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Foreclosure and Loan Modification Blog

Eminent Domain to Help Fight Foreclosure In New Jersey, Who Knew!

If you're not quite sure what eminent domain is, or if you just forgot, then let me refresh your memory. Eminent domain is “The compulsory purchase (as in, required by law, obligatory, mandatory, or in other words AGAINST YOUR WILL) to take private property (in this case your home) for public use by a state or national government. However, it can be legislatively delegated by the state to municipalities, government subdivisions, or even private persons or corporations when they are authorized to exercise functions of public character.... I don't know about you, but being forced out of my home by the government doesn't seem like a great idea to me, and now New Jersey homeowners are on boat with (a watered down version of eminent domain) to (possibly) save them from losing their homes? Are you seeing an awkward paradox here...? (WHAT THE HECK NEW JERSEY?!).

Ok, ok, let's stop the dramatic antics, even though eminent domain (in its natural definition) sounds sadistic and sinister, Newark, New Jersey's government is planning to use it for homeowners' benefit. Apparently, there is a new process in the works that would “allow the township to seize underwater mortgages and restructure them on behalf of homeowners to make payments more affordable.” Hmm, sounds intriguing, what else?

The Secrets to Effective Foreclosure Defense in Illinois

Illinois continues to have one of the highest foreclosure rates in the U.S. Homeowners fall behind on mortgage payments for a variety of reasons, and borrowers are unaware that even if they are unable to make their mortgage payments and falling to foreclosure, they may have an effective defense that can save their home from foreclosure, or, at minimum, buy more time by working with an experienced foreclosure attorney.

8 Ways a Homeowner Can Stop Foreclosure [Slideshare]

Learn 8 ways that homeowners can (or cannot) stop foreclosure. Does refinancing stop foreclosure? Does loan modification?

If you are facing foreclosure, it's important to learn about your situation and be prepared. 

Click through to see the slideshow.

 

8 Ways Homeowners Can Stop Foreclosure

Experiencing temporary or long-term hardship or receiving a foreclosure notice is not a death notice for your house.There are a wide range of options available for homeowners who are in financial trouble.

Cats can't save your home, but the tactics below can!

Foreclosure Myth Busters: Debunking 6 Common Myths

If you were to believe everything you've ever heard, stepping on a crack would result in your mother's broken back, and you'd be more golden than King Midas based on all the pots you would have collected at the end of rainbows. However, these myths are just like many of the foreclosure myths, simply untrue. Recognizing some of the crazier myths has always been easy, but many of the foreclosure myths seemingly have merit. In the quest for the truth, some of the most common foreclosure myths are put to the test. In true myth buster fashion, the following information features foreclosure myths tested, tried, and ultimately debunked.

MYTH #1

My credit will be damaged forever.

Although a foreclosure will have a negative effect on your credit score, you can recover. Today's borrowers can be approved for FHA loans in as little as one year after a foreclosure. However, you can't have any other derogatory marks on your credit report at the time.

Don't Let Industry Confusion Stand in the Way of Action

 Recently, the foreclosure process has been in a state of disarray, as banks, regulators and lawyers struggle to uncover issues and faults within the system. As a result of this confusion, some homeowners either currently in the foreclosure process or in danger of foreclosing may lack a clear direction or be unsure of what steps to take next. "It is imperative that these individuals reach out to their lender now to avoid an unwelcome outcome later. The most dangerous thing a homeowner can do is nothing," says Ethan Ewing, president of Bills.com.

Lenders typically lose money when they foreclose on a property, and because of this, they are often motivated to reach some sort of conclusion with struggling borrowers. It's important to recognize the fact that lenders will usually respond to a settlement offer made by a borrower. Homeowners concerned about their ability to continue paying on a mortgage should take advantage of the opportunity and reach out to their lender to open a line of communication. 

Defaults of the Rich and Famous: Celebs Who Needed Foreclosure Help

Since its beginnings in 2007, the foreclosure crisis' effects were felt by people across every layer of social strata.  Given the lavish spending habits of the rich and famous, it will probably serve as no surprise that some to the biggest names in entertainment suffered harshly during the economic downturn and endured foreclosure like millions of other Americans. Here are 6 celebrities that have experienced the worst part of the Great Recession; some in more interesting ways than others.

1. Rihanna

In 2009, Rihanna purchased a $6.9 million mansion in Beverly Hills, California. Allegedly, flooding from a "moderate rainstorm" in 2010 caused "extensive damage" to the house, and she famously defaulted on the home and sold it via short sale for $4.5 million in 2011. Her lawyers then sued the former owners of the home and several other parties for good measure. It seems that the pop singer didn't have a good enough "Umbrella" in place. By the end of the next year, the buyer had already put the home back on the market... for $9.95 million.

Will the Government Shutdown Affect the Foreclosure Process?

The government shutdown has affected many "normal" parts of American life, not to mention the lives of hundreds of thousands of furloughed federal employees. Although the most important question about the shutdown is "When and how will it end?" many Americans who are experiencing foreclosure or are at risk for foreclosure would like to know how their homes might be affected. After all, even without knowing how long the government shutdown will last, it could be argued that mortgage fraud and the ensuing financial crisis crisis debilitated Americans more than the government gridlock can or will.

Freddie Mac Turns to YouTube to Dispel Common Foreclosure Myths

Freddie Mac is helping consumers separate foreclosure fact from fiction in a new video series recently launched on its YouTube Channel (http://www.youtube.com/FreddieMac). Each video dispels one of five common myths that could prevent people from keeping their homes if they face foreclosure. It is based on content from the Freddie Mac Get the Facts on Homeownership education and outreach materials. Here are five common myths that consumers should be aware of when it comes to dealing with foreclosures.

How Can I Stop Foreclosure Proceedings in Pennsylvania?

It’s not uncommon for home owners to become anxious and overwhelmed when they incur financial problems that can prevent them from making their monthly mortgage payments. This can happen for any number of reasons: a loss of income, divorce, medical problems or other personal circumstances.

If you are having problems here are some things you can do to avoid foreclosure proceedings in Pennsylvania. Start by clarifying the cause of your financial problems and why you are in foreclosure. Gather your documentation for your monthly income and expenses. You will need this information as you explore your options to try and find alternatives to foreclosure.

About this Blog

Amerihope Alliance Legal Services is a leading loan modification and foreclosure defense law firm with attorneys licensed in 5 states. We have helped over 7,000 homeowners fight back and keep their homes.

Click to Read Our Super Loan Mod Success Stories

Our goal is to provide valuable information to help homeowners who are trying to obtain a loan modification or to stop foreclosure. You may schedule a free consultation at any time.

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