What You Can Do to Stop Foreclosure of Your Real Estate

You have received a notice of foreclosure on your real estate. It may seem hopeless, but the last thing you should do is give up. Many people encounter life-altering events that interfere with their ability to pay their debts. Usually the last payment to be late is the mortgage, but it happens. Too many late mortgage payments mean a possible foreclosure.

First and foremost, lenders do not want to foreclose on your real estate. They are not in the real estate business and are willing to work with homeowners. If you have not been able to reach a solution with your lender or you have ignored the lender’s letters and phone calls, then foreclosure is their only option.

In the state of California, there are two types of real estate foreclosures judicial and non-judicial. A judicial foreclosure is granted by a court to a lawsuit brought by the lender against you, and is necessary when a “power to sale” clause was not included in the mortgage contract. Since commercial lenders usually include the clause, which grants them the right of non-judicial foreclosure, the mortgage contract you signed automatically gives them the power to seize your real estate in order to recoup their losses.

With the non-judicial foreclosure, you usually have 120 days to redeem your real estate before it is sold. With a judicial foreclosure, your real estate is auctioned off immediately to the highest bidder.

Under the judicial foreclosure, you may seek a deficiency judgment to recoup some of your losses on the seizure and sale of your real estate. Under some circumstances, you have up to one year to redeem your property. Under the non-judicial foreclosure, you have no rights of redemption nor can you seek a deficiency judgment.

So, your best bet is to do something before your real estate is seized and sold. Here are some ideas:

1.Speak to a HUD-approved counselor, especially if you have not kept in contact with your lender or you wish information before contacting them again. A counselor can help you determine what options may be available to you, as well as help you negotiate with your lender to work out a repayment program. To find a counseling agency in your area, call HUD at 1-800-569-4287.

2.A reinstatement may be possible, if you can promise to pay a lump sum to bring your payments current by a specific date.

3.Forbearance allows you to delay payments on your real estate for a short period, but you must be able to bring the payments current again by a specific date. Reinstatement generally is used in combination with forbearance.

4.A repayment plan is another option. It is used for homeowners who are behind in their mortgage payments, they can now begin making payments on time, but they do not have the resources to catch up the past due amount in a lump sum. Usually a lender adds a portion of the past due amount to a specified number of payments in order for you to catch up.

5.Rather than a repayment plan, your lender may agree to a mortgage modification. There are two possibilities here (1) add the past due amount to your existing real estate loan and finance it over a long term, or (2) if you need the payments reduced, extend the length of the loan in addition to adding the past due amount.

6.Selling your real estate is another option, if all else fails. Ask your lender, however, if they will put the real estate foreclosure on hold to give you time to sell. Otherwise, the public will learn through their realtors about the foreclosure, and you will not get a very good price for the real estate. If you must sell quickly, this also can lower your sale price.

7.Called a deed in lieu of foreclosure, you may be able to deed the real estate over to the lender. This forgives your debt to the lender and has less of a negative effect on your credit rating than a foreclosure.

8.Veterans and military personnel have some extra alternatives. First, contact your VA loan representative for counseling. Active duty personnel may be able to stop foreclosure under the Soldiers and Sailors Civil Relief Act, and may be eligible for a reduction in their interest rate. Additionally, veterans may be eligible for “workout” programs (options to resolve the foreclosure) under FHA, VA and some conventional real estate loans.

9.If procedural errors were made in the lender’s foreclosure or in the original real estate loan origination, you may consider filing a lawsuit to enjoin or stop the foreclosure. Consult with an attorney in this instance.

10.Bankruptcy is a temporary solution, since it will stop the foreclosure for a short period only. It may give you some leverage in resolving the situation. Again, consult with an attorney.

Whatever plan you consider to stop the foreclosure of your real estate, you must put the plan into action, contact the appropriate people, and provide any requested information to the lender and/or its trustee (representative). Do not take a “wait see” attitude. Also, put everything in writing. If you have a phone conversation with your lender or the trustee, follow it with a letter reiterating the important points (say you want to ensure you understood the conversation correctly). Finally, follow through on your promises you will not get a third chance.

This information on San Diego real estate is brought to you by http://www.twtrealestate.com/.

Mortgage Loan Modification Relie fef f to Stop Foreclosure

HomeLoanNews2009 asked: Reflect back on the mortgage crisis that turned into a foreclosure and economic crisis that has sent the American economy spiraling with.  

Why Banks Are Better at Making Loans Than Modifying Them …

“The banks don’t own the loans,” she explained. “Investors like PIMCO do, and why would an investor allow a servicer to cut into their profitability, just because someone wasn’t making the payments on their mortgage?”

Real Estate Short Sales|a Description Of The Process

So, as suggested by their loan officer they search to refinance. What was not explained to them is with the rush of foreclosures on the market and millions of people in the same situation, you must have equity to refinance. …   

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The below article is very interesting and help us understand why time is key when you refinance while house is in foreclosure. How To Get Extra Time To Stop A Foreclosure Lawsuit

Time is the most critical factor in any foreclosure proceeding. Homeowners never seem to have enough of it, and every solution to the problem takes too much of it. And all the while, the bank is accelerating fees and charges as time goes on, while its attorneys file one motion after another with the court to push the foreclosure through as quickly as possible.

This is why borrowers who are defending against the lender need to obtain as much additional time as they can. Obviously, there are numerous ways to do this, from requesting that the bank simply put the process on hold to filing bankruptcy to stop foreclosure.

These methods can be quite effective, and most homeowners overlook simply asking the bank to give them an additional month to sell, refinance, or find another solution to foreclosure. And although most borrowers consider bankruptcy a last resort to save the home, it will put the foreclosure on hold indefinitely until the courts have sorted out the bankruptcy case.

But homeowners can also use their local court to gain additional time to save the house or put together a more suitable defense to the foreclosure lawsuit. By filing a Motion for Extension of Time, borrowers can typically receive at least an additional thirty days to file an answer with the court.

Most of the time, lawsuit defendants are given 15-20 days to respond to an initial complaint, which may not be nearly enough time to research the applicable issues and put them into a coherently organized defense.

Borrowers who are facing foreclosure are also notoriously stressed out and uncertain of just how to proceed with their lives. Losing a job or facing a medical emergency can create a crisis moment in the life of a family, and having roughly two weeks to put together a defense to a lawsuit may be impossible.

Thankfully, courts are mostly favorable to a Motion for Extension of Time, and banks rarely even oppose them by filing an objection, especially if the request is for a reasonable amount of time. Of course, if the homeowners ask for an additional year in which to file their answer without repercussions of foreclosure, the courts will view this as nothing more than a blatant attempt to take advantage of the legal system and keep the foreclosure on hold forever. But reasonable requests for additional time will most often be granted.

Once the extra time has expired, however, the homeowners better have filed their answer, if they hope to utilize the government courts to stop foreclosure for good. If the answer if filed after this date, it will probably be thrown out and a default judgment awarded in favor of the lender. Thus, if a Motion for Extension of Time is filed, borrowers must use that time to put together their thoughts and answer the complaint. Of course, if there is reason to file a Motion to Dismiss instead of an answer, this should be done. As discussed previously, an answer to the complaint does not have to filed until the hearing for the Motion to Dismiss has been held. If homeowners use their additional time from the Motion for Extension of Time to attack the bank’s ability to bring the lawsuit at all, they can file a Motion to Dismiss, and avoid filing their answer to the complaint. This will drag out the foreclosure process even longer and make the bank defend its standing to sue in the first place.

The longer a foreclosure lawsuit takes, the more the bank may be willing to come to the negotiating table and offer the borrowers are beneficial solution. Few homeowners utilize the courts effectively and even attend the initial hearing for fear of being thrown into a mythical debtors prison or publicly humiliated, let alone defend the bank’s efforts to take their property. But a few simple motions, filed in accordance with the applicable rules of procedure, will put lenders on notice that homeowners will not go down without a fight. By: Nick Adama Article Directory: http://www.articledashboard.com

Using Loan Modification To Avoid Foreclosure

When you are looking at foreclosure, and you are moving closer to it every day, you can make use of a mortgage loan modification. In this article, we’ll look at a few guideposts for safe mortgage loan modification.

Positive Real Estate Professionals

The information the Federal Reserve is providing, which is part of its 5 Tips series, is intended to give consumers the basic information they need to recognize and avoid foreclosure avoidance scams. Consumers are urged to check the …

The Most Effective Process You Can Use to Stop Foreclosure …

Thinking of having your home move into foreclosure is a scary prospect and you want to do all you can to prevent foreclosure. Not only do you lose your home in.

Technorati Tags: Foreclosure Loan Fast, loans to avoid foreclosure, need to refinance to stop foreclosure, ways to stop a foreclosure

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