Don't Be Scammed Into Paying For What's Yours
After surviving the ills of predatory lending and predatory foreclosure, Florida homeowners have been complaining about a new type of predator.
Recent Posts
How Mortgage Fraud, Bad Loans, and Predatory Lending Caused The Great Recession
The Department of Justice and the Federal Bureau of Investigation both point to mortgage fraud as being one of the primary causes of the housing market crash and mortgage lending meltdown that tipped the United States and the world into recession. In fact, in 2004, the FBI specifically warned that the exponential increase of mortgage fraud could cause banking industry losses and failures comparable to those experienced during the S & L crisis, which cost American taxpayers $132 billion.
Pennsylvania's Foreclosure Process, Explained
In comparison to many other states, the Pennsylvania foreclosure process is fairly straightforward. In fact, Pennsylvania is the only state in the country that has a state-funded loan program designed to help homeowners who, because of extenuating circumstances, have found themselves trapped in the foreclosure process and are worried about losing their homes. If you live in Pennsylvania and have just missed your first mortgage payment, or are already deep into the Pennsylvania foreclosure process, do not lose hope. Whether you have found yourself facing foreclosure because of sudden increased interest rates or internal hardships like a death in the family, debilitating illness, or unanticipated loss of wages, there are options to help homeowners get back on their feet. The first step on this path is the understanding of the Pennsylvania foreclosure process.
According to online real estate marketplace Zillow, there are approximately 13 million US homes with mortgages in a negative equity situation. In addition to negative equity, hardships and rising interest rates have left many homeowners unable to afford their monthly mortgage payments. For many families, the only hope they have of keeping their homes is to secure a loan modification that reduces their payments and makes their home affordable.
The US Department of Housing and Urban Development (HUD) has attempted to ease the foreclosure crisis with programs designed to encourage lenders to modify loans and provide homeowners with tools and resources to assist them in obtaining a loan modification.
Loan Modification and the Homeowner: What You Need to Know About Loan Modification Packages
If you have received a a foreclosure notice or missed a few mortgage payments, know that you are not alone. In 2012, an estimated 2.1 million foreclosure filings were made in the United States. More than ever, Americans are finding themselves facing the repossession of their homes due to any number of reasons, including a sudden fall in property value paired with increased interest rates and unanticipated hardships including a loss or decrease in wages, debilitating illnesses, death in the family, or adjustable rate increases. If you have received a home foreclosure notice, or are about to miss a mortgage payment, don’t panic just yet. Contacting your mortgage lender and seeking professional counsel regarding a loan modification package can significantly improve your chances of escaping foreclosure and creating a sustainable payment plan.
Foreclosure Process in New York
If you live in New York and are facing a foreclosure or are in the process of foreclosure, do not give up hope of keeping your home. The foreclosure process is New York is lengthy, taking generally 445 days, or 15 months, from the date the owner misses the first mortgage payment to the foreclosed sale of the home. Throughout this period, lender or loan servicers must file and send the proper paperwork, giving the homeowner plenty of time to find alternative and viable options to regaining control of the process.
The loan modification process in Florida may be the answer for you if you purchased a home in Florida near the peak of the real estate market about six years ago. You, like many other borrowers, may have experienced problems building home equity over the past several years. You either have no equity in your property or an “underwater mortgage.”
An underwater or “upside-down” mortgage refers to a situation when the homeowner has negative equity in the home—the person owes more on the loan than the market value of the home.
Florida Foreclosure Case Management Conferences
If you’re a homeowner who’s behind on your mortgage payments and in foreclosure in Florida, you may be scheduled for a case management conference. What is a case management conference and where does it come into play during foreclosure proceedings?
When Payments Fall Behind
The prospect of facing the foreclosure process in Florida can be a scary one. Most homeowners try to stall the foreclosure process by first seeking out loan modifications.
David Ramos is one of the nation's foremost experts in home loan modification. He has helped over 5,000 homeowners stay in their homes, and now works with lawyers to save homeowners as Operations Manager at Amerihope Alliance Legal Serviceswhich is a law firm that concentrates on foreclosure defense. Today, I asked him about what the government should do to help homeowners.
Interviewer: If you were President, what is the one thing you'd do to help homeowners who need a home loan modification?
David Ramos: “To understand the changes I would make, you need to first understand what the situation in the loan modification industry is today. Before Wall Street got involved with home loans, the loan modification system was a lot more simple. If a client's mortgage was with Chase Bank, for example, then we would just call the bank directly and work with them. When subprime lending was in vogue and Wall Street became involved with home loans, loans were no longer owned by single banks, they were often owned by groups of investors who purchased them on the secondary market.
If you are among the homeowners asking what is a conciliation conference instead of mediation approach to foreclosure prevention negotiation, and wondering if conciliation is the best choice for your particular situation, you'll want to become familiar with this approach and its advantages. Most people have heard of mediation and arbitration, as they are a part of many types of legal actions. Conciliation is a technique that many haven't yet seen applied in foreclosure related cases, and thus are not sure what its strengths are.
