Homeowners

Understanding the Foreclosure Process

In most cases, foreclosure takes place when a homeowner is unable to pay their mortgage. In these instances, the mortgage holder, usually a bank, will attempt to sell the property in order to recoup the amount owed by the homeowner.

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1 year ago

Homeowner Options to Foreclosure

Given that their mortgage payment is probably the biggest and most important expense in a homeowner’s budget, falling behind on payments can be a frightening and complicated problem.

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1 year ago

Foreclosure Timeline: What to Expect

Though foreclosure timelines vary from state to state, some general rules apply for judicial foreclosures, which are processed through each individual state’s court system. One way to avoid a foreclosure is to discuss a short sale with your mortgage holder or bank, meaning if you anticipate being unable to meet your mortgage payments, your bank may allow you to sell your property for less than the remaining mortgage.

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1 year ago

Sample Foreclosure Letters and Legal Forms

Although each state’s foreclosure laws vary extensively, homeowners normally need to respond to a foreclosure lawsuit within 20 or 30 days, meaning a homeowner will file a Motion for Extension of Time or Motion to Dismiss the lawsuit before filing an Answer. They may also file their answer and Affirmative defenses with the same issues raised in a Motion to Dismiss.

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Steps to Avoid Foreclosure

In today’s volatile economic climate, it is not unusual for homeowners to fall behind on their mortgage payments. Yet missing one or even several payments doesn’t condemn you to foreclosure.

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Negotiation: Contact Your Lender

Prior to falling behind on your mortgage payments or immediately afterwards, contact your mortgage lender to discuss your options and work out a deal. The bank may enter into a forbearance agreement, allowing you to not make payments for a short period of time, which may help you to get back on your feet.

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1 year ago

Refinance Your Loan Terms

Refinancing your mortgage loan may alleviate some of the pressure of making your payments. It is important that refinancing now only result in lower monthly payments, but also, lower interest rates. If your current mortgage is for 15 years, a 20- or 30-year mortgage could reduce your payments dramatically.

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1 year ago

How to Choose a Foreclosure Attorney

While many homeowners decide to go it alone when facing foreclosure, others decide on legal counsel. Yet finding and choosing the right foreclosure defense attorney can be an arduous task. Here are some tips on how to make the right choice:

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Federal Mortgage Modification

There are federal mortgage relief programs that can help homeowners refinance or change the terms of their mortgage loan, resulting in more affordable monthly payments.

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1 year ago

Deed in Lieu of Foreclosure

To avoid foreclosure, you may ask the bank to accept a deed to the property rather than foreclosing on the property. Though this will result in the loss of the house, it could safeguard your credit rating and enable you to find alternate housing more easily. Also, you won’t be liable for a deficiency judgment if the bank sells the home for less than the outstanding debt.

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1 year ago
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