Foreclosure and Loan Modification Blog

Jordan Shealy

Nova Southeastern University Shepard Broad School of Law JD Candidate 2022 Association of Business Law Students | Public Relations Chair

Moving Out After Foreclosure

As the saying goes, you win some and you lose some. In the case of a foreclosure lawsuit, if the homeowner “loses” the bank gets to keep the house. And when the bank keeps the house, the homeowner gets booted out. The bank, or new owner, must give homeowners notice before eviction can take place. Even so, the homeowner bears the moving expenses. These expenses can be difficult to cover, especially in the wake of the financial hardship that led to foreclosure.

Are there any options for homeowners in this situation?

[fa icon="clock-o"] Tuesday, December 1, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] life after foreclosure

The short answer is: not really.

It is highly unlikely that your foreclosure lawsuit will end in you getting your house for free. The only way this could happen, is through multiple oversight s on the bank's part. Your lender would have to neglect to file a foreclosure action after you default on your payments of a matured loan AND they would have to neglect filing that action for several years. Each state has its own Statute of Limitations which determines how long the bank has to proceed with the foreclosure of your home.

What Can You Do If Your Mortgage Servicer Makes a Mistake?

Your mortgage servicer is not perfect, and sometimes they make mistakes just like everyone else. It is important to review all of your documents and communications with your servicer to check for mistakes. If something doesn't look right, it may not be. You should alert your mortgage servicer immediately if you think your account may be reporting incorrectly. Here are some of the common mortgage servicer mistakes to look out for:

[fa icon="clock-o"] Saturday, November 14, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] mortgage servicers, mortgage debt, mortgage servicing, normal servicing

Approximately 250,000 families enter into foreclosure every 3 months due to delinquent home loan payments or delinquent property taxes. Each of these homeowners has one thing in common: they have to make the decision of whether or not to fight for their home. However, if you want to fight the foreclosure and keep your home, it's time to find a foreclosure defense attorney. Here are some reasons why:

Are You Really a Victim of Bad Lending?

The process of obtaining a mortgage for your home can be very confusing. There are many parties involved in your mortgage and it can be easy to become overwhelmed by all of the new information. Taking out a mortgage is not as simple as just paying the price of the home over a certain period of time. There is interest factored into your payment along with principal, tax and insurance. When your house gets foreclosed it's easy to throw your hands in the air and say, “It's not my fault, I must be a victim of predatory lending!”. However, this is not always a reasonable conclusion. Here are the signs to look for in order to figure out if you are truly a victim of bad lending.

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.

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.

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.

[fa icon="clock-o"] Friday, August 28, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] foreclosure, dos donts of foreclosure

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.

Foreclosure and Loan Modification Blog

Jordan Shealy

Recent Posts

Moving Out After Foreclosure

Is There Such Thing as a Free House?

What Can You Do If Your Mortgage Servicer Makes a Mistake?

Why Should I Hire a Foreclosure Defense Attorney?

Are You Really a Victim of Bad Lending?

How are Deficiency Judgments Collected?

A Guide to Fast-Track Foreclosure Processes

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

Foreclosure Documents Demystified

How to Prevent Foreclosure

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