Foreclosure and Loan Modification Blog

Boomerangs Aren't Just an Australian Invention - Buying a Home after Foreclosure

So what's this about boomerangs? You mean those wooden tools that were first made in Australia, you know, those objects that you throw and they come right back to you? Well... Not Exactly

BOOMERANG BUYER.

Boomerang buyer is a term of art, and it is used to describe the homeowners that underwent foreclosure and are now ready to buy another home. Hm, clever or....? I know it sounds kind of crazy, but there are many people who go through the stress and anguish of losing a home to foreclosure, yet soon enough, they want to buy again. Are these people sane or do they need a pinch? The first thing you're probably asking yourself is can they even do that?

The simple and straightforward answer is YES they can.

[fa icon="clock-o"] Monday, June 2, 2014 [fa icon="user"] Madel Bermudez [fa icon="folder-open'] foreclosure defense

No, you didn't misread, this mom actually raps about her foreclosure. So feast your eyes on this mom making light of a terrible situation by cleverly rapping about her whole foreclosure process.

Mom says that she's “sick of these banks taking our homes and pocketing all the money! Here's my story - and I decided to rap it!”

[fa icon="clock-o"] Friday, May 23, 2014 [fa icon="user"] Madel Bermudez [fa icon="folder-open'] loan modification, foreclosure defense

Imagine having a Foreclosure Complaint filed against you in 2010 as you were almost 12 months behind in making your mortgage payment. It is now 2014 and a trial has been scheduled to determine whether you get to keep your home or lose it at an auction sale.

In the intervening years, with the help of AALS you have submitted numerous applications for assistance to modify your loan with the lender, but have been denied for any government assistance program and have only been offered a solution that would require a substantial lump sum down payment. The owner of the loan has changed at least one time during the course of the litigation along with the servicer and the attorney for bank has changed as well. The new attorney for the bank has filed numerous documents with the Court as the trial date has approached and it appears that the new servicer has all of its "ducks" lined up to go forward and get a final judgment of foreclosure and have your home scheduled for sale.

[fa icon="clock-o"] Friday, March 21, 2014 [fa icon="user"] Alex J. Pearlberg, Esq. [fa icon="folder-open'] stop foreclosure in florida, foreclosure defense

Good people face foreclosure every day, all over the country. The reality of the situation is that most people who face home foreclosure want to pay their bills, but have run into financial instability due to circumstances largely outside of their own control. Since the year 2000, foreclosure statistics have been on a steady upward trajectory year over year, starting at 470,000 homes in 2000, and growing each year to peak at 3.9 million homes in 2011, the most recent year for which full statistics are available. Foreclosures are regularly attributed to non-payment, but there are other reasons they occur, as well. Can foreclosure happen due to late fees?

[fa icon="clock-o"] Wednesday, January 8, 2014 [fa icon="user"] Jake Sterling [fa icon="folder-open'] foreclosure defense

Illinois continues to have one of the highest foreclosure rates in the U.S. Homeowners fall behind on mortgage payments for a variety of reasons, and borrowers are unaware that even if they are unable to make their mortgage payments and falling to foreclosure, they may have an effective defense that can save their home from foreclosure, or, at minimum, buy more time by working with an experienced foreclosure attorney.

[fa icon="clock-o"] Monday, December 30, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] stop foreclosure, illinois foreclosure lawyer, how to stop foreclosure, foreclosure defense

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?

8 Ways a Homeowner Can Stop Foreclosure [Slideshare]

Learn 8 ways that homeowners can (or cannot) stop foreclosure. Does refinancing stop foreclosure? Does loan modification?

If you are facing foreclosure, it's important to learn about your situation and be prepared.

Click through to see the slideshow.

[fa icon="clock-o"] Friday, December 6, 2013 [fa icon="user"] Kristen Clinton [fa icon="folder-open'] stop foreclosure, foreclosure defense

When researching options for preventing foreclosure, expect to encounter conflicting opinions regarding the most effective strategy. That's to be expected, because personal finance is exactly that – personal. What makes sense for one person's financial situation may not be the right move for a person with slightly different circumstances. Some homeowners choose a strategy that includes filing bankruptcy to avoid foreclosure. Careful review may lead others to decide they're better served by combining a loan modification program with aggressive foreclosure defense.

Immediate Effect of Filing Bankruptcy

Filing bankruptcy holds a major appeal to stressed homeowners worried about foreclosure. It brings foreclosure proceedings to a temporary halt, offering the homeowner a bit of respite from the ticking foreclosure clock and buying some time to find a solution. That's because once bankruptcy is filed, no further action, including foreclosure, can be taken by the home loan lender without approval by the judge. Filing bankruptcy to avoid foreclosure has become an increasingly popular tactic.

[fa icon="clock-o"] Wednesday, November 27, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] foreclosure defense

Although foreclosure laws vary from state to state, most states require that the lender file a lawsuit with the circuit court in the county that the property is located. As a result, the homeowner will receive a notice of lawsuit. Once the homeowner receives this notice, it's imperative that he or she speak to legal foreclosure counsel, or else they are most likely already in over their heads. Even with this information, some homeowners choose to represent themselves and quickly discover their inability to navigate toward a favorable outcome in the legal process.

[fa icon="clock-o"] Wednesday, November 20, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] foreclosure defense

The unofficial definition of a deficiency judgment, sometimes called a mortgage deficiency judgment, could be something like: “…When your former mortgage lender won’t let you go.” Unfortunately, the real answer is a little more complicated.

If the unthinkable happens and you lose your home to foreclosure sale, there could be two outcomes. The first outcome is that the lender receives the amount of money you owe on the mortgage. In a perfect world, your house is worth $100,000 and it sells at foreclosure auction for at least $100,000, then your mortgage lender is just a bad memory (maybe).

[fa icon="clock-o"] Friday, November 15, 2013 [fa icon="user"] Jake Sterling [fa icon="folder-open'] how to stop foreclosure, foreclosure defense, foreclosure deficiency, life after foreclosure

Boomerangs Aren't Just an Australian Invention - Buying a Home after Foreclosure

Mom Breaks It Down Foreclosure Style

Foreclosure Defense Success: Should You Agree to a Summary Judgment?

Home Foreclosure: It Happens for More than Just Missed Loan Payments

The Secrets to Effective Foreclosure Defense in Illinois

The Wells Fargo Grinch Who Wrongly Foreclosed at Christmas

8 Ways a Homeowner Can Stop Foreclosure [Slideshare]

What's the Best Kind of Bankruptcy to Avoid Foreclosure? Chapter 7 or Chapter 13 ?

Immediate Effect of Filing Bankruptcy

Foreclosure Summary Judgment - Hearings and Motions and Sale Dates, Oh My!

What Is a Deficiency Judgment, and How Can You Avoid One?

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