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Foreclosure and Loan Modification Blog

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.

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.

Free Foreclosure Defense from Legal Aid

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.

COVID-19 Foreclosure and Eviction Procedures

This article was last updated July 10, 2020 at 10:45 a.m.

Federal Foreclosure Moratoriums

Federal laws now state that Fannie Mae, Freddie Mac and FHA have been directed to suspend foreclosures and evictions due to the COVID-19 emergency. What does this mean? Any person with an Enterprise-backed single-family mortgage will not be evicted or foreclosed on before August 31st. This does not mean that your mortgage payments are forgiven for the next 2 months; you must still pay the money, the due dates have just been suspended. You will not be charged a fee for taking advantage of this forbearance. Also, as per the Federal CARES Act, your mortgage servicer is not allowed to ask you to pay a lump sum payment at the end of the forbearance period.

If you don’t know whether your loan is backed by Fannie Mae or Freddie Mac, you can verify it below.

Successful Loan Modification Roundup Week of 5/15/20

Mr. Cooper Loan Modification

We received a modification for our client's mortgage with Mr. Cooper. They were 10 months behind, and in an active foreclosure case. This new modification lowers their mortgage payments from $803.82 per month to $743.64.

Do you have a Mr. Cooper mortgage that's past due? See some of our other Mr. Cooper case results here.

A Letter to Our Clients Who Are Facing Extreme Cold Temperatures This Week

Dear Clients,

Holiday Help Avoiding Foreclosure!

This holiday season, you may get the gift of delayed foreclosure because courts and banks will be closed some days around Christmas and New Year's.

Foreclosure sale dates often aren't scheduled by courts for the end December to account for the days they will be closed.

The closures will also temporarily disrupt progress on moving a foreclosure case toward a sale.

That's means that you may have slightly more time in your home than if your foreclosure case was moving forward at another time of the year.

Foreclosure Eviction Moratoriums

It's possible to have some delays in your foreclosure case just because of the courts being closed. But there are also some actions being taken specifically to help families stay in their homes during the holidays. 

How to Contest a Judicial Foreclosure Lawsuit

If you fall behind on your mortgage, and your home is in a judicial foreclosure state, you lender must sue you in a civil foreclosure lawsuit to take your home. While being sued may sound scary, it's actually better for your in nonjudicial foreclosure states because you have more opportunities to contest foreclosure. And you want as many opportunities as possible.

But opportunities must be seized! Whether you want to keep your home by getting a loan modification, or you just want to avoid foreclosure for as long as possible so you can save money before giving up your home, you should seize the opportunities available to you by contesting the foreclosure lawsuit against you.

4 Ways to Avoid a Repeat Foreclosure After a Loan Modification

Getting out of foreclosure is only half the battle. The other half is staying out.

After months or years of not making house payments and trying to avoid foreclosure, some homeowners have been able to reinstate their mortgage with a permanent loan modification that gives them the opportunity to keep their home and avoid foreclosure for good.

Unfortunately, some of these homeowners have stopped making mortgage payments again and ended up back in foreclosure.

That's called a repeat foreclosure, and it's been a big problem since the housing crisis began. ATTOM Data Solutions recently reported data on repeat foreclosures. The results show very high rates in some parts of the country.

5 Things to Not Do When You're in Foreclosure

Falling behind on your mortgage doesn't mean losing your home to foreclosure is a foregone conclusion. What happens and when depends in large part on how you respond to your situation. You may be able to keep your home or at least exit it under the best circumstances. But to do that you have to act on good information and avoid the mistakes that are often made by homeowners in foreclosure, which include:

1. Assuming your lender is going to help you.

Though your lender has the power to help you, you should not assume that they will. You and your lender's goals don't always align. Following a default, you probably want to keep your home but with a lower payment. The bank simply wants to make as much money as possible from the loans in their portfolio. Sometimes helping you keep your home is also the best way for the bank to make the most money, sometimes not.

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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