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.

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In an extreme case, the Mosby's got their house mortgage fee, via suing the mortgage lender.

Tough Times in Georgia

This story is featured in the Atlanta Journal Constitution:

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.

By Maureen Downey

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

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.

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

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.