Choices in Home Foreclosure

What is good for the goose is not necessarily good for you.  Honking and aggressive behavior may not illicit the desired result in a home foreclosure, or anything else.  However, you do have choices in home foreclosure. There is no single solution to deal with home foreclosure.  It depends on your circumstances—how much equity is in your home, if you are unemployed, if you are retired, if you are raising children or a caregiver for a family member, or if you have a medical hardship. Some of the foreclosure resolutions include: Refinance Forbearance Short Sale Mortgage Modification Reverse Mortgage Hardest Hit Fund (And sometimes) Bankruptcy Just because everybody is flying south does not mean you have to join the flock.  Seek competent financial guidance, such as a HUD-certified counselor or an attorney, to help you determine the choice with the best benefit for you. Read More

Marching Into Home Foreclosure

I was in marching band in Utah, and our last show, we marched into the pool…kind of like home mortgages bundled into mortgage-backed securities. Safety in numbers, investors thought, no way they will all default at the same time.  And thus, homeowners across America marched into foreclosure together. Though many homeowners went together into home foreclosure, there was not a single solution to fit every situation.  Instead, there were many choices.  The best choice for the homeowner depended on the homeowner’s circumstances.  The same is true today, with choices including: Refinance Forbearance Short Sale Mortgage Modification Reverse Mortgage Hardest Hit Fund (And sometimes) Bankruptcy You may need to get a third-party professional involved in order to complete a resolution.  A legal defense of your home foreclosure gives you time to pursue a resolution to bring you the best benefit.  Consult competent legal counsel to review your situation and which strategy is right for you.   Read More

Strategies May Vary with Foreclosure Defense

This little piggy’s house went to short sale. This little piggy refinanced his home. This little piggy got a reverse mortgage. This little piggy got a modified loan. And this little piggy cried, “Free!  Free!  Free!” all about his home. Homeowners in foreclosure have one thing in common:  missed mortgage payments.  Beyond that, there is no single solution to deal with home foreclosure.  It depends on your circumstances—how much equity is in your home, if you are unemployed, if you are retired, if you are raising children or a caregiver for a family member, or if you have a medical hardship. Some of the foreclosure resolutions include: Refinance Forbearance Short Sale Mortgage Modification Reverse Mortgage Hardest Hit Fund (And sometimes) Bankruptcy However, you may have to get a third-party professional involved in order to complete a resolutions.  A legal defense of your home foreclosure gives you time to pursue a resolution to bring you the best benefit.  Consult competent legal counsel to review your situation and which strategy is right for you. …By the way, the fifth little piggy was dreaming.  A free home is not the standard result of a foreclosure defense. Read More

Everything in Home Foreclosure

On the radio show my brother, Stephen, likes to ask me what is going on my world:  Everything.  Home loan originators have done things badly and home loan servicers have done things badly…resulting in Everything that can go wrong for a homeowner often goes much much worse. Examples include a homeowner making payments on a permanent loan modification, and then those payments not being accepted by a new loan servicer.  In another case, two banks were foreclosing on the same mortgage, while the homeowner had receipts showing she had made all the payments.  For numerous other homeowners, lenders lose information faster than they slough skin cells.  (Not all lenders and loan servicers are this way, but some are.) On the other side, homeowners may not have Everything, but they do have choices when it comes to home foreclosure.  It depends on where they are in the process, what their situation is, and what their goals are as far as which strategy will bring them the best benefit.  Some of the strategies include: Refinance Forbearance Short Sale Mortgage Modification Reverse Mortgage Hardest Hit Fund (And sometimes) Bankruptcy A Foreclosure Defense can help homeowners find the time to pursue an alternative to […] Read More

Pre-Amortization & After

The journey of a 30-year mortgage begins with a single payment, but it does not necessarily end 360 months later.  Home ownership is evolving. Before amortization, you would have an interest payment, then you would have a reoccurring balloon that went over like a lead balloon sinking finances and putting people out of their homes.  Then along came a formula that was level over the term of the loan, completely covered the principal and interest, and terminated at the end of the loan:  amortization. Today, most Americans do not have a loan for more than three to five years.  It is weird to see someone pay off a 30-year loan.  Circumstances change, and a homeowner may sell or refinance. In refinance, you need to know where the break-even point is.  How long does it take to get the money back that I spent?  Be careful what you sign yourself into (or out of).  Words mean things.  Make sure you understand the terms of your loan and how you will be affected if you refinance.  Competent legal counsel can help you review the deal to ensure you are getting what you think you are getting.   Read More

More Than One Way to Deal with Home Foreclosure

My brother, Stephen, and I have a radio show on News Talk 1240 AM WFOY…that is what it used to be called.  Last year, the station switched to FM broadcasting and now has an FM number which is primarily used.  But the old AM number still works and I like it better.  There is more than one way to listen, just like there is more than one way to deal with home foreclosure. There are many choices when it comes to home foreclosure, and it depends on where you are in the process, what your situation is, and what your goals are as far as which strategy will bring you the best benefit.  Some of the strategies include: Refinance Forbearance Short Sale Mortgage Modification Reverse Mortgage Hardest Hit Fund (And sometimes) Bankruptcy  Talk to your lender.  See if you can make a deal with your loan servicer.  If you do receive foreclosure papers, seek competent legal counsel to discuss your choices and which will bring you the best benefit.   The radio show is called “Land Title Talk” and it airs the first and third Thursdays of the month at 8:00 a.m. on WFOY 1240 News on the AM dial.  […] Read More

Through the Woods of Foreclosure

Over the river and through the woods…where did Grandmother’s house go?  Grandma could have tried a short sale, a loan modification, refinance, or even (at her age and home equity) she might have considered a reverse mortgage, but no, Grandma decided to be an old nanny goat and when she missed some mortgage payments, she went straight to foreclosure without considering other options. Talking to an attorney does not have to be a frightening experience, or an expensive one.  Many attorneys offer free consultations (which you can find out with a phone call to their office) or you may be eligible for Legal Aid (depending on your income level). Foreclosure is a complicated process that does not lend itself well to layman interpretation.  Even if you owe money on your mortgage, in many cases a defense attorney can help.  An attorney can review your situation and your goals to help determine if you have legal defenses available, and help you see what choices you have.  An attorney can also help you understand the foreclosure process better so you know what the outcome possibilities are at each choice point. With competent legal counsel, you can become an informed decision-maker in your […] Read More

Eyes on Your Own Paper Regarding Foreclosure

Just because a friend filed bankruptcy (or your neighbor refinanced their home, or your co-worker got a short sale) does not necessarily mean that strategy to avoid foreclosure will work best for you.  No single answer is right for every household. Foreclosure is a multiple-choice situation.  It depends on your circumstances—like age, how much equity is in your home, if you are unemployed, if you are retired, if you are raising children or a caregiver for a family member, or if you have a medical hardship. Some homeowners will benefit more from a loan modification, while others do not qualify but may be able to negotiate a short sale.  Applying someone else’s answer to your situation could do more harm than good. Keep your eyes on your own paper.  Foreclosure Defense is an opportunity to review your choices with legal counsel, and gives you time to pursue an option towards your best benefit.   Read More

Fine Art of Financing

Fine art investment is not usually the fast track to financial recovery.  Neither is bankruptcy. Bankruptcy seems like the easy answer:  stop the foreclosure and make the creditors go away.  It is the term on the tip of your finances.  It is a word everybody is familiar with, found a lot more in standard parlance than ‘mortgage modification,’ ‘refinance,’ or ‘short sale.’  (No one says the Big Bad Wolf was morally mortgage modified, or that Goldilocks caught the short sale on common sense, or that Snow White had a refinanced feel for stranger danger.)  However, bankruptcy tends to be a broad stroke, affecting quite a bit of canvas both now and in your future.  You may be better off with a finer brush. Sometimes it is difficult to see the big picture…especially when you do not know all the pixels.  Chapter 7 is the most read chapter in the book of bankruptcy (it is a liquidation where your stuff goes to a trustee who represents the creditors); however, there are other ways of dealing with debt that are non-fattening and sugar-free and may be more beneficial to you, depending on your circumstances. Bankruptcy is like fine art investing:  you really […] Read More

Detour on the Road to Foreclosure

Playing in a band is a good way to do something other than work.  One night at practice we started playing “Brick House,” and somehow that became “Play That Funky Music White Boy.”  A similar thing can happen in a foreclosure case with a legal defense. A Foreclosure Defense is a good way to do something other than take the dead-end to foreclosure. A Foreclosure Defense is not a denial of debt; instead, it asks your loan servicer to prove their case—to verify the facts of their authority to foreclose as well as the amount owed—and in doing so, gives you the opportunity to purse an alternative outcome. Time is a side effect of Foreclosure Defense—not for the sake of remaining in the house payment-free as long as possible, but time to evaluate an alternative strategy.  You have time to review personal and financial factors with legal counsel, and time to pursue a plan to bring you the best benefit for your circumstances. Though you may begin with a Foreclosure Lawsuit against you, with Foreclosure Defense, you may wind up with something other than a foreclosure (like a short sale, loan modification, or refinance). Read More