Guidebook to Fighting Foreclosure

What Lies In Your Debt?

If you are like millions of Americans who are behind on their mortgage or thinking about doing a strategic walk out, behind on their credit cards, or just being harrased by debt collectors, then this system is for you. Fraud involving mortgage loans, and/or foreclosure proceedings are increasingly less tolerated by courts. In addition, some mistakes and fraud actually violate laws and your rights as a homeowner and consumer under the Tila, Respa, and by State and Federal Acts. We have even seen cases where the mortgage did not match the note. That fact alone can stop the foreclosure dead in its tracks. In other cases, the transfer of rights in the property was not properly executed in the mortgage which leaves the bank with an unsecured credit line. There are many factors which makes almost all foreclosures illegal. If you are not aware of these factors you are walking away and losing your home for no good reason. Continue reading...

What Lies In Your Debt Summary


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Highly Recommended

This is one of the best books I have read on this field. The writing style was simple and engaging. Content included was worth reading spending my precious time.

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How To Survive Foreclosure Or Avoid It Altogether

In many cases, you can stop foreclosure or at least avoid losing more than you have to. You just need to understand what options you actually have and the people and processes that can help you resolve these issues once and for all without creating additional problems. This 240+ page, easy-to-follow guide is designed so that it can be read and understood by the regular layperson. It's like having hand-held instruction every step of the way. Most people simply don't know what to do to prevent foreclosure or aren't sure about what they hear. They scour the internet for information and talk to every expert for solutions. Instantly there is information overload. It's often conflicting and incomplete and makes trying to solve a foreclosure problem even more confusing. You will learn: Who to call First before you send anything into your bank so you can be as certain as it gets if you can qualify or not for a loan modification. If so, this is the expert help that will build a bullet-proof case, pre-qualify you, and Prove to your bank you qualify for a modification (usually at a 2% rate). Why you should Never, Ever, ignore a foreclosure lawsuit that may be served to you (and any lawsuit for that matter). What happens when you do, and believe it or not, most people do. What foreclosure (loss) mitigation is and how it can turn your situation around. Find out if this is a strategy that will work for you and if not, what to do next. (see chapter 9) What your best options are to try first, second, third, and so on. You'll be able to check off which ones might work for you and which ones won't until you find the solution that ends your foreclosure problems saving you time and money. (see chapters 11 and 12) The systems behind loan modification how to prepare for loan modification, fill out your financial worksheet and write your hardship letter so you don't talk yourself out of your own modification! Increase your chances so you not only qualify for loan modification but lock in record low rates (2%). What to expect from your case manager, analyst, and underwriter; what to ask for and one of the most common mistakes people make that can blow an approved modification offer you have in your hands in one split second. (see chapter 10)

How To Survive Foreclosure Or Avoid It Altogether Summary

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The Layman's Guidebook To Fighting Foreclosure

This Book Features The Latest Strategies And Tactics To Help Homeowners Defeat Foreclosure. It contains almost 50 chapters explaining everything you will need to know, including the latest tips, tactics, and strategies in use today, as well as some things you can do if you have already lost your home to foreclosure. Just some of the things you will learn are: How the foreclosure process works. Why you may not be in default even if you have missed payments. New strategies for todays foreclosure environment. Why you may not owe the money in the first place. Why some courts have awarded homeowners in foreclosure their homes free and clear of a mortgage. How to get the bank to beg you to modify your loan. Why some banks have given up on trying to foreclose on informed homeowners. How to get the bank to pay you to leave your home. How you may be eligible to get back all of the money you have paid the bank over the life of your loan. How to reverse foreclosure in some cases.

The Laymans Guidebook To Fighting Foreclosure Summary

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What Are the Pros and Cons of Condo versus Coop Living

With a co-op, however, an underlying mortgage is typically held by the corporation on the overall structure. That means that if you can't make your monthly payments to cover your portion of the mortgage debt, the other owners must make up what you can't pay in order to meet the monthly mortgage payment. The same holds true for property taxes and insurance. If too many owners can't pay, then the remainder might not be able to make up the difference and the entire project could conceivably go into foreclosure.

Carry Back Second Mortgage

Should a buyer default and foreclosure result, the seller lender gets reimbursed after the first-mortgage holder's claim is satisfied. If a property ultimately sells for less than (or close to) the sales price it commanded when the carry-back second note was placed on it, the seller lender could lose money.

Technique 12Explain a Problem

The best way to do this is to be up front with the lender. Don't wait for the problem to surface as part of your credit report. Get it out in the open. And provide the lender with a clearly written letter of explanation. If you have late payments because you were ill, but are now well, tell that to the lender. If you were out of work because of a recession, but have now been employed steadily for several years and have paid back your credit problems, explain it. If you had a foreclosure, explain how it occurred and why circumstances are different now.

How to Protect Yourself

Don't take back a mortgage when a buyer wants to put down less than 20 . Professional mortgage lenders demand at least that much equity when there is no mortgage insurance, and so should you. This gives you an adequate buffer in the event of foreclosure because it increases the probability that the property can be sold for enough to cover your loan. It also gives the borrower a big incentive to avoid foreclosure in the first place.

Where Can I Find a Fixer

Other owners who lose their jobs, get a divorce, or otherwise run into circumstances where they can't keep up the mortgage, lose their property to foreclosure. You can sometimes buy a terrific fixer from a bank or other lender that's an REO (Real Estate Owned). (For more detailed information on probate sales and REOs, check into Finding Hidden Real Estate Bargains by my favorite author.) And, of course, you can work with agents.

Trapbeware Of The Big Balloon Payment At The

On short-term fixed-rate mortgages, if it turns out that you can't sell or refinance as you planned at the end of the term, you could lose the property to foreclosure You're gambling a lower interest rate on future market and personal financial conditions. Therefore, make sure a shorter-term mortgage includes an automatic refinancing option at the end. Usually this is an ugly adjustable, but at least if worse comes to worst, you won't be without a loan.

Comparing Adjustable Rate with Fixed Rate Mortgages

Downturn.) You can't call your lender later and say, I can't handle a 200 increase in my monthly payment Your lender isn't going to be sympathetic and will threaten you with foreclosure if you don't pay. The time to consider a big monthly increase is before you get that adjustable-rate mortgage, not afterward.

Can I Rely on What the Lender Says

Yes, in the sense that today lenders use highly sophisticated computer models based on hundreds of thousands of actual case histories to determine what makes a successful borrower. Where you fit in that financial profile determines the maximum amount that you can borrow. And if you fit the profile of a successful borrower, chances are excellent that you will be one. On the other hand, if you fit the profile of someone who's likely to lose the property to foreclosure, then you might reconsider renting.

Beware of Manipulation

Lenders who secured higher appraisals than were warranted and made bigger loans than were justified. Sometimes these properties were sold to poor minority rebuyers who really didn't understand about market value or how high their payments would be. Subsequently, when these rebuyers couldn't make stiff payments, the houses were lost to foreclosure.

Motivated Sellers

Did you know that as of mid-2005, there are two million homes going to foreclosure There are lots of these deals, and they are not hard to find. Advertise that We buy houses and We stop foreclosures. Put up signs and posters, and hand out business cards everywhere you go. Make flyers and door hangers, send postcards, and advertise in small community newspapers. Do dozens of things to let the world know that you buy real estate. A motivated seller is someone who must sell the home. They can't afford to have the property on the market for eight months, or even eight weeks. Perhaps they haven't been able to sell it up until now, perhaps they cannot find a tenant for it, perhaps they cannot get anyone to list it (they have no equity to cover the commissions, for instance), or perhaps they are facing bank foreclosure because of the sheer weight of all their debt. than 70 percent of Americans own a home, then there is a Perfect Storm scenario forming for the largest foreclosure calamity...

Our First Deals

One of the most creative marketing techniques we came up with was the free pre-foreclosure seminar. We advertised it on fliers as a free workshop to teach people their rights under foreclosure. We took out a free meeting room at a branch library (we were offering a community service), and then found an attorney willing to donate his time. A mortgage broker with subprime loans and a real estate agent also attended.

Buyers Agents

She just kept e-mailing properties for us to consider. She didn't ask us to sign an exclusive (unlike other agents who said they could not work with us without an exclusive). Katie just sent us deals and made offers on our behalf. She brought us properties being prepared for foreclosure. She brought us homes where the owner would carry financing for three to five years. She introduced us to areas we were not familiar with. It was all great fun. She sent us hundreds of leads. Sometimes Gene sent out 20 to 30 offers in a two-day period, always 20 percent below asking price. Katie always submitted every offer we made. We also used the newspaper, flyers, and networking with business cards. The most calls Gene received were when we ran STOP Foreclosure ads in the Money to Loan section of the Sunday newspaper. We received 70 calls a month from that ad alone.

Feeding Frenzy

2,000, with the home to be completed within eight months. Listening to her and the process she was going through was fascinating, especially the appreciation rates she was getting in that area. Gene immediately contacted our buyer's agent, Katie, and requested that she give him information on buying these particular spec homes. We still planned to continue buying pre-foreclosure homes, but all of a sudden the spec home market sounded very interesting. Katie found us Grotta Azura. The Grotta Azura house was a turning point in our challenge. Most sellers were in some type of distress like divorces or fleeing Las Vegas for hometowns. It took a lot of time to look at distressed homes. When home owners fall behind in the payments, they disassociate themselves from the property. They stop watering and mowing the lawn. They ignore maintenance and take their discontent out on the property. We could drive down the street and immediately tell which homes were going into foreclosure.

Trust Deed

A three-party lending arrangement that includes a borrower, or trustor an independent third-party stakeholder, or trustee (usually a title insurance company) and a lender, or beneficiary so-called because the lender stands to benefit if the trustee turns the deed over in case the borrower fails to make payments. The advantage of the trust deed over the mortgage is that foreclosure can be accomplished without court action or deficiency judgment against the borrower. (In other words, if the property is worth less than the loan, the lender can't come back to the borrower after the sale for the difference.) See also Purchase Money Mortgage.

Win The Foreclosure Battle

Win The Foreclosure Battle

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