... This is because you don't have to go to court in order to foreclose on somebody.
So if you're tempted to use the "Show the note" technique in New Hampshire, you'll have to sue the mortgage lender in court to "Show the Note", but the New Hampshire judges still have work arounds to make it easy for foreclosure to proceed.
So if you're tempted to use the "Show the note" technique in New Hampshire, you'll have to sue the mortgage lender in court to "Show the Note", but the New Hampshire judges still have work arounds to make it easy for foreclosure to proceed.
Friday, February 27, 2009
Indiana Legislators Move to Delay Foreclosure Filings
According to WIBC Indiana's legislature has approved legislation that would delay the foreclosure process and help home-owners negotiate new mortgage terms to get caught up.
House Approves Bill That Would Delay Foreclosures
By Eric Berman
2/25/2009
The Indiana House has overwhelmingly approved an attempt to stem the tide of foreclosures.
Lenders would have to delay filing foreclosure actions for a month to try to negotiate new mortgage terms with homeowners on the edge.
House Financial Institutions Chairman Jeb Bardon (D-Indianapolis) says the bill still needs work, in part because the state must wait to see what changes the Obama Administration makes in federal bankruptcy law. One proposal under consideration would let bankruptcy judges force lenders to accept lower interest rates on mortgages.
Bardon's bill formalizes the state-sponsored loan counseling service established to help homeowners avoid toppling into foreclosure.
Thursday, February 26, 2009
Stop Foreclosure--Show the Note
One strategy that borrowers can do to delay or stop foreclosure is to go to court and ask the lender to "Produce the note" or "Show the note"
The borrower needs to request the lender to "produce the note" in order to have the lending institution prove that they own the debt. There have been cases of homeowners getting foreclosed on by 2 different mortgage companies--each thinking that they have the first lien on the property.
This isn't a way to stay in your house for free, but can work as a bargaining chip to negotiate a workable payment plan with the mortgage company and stop your foreclosure.
The borrower needs to request the lender to "produce the note" in order to have the lending institution prove that they own the debt. There have been cases of homeowners getting foreclosed on by 2 different mortgage companies--each thinking that they have the first lien on the property.
This isn't a way to stay in your house for free, but can work as a bargaining chip to negotiate a workable payment plan with the mortgage company and stop your foreclosure.
Stop Foreclosure--Consider a Short Sale
If you have fallen behind in your mortgage payments and the bank has started the foreclosure process---do something about it.
One option to consider is asking the bank about possibility of a Short Sale on your home.
Suppose that you purchased a $320,000 house in 2007 and got a $280,000 mortgage on the property. There's a chance that real-estate prices in some areas (California, Florida, Nevada, Arizona) have dropped by more than 25%---That means your house is now worth only $240,000. Even if you have made a years worth of mortgage payments, you still owe ~$280,000 on your house that is only worth $240,000!
Call up the bank, ask to speak to the loss mitigation department (This works best if you're a few months behind in your mortgage payments), explain to the loss mitigation department your financial difficulties, and ask to get their OK to pursue a short-sale. This means that the bank will let you find a buyer in the marketplace who will buy the house for a value less than the outstanding mortgage balance. (Say $225,000 in our example).
This means, (1) you don't get foreclosed on (2) The bank doesn't want to own properties--they want to own loans that are paying off---The bank is better off b/c they never take possession of the property (3) The new home buyer is happy b/c they get a home at a fair price.
Call up your bank---Ask for a Short Sale
One option to consider is asking the bank about possibility of a Short Sale on your home.
Suppose that you purchased a $320,000 house in 2007 and got a $280,000 mortgage on the property. There's a chance that real-estate prices in some areas (California, Florida, Nevada, Arizona) have dropped by more than 25%---That means your house is now worth only $240,000. Even if you have made a years worth of mortgage payments, you still owe ~$280,000 on your house that is only worth $240,000!
Call up the bank, ask to speak to the loss mitigation department (This works best if you're a few months behind in your mortgage payments), explain to the loss mitigation department your financial difficulties, and ask to get their OK to pursue a short-sale. This means that the bank will let you find a buyer in the marketplace who will buy the house for a value less than the outstanding mortgage balance. (Say $225,000 in our example).
This means, (1) you don't get foreclosed on (2) The bank doesn't want to own properties--they want to own loans that are paying off---The bank is better off b/c they never take possession of the property (3) The new home buyer is happy b/c they get a home at a fair price.
Call up your bank---Ask for a Short Sale
Welcome to Stop Foreclosure
This blog is meant to offer you tips and advice on things to consider for stopping or delaying foreclosure. I am not an attorney, nor do I claim to be an attorney. If you are going through the foreclosure process, it is best that you get legal representation and speak with an attorney.
The most straight forward way to stop foreclosure is to pay-off your mortgage, but more than likely, you don't have a rich uncle to help you out, and there's a good chance that your mortgage is underwater---meaning that you owe more on your house than what you could sell it for.
If that's the case, there's a few options you should consider--to delay or stop the foreclosure process.
The most straight forward way to stop foreclosure is to pay-off your mortgage, but more than likely, you don't have a rich uncle to help you out, and there's a good chance that your mortgage is underwater---meaning that you owe more on your house than what you could sell it for.
If that's the case, there's a few options you should consider--to delay or stop the foreclosure process.
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