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Foreclosure and Loan Modification Blog

How are Deficiency Judgments Collected?

You may think that once the awful foreclosure process is over you will not hear from your lender ever again. However, if there is a deficiency judgment form the foreclosure sale, this may not be the case. The bank can come after you if your home does not sell for the full value of the debt owed. This is called a deficiency judgment. How exactly can the bank collect this judgment? Read on to find out how.

COVID-19 Foreclosure Statistics

COVID-19 has put the world through the ringer lately, and homeowners have not been an exception.
Though the government has tried to help out, only so much can be done when unemployment is increasing and businesses are closing.

Over 40 million people have filed for unemployment. Even before the pandemic about 10-15% of homeowners reported to being “housing insecure”, meaning that homeowners were worried about their ability to make payments. In April 2020, 1 in 3 Americans did not pay rent, and even though evictions have been halted, there are still people being evicted!

A Guide to Fast-Track Foreclosure Processes

An expedited foreclosure, also known as a fast-track foreclosure, is an action pursued by the lender of the mortgage which allows the lender to foreclose on a home more quickly than the typical foreclosure process would allow. The lender files a motion to expedite the foreclosure with the courts. The motion for an expedited foreclosure is also served to the homeowner. This motion is only granted to the lender if the lender can show that the home has been abandoned and may be at risk of harm.

You can also receive a motion for expedited foreclosure when you are still living in the home. If this should happen to you, it is very important that you meet with a foreclosure defense attorney to review the documents. In most cases, you will want to hire a lawyer to make sure you follow all of the instructions and respond and object to the motion. This means you may have to submit evidence and attend a court hearing in order for the judge to decide whether or not you have abandoned the home.

What Happens When My COVID19 Mortgage Forbearance is Over?

If you have secured a COVID-19 mortgage forbearance that works for you and your family this can be a great help. However, it is important to discuss with your mortgage servicer how they will be handling your past due payments at the end of the forbearance. 30 days before the forbearance ends you should assess your situation with your mortgage servicer to determine your next steps. Some servicers are requiring borrowers to make one large balloon payment when the forbearance ends, which is the worst case scenario for many homeowners. Other options are:

  • reinstatement
  • repayment plan
  • payment deferral
  • loan modification
  • refinancing

Should I Maintain My Home After I Am Served with Foreclosure Documents?

Until a foreclosure takes place you have the right to live in your home. Sometimes you can even remain in the home for a period of time after the foreclosure auction if your state has a post-sale redemption period. Until you are evicted you should continue to maintain your home. Read on for a few reasons why.

Foreclosure Documents Demystified

You have 3 choices when served with foreclosure documents: you can respond yourself, hire an attorney or do nothing.

You have the best chance of keeping your home with the help of a foreclosure defense attorney, and you are guaranteed to lose your home if you do nothing. If neither of these choices sound good to you, you can respond and represent yourself.

Read on for a guide to starting the foreclosure defense process as a pro se litigant.

How to Prevent Foreclosure

You've been served with foreclosure documents and now you're wondering: What's my next move to fight this action? Once you are served with foreclosure papers there are two options. You can be reinstated or you can request a loan modification.

What is Tax Lien Foreclosure?

To understand if you can fall victim to tax foreclosure you first have to determine whether you have an escrow account. Government-backed loans require an escrow account. Lenders of conventional loans that are not backed by the government can decide if they want to have an escrow account or not. Once you have an escrow account, you don't need to worry about paying property taxes because your loan servicer takes care of it. If you are a homeowner who does not have an escrow account for your mortgage or you have made all of your mortgage payments and own your home completely, you could be served with tax lien foreclosure documents. Tax lien foreclosure is a foreclosure that takes place after you fail to pay your property taxes. The foreclosure is initiated by the county that you live in because they have the lien on your home once you fail to pay the tax.

What is a Mortgage Servicer?

When you pay a mortgage on your home every month, it can sometimes seem like there are so many entities involved in the transaction. One entity you consistently keep hearing from is your mortgage servicer. What exactly does your mortgage servicer do?

How Many Times Can You Apply for a Loan Modification?

If you are fortunate enough to be granted a loan modification, it is such a relief to know that you have saved your home! Almost losing your home to a foreclosure can be a scary wake up call that you hope to never have to go through again. Some people unfortunately do face foreclosure more than once, and when this happens there are many things to consider. One of them is whether you can modify your loan again.

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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