So you've finally been approved for trial mortgage modification after fighting with the mortgage lender for months. But what does that trial mortgage modification really mean to the future of your home and the prospect of avoiding foreclosure . Here's a reality check: When a mortgage company says that they are giving you a temporary [...]
As the foreclosure crisis presses forward, the number of companies offering so-called "foreclosure relief" and "foreclosure rescue" services has increased significantly. But to the chagrin of most homeowners trying to avoid foreclosure, theses services offer very little help but charge excessive fees. Here's what you need to know: You don't need foreclosure relief companies to [...]
The Federal Reserve Board is proposing changes to Truth in Lending mortgage regulations that some consumer groups say would hurt homeowners facing wrongful foreclosure . Currently homeowners have the right to undo illegal mortgage loans for up to three years after the loan was signed. But the proposed changes to the regulations would require homeowners [...]
Mortgage lenders Fannie Mae and Freddie Mac passed the buck of responsibility during congressional hearing on the foreclosure crisis. If you listened to Fannie Mae and Freddie Mac you would believe that it is the mortgage servicers who are solely responsible for the high number of foreclosures still griping the nation. "I want to underscore [...]
Mortgage servicers are not particularly motivated to modify mortgages. Why? The reason is simple enough; mortgage servicers can earn far more money on a foreclosure than a mortgage modification. And as with any business, profit is a strong motivator. This is how it works: Mortgage servicers manage the paperwork of a mortgage, send out the [...]
This recession has pushed many homeowners to get creative about where they live, especially after losing their home to foreclosure . But in the bankruptcy case of Gregoria Villarreal and Estalla Villarreal, that creativity cost them their homestead exemption during their bankruptcy case: In 2005, Debtors' prior family home was foreclosed upon. They moved into [...]
Are you facing foreclosure and a stubborn mortgage lender who won't come to the negotiating table? Filing bankruptcy just may be the type of motivation your mortgage lender needs. Many debtors filing bankruptcy are often successfully able to get their mortgages modified because lenders really don't want to take the property back if they don't [...]
There is a sad tale developing in America's foreclosure crisis, desperate homeowners who owe small amounts of cash for taxes or who are only slightly delinquent on their mortgage are being mauled by foreclosure "wolves." These foreclosure wolves are seeking out desperate homeowners facing foreclosure and saddling them with "commercial" loans so that they can [...]
More Congressional Hearings On Foreclosures If there is one thing that the congressional hearings on robo-signing and foreclosures has revealed is that many of our leaders have a lot of energy and flare for talking. For the past two years, we have been nearly talked to death about how the leaders in this country with the [...]
When it comes to stopping foreclosure, time is the enemy of the Texas homeowner. Because Texas is a non-judicial foreclosure state, every day that a homeowner delays filing bankruptcy to save their home could be putting them at greater risk for foreclosure. Here's what you need to know: Once you miss a payment and the [...]