What to Do When You Are Faced With Foreclosure

The biggest thing when facing foreclosure is knowing what to do. Many people are in an economic crunch with loss of job and income. The loss seems to be causing many other problems and the biggest problem occurs when you are faced with foreclosure. When you are faced with foreclosure there are steps that you should take before you are evicted. You might be able to save your home if you act immediately.

Most people are afraid to challenge the banks and lending institutions. This is a big mistake because banks are now being challenged by the Attorney Generals of the state because of the fraud that they have done in order to process foreclosure on properties. Families are now getting a new face in government to help them face foreclosure. Getting home foreclosure help is easier than it has ever been in the past. The best thing to do when you are faced with foreclosure is to use a foreclosure lawyer to help you. People have many questions when it comes to foreclosure concerning what to do to save their home.

The assistance of a foreclosure lawyer will help you avoid foreclosure. You need to get foreclosure help immediately when you are faced with a hardship. The biggest problem for most people is trying to work through their hardship without seeking any home foreclosure help before it is too late. There are many unanswered questions when it comes to foreclosure on your home. Every person’s situation is different and the tactics that a foreclosure lawyer may use varies. That is why you need to consult with your foreclosure lawyer letting them know your circumstances as well as your mortgage agreement.

In Texas there are two foreclosure laws that govern how your property can be taken. The most common is the Non-Judicial whereby the lender can foreclose on your property with a twenty-one day notice of foreclosure. In the mortgage agreement you have already signed giving the lender the right to foreclose on your property. The banks use this to their advantage starting the proceedings immediately after you have defaulted on a payment. This process has caused such an alarm among homeowners that it was heard all the way to the Capitol. The Attorney General started an investigation of the banking foreclosure procedures.

Foreclosure questions need to be answered by the lenders before they can proceed with taking the homeowners property. The homeowners are tired of investing in a home and finding at the drop of a hat the lenders can evict them and put their home up for sale. This is not right! The government put a freeze on foreclosure sales in order to come to some foreclosure solutions. This may help to get answers to many of the foreclosure questions.

Lauren Weber has helped hundreds of homeowners by providing answers and solutions for their numerous foreclosure [http://blog.secretsaboutforeclosure.com/] questions. Visit her insightful blog to discover solutions and information on the latest government events, policies, and amendments about Home Foreclosure in America today.

Find Foreclosure Listings Like Investors to Find the Right Real Estate Deal

A foreclosure is the process by way of which a lender can take over the property of a person who has taken a loan. There are many reasons for the owners inability to pay the loan; death of an earning family member, divorce, loss of job and employment, mental illnesses, alcohol or drug addictions and many more. Foreclosures happen when banks, credit agencies or any other financial institutions repossess property. You can find foreclosure listings for properties that include homes, condominiums, residential properties and commercial properties. The foreclosure process begins when for some reason; the owner of the property fails to pay back the loan amount, the mortgage amount. The lender then takes the property back and forecloses the lien on the property that the lender had placed. Investors find foreclosure listings on website that specialize on finding, listing and maintaining foreclosure listings. You can also use real estate agents that specialize in foreclosures.

To find foreclosure listings is relatively easy these days, as foreclosures are increasing very rapidly in today’s market. Most experts think that this year foreclosures will reach record highs. An investor can find foreclosure listings for all parts of the country on foreclosure websites that have a nationwide database.

Traditionally April is considered a month where the new home sales pick up. However, the real estate market is very slow as potential buyers are on edge about buying real estate. New sales are down compared to the number of foreclosures. Since foreclosures are nearing an all time high in the United States, an investor or a buyer can make money when they find foreclosure listings.

When an investor can find foreclosure listings and make money, they can buy at discount prices; many of the homes are available at 10-50% below the current market prices. To do this they find foreclosure listings for such homes. There is also a glut in the market and this is the right time to buy and this is true for the entire country. Investors find foreclosure listings as there are more and more properties that are been foreclosed.

You find foreclosure listings at websites that list information about foreclosures and the current real estate market. The first thing to know is where to find the properties that you can invest and make money. These properties are available with various agents and a growing number of resources on the internet. In order to find foreclosure listings where you live find a website that has a nationwide database. This means that you can find foreclosure listings about all the foreclosed properties in the various cities and states in the United States.

For the investor, buying at these low prices will enable them to make money in foreclosures, since they can resell the properties later when the market comes back up. While the home owner can benefit from buying the property and save money too. They can use the money for other purposes such as renovating the property or even fund the education of their children.

You can also find foreclosure listings for Bank foreclosures known as REO’s (Real Estate Owned); properties that are owned by the bank. When bank foreclosures take place, the prices are typically set at the remainder of the amount of the debt or the loan amount. Find foreclosure listings for them on the websites too banks are sometimes willing to take less then what is owed, this is called Short Sale. Depending on which state you are in, the foreclosures deals can take 6-12 months.

You can also find foreclosure listings through the county office these lists are also available on many of the foreclosure websites. It can be difficult to find a reliable source where you can find foreclosure listings giving complete and vital information. Make sure the website where you find foreclosure listings that are updated daily.

For many homeowners it can be an investment in second homes too, when they find foreclosure listings for the right property. Many websites also gives useful tips about when to purchase properties and how to purchase the properties.

Find foreclosure listings from such websites that enable you to locate and find the brokers and agent information as well. When you find foreclosure listings that give you every detail about the foreclosures it will make it much easier to research and purchase the property. The process of buying the foreclosed property is not very difficult. It just takes a bit of research, time and effort to find foreclosure listings that are reliable. Then the prospective buyer or investor can give a written contract to the lender such as the banks or any other credit institutions to start the process of purchase.

 

Foreclosure Victims Helping Foreclosure Victims

A number of the homeowners that we talk to everyday are motivated by two main goals. The first, obviously, is to save their home from foreclosure, avoid potential scams, and get their financial lives back to normal. Teaching homeowners how to do each of these is the main purpose of our website, which encourages every foreclosure victim to gain the foreclosure information necessary to stop foreclosure on their own. However, many homeowners that we talk to also have a secondary, altruistic goal, which is to help families in similar situations avoid facing foreclosure and the loss of their homes. In fact, some even want to get into the foreclosure industry as a way to provide legitimate, empathetic support to other foreclosure victims and make a career out of helping others in need.

A good number of homeowners who have faced foreclosure know just as much about the foreclosure process as many of the major players in the real estate and mortgage industries. Realtors, mortgage brokers, and representatives from mortgage companies often know very little about how foreclosure actually works, as it is not often studied. Rather, the basics of how mortgages work and how real estate is transferred is focused on to the exclusion of the actual process that banks use to take a home back that is in default. This leaves the door wide open for former foreclosure victims to provide their own foreclosure advice to other homeowners in financial hardships.

A lot of foreclosure experts can do their work from home or in an office. The main consideration will be what services are being provided to the clients, though, to determine how easy it is for the new foreclosure expert to manage the process of helping homeowners save their homes from foreclosure. If a former foreclosure victims plans on helping to buy or sell the actual foreclosed properties, they will need a real estate license to act as anyone’s agent. They will also need to be a real estate broker or work for a broker in order to ensure that there is proper oversight and all the laws are being followed in the state. Finding a local broker to work for is often easy for real estate agents, as there is always someone looking to buy a house or sell a house.

However, if the new foreclosure specialist is just interested in doing loss mitigation work, there are no licensing requirements in most states, although it is a good idea to check with the states that they plan on doing business in. Some states have new regulations for loss mitigation, including specific language that must be included in contracts or to be disclosed to clients, so it is important to do the necessary research to make the entire operation legal and successful. For the homeowner who wants to help other foreclosure victims, there are also a number of foreclosure help companies that one can become an affiliate of and work through. Many of these companies specialize in helping homeowners put together forbearance agreements or loan modifications, and provide valuable services to foreclosure victims. Of course, it is wise to keep an eye out for foreclosure scams, as well.

In terms of being scams or not, foreclosure experts have two options. First, they can work for a company that they have interviewed, researched, and come to trust and do the best that they possibly can within their structure for the homeowners trying to stop foreclosure. In reality, this might be a good place to start learning the “back end” of the foreclosure industry and how people are able to avoid going through foreclosure in various ways. Not every company will be proficient in every way to save a home, of course, but many foreclosure experts have been in the industry for a number of years, if not decades. The important thing to remember, again, is to do the research necessary to ensure that the company is legitimate and works with the best interests of their clients in mind.

Foreclosure Defense Strategy – Clients in Search of a New Paradigm

Documentary Clearing House and Associates (“DCH”) has pioneered a new strategy for attorneys who defend foreclosure cases. To date, DCH has produced three motions to assist attorneys implement the new strategy.

Viewed from afar, the short, unpleasant history of foreclosure during the last three years presents a sorry spectacle. Far too many judges in foreclosure proceedings have stopped behaving like judges and instead become advocates for the foreclosure mills. The parties that foreclose continue to ignore and avoid alternate dispute resolutions.

The government’s efforts to stem the tide of foreclosure and encourage alternate dispute resolutions have been feckless and dissipated. Most people being foreclosed have not discharged their legal obligation to defend themselves. Instead, many if not most foreclosure cases go to summary judgment uncontested. The resulting assault upon American homeownership has been systemic and overwhelming.

Many homeowners in foreclosure believe that legal representation is unaffordable. Unable to make monthly mortgage payments, they conclude that they have no means to hire a lawyer. The public sector which defends people who cannot afford a lawyer has been unable to mount an effective counter- response to foreclosure.

Too much time has been spent on tactics; too little time has been spent on strategy. Foreclosure defense is preoccupied with finding omissions, defects and deficiencies. The tactics tend to show that a rule has been violated.

Too many courts are inclined to forgive and forget. The courts dream up notions such as finding the non-compliance merely “technical” or that the foreclosure is within the “four corners of the loan agreement”.

DCH is calling for a change in strategy. What is needed is a new strategy which is effective and affordable. DCH’s new motion addresses both these requirements.

1. Employ generic defenses to make defense against foreclosure affordable to most of those facing foreclosure.

Instead of a case specific defense custom designed to meet the unique questions of fact and law unique to each case, a defense which most clients confronted by foreclosure can ill afford, DCH is providing pleadings and discovery where one size fits all. DCH is creating generic defenses. The foreclosure mills have declared war on defaulting mortgagors. The cost effective response to litigation filed by the foreclosure mills is counter-measures from a defense mill. DCH provides the bullets for attorneys to fire. By putting foreclosure one the assembly line, every client can afford to retain his or her own hired gun in a foreclosure battle..

There is a conundrum caused by the litigation protocol used in defense litigation to represent clients in foreclosure: It is effective and counterproductive at the same time. Lawyers are taught to approach each case as unique and upon its own merits. We are also taught to employ tactics to complicate the other side’s case and discover damaging information. Lawyers also try to use discovery to find errors and omissions in the other side’s case. A proficient litigator wages war upon the other side with motions, depositions, production of documents, interrogatories and requests for admissions and stipulations. Attorneys are taught that litigation cases are won and lost in pretrial preparation. Many believe that a successful outcome is predicated upon pre-trial strategy. Such tactics are p[art of the litigation protocol and have over time proven themselves to be effective and productive.

The problem lies neither with the tactics nor the strategy. Lawyers approach a litigation case like a tailor making a custom suit. Each case is entitled to receive its unique defense to custom fit the facts and law applicable to the case. The problem when it comes to foreclosure cases is the client. A client who cannot make mortgage payment can ill afford a custom suit. One reason so many cases go to uncontested adjudication is that the client has no way to pay for a custom tailored defense. Three of the four major areas for defense- a defective or fraudulent note, the provenance of the note and consumer protection and consumer fraud statutes and regulations- require an extensive proof of facts. No matter how meritorious the defense, it is not serviceable if a client cannot financially afford it.

Why Your Real Estate Agent May Not Know About Foreclosure – And What To Do About It

When foreclosure strikes, homeowners often seek out the most reliable foreclosure advice that is available to them. While a great number will end up on the internet, searching for terms they are aware of, or looking up state foreclosure law information, others will request help from a local real estate agent, sometimes the very one who sold them their house to begin with. As surprising as it sounds, though, real estate agents do not generally know the answers to questions relating to the foreclosure process, so it is not surprising that they could not give the homeowners any useful information.

Unfortunately, the fact is that the issue of foreclosures are not covered in depth in real estate licensing classes. After obtaining the license by passing the state test, there is little reason for real estate agents to become knowledgeable about how foreclosure works, and unless they study independently, they may remain ignorant even as they have homeowners ask them for advice. Learning about foreclosure is a process that begins with general information, such as knowing various terms and definitions and looking up state law, but which can not be fully understood without learning from homeowners what they go through and what they attempt to save their homes.

Real estate licensing courses are also extremely vague on what options homeowners have to avoid foreclosure, focusing instead on a brief discussion of the legal mechanisms at work. There are no discussions of the difficulties in qualifying for a foreclosure loan, how to write a convincing hardship letter, or even how to postpone the sheriff sale to gain extra time to save a house. Obviously, not all of these ideas can be discussed in a general licensing class, but the mere existence of such options are not raised, leaving real estate agents woefully unprepared to provide assistance to clients at the most stressful time in their lives.

Foreclosure is determined by state law, so any homeowner facing the loss of their home should look up their foreclosure laws. That will give them a much more comprehensive outline of the actual foreclosure process than any real estate agent can provide There will most likely be various ways that the lender and court system may proceed, including public reporting requirements, and any potential redemption period guaranteed to the homeowner. It is important for foreclosure victims to look up the state law first, so they have an idea of what to expect, how much time they have, and what options may be feasible to stop foreclosure as quickly and cheaply as possible.

In some states, the homeowners can be sued after foreclosure if the house sells at sheriff sale for an amount that does not pay back the loan in full. This is called a deficiency judgment, and is not allowed in all states under all circumstances; again, it is important to research the foreclosure laws relating to this issue. The lender may be able to sue the foreclosure victims for the difference and obtain a deficiency judgment. In theory, this allows them to continue the collection efforts even after the foreclosure is over, and they may be able to place a lien on other property owned by the foreclosure victims, garnish wages, or sell the loan to a collection agency. However, banks rarely pursue this, as they know homeowners in foreclosure do not have a lot of extra money to pay back tens of thousands of dollars in judgments, and it costs the bank more money to initiate another lawsuit, anyway.

The conventional wisdom parroted by “informed” citizens as well as real estate professionals, though, is quite different from the reality of foreclosure. This can only be due to widespread ignorance of how the process actually works in reality and the various resources homeowners have at their disposal to save their homes. While many will threaten the foreclosure victims with being evicted right away, having no hope of being able to stop the sheriff sale, and being sued even after the foreclosure auction, many of these possibilities rarely translate into reality. However, the fear of being randomly kicked out and sued for tens of thousands of dollars can cause unnecessary anxiety and may persuade homeowners to leave the house before they have to, in a mythical race against the clock to avoid eviction.