When you first heard these stories, you probably didn't believe they were true. Whether the stories featured controversial changes to the Florida foreclosure laws, Florida's unbelievable foreclosure timeline, or a slap on the wrist for Florida's Foreclosure King, the three biggest foreclosure stories in Florida in 2013 are, well... as "Florida" as it gets.
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From the election to the continued Sandy recovery efforts, 2013 was important for the future of New Jersey. 2014 promises to be an even more vital year for New Jersey's future. While the hot-button topic of last 5 years has been all about how New Jersey has dealt with new foreclosures, the hot-button topic in 2014 will be about how New Jersey deals with the aftereffects of the mortgage crisis.
If New Jersey's people, government, and banks don't make the right choices, then it could spell a worse 2014 and beyond for everyone in the Garden State.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
If bad lending and greed made the foundation the foreclosure crisis was built upon, then its two pillars were long-term unemployment and footdragging by the banks. This homeowner and his wife had experienced all of these aspects of the foreclosure crisis, but with our help, they were able to right their lives again and get back on track to a bright financial future.
Millions of Americans are struggling financially. Some are at risk of or are already in foreclosure.
There have always been shady "Fix it Fast" companies that are trying to take advantage of people who need help. Scams can be easy to spot if you are well-informed about today's most common schemes.
1. Foreclosure Rescue Scam
The Foreclosure Rescue Scam usually includes a "counselor" contacting someone in foreclosure and telling them they can help negotiate their loan modification with the bank to stop the foreclosure, all for an upfront preset fee. There are already two problems with that promise:
A trial loan modification is usually the next-to-last step for homeowners who have successfully applied for a loan modification. Lenders give homeowners trial loan modifications to test their ability to pay a mortgage payment under terms that have been optimized to fit a homeowners' financial situation. Trial loan modifications usually last for 3 months, and if all 3 payments are paid in full and on time, then the mortgage lender will begin the process of offering a permanent loan modification.
For most people, a trial loan modification is like a bridge into the "promised land" of financial stability. If they're able to successfully cross over that bridge after fighting to reach it for several months, then their financial lives will be in a much better position than before.
By Barbara Pronin
Identity theft is a serious crime that can wreak havoc with your credit. Preventing it starts with managing your personal information carefully and sensibly. The Federal Trade Commission (FTC) recommends seven simple precautions:
- Carry only essential documents – On any given day, go not carry extra credit cards, your Social Security card, a birth certificate or passport with you outside the house unless they will be needed.
- Keep new checks out of the mail – When ordering new checks, pick them up at the bank, if possible, instead of having them sent to your home.
Disclaimer: These results should not be taken as a guarantee, as each case is unique. We have helped over 5,000 homeowners, here is one of their stories.
One of the biggest public misconceptions at the beginnings of the foreclosure crisis was that banks were well-equipped to handle loan modifications. Perhaps even the banks themselves believed this, because it has taken them years to even slightly improve their loan modification processes. The ineptitude of the loan modification departments at major banks has been well-documented, and has resulted in many homeowners losing their homes.
If loan modifications were the holidays, then Wells Fargo would be the Grinch. While the other big banks have been known to make life difficult for homeowners who are facing foreclosure, Wells Fargo's loan modification unit is among the worst. How many American homeowners have they spoiled Christmas for this year?
If you are paying for a trial loan modification, then the cold, hard, truth is that your lender does not have to stop the foreclosure process on your home. In fact, expect foreclosure to proceed as if you hadn't done anything, unless you've otherwise been informed by the courts. This is for 3 reasons:
Regardless of how the economic landscape progresses in the coming months, there are certain steps consumers can take to safeguard their own financial well-being. Nonprofit firm InCharge Debt Solutions advises following these five steps:
1. Reduce your debt – Paying for debt instead of life's necessities (food, shelter, utilities) is counterproductive, particularly during a recession. Take steps to pay down your debt as much as possible before another downturn.
2. Create an emergency fund. Even if you only have a small amount of "extra" money every time you receive income, put as much as you can away.
3. Cut your expenses. It is amazing how many things you can save on when you really put your mind to it - cable, insurance, entertainment. There are always ways to cut back.
