Foreclosure and Loan Modification Blog (2)

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.

[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.

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.

[fa icon="clock-o"] Sunday, August 9, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] foreclosure glossary, tax foreclosure

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?

[fa icon="clock-o"] Friday, August 7, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] mortgage, mortgage servicers, mortgage servicing, normal servicing

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.

[fa icon="clock-o"] Tuesday, August 4, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] stop foreclosure, loan modification lawyer, loan modification application

Finding an attorney to assist you with your foreclosure can be a daunting and expensive task. It's important to be aware of all of your options when you are challenged with a notice of foreclosure.

You can proceed pro se, but a better alternative is to seek free legal help. Many states have free legal aid services in every county that will find an attorney to work on your foreclosure case for free. Your eligibility for these services depends on various factors such as: residency, type of residence being foreclosed on, and your family or individual income. Depending on your case, legal aid services can offer any kind of help, from the filling out of court forms all the way to representing your case in court.

[fa icon="clock-o"] Saturday, July 25, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] foreclosure defense, legal aid

Defining Fannie Mae and Freddie Mac is not a matter of “who”, but a matter of “what”. Fannie Mae is a nickname for the Federal National Mortgage Association (FNMA). Freddie Mac is a nickname for the Federal Home Loan Mortgage Corporation (FHLMC). Both the FNMA and the FHLMC are home mortgage companies that were created by U.S. Congress. They do not originate or service mortgages, instead they buy and guarantee mortgages from the secondary mortgage market. The secondary mortgage market is where home loans and mortgage servicing rights are bought and sold between lenders and investors. This is great for homeowners because the secondary mortgage market creates competition in the mortgage industry and is responsible for encouraging lower interest rates.

[fa icon="clock-o"] Wednesday, July 15, 2020 [fa icon="user"] Jordan Shealy [fa icon="folder-open'] fannie mae, avoiding foreclosure, coronavirus, covid19, freddie mac

A loan modification can allow you to keep your home and avoid foreclosure after falling behind on your mortgage, but it's not necessarily all roses. In fact, there are some downsides to loan mods that your lender may not go out of their way tell you about.

If you don't know, a loan modification is a permanent change to one or more of the terms of your mortgage, such as the term, interest rate, and monthly payment.

A loan modification is often the only hope many homeowners have to keep their home following a default. They can be great, however if you need one, you should be aware of the following:

[fa icon="clock-o"] Sunday, July 12, 2020 [fa icon="user"] Jake Sterling [fa icon="folder-open'] loan modification, loan modification help

Foreclosure and Loan Modification Blog

What Happens When My COVID19 Mortgage Forbearance is Over?

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

Foreclosure Documents Demystified

How to Prevent Foreclosure

What is Tax Lien Foreclosure?

What is a Mortgage Servicer?

How Many Times Can You Apply for a Loan Modification?

Free Foreclosure Defense from Legal Aid

Who are Fannie Mae and Freddie Mac?

3 Dirty Secrets About Loan Modifications Your Bank Doesn't Want You to Know

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