Tag Archive | "Foreclosure"

Foreclosure Auctions: How To Find Them And What To Expect

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Foreclosure Auctions: How To Find Them And What To Expect

Posted on 08 February 2012 by daytons

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If that’s so, it doesn’t imply that currently isn’t the best time to acquire a house, nevertheless it entails that you may be looking in the incorrect location. Instead of exploring the online sites of real estate agents or flipping by way of their catalogues, set your current focus on foreclosure properties. Foreclosure properties are usually regarded as a fantastic purchase, since they are readily accessible and economical.

One of the most well-known methods foreclosures are ordered and also purchased are at an auction. This public sale typically takes place in a regional, town, as well as town government place of work, just like the clerk’s section. Since for how you will discover these foreclosure deals, they might be publicized in local newspapers. Anyone may also research local records, since foreclosures are public notice.

Mostly of the problems with purchasing a house at the foreclosure auction could be the assessment, while you are not normally allowed one. Many buyers are bid for the home as-is. As-is just isn’t so bad, yet it could be if you have not seen the home. With that said, given that foreclosures tend to be public notice, you need to be able to get your location of the house under consideration. A person will want to drive by. Despite the fact that you should not judge a book by its cover, the ride by can provide you with an idea of what to anticipate. If you have uncertainties, it may be ideal to go on as well as aim for different sales.

If you opt to sign up for a foreclosure market, the very last thing you want to do is simply appear. That is if you aren’t scouting to view just how an auction will work. When you are serious about getting a foreclosure house at an auction, you need to be prepared. That preparation entails having money set up. Numerous will need that you simply either have the money accessible or present proof that you simply do possess the money needed to stick to a sale. Backup financial loans are usually banned. Check deposits are sometimes needed before you possibly post a bid.

When it comes to public sale by itself, this will depend. It just isn’t rare for bids to be enclosed. As soon as everyone has put a bid, the best bidder will be announced. With regard to bids that are not enclosed, the actual auctioneer will begin with a figure, typically about $1,000 or much less and the putting in a bid continues on. In case you are the winner bidder, it is essential to know that you may not be capable of transfer to your house instantly. Actually, chances are that you will be unable to do so. Numerous states grant existing residents a redemption period or a grace period. This is where they could still fight to hold their property. After this point has transpired, you could start your foreclosure method in case the current residents usually do not abandon willingly.

While it was once stated, you might want to sign up for foreclosures public sale and simply take a seat on the sidelines. Anyone needs to be able to do so. If you’re new to the buying and selling for real estate, foreclosures, or auctions, you can learn lots. This knowledge is essential, as many fellow bidders is going to be buyers trying to make money, not buy their own first house.

If you need to find out more about Phoenix Arizona foreclosures, please take a look at our website or look for it in Google. Our website offers plenty of information regarding Phoenix Arizona foreclosures.

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2011-11-30_Evicting_103_year_old

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Evicting a 103 Year Old woman? Deputies refuse

Posted on 30 November 2011 by admin

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By Zaid Jilani

Yesterday, a Deutsche Bank branch in Atlanta had requested the eviction of Vita Lee, a 103-year-old Atlanta woman, and her 83-year-old daughter. Both were terrified of being removed from their home of 53 years and had no idea where they’d go next.

But when the movers hired by the bank and police were dispatched to evict the two women, they had a change of heart. In a huge victory for the 99 Percent, the movers “took one look at” Lee and decided not to go through with it. Watch WSB TV’s Channel 2′s video report about the incident:

The stress of the possible eviction made Lee’s daughter ill; she was rushed to the hospital the same day. Lee had one message for Deutsche Bank: “Please don’t come in and disturb me no more. When I’m gone you all can come back and do whatever they want to.”

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2011-09-18_auction

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NBC News Foreclosures & Storage Auctions

Posted on 30 September 2011 by admin

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Americanauctioneers.com is in the news as the foreclosure boom hits the economy. American auctioneer Dan and Laura Dotson are busy keeping up with the constant supply of goods sold at auctions everyday. Cash strapped people abandoning storage units and defaulting on rental payments.

In a tethering economy and high unemployment rates around the country foreclosure auctions on storage units have gained ground. People store items in storage out of necessity. They may have lost a home, or transferred or evicted for not paying rent. The storage site requires a deposit and monthly rental payment. In case of a default in monthly payment the storage facility has right to auction off contents to the highest bidder at a public auction after a specified period of notices. The sale is conducted under various state laws and city codes. An auctioneer usually conducts a sale for various units. Public is invited to view the goods and the bidding starts and the stored goods are sold to the highest bidders.

There is another aspect of this process, a business where professional people go bid on the contents of the storage and then sell the goods themselves on eBay or Online on Craigslist and other consumer based marketplaces. The goods are purchased pennies on the dollars and fetch nice profits at proper sales. Some investors specialize in certain items like clothing, automotive, computers or cars. This becomes a full-fledged business.

In a recession economy, such a business model works great. Goods are purchased at auctions and sold on the Internet or through newspapers ads bringing in decent profits. All you need a storage yard or space of your own some advertising dollars, and a keen sense to evaluate what is in demand.  Some of items  item that sell quickly are clothing, furniture, autos, computers and garden supplies.

Storage auctions

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How to Stop Foreclosure

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How to Stop Foreclosure

Posted on 13 September 2011 by admin

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Many people from the United States are facing the problem of foreclosure. It is a serious ordeal that plagues most of our countrymen and should not be taken lightly. If you are facing a similar problem, then you should not fret. You should know that there are several companies which will be able to help you keep your home and salvage it from the embarrassing and traumatizing situation that is foreclosure.

Stop Foreclosure Save My Home is one of these companies. Its name says it all. Imagine being in distress because you are about to lose your home and then a hero comes to your rescue only that your hero this time is the institution.

Indeed, there are several companies that can help you with your concerns on foreclosure. But Stop Foreclose Save My Home is head and shoulders above these companies in the sense that it is an institution you can trust. Saving you from the monsters of foreclosure is the company’s passion. It was built to do exactly just that. Other companies may promise you that they are the best choice to rescue you from foreclosure, but the saddening, and sometimes scary truth is that most of these companies do not discuss with your lenders. They ask other companies to talk in behalf of them. Stop Foreclosure Save My Home is not that company. It has been developed over the years to do really well in helping you get out of this problem.

Did you know that there are thousands of homeowners bound to lose their estates in a day in the US? We already told you that this is a big problem in our country right now. Some of you might feel confident that you will never face such situation, perhaps because of the amount you earn, or your status. But the truth is anyone can be a victim of foreclosure.

It is embarrassing, you might think. But you should not run from it. Foreclosure is something you should face because the problem will not just be solved at a whim. You also need to do your part. Good for you, Stop Foreclosure Save My Home is like a friend that will hold your hand and fight with you during this trying time.

Again, you should also do your part. You need to cooperate with Stop Foreclosure Save My Home if you really want to keep your abode. You have to be open about your situation. We will present you with options. If you think you can no longer find the money for your mortgage, then we will help you put your house on the market and stop foreclosure altogether.

Stop Foreclosure Save My Home is a leader in the industry. And there is a good reason to why we achieved that status and lasted this long. Our expertise is undeniable. But at the same time, our concern for you and your house and your concern to stop foreclosure is also our concern. Even if you think that stopping foreclosure is a big challenge, we are here to help you no matter how difficult the situation is. After all, that is our driving force. 

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Find the Best Way to Stop Foreclosure and Keep your Home

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Find the Best Way to Stop Foreclosure and Keep your Home

Posted on 09 September 2011 by admin

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Loans are a very convenient alternative when it comes to getting a hold of the money you need to make a big purchase. There are very few individuals who can afford to pay cash for purchases such as houses or cars. The rest are presented with options like mortgages or leases. In theory, nothing should go wrong with paying for great expenses with the help of a loan from a bank or any other financial institution. But what happens if that asset serves as collateral for the lender and you fall back on your payments?

Whatever your reasons may be for not paying your installments on time and falling into arrears, a delinquent loan allows the lender to foreclose the property. Foreclosure represents the process that is carried on when a borrower fails to meet the terms of the loan, and therefore enables the creditor to sell or repossess the property. Statistics show that foreclosure occurs in almost ten percent of all mortgages in the United States.

There are several ways in which a foreclosure process can end. For instance, the borrower can pay off his or her defaults within a certain time frame, upon which the loan will be reinstated. This period is also referred to as the pre-foreclosure period, and its duration depends on the laws of the state where the loan was taken out. Or, if you want to stop foreclosure, you can have a third party purchase the property at the end of the pre-foreclosure period, in a public auction. But this solution may not be the best for you, as your credit record and rating might be affected.

A good way to stop foreclosure and keep a good credit history is to sell the property during the pre-foreclosure period. The sale of your property will provide you with the money you need to pay off your default amount and stop the foreclosure process from going any further.

Another possible way for a foreclosure process to be concluded is one that is least desired by both lender and borrower. In the event that none of the above solutions is used, the property foreclosure will most likely end with the transfer of the ownership to the lender, followed by the sale of the property in a private auction or bid.

There are specific ways in which a foreclosure process can be stopped, the three most common of which are represented by loan modification, loan reinstatement, and forbearance agreement. However, there may be other solutions that are more appropriate to your situation, needs and requirements. This is the reason why you should consult with specialists if you should happen to go through a pre-foreclosure period or a foreclosure process. Such specialists know everything there is to know about the foreclosure process and are up to date with all the possible solutions for a positive outcome of your situation. They will advise you on your options to stop foreclosure and keep your home, and help you opt for the best solution to your problem.

For more resources about Foreclosure or even about pre-foreclosure please review this webpage http://www.larazinc.com

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When Stopping Foreclosure the Top 5 Mistakes to Avoid

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When Stopping Foreclosure the Top 5 Mistakes to Avoid

Posted on 05 September 2011 by admin

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As of May 1st 2008, tens of thousands of homeowners are facing foreclosure. The reason so many homeowners are facing foreclosure is varied: loss of job, medical problems, adjustable rate mortgage (ARMs) doubling their monthly mortgage payments. Most homeowners have never faced this problem before and they are receiving bad advice from friends and family on what to do next. This whole process seems so overwhelming that they make many mistakes and just quit fighting for their home, and when you stop fighting for you home you can’t stop foreclosure and devastating your credit. Are you one of these homeowners? These 5 mistakes and how to overcome them will allow you to either stop the foreclosure or at least save your credit rating.

1. DOING NOTHING. This is the biggest mistake. If you don’t start fixing the problem, you won’t determine a solution that works in your favor. Many homeowners facing foreclosure are paralyzed in fear of the calls from the collection department and just let the foreclosure process take over, giving up their homes without a fight. You need to study up on your options, make a plan and follow it up. There are many options for you which will make life easier in the long run if you do some research yourself and then approach a professional to assist them in stopping a foreclosure.

2. TALK TO LOSS MITIGATION, NOT JUST COLLECTIONS DEPARTMENT. Contacting regular mortgage staff instead of Loss Mitigation Department is another common mistake. The collections call you received from the bank are from operators trained in collections only and departments are not in communication with each other. They will ask you things like “Can you borrow money from somewhere else?” Guess what? No, you are already stretched to the last penny, so no, there are no more options! The collectors are only looking at bringing your loan current. If you borrow more to make a payment you can’t afford you’ll only end up that owing more people money you cannot pay back. You need to tell the collectors that you need the number to Loss Mitigation Department, they might be hesitant, but keep politely insisting for the number to Loss Mitigation.

3. NOT RESEARCHING CHOICES BESIDES A FORECLOSURE. DO NOT leave your foreclosure process or workout completely in somebody else hands. There comes a point you might hire a professional to help you with the process. It might be an attorney, real estate agent or some other type professional. This is where your research and study is very important. That real estate agent might tell you they handle short sales, but if you researched and asked the agent a few key questions you will know right away. So research and study, the effort could save you tens of thousands of dollars and up to 300 points on your credit score.

4. DO NOT MOVE FROM YOUR PROPERTY WHEN FACING FORECLOSURE. There are so many houses in foreclosures right now that the mortgage companies cannot keep up with them. The mortgage companies are not landlords, they know how to give out loans, but they are not land owners. When you leave your home the yard overgrows, a sure sign to vandals that the house is empty or if a water pipe burst who going to stop the water. Staying in the house until a solution is found could save you thousands of dollars in monthly mortgage payments. You staying physically on the property is of value to the mortgage, even if you cannot make mortgage payments you are preventing vandalism and providing care and maintenance of the mortgage company’s investment. Sometimes the process of foreclosure could take 12 months saving you $18,000 at $1500 a month payments. In fact one of the first questions two questions mortgage companies ask you almost immediately are: do you plan to keep the property? Are you living in the property?

5. THINKING YOUR HOME IS WORTH WHAT YOU PAID FOR IT. Because your mortgage company paid for the assessment, it undoubtedly came in as worth the asking price or above. But that is not an indication the home is worth what you paid for it two years ago or four years ago. Guess what? The Mortgage lenders and the subprime folks are part of the reason we are in this mess right now. They overinflated the market, handed out money like candy and promised you that a home is your best investment and never goes down. WRONG. The mortgage crisis is not new, the US experienced the same set of problems in the 1980s, resulting in some of the protection methods now in place to protect homeowners in 2008. Take the hit on the value and save your credit so that you can buy an affordable a house in a year or so versus seven years from now when filing bankruptcy or paying 2 to 5 interest points higher after going through foreclosure.

In in nutshell, invest a few dollars now on educational materials to guide you on how to stop foreclosure, to inform you of your rights, and to protect your credit rating from unnecessary damage. Then make a plan. Do you save your home or look at a short sale? Then put your plan in action. Just taking these steps alone will relieve some of the stress your feeling right now. The process will take time, but then the hard part of stopping foreclosure is finished in a day or two, then it’s a waiting game for the bank to process it and keep track of the process.

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California Loan Modification Fraud Lawyer & Foreclosure Consultant Fraud Attorney – Damages For Scams, Ripoffs, Frauds And Statutory Violations

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California Loan Modification Fraud Lawyer & Foreclosure Consultant Fraud Attorney – Damages For Scams, Ripoffs, Frauds And Statutory Violations

Posted on 05 September 2011 by admin

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News Alert – On October 11, 2009, Governor Schwarzenegger signed into law Senate Bill 94 which took effect immediately upon his signature. This law now prohibits any person, including real estate licensees and attorneys from demanding or collecting an advance fee from any consumer for loan modification or mortgage loan forbearance services affecting dwellings with one to four residences. Advance fees inadvertently collected after October 11, 2009 must be refunded. Agreements entered into before October 11, 2009 are not affected and the below rules still apply to those prior agreements. If you already entered into an agreement with a licensed real estate broker for loan modification or other mortgage loan forbearance services prior to October 11, 2009 and that broker had received a “no objection” letter from the California Department of Real Estate, they are permitted to continue providing those services to you according to the terms of the contract. However, they are not permitted to collect any further advance fees from you. The California Department of Real Estate website states, “If you are approached by any person requiring up front fees for these services, do not pay them.”

 

Today, everywhere you look, there are commercials, billboards and roadside signs by entities offering to help you prevent a foreclosure of your home. Known as Foreclosure Consultants, some, if not many of these services and the persons whom they employ may be acting in violation of the strict regulations in California which regulate this growing industry. Others, may be outright frauds and scam artists.

 

The focus of these foreclosure consultants is anyone who is behind on their mortgage payments, which is now estimated to encompass one out of every ten homeowners. However, those who seek to defraud the public have their focus especially on the elderly, the newly unemployed, those whose properties are entering foreclosure and those whose payments have recently spiked upwards.

 

If you’ve been the victim anywhere in Southern California of real estate fraud or the target of an unscrupulous loan modification service, foreclosure consultant or someone acting on your behalf to modify your mortgage or cure your problems who is in violation of the strict regulations discussed in this article, call the Law Offices of R. Sebastian Gibson at any of the numbers on our website at http://www.SebastianGibsonLaw.com .

 

If you are a licensed real estate broker or agent and have either been wrongly accused of being in violation of the laws and regulations governing loan modification services and foreclosure consultants, or acted as such without being aware of these strict regulations and need legal defense, we urge you to call us at any of the numbers which you can find on our website.

 

To help you wade through the regulations in California on such services, here are some of the most important regulations. Keep in mind, that there is some overlap between foreclosure consultants and loan modification services. For that reason, the laws and regulations governing both services are included.

 

California Civil Code Section 2945 regulates foreclosure consultants. There is an additional requirement with respect to loan modification services, as discussed below. As with many code sections, the restrictions are complex and many. But here are the primary ways in which foreclosure consultants and loan modification services are regulated.

 

First, no foreclosure consultant and no real estate licensee is allowed to collect any advance fees for services as a foreclosure consultant once a Notice of Default has been recorded against your property. California lawyers are exempt from this prohibition.

 

Second, even if a Notice of Default has not been recorded against your property, in order for a real estate broker to assist you in obtaining a loan modification, or to otherwise negotiate a possible resolution to your problem, the broker must have you sign an agreement that specifically states what services will be performed, when they will be performed and how much you must pay.

 

Third, a broker may not have you sign any such loan modification agreement until it has been submitted to the Department of Real Estate for review and the broker has received permission from the DRE to use it and collect an advance fee.

 

Fourth, licensed real estate brokers who provide loan modification services without collecting fees in advance are not required to receive the DRE’s permission so long as their services are fully completed before they are paid by you.

 

Fifth, foreclosure consultant contract must allow the homeowner the right to cancel the contract until midnight of the third business day as defined in Section 1689.5 of the California Civil Code.

 

Sixth, foreclosure consultant contracts must provide an additional notice to the homeowner in 14-point boldface type stating when fees can be taken and notifying the homeowner that the consultant cannot ask you to sign any lien, deed of trust or deed.

 

Seventh, it is a violation for the foreclosure consultant to claim, demand, charge, collect, or receive any compensation until after the consultant has performed each and every service the consultant contracted or represented he or she would perform.

 

Eighth, it is a violation for the foreclosure consultant to charge any fee or interest which exceeds ten percent per annum of the amount of any loan which the foreclosure consultant may make to the owner.

 

Ninth, it is also a violation for the foreclosure consultant to take any wage assignment, consideration from any third party, acquire any interest in the residence in question, take any power of attorney, induce the owner to sign other contracts which are not in compliance, or enter into an agreement to assist the owner to obtain surplus funds prior to 65 days after the trustee’s sale has been conducted.

 

Tenth, an action may be brought against a foreclosure consultant for any of these violations and judgment shall include actual damages, reasonable attorney’s fees and costs, equitable relief and exemplary damage of at least three times the compensation received by the foreclosure consultant. The foreclosure consultant may also be punished by a fine of up to $25,000.00 or imprisonment for up to a year or both for each violation.

 

The reason for these regulations are many. Foreclosure consultants have, in many cases, been found to charge high fees, require the payment to be secured by a deed of trust on the residence, and then have either performed no service or worthless services. Some foreclosure consultants have then been known to purchase the homes at a fraction of their worth shortly before the homeowner loses their home.

 

Additionally, some foreclosure consultants have required payment of exorbitant fees for services such as to obtain the remaining funds from a foreclosure sale when the homeowner could have obtained those remaining funds from the trustee of a trustee’s sale directly for minimal cost if the homeowner had sufficient time to receive notices from the trustee regarding how and where to make a claim for excess proceeds under Civil Code Section 2924j.

 

Among the services foreclosure consultants are known to offer, legitimate or otherwise, are to stop or postpone foreclosure sales, obtain forbearances from beneficiaries and mortgage companies, assist in getting reinstated, obtain extensions of time, obtain waivers of acceleration clauses, assist in obtaining loans and advances, avoiding or ameliorating the impairment of the owner’s credit, saving the home from foreclosure, and assisting in obtaining the remaining proceeds from the foreclosure of the residence. If a foreclosure consultant promises any of these services, he or she is bound by Civil Code Section 2945 discussed above.

 

If you are dealing with a loan modification service, even one with a contract which has been submitted to the DRE and the broker has received permission to use it and collect an advance fee, if the real estate broker does not follow the strict procedures for handling the advance fee as contained in California Business & Professions Code Section 10146, the agent will be presumed to have violated Sections 506 and 506a of the Penal Code and the homeowner may recover treble damages for amounts misapplied and shall also be entitled to reasonable attorney fees in any action to recover those amounts.

 

Representatives of foreclosure consultants must be bonded real estate licensees. Foreclosure consultants must also be bonded and registered with the California Department of Justice (and submit advertising and promotional materials) and the homeowner must be provided with written proof that the consultant’s representative has a valid California real estate sales license, and is bonded in an amount equal to at least twice the fair market value of the property in question. If the foreclosure consultant performs any activities which include negotiating loans or performing services in connection with real property loans, the consultant must also be a real estate licensee.

 

While real estate agents are in some respects exempt from the foreclosure consultant regulations contained in Civil Code Section 2945, they are subject to it’s regulations under certain circumstances and it is in those circumstances that a real estate agent can be in violation of the Act. If they collect fees once a Notice of Default has been recorded, if they collect advance fees before acts have been performed, if they acquire an interest in a residence in foreclosure, if they assist the owner in obtaining the remaining proceeds from the foreclosure sale, or if they make a direct loan for a residence in foreclosure, they may be in violation of the foreclosure consultant laws.

 

A real estate broker cannot collect an advance fee under California Business and Professions Code Section 10026 unless the broker has submitted to the California Department of Real Estate an advance fee agreement for approval.

 

A loan modification contract, even one with a licensed real estate broker, for their assistance in working out a loan modification or negotiating another resolution of your problem must still state what services will be performed, when they will be performed and exactly how much you must pay. If the fees are to be collected in advance, the contract must be pre-approved by the Department of Real Estate.

 

At the Law Offices of Sebastian Gibson, we specialize in the field of real estate and stand ready to assist you if you have been the victim of any type of real estate scam. If you have lost money or your house to a foreclosure consultant or loan modification service as a result of their wrongdoing, we can assist you in pursuing the parties who victimized you and in some instances, we may be able to seek not only any moneys paid to them, but also, in some cases, your other actual damages, equitable relief, reasonable attorney’s fees and costs and punitive damages of three times the compensation received or misapplied by the foreclosure consultant or loan modification service who contracted with you.

 

If you have a business or real estate legal matter in Palm Springs or Palm Desert, in Ontario or Rancho Cucamonga, Temecula or Murrieta, Newport Beach or Huntington Beach, Anaheim or Santa Ana, El Cajon or Carlsbad, Palmdale or Victorville, Long Beach or Santa Monica, Ventura or Oxnard, or anywhere in Southern California, our Palm Springs, San Diego, Orange County, Inland Empire, Los Angeles, Santa Barbara and San Luis Obispo law firm has the knowledge and resources to be your Business Lawyers and Real Estate Attorneys. If you’ve been the victim of a real estate, business, loan modification or foreclosure scam or fraud, be sure to hire a law firm with experience in loan modification, foreclosure and real estate fraud in California and who will endeavor to ensure that your rights are properly represented.

 

To learn more about the statutes which regulate loan modification and foreclosure consultants, or for legal representation, call the Law Offices of R. Sebastian Gibson at any of the numbers on our website at http://www.SebastianGibsonLaw.com .

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How To Stop Foreclosure In Nevada?

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How To Stop Foreclosure In Nevada?

Posted on 05 September 2011 by admin

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Challenging Wrongful Foreclosure in Nevada

This is a brief guide for lay persons about how to challenge foreclosure successfully. This memo is not a substitute for legal assistance. Foreclosure is a complex areas of law and one should not venture into it without proper legal help. However, at this time it is meant as only education purposes.  It is divided into the following parts:

 Filing Bankruptcy before Foreclosure Occurs

Suing to Enjoin Foreclosure before It Occurs Suing to Set Aside a Foreclosure that Has Already Taken Place Filing a Counterclaim in the Detainer Action after Foreclosure Has Occurred Filing Bankruptcy after Foreclosure Procedural Grounds for Challenging the Foreclosure Substantive Grounds for Challenging the Foreclosure

 Filing Bankruptcy before Foreclosure Occurs

This is often the shortest and simplest procedure. It has the following advantages: a bankruptcy filing automatically prevents foreclosure temporarily and sometimes permanently; you have the opportunity to cure a default in your payments by paying the delinquent amount in installments over a reasonable period; you may be able to reduce or eliminate the fees of the lender’s attorney; and you may be able to avoid interest on the amount you are delinquent (though not interest on the loan itself).

Hire a qualified lawyer for bankruptcy. A paralegal would not understand all the issues. It is not just the forms needed to be filled and filed. Also, you need an expert who can give you a qualified opinion considering all of your target areas. You must file before the foreclosure sale takes place, a time that usually is only 20 or so days after the foreclosure process starts with a letter to you or a notice in a newspaper.

 Suing to Enjoin Foreclosure before It Occurs

To obtain an injunction, you must file a complaint in a court. You will need a lawyer. Only a qualified lawyer can tell you how to obtain an injunction. Sometime a bond is required, and more often the requirements of a bond are dispensed with based on proper grounds.

There is a “clear” showing of “immediate and irreparable injury, loss or damage” or “that the acts or omissions of the adverse party will tend to render [the] final judgment ineffectual., in seeking Temporary injunction. Judges take this requirement seriously.

The most difficult requirement of all may be the need to give a bond “in such sum as the court … deems proper” unless you successfully obtain permission to bring the action as an indigent person. A homeowner with only modest amounts of other assets and income may be unable to qualify as indigent and may also be unable to find anyone willing to provide a bond, especially one on short notice.

 Suing to Set Aside a Foreclosure that Has Already Taken Place

The grounds for setting aside a foreclosure are limited to “some evidence of irregularity, misconduct, fraud, or unfairness on the part of the trustee or the mortgagee that caused or contributed to an inadequate price.” Defenses like the absence of a delinquency or violations by the lender of federal or state commercial law may not be raised.

The burden of proof is upon you in a lawsuit to set aside a foreclosure. Damages are the only remedy. There is nothing to prevent a third-party purchaser from keeping your house even if he knows of your claim against the lender and even if he believes that your claim is meritorious.

 Filing a Counterclaim in the Detainer Action after Foreclosure Has Occurred

Foreclosure may be challenged by a counterclaim when the lender (or other new owner of the property) seeks possession by a “detainer” action. It is better to file the counterclaim in writing, and the grounds for doing so are discussed below. It is preferable that you use a lawyer to assist you, but most persons do not.

Lenders may assert that a wrongful foreclosure may not be challenged even when the parties are before the court on the issue of possession, the right to possession is necessarily founded on ownership, and ownership depends on the lawfulness of the foreclosure.

Not every new owner is successful in obtaining possession. It may overlook the proof that is necessary to show that it the foreclosure was conducted properly and that it was entitled to foreclose – things like affidavits or testimony showing that you did not make timely payments. You may and should contest every assertion made by the new owner, even if you do not have a lawyer. The new owner has the burden of proof. If it fails to meet that burden, the judge may conclude that you are entitled to remain in possession even though you no longer own the home.

 On the other hand, if the new owner is successful in the detainer action, it is entitled not only to possession but also to the rental value of the property from the date of foreclosure until the date of removal.

Must furnish a bond

 The amount of it can be prohibitive: a “sufficient amount to cover, besides costs and damages, the value of the rent of the premises during the litigation.” Even the furnishing of an affidavit of indigency may be insufficient to retain possession during an appeal.

 Filing Bankruptcy after Foreclosure

 It is possible to set aside the foreclosure through the bankruptcy process. The grounds that may be asserted are discussed below.

 There is some good news even if you lose the challenge; bankruptcy usually discharges all or part of a deficiency judgment against you for any amount still due after the foreclosure occurs.

Procedural Grounds for Challenging the Foreclosure

Failure to Give Personal Notice. No personal notice to a borrower is required by statute. However, we believe that federal and state constitutions require personal notice to each borrower, either by summons or by certified mail that is actually received, and we are litigating cases so as to establish this principle.

Insufficient Notice by Newspaper Publication or Posting in Public Places. Under Nevada statutes, advertisement of a foreclosure sale must be made three different times in “some” newspaper “published” in the “county where the sale is to be made.” Only 20 days’ notice is required, and the use of publications read almost exclusively by lenders and lawyers is permitted. Both the shortness of the time and the use of obscure newspapers seem vulnerable to constitutional objection.

Failure to Give Notice Required by the Deed of Trust. Many deeds of trust require notice of foreclosure by certified mail, or at least by mail, in addition to notice by newspaper publication. Many also require notice – before foreclosure is sought — that the entire sum has been declared to be due because of a late payment or other default. No Meaningful Opportunity to Dispute the Foreclosure. This too is a constitutional challenge to Nevada’s foreclosure process. It is based on the notion that making you find a lawyer and file a lawsuit in 15 days, assume a high burden of proof, and furnish a bond are unfair hurdles imposed on you. Defects in the Foreclosure Sale. Nevada judges have said that the foreclosure must occur in the county in which the property is located; it must take place at an accessible location; and a lender may not use a purely technical default as a basis for foreclosure. However, when the lender demands the full amount of the debt, they have refused to let the borrower cure the delinquency by paying the disputed amount before the foreclosure occurs. They also have ruled that there is no minimum price that must be paid and have allowed the lender to recover a deficiency judgment if the amount received in the sale is less than the amount owed. They have yet to decide whether the combination of a shockingly low price and another procedural defect are sufficient to disallow the foreclosure.

 Substantive Grounds for Challenging the Foreclosure

The following claims and defenses are among those that may be raised so as to defeat a foreclosure altogether or reduce the amount of any deficiency:

 Late Payments Were Accepted on Other Occasions. This suggests that the lender waived the right to refuse late payments and was estopped from foreclosing.

The Lender Refused to Supply a Pay-Off Amount or Accept Full Payment so Foreclosure Could Be Avoided. Despite unfavorable precedent, this could be a viable ground. A Borrower was in Military Service at the Time of the Foreclosure. The Loan was Unconscionable. That is, the inequality of the bargain is so manifest as to shock the judgment of a person of common sense, and the terms are so oppressive that no reasonable person would make them on the one hand, and no honest and fair person would accept them on the other. The Making of the Loan, or the Servicing of It, was Riddled with Unfair and Deceptive Practices that Violated the Nevadae Consumer Protection Act. The Servicer Collected Unauthorized Fees for the Escrow Account, or as Late Charges, or as Attorney Fees during the Foreclosure Process. One Spouse Was Required to Sign the Mortgage Note even though the Credit of the Other Spouse was Sufficient. One or More Borrowers Lacked the Mental or Physical Capacity to Borrow. The Mortgage Broker Was Paid an Unlawful Sum by the Lender. The Lender Violated a Relationship of Trust with the Borrower that Developed in the Lending Process. There Was Fraud or Misrepresentation by the Lender in the Making of the Loan.

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Foreclosure Info – Tips For Avoiding Foreclosure Scams

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Foreclosure Info – Tips For Avoiding Foreclosure Scams

Posted on 04 September 2011 by admin

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As foreclosures are on the rise, so are the scams that commit to “rescuing” the homeowner from losing their home to foreclosure. These scams just steal your hard earned money, destroy your credit record and eliminate any equity you might have in your home.

These foreclosure con artists use people who are dire financial straits. They know these people are desperate and are grasping at straws for answers to their foreclosure situation. People to target for these scams are not hard to seek out as mortgage lenders publish notices before foreclosing on homes. These con artists read these notices then contact their victims quite often even in person but more commonly by mail, phone or by email. They even go so far as to advertise their services on web sites. They make themselves sound official by giving them impressive titles like “foreclosure consultant” or “mortgage consultant.” They may call their services “foreclosure service or “foreclosure rescue agency.”

If you are facing foreclosure, contact your mortgage lender or any legitimate financial counselor to help you find legitimate options to avoid foreclosure. It is imperative that you carefully check the credentials, reputation and experience of anyone offering to arrange to stop or delay your foreclosure for a fee. The following recommendations can help protect you:

WATCH OUT FOR THESE FORECLOSURE RESCUE SCAMS

Lease-Back or Repurchase Scams – Someone offers to pay off your mortgage and rent you residence back to you. This usually involved signing over the deed of your home to the individual. This will give the person the ability to evict you, raise the rent, sell the house or steal your equity. You are still responsible for the mortgage so if the individual doesn’t make the payment, your house still gets foreclosed on and you face the legal consequences.

Refinance Fraud – Someone acts as a mortgage broker or lender and offers to refinance your loan to a lower payment. They make you believe you are signing the documents for a new loan when in actuality you are signing over the ownership of your home. This opens you up to the situation as above.

Bankruptcy Schemes – Several scams try to abuse the bankruptcy laws. These are complicated schemes, so it is important to always thoroughly investigate anyone offering to help you with your bankruptcy. Anytime someone wants you to sign over ownership of your home, be very cautious.

HOW TO PROTECT YOURSELF FROM SCAMS

Always know what you are signing – It is important that you thoroughly read and understand what you are signing. Obtain advice if a document is too complex. Do not sign anything with blank spaces, errors or incorrect information even if someone promises to fix things later.

Get everything in writing – Verbal agreements are usually not legally binding. It is important that you get any promises or agreements in writing to protect yourself. Be sure to keep copies of anything you sign.

Make your mortgage payments directly to your lender or the mortgage servicer – Do not trust anyone else to make mortgage payments for you.

Be cautious about signing over your deed – Scams quite often require you to sign over your deed. Always get the advice of a lawyer or financial advisor before doing so. You do not want to lose your rights to your residence and any equity that you may have.

Report any suspicious activity to the Federal Trade Commission and to your state and local consumer protection agencies – This helps to prevent others from becoming victims.

HOW DO I FIND LEGITIMATE HELP FOR YOUR FINANCIAL PROBLEMS

Contact your lender as soon as you think you are unable to make your mortgage payment.

Contact a legitimate housing or financial counselor to help you work through your financial problems.

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You Don’t Have To Lose Your Home: Alternatives To A Foreclosure

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You Don’t Have To Lose Your Home: Alternatives To A Foreclosure

Posted on 03 September 2011 by admin

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In today’s trying economy many individuals are struggling not just to maintain a lifestyle that they’ve worked so hard to attain but are struggling to just get by. This is especially true of homeowners all across the nation. With layoffs, pay cuts, and even bad mortgages to deal with homeowners have never had more to deal with nor worry about. The real estate industry in this economy is suffering perhaps more than any other due to the fact that so many homeowners are no longer able to pay their mortgages and stay in their homes. As a result many homes are foreclosed on by the issuing bank.

When homeowners faced with foreclosure there are rarely able to stay focused and keep a cool head. As a result of the overbearing stress of foreclosures, the majority of homeowners who find themselves in such scenario don’t often realize that there are a myriad of options and programs designed to help them stay in their home and even rework their current loan. The reality of the situation is that while many people are forced out of their homes they needn’t be. A little research online or speaking with a Huntington Beach real estate agent will reveal a number of different things a homeowner can do or apply for in order to stay in their home.

The first option homeowners facing foreclosure have is a short sale. A short sale occurs when a homeowner in danger of losing their home wishes to avoid foreclosure and the bank which issued the loan decides that selling the property at a moderate loss is better than foreclosure. A short sale helps homeowners avoid foreclosure and and the heavy financial and credit penalties that accompany that process. Some homeowners who put their home through a short sale will be eligible again to buy a new home in a much shorter period of time and those persons whom allow their banks foreclose on them.

The second option homeowners have when facing foreclosure is the reworking of their current mortgage. Due to the fact that the entire economy is suffering homeowners aren’t the only ones looking for ways out of bad scenarios. Many banks especially those who issued the original home loan will often work with homeowners to get them better interest rates, deferments, and even a better price. Homeowners looking at this option however will do well to remember that the time to pursue this option is not what foreclosures eminent but well before it comes to that.

The third option homeowners have when facing foreclosure are government programs designed to keep people in their homes. These programs are available from local governments, state governments, and even the federal government. Programs from the three branches of government will vary greatly in what they can do for homeowner but they’re all worth having a look at especially when you’re faced with a foreclosure. Many county and even state websites have pages set up specifically for these programs and a little research online utilizing a search engine will yield a large number of results.

While these three options can certainly help homeowners stay in their homes and even refinance at a lower interest rate it’s important to remember that these programs and options should be looked at well before a home has been foreclosed upon. Should an individual lose his or her job, be forced to take a pay cut, or have some other tragic event happened in their life, these are the times to begin looking into these options. Homeowners who wait too long will have no other option but to face foreclosure which can damage their credit, their reputation, and keep them from buying another home for many many years.

About Author
Deedee Sive is a Huntington Beach real estate agent who offers clients information on alternatives to foreclosures.

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Foreclosure – Can Foreclosures Be Stopped

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Foreclosure – Can Foreclosures Be Stopped

Posted on 03 September 2011 by admin

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It is everyone’s dream to own a home or built a house for his or herself. There are a few who are fortunate enough to secure one paid in full while many others try to buy one through financing or securing loans.

However, even you are religiously saving for the so-called rainy days and even if you have sufficient finances, there would come a time that you would find it difficult to face up to your obligations. Sicknesses in the family, a possible retrenchment at work or emergency purchases are unexpected instances where you could find yourself in arrears with your payment and then suddenly you are now facing foreclosures.

When legalities come into play in your financial situations or mortgages, it means that your predicament is deep serious. Foreclosures are one of those legal terms that everyone detests, especially the homeowners and the financers or banks themselves.

In exchange for lending the money, the lender would hold a lien against the property, If the borrower does not make the required payments, then the loan goes into default and the lender could exercise the lien against the property, in order to take legal possession of the property for the purpose of selling the property to pay off the borrower’s loan. This process is called foreclosure.

CAN FORECLOSURES BE STOPPED
HOW TO STOP FORECLOSURES

Aside from the obvious reason of not paying their loans on time, homeowners get into foreclosures, even if they have avenues to explore, simply by ignoring calls or letters from their banks and lenders or just simply giving up on his/her property in the hope that the tide of things would turn favorable on them.

Although foreclosures are eventualities in securing homes through financing, it does not mean that this could not be stopped or remedied. The matter hinges on the homeowners themselves if they want to keep the property for sentimental reasons or just simply foreclose it and just face the consequences of their action, notably severe damage to one’s credit rating.

If you are delayed in payments to your mortgages and there is no relief in sight, in the immediate or near future, then you have to put the problem in perspective and make a contingency plan or efforts.

The standard measure of keeping or selling the property is that if your monthly house payment (including property taxes and insurance) does not exceed 40% of your gross monthly income, it should be possible for you to keep the property. If the payment is greater than 40% of your gross monthly income, consider selling or transferring the property to avoid negative impacts on your credit. This option would more likely be the path to be taken by borrowers who have equity in the property. By selling the property, the borrower could then pay off the mortgage, and pocket the difference if there is equity remaining.

If the financial setback is temporary and you need immediate money to make your loan current so that you could continue paying your debts, it is best to approach family and friends instead of hard money loans since they would lend money based on equity in the property. Just make sure to pay off your loans to your relatives or close friends for it is much difficult to have them foreclose on you to get their money back.

The best and simple solution to foreclosure proceedings is to deal directly with the situation. Be brave enough to talk with your banks or lenders and explain your situation. Remember, they do not want to foreclose on you they just simply want their money back plus interest. By exploring this angle, the lender and the borrower may arrive at a common ground to work on and resolve the situation in a way that is agreeable to both parties. The Loss Mitigation Department would deal on cases like this.

Basic lending guidelines would require all home loans would total up to less than 70% of the current market value of the property. If you have more equity than that, you should have no difficulty in obtaining a new refinancing deals or second trust deed to bring your loan current. Expect higher interest rates and loan fees.

There are several other alternatives available to you depending on the situations of the borrower, laws of the state and policies of the lender. You may consider forbearance, refinancing, modification, deferral of principal, a temporary indulgence and a Chapter 13 Bankruptcy.

In applying forbearance, your lender may be able to arrange a repayment plan based on your financial situation and may even provide for a temporary reduction or suspension of your payments. You may qualify for this if you have recently experienced a reduction in income or an increase in living expenses. You must furnish information to your lender that there is a temporary problem and it would be resolved in the near future and show that you would be able to meet the requirements of the new payment plan.

A similar portion is deferral of principal in which the borrower agrees to pay the interest only for a certain period of time and then making the usual monthly payments. But just like in forbearance, this is very difficult to obtain unless the bank is familiar with the borrower or the borrower has an excellent credit stature in the bank.

If you have recovered from a financial problem you may able to apply for a mortgage modification. This process involves renegotiating the terms of debt and/or extends the term of your mortgage loans, changing the interest rates or additional surcharges to the principal with the current lender. This may help you catch up by reducing the monthly payments to a more affordable level. Refinancing, on the other hand, means that the borrower obtains a new mortgage with a different lender; the operative word here is different. As much as possible this alternative should be avoided since it would make your problems worse for borrowers in distress would tend to agree to onerous terms just to get a lease on their loans.

A chapter 13 Bankruptcy could be another option for it gives the borrower the time to “re-organize” his finances and work out a payment plan prior to resumption of payment. This would help keep the property and not blemish your credit rating compared to a Chapter 7 Bankruptcy, which completely discharges any debt the borrower had accumulated under the mortgage.

As a last resort, you may able to voluntarily “give back” your property to the lender or a “deed in lieu of foreclosure.” This would not save your house, but it is not as damaging to your credit rating as a foreclosure. This may be availed of if the borrower is in default and do not qualify for any other options and your attempts at selling the house before foreclosures were unsuccessful.

In some other states, there are laws and other options that are available to borrowers with mortgage problems. There is the option of reinstatement which means that the borrower brings the foreclosed mortgage current, including all overdue amounts, as well as fees and costs. Likewise, there is the co-called redemption, however it is usually limited in how often he or she could take advantage of this option and this is limited to some states.

A foreclosure procedure takes a long time to materialize and homeowners are given the chance to bail themselves out of their predicament. Sometimes the best defense against foreclosure is just to make a response on their inquiries or demand letters. Ultimately, the only thing that would stop foreclosure proceedings is repayment of the debt, for every option mentioned here is just a delay in the proceedings.

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Foreclosure Mitigation Efforts Expanded in California

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Foreclosure Mitigation Efforts Expanded in California

Posted on 01 September 2011 by admin

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Foreclosure mitigation efforts are being expanded in California. The California Housing Finance Agency has come forward to allow house owners who had refinanced on their units by taking out cash or lines of credit on their equity to participate in three of four programmes it has launched. Initially they had not been allowed. The initiative involves $2 billion from the state. During the years of the bubble many had tapped into their spiking equity and used their properties like ATM to add fuel to a spending frenzy. In the beginning the California Housing Finance Agency had not included those who had done this in taking part in their foreclosure relief programme – Keep Your Home. The latter scheme has started this year with funds from the federal funds that were received in 2008 for rescuing the financial system. The staggering unemployment rate of the state caused the policy makers to change their line of approach said Steven Spears the executive director of the programme.

He said, “In the two short months since the launch of these programs, we have collected information that has helped us indentify areas of improvement to make the programs more effective, particularly given the continued high level of unemployment in California”. The biggest foreclosure relief initiative taken by the agency has set aside $875 million to be given as temporary help to those who have seen their salaries or wages reduced or endured retrenchment. A maximum of $3,000 per month would be given for a period of six months to meet the mortgage dues and its related costs. Inclusive is another plan that would give to the house owners a maximum of $15,000 to enable them to become current on their housing dues. The third plan gives dollars to help people to shift to another place to live in if it is absolutely impossible for them to retain their present home.

These programmes are now being stretched out to include those mortgages that were inked prior to 2009 January 1st. Those house owners who had applied previously to join this programme and were refused could apply again. But those who had refinanced or took out loan on home equity would not be permitted to take part in the initiative for reduction of principal. The latter is its most controversial second largest programme. For it $790 million has been set aside. It will write down the loan of about 25,135 mortgages that have gone underwater – the value of the property being now less than the loan due amount.

Karen Anne PhotoAbout Author
Karen Anne, has been working on GovernmentRepoHomes.com studying the foreclosures market, helping buyers on the finer points of repo homes. Try to visit GovernmentRepoHomes.com and search foreclosures.

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What you Need to Know About Foreclosure

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What you Need to Know About Foreclosure

Posted on 01 September 2011 by admin

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Foreclosure is the equitable process in which a bank or a secured creditor sells or repossesses a parcel of property because the owner has failed to comply with mortgage agreement between the lender and borrower. The mortgage holder can generally initiate foreclosure at any point in time after a default on the mortgage. There are several types of foreclosure two of which are widely used, while the others are possible only in a few situations. The most popular type is by judicial sale and is widely available being the required method in many cases. It involves the sale of the foreclosure home or real estate under the supervision of a court of law.

The proceeds must go first to cover the mortgage, and then to satisfy other lien holders, and eventually to the mortgagor. As it is a legal action, the foreclosure must be notified to all parties. Thus pleadings and some sort of judicial decision may take place, generally after a short trial. Another type of foreclosure is by power of sale and it involves the sale of the foreclosure home or any other property without court supervision. If available this is generally a more expedient way of foreclosing on a property than the judicial sale type. Most states allow this method of foreclosure and in this case too the proceeds from the sale first go to the mortgage holder, then to other lien holders, and eventually to the mortgagor.

The other two types are only available in limited places and are considered to be minor methods. Strict foreclosure is one example in which case a mortgagor defaults and a court orders the mortgagor to pay the mortgage within a certain period of time. In case the mortgagor fails to pay, the mortgage holder automatically gains title, with no obligation to sell the foreclosure home or property. This type used to be the first method, but nowadays it is only available in a few states like Connecticut, New Hampshire, and Vermont.

With the power-of-sale type, in case the debtor fails to rehabilitate the default, or uses other lawful means like filing for bankruptcy to stop the sale, the mortgagee conducts a public auction. The highest bidder at the auction becomes the owner of the foreclosure home or property free and clear of any interest of the former owner. In some cases further legal action, such as an eviction may be necessary in order to obtain possession of the property.

The foreclosure process is lengthy and the timeframes for when the lending institution begins the process vary from situation to situation. There are factors like the increasing availability of personal loans for owners facing foreclosure that give the foreclosure home owners avoidance options. The growth of the number of foreclosures in the United States has led to a development of the loan listing strategies that are designed to forestall or prevent foreclosure.

In most places, it is quite popular for the foreclosing lender to obtain a title search of the foreclosure home or property and to notify all other persons who may have liens on the property. In all jurisdictions a lender who conducts such a sale of immovable property which is the subject of a federal tax lien has to give at least 25 days’ notice of the sale to the Internal Revenue Service. In case of failure to comply with this it will result in the lien remaining attached to the immovable property after the sale.

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Significant Drop of Foreclosure in Cape Coral

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Significant Drop of Foreclosure in Cape Coral

Posted on 31 August 2011 by admin

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Last October, there have been 656 foreclosure lawsuits in Lee County, which is the lowest range in a lot more than three years, according to the statistics published by the South West Florida Real Estate Investment Association.

It was in fact a very rare hope in a rather difficult situation: The Cape Coral and Lee County foreclosure rate is normally within the top 5 metropolitan areas nationwide, with only Las Vegas consistently worse.

The October’s variety was down 31% in comparison to September’s 953. This pace hasn’t been this slow for quite some time. Back in February 2007, 555 had been filled as the wave of mortgage failures that followed the housing expansion was just obtaining under way. According to some experts, that this decline was part of a long-term downward pattern, but this isn’t the whole picture.

Possibly, foreclosures plunged due to the reason that some of the banks have been holding off on foreclosures whilst they figure out their problems including who truly owns the note and whether the attorneys read all the paperwork. However, this holding was for only one week and two banks (a major one though, in the form of Bank of America).

Needless to say, that the current lender problems alone could not have created this major drop. Charlie Green, County Clerk of Court, affirmed that whatever the trigger, the downward pattern has aided whittle away at a daunting backlog of foreclosures within the court system. From the pipeline, there are now only approximately 14,700 properties, according to Green, which is about 50% less in comparison with the end of 2008 when there were 26,000 cases.

However, Green cautioned that there is a significant “shadow inventory” of properties that the banks are selecting not to foreclose on. But, we do not really know how many far more. We need to take into consideration that the pace of the foreclosures does not occur in a vacuum. In other words, if the winter tourist season is powerful, it will certainly reduce unemployment and keep far more people financially able to keep their houses, which is a situation 100% applicable in southwest Florida, including Cape Coral.

We will have to wait until April or even June of this year in order to see the situation of the sales and the economic effect influenced on foreclosures. One of the big builders in Cape Coral said that regardless of the short-term pattern, foreclosures cannot sustain themselves at that pace which means that sooner or later they will start slowing up, which is starting already.

However, while most of the realtors find it easier to sell to prospective renters a property where the owners are living in than a foreclosure, that non distresses market has a hard time to compete with the foreclosures. In addition, the new buyers have a very difficult time to come peace with the fact that most of the time, there is a multiple offer situation on every foreclosed property, ending by an accepted offer above the asking price.

Learn more about Cape Coral realty by visiting our business website at www.floridacapecoralrealestate.com , where you can access Cape Coral real estate for sale listings.

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AMA Interview on NBC News – Avoid Foreclosure with a Loan Modification

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AMA Interview on NBC News – Avoid Foreclosure with a Loan Modification

Posted on 25 July 2011 by admin

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AMA Loan Modification interview with NBC News about the mortgage crisis and how homeowners can avoid home foreclosure with a Loan Modification. AMA provides attorney-backed Loan Modification services as well as 100% money-backed guarantee for services rendered. Contact www.AMALoanModification.com for a Free consultation. Contact AMA today to save your home if you are late on mortgage payments, have high adjustable rates or are facing possible foreclosure.

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How To Profit from a “Strategic” Foreclosure

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How To Profit from a “Strategic” Foreclosure

Posted on 24 July 2011 by admin

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ww.CashFlowInstitute.com How To Profit from a “Strategic” Foreclosure. They are becoming much more common these days and yet most investors don’t even think about them let alone target their marketing to profit from them. Watch the video to find out how you can do exactly that! Mark Walters

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Jobless May not Face Foreclosure – LoanSafe

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Jobless May not Face Foreclosure – LoanSafe

Posted on 11 July 2011 by admin

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USA Today

Jobless May not Face Foreclosure
LoanSafe
1, the Federal Housing Administration will extend the period for unemployed homeowners to miss mortgage payments to a full year from three or four months. That will allow qualified homeowners to go without making a monthly payment for 12 months before
Mortgage Aid for Unemployed ExpandedWall Street Journal (blog)
Help for mortgages is good but not enoughTampabay.com
Obama To Extend Assistance To Jobless HomeownersNPR
New York Times –Boston Herald
all 367 news articles »

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Foreclosure Defense Guidebook: An EASY to Understand Guide  to  Saving Your Home From Foreclosure.

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Foreclosure Defense Guidebook: An EASY to Understand Guide to Saving Your Home From Foreclosure.

Posted on 05 July 2011 by admin

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Product Description
In this EASY to read, EASY to follow guide, we show you how to defend your home from foreclosure written in plain English without the legalese.

Discover the shocking truth behind foreclosure fraud that banks don’t want you to know.

Over 85% of subprime loans in the US have been securitized in the last 10 years. This means, chances are, your loan is too. And if your loan has been securitized, then your bank does not own your loan … More >>

Foreclosure Defense Guidebook: An EASY to Understand Guide to Saving Your Home From Foreclosure.

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Chase opens Arlington center to help homeowners avoid foreclosure – Fort Worth Star Telegram

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Chase opens Arlington center to help homeowners avoid foreclosure – Fort Worth Star Telegram

Posted on 14 June 2011 by admin

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Fort Worth Star Telegram

Chase opens Arlington center to help homeowners avoid foreclosure
Fort Worth Star Telegram
ARLINGTON — JPMorgan Chase, one of the nation's biggest mortgage servicing companies, has opened a counseling center in Arlington aimed at helping homeowners who are struggling to meet monthly mortgage payments avoid foreclosure.
Feds Penalize BanksHousing Predictor
Treasury: Top Three Banks Doing Poor Job At Mortgage ModificationsBusiness Insider
85% of Wells Fargo Mods Are PrivateMortgageLoan.com
MyBankTracker.com
all 12 news articles »

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The Homeowner’s Guide to Surviving Foreclosure

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The Homeowner’s Guide to Surviving Foreclosure

Posted on 06 June 2011 by admin

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Product Description
Serving as a valuable tool and resource for anyone with a mortgage, The Homeowner’s Guide to Surviving Foreclosure is both a comforting and empowering read as it encompasses recent law changes, keeps you abreast of the latest programs available, and provides a sound game plan to overcome your situation. Living in South Florida, one of the hardest-hit areas in America, author Teisha Powell is a highly skilled and experienced attorney who covers every aspect of forecl… More >>

The Homeowner’s Guide to Surviving Foreclosure

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Foreclosure woes: For one homeowner, following bank’s advice was bad news – The News Herald

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Foreclosure woes: For one homeowner, following bank’s advice was bad news – The News Herald

Posted on 05 June 2011 by admin

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Boston Globe

Foreclosure woes: For one homeowner, following bank's advice was bad news
The News Herald
PANAMA CITY BEACH — Lindsay Hall took out a $200000 loan in 2005 on her paid-off beach house with the understanding that her $600 monthly Social Security check would cover the mortgage payments. When her interest rate jumped more than a year ago,
Little safety net for foreclosures tied to joblessnessBend Bulletin
Connecticut Makes New Foreclosure Prevention Funds AvailableU.S. Politics Today
Three years after HAMP, unemployed are receiving little help to stay within Reach Out Job Search (blog)
EQuicknews
all 33 news articles »

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Ways to Stop Home Foreclosure

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Ways to Stop Home Foreclosure

Posted on 05 June 2011 by admin

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A lot of homeowners today face the challenge to stop home foreclosures as the stock markets around the world continue to fall with everybody still reeling from the after affects of recession. Employees of even the biggest companies still live in the fear of job cuts resulting in the loss of income which in turn leads to mortgage foreclosure issues. Trying to find ways to stop foreclosure can be a real nightmare as receiving legal notices from a financial institution regarding the issue is not just stressful but also humiliating, further you live in fear that you can lose your home anytime.

If you are stuck in an unfortunate situation like the one mentioned above, then losing control and going in a panic attack is the worst mistake that you can make. In such a time of crisis the first thing that you need to do is to control your nerve and direct all your energy, efforts and thoughts to finding ways in which you can Stop Foreclosure of your home. Remember, that the strain and shock of leaving home is not just big for you but is also very stressful for your family. As the head of the family it is your duty to keep a strong stance for them while looking for ways to stop home foreclosure.

Many a time people make the mistake of denying the fact they are facing foreclosure. However, this state of denial is not going to stop foreclosure process of your home, so the first thing that you need to do is realize that ignoring the bitter truth of foreclosure, because you are embarrassed or you feel too upset to face the music, will not solve the issue for you and you need to come out of your state of denial. As soon as you realize that you are facing a financial crunch and might face difficulty in paying your home loan for a few months you need to get in touch with your lender so that you can mutually work on an alternate payment schedule or solution. The lender, depending upon your situation as well as the terms of your contract may agree to give you some more time to pay your home loan installments so that you can stop home foreclosure . If you are able to work out a way to stop foreclosure with the help of your lender, then you not only get peace of mind but also descent credit ratings.

You can also look for other ways to stop foreclosure by finding ways to earn a passive income. For example, you can rent a part of your house and the received rent can be used to make your mortgage payments. To stop home foreclosure you can also think about liquidating your assets, selling off your property can go a long way in helping you get rid of your loans and debts at the same time helping you get back on track financially. In case your situation is a little complex then it is better you take help of a professional real estate attorney. A lot of financial firms like Commercial Loan Solutions also offer online services to help you find the best attorney or financial advisor in the easiest manner possible.

About Author
I webmaster of commercialloansolutionsonline.com which specializes in commercial loan modification, commercial loans , commercial financing , commercial mortgages and lots more. For more information about commercial loans please visit www.commercialloansolutionsonline.com

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For the Jobless, Little US Help on Foreclosure – New York Times

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For the Jobless, Little US Help on Foreclosure – New York Times

Posted on 05 June 2011 by admin

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Boston Globe

For the Jobless, Little US Help on Foreclosure
New York Times
Mary Ernest of Blackstone, Mass., lost her job as a school aide and was “reduced to begging, more or less,” to keep her home. By ANDREW MARTIN The Obama administration's main program to keep distressed homeowners from falling into foreclosure has been
Efforts to spare unemployed from foreclosure stallBoston Globe
Little safety net for foreclosures tied to joblessnessBend Bulletin
Three years after HAMP, unemployed are receiving little help to stay within Reach Out Job Search (blog)
Stamford Plus Magazine –U.S. Politics Today
all 24 news articles »

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Foreclosure Defense by Anthony Carroll

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Foreclosure Defense by Anthony Carroll

Posted on 04 June 2011 by admin

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When a lender obtains a termination of the mortgagor’s equitable right of redemption, the borrowers file a defense to fight against the lender’s action. The strategy adopted by the borrower in order to defend the foreclosure action of lender is termed as foreclosure defense. There are many steps that a lender can take to avoid the bankruptcy. Mortgage modification, short sale and deed in lieu are some of the options for the lender. However, the borrower might indulge in a proactive legal action against the lender. Some of the common tools for such a legal battle are production of mortgage note, which is a documented proof of a debt which describes the terms of debt repay. Predatory lending is another tactics that lenders adopt, which uses unfair lending practise and advertising lower than actual interest rates. This helps the lender to gain profit from foreclosure on the collateral. Truth in Lending Act (TILA) of 1968 also helps a borrower to get informed about the usage of consumer credit. TILA violations and rescission leads to voiding the party contracts. A borrower may cancel the transactions involving lien on principle dwellings, in order to defend the foreclosure.

In some cases, the properties are sold and resold multiple number of times, converted into securities, and in the process, the original mortgage note is lost. Non-existence of document can lead to delay the foreclosures. This also makes a good case to re-negotiate the mortgages. In most of the cases the owner extends its stay in the property until they are financially capable to defend the foreclosure.

Foreclosure auction or bankruptcy is the last option that a lender has to make the payments. However, this selectively reduces the credit rating of the lender and affects his/her future financial endeavours. Besides, bankruptcy and auction is a tedious process, with a lot of document collection, discovery and litigation preparation involved. The bankruptcy laws are tedious and federal. This whole complexity works in the favour of a borrower and defends him/her in foreclosure cases.

About Author
For more information contact Anthony Carroll – http://www.lawofficesofalg.com/”>The Law Offices of ALG and Associates

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Sorrentino Interview About Foreclosure Freeze, Oct. 12 – Video – Bloomberg.flv

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Sorrentino Interview About Foreclosure Freeze, Oct. 12 – Video – Bloomberg.flv

Posted on 02 June 2011 by admin

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Oct. 11 (Bloomberg) — Frank Sorrentino, chairman and chief executive officer at North Jersey Community Bank, talks about the possible impact of a halt in home foreclosures at the largest US mortgage firms on the housing market. Sorrentino talks with Matt Miller and Carol Massar on Bloomberg Television’s “Street Smart.” (Source: Bloomberg)

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Foreclosure Activity Plunged in April – Wall Street Journal (blog)

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Foreclosure Activity Plunged in April – Wall Street Journal (blog)

Posted on 27 May 2011 by admin

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Los Angeles Times

Foreclosure Activity Plunged in April
Wall Street Journal (blog)
Mortgage companies started foreclosures on 187400 properties in April, a 31% decline from March and a 15% drop from one year ago, according to LPS Applied Analytics, a data firm. The decline came in a month where 14 banks signed consent orders with
Illinois Widens Robo-Signing ProbeConsumer Affairs
Report shows nearly a quarter of nation's foreclosures are in FloridaTampabay.com
Attorney General Kamala D. Harris Subpoenas Loan Processor LPS in Wide-Ranging RealEstateRama (press release)
AHN | All Headline News –DSNews.com –Firedoglake
all 48 news articles »

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How to make money before foreclosure – Giving Back The House

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How to make money before foreclosure – Giving Back The House

Posted on 22 May 2011 by admin

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Jiggaboo Jones is back in action again! This time he takes on the big bankers and people that got bailouts from the government while taking the American Dream away from unsuspecting people! This DVD explains to you the average home owner, how to make money if your facing Foreclosure! Learn how to Give back the house and see what $55.00 of regular hardware supplies can do to lower the value of a $300000.00 home! This is a fast paced, in your face DVD that will offend you! Learn from a bank executive how to make money and to get back at your bank! You will not find this type of DVD anywhere on this planet! Visit the Website for more information: www.givingbackthehouse.com

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From home ownership to foreclosure: Latinos hit hard by mortgage crisis – Wisconsin State Journal

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From home ownership to foreclosure: Latinos hit hard by mortgage crisis – Wisconsin State Journal

Posted on 21 May 2011 by admin

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From home ownership to foreclosure: Latinos hit hard by mortgage crisis
Wisconsin State Journal
CRAIG SCHREINER — State Journal Homeowners struggling to pay their mortgage or facing foreclosure may want to consult the Dane County Foreclosure Prevention Task Force website. This page has links to helpful resources, including a Wisconsin

and more »

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Foreclosure buying binge chokes company

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Foreclosure buying binge chokes company

Posted on 21 May 2011 by admin

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A family company, the Beckett Realty Group, capitalized on the foreclosure business and bought more than 400 properties. The group is, city officials believe, the biggest residential landlord in the city.

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Foreclosure Fortunes

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Foreclosure Fortunes

Posted on 18 May 2011 by admin

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Product Description
For the past year or so, America has witnessed a combination of events which have brought about one of the greatest foreclosure markets in the past twenty-five years. Large fortunes are being made by those who understand what, where, when, and how to make money with foreclosures.

No money? No problem! You’ll also learn how to work with private lenders who will fund your deals so there’s no need for bank financing. Jack Miller’s “Foreclosure Fo… More >>

Foreclosure Fortunes

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