foreclosure process: Maryland Foreclosure Mediation: Governor Martin O’Malley Helps Keep Marylanders in their Homes - 05/20/10 08:14 PM
Governor Martin O’Malley joined Lt. Governor Anthony Brown, Senate President Thomas V. Mike Miller Jr., and House Speaker Michael E. Busch in signing a tough new law bringing mortgage giants to the table when beginning a foreclosure proceeding in Maryland. This morning, Governor O’Malley met over breakfast with more than 200 faith leaders, acknowledging their efforts in foreclosure prevention outreach and their role moving forward under this new legislation. “With my signature today, we are empowering our fellow Marylanders, putting them on a more equal footing with mortgage companies that too often can’t be bothered to pick up the phone before … (2 comments)
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foreclosure process: How long after foreclosure can I purchase a home? - 05/19/10 07:37 PM
Among today’s mortgage crisis there seems to be much confusion about the length of time a foreclosure will negatively affect ones credit, and how long it will take before they are able to purchase a new home after foreclosure. The most negative affect a foreclosure has is the fact that it will remain on your credit report for about seven years. Even if a borrower requests from their lender to remove the foreclosure from their records, many times they will not be interested in doing so, and there is very little you can to make them. So therefore these borrowers will … (1 comments)
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foreclosure process: Understanding Foreclosure - 05/10/10 08:42 PM
Foreclosure is one of the most catastrophic occurrences that can happen to a property owner. It can destroy the financial reputation of the homeowner and will bring their credit score down a significant amount. Foreclosures generally happen when someone uses the value of their home to take out a loan and can’t pay it back. If the borrower fails to repay the loan and the loan goes into default, the lending institution will attempt to sell the property to repay the debt. Sometimes the cause of this event happening is determined by unwise financial decisions on the borrowers behalf.
The process … (4 comments)
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foreclosure process: How long can I live in my house after foreclosure? - 05/04/10 07:54 PM
Many homeowners who go through the foreclosure process are terrified. The fear of the unknown and what comes next has many homeowners suffering from sleepless nights and nightmarish days. This is one of the top five stresses that any one person can go through in their lives. Trying to find answers on the Internet can be a intimidating task. In these rough economic times, you simply do not know who to trust and what website to visit to find answers to your problems.
The facts are, time is not on your side. However, you can definitely negotiate time and stay in … (3 comments)
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foreclosure process: What happens after your home has been foreclosed on? - 05/03/10 06:43 PM
If you are going through the foreclosure process you are definitely not alone. These days are difficult for many homeowners to pay their mortgage due to the economic crisis we are currently facing in the United States. It is important to remember that a foreclosure must go through a legal process and your mortgage lender must meet many requirements before proceeding. So because of this you may still have time before you will have to back your belongings and leave your home. To proceed with foreclosure your lender must complete the process which may take some time.
You may think that … (0 comments)
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foreclosure process: California foreclosure – How much time after the bank files a NOD? - 04/30/10 07:45 PM
In the state California mortgage servicers may foreclose on a property that is currently in default by either going through the judicial or non-judicial foreclosure process. In California the most frequently used method used by servicers is the non-judicial foreclosure process aka “Trustee’s Sale.” This way of foreclosure is very fast and inexpensive for the lender. The foreclosure process will begin once a borrower defaults on their mortgage. There will be a Notice of Default or NOD recorded and a also period of time called the “Redemption Period.”
This period will begin and end within 90 days. After the NOD has … (0 comments)
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foreclosure process: What are the ramifications of foreclosure? - 07/07/09 08:15 PM
Many homeowners want to know the ramifications that a foreclosure will have on their credit and most importantly, their lives.
The facts are that a foreclosure is definitely not the end of the world and it isn't really going to change your life that much in the long term. Yes, the short term effects will suck, but in the end you may just be better off.
Yeah, you heard it right, you just might find yourself in a better place, sleeping at night and living a more gratifying life because you're not strapped to an unaffordable mortgage and home. But you're still going … (1 comments)
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foreclosure process: What Happens After Foreclosure? - 07/02/09 12:53 PM
You are not alone if you are facing the possibility of a foreclosure right now! That's for sure! Times are hard and more and more homeowners are finding out that they may lose their homes.
But remember that this is a legal process and you will not immediately be forced out of your beloved home by an armed Sheriff. Because it is a process, it may take some time for its completion and this may depend on a number of things.
Think of this has a game of real estate chess where it is you against your lender. They will make … (1 comments)
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foreclosure process: Countrywide Foreclosure Assistance in California - 02/18/08 03:01 PM
There are a lot of homeowners that are seeking foreclosure assistance from Countrywide in California. So, I thought I would post some helpful phone numbers and links to get people started in the right direction.
Toll free direct number to Countrywide Home Loan Workout Dept. in Lancaster, CA:866-806-8692 (extension 8692 if your negotiator is M. A. Hernandez)Direct number to Workout Dept. in Lancaster, CA:661-951-5100(not toll free but gets you right in)Address: 400 Countrywide Way SV-314Simi Valley, CA 93065-3500 Other Addresses: 400 Countrywide Way SV-314Simi Valley, CA 93065-3500450 American StSimi Valley, CA 930657105 Corporate Dr.Plano, TX 75024P.O. Box 10211Van Nuys, CA 91499P.O. Box 5170Simi … (13 comments)
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foreclosure process: Foreclosure Process for Dummies - 02/12/08 04:46 PM
A basic understanding of the foreclosure process is critical in figuring out exactly how much time you have to do whatever it is you plan to do when facing foreclosure.
The foreclosure process varies in every state and it's imperative that homeowners understand this process. One this is for sure, time is NOT on your side. But, an educated consumer is always an informed consumer who can make a "good" decision based on facts. Learn everything you can because this will affect you in every which way and it is something that should not be taken lightly.
Day 1 - Borrower misses first … (14 comments)
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