Robert's Blog

Colorado Foreclosure Law Summary

Robert Lonardo (Mitigation Online Consultants) — Fri, 30 Jan 2009 08:41:25 -0600

The prospect of a can be daunting and painful, it is crucial to be made aware of your state's laws and guidelines to best serve your interests, regardless of whether or not you wish to remain in your home. Following is a list of information for those who live in Colorado; other states can be researched on our website as well, http://www.mitigationonlineconsultants.com.

Quick Reference guide for Colorado:

· Judicial Foreclosure available: Yes

· Non-Judicial Foreclosure available: Yes

· Primary Security Instruments: Deed of Trust

· Timeline: Approximately 4 months

· Right of Redemption: Yes

· Deficiency Judgments Allowed: Yes

• In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process.

Power of Sale Foreclosure Guidelines

The foreclosure process in Colorado is quite a bit different than in other states because here, the governor appoints a "Public Trustee" for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. In Colorado, the non-judicial power of sale foreclosure is carried out as follows:

The process begins when the attorney representing the lender files the required documents with the Office of the Public Trustee of the county where the property is located. The Public Trustee then files a "Notice of Election and Demand" with the county clerk and recorder of the county. Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for a period of five (5) consecutive weeks.

The Public Trustee must also mail, within ten (10) days after the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument. The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure sale, a notice to the borrower describing how to redeem the property.

The owner of the property may stop the foreclosure proceedings by filing"Intent to Cure" with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day before the foreclosure sale is scheduled.

The foreclosure sale must take place between forty-five (45) and sixty (60) days after the recording of the election and demand for sale with the county clerk and recorder. The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust. The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.

California Foreclosure Laws

Robert Lonardo (Mitigation Online Consultants) — Fri, 23 Jan 2009 09:41:38 -0600

The prospect of a can be daunting and painful, it is crucial to be made aware of your state's laws and guidelines to best serve your interests, regardless of whether you wish to remain in your home or not. Following is a list of information for those who live in California; other states can be researched on our website as well.

Quick Reference:

· Judicial Foreclosure available: Yes

· Non-Judicial Foreclosure available: Yes

· Primary Security Instruments: Mortgage, Deed of Trust

· Timeline: Typically 120 days

· Right of Redemption: Varies

• Deficiency Judgments Allowed: Varies by process

In the State of California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. However, an appraisal of the property must be conducted prior to the scheduled date of foreclosure. It is important to note that a judicial foreclosure in the state of California involves the filing of a lawsuit to obtain a court order to foreclose, wherein property is auctioned to the highest bidder.

Most states have specific power of sale foreclosure guidelines, for more on the state of California foreclosure proceedings please visit: http://www.mitigationonlineconsultants.com today. Mitigation Online Consultants are experts in the field of foreclosure prevention and loan modifications.

In any foreclosure under a mortgage or deed of trust in California, the property must sell for not less than two-thirds of the appraised value. If it does not, then it may be offered for sale again within twelve (12) months. The second sale may be to the highest bidder without reference to the previous appraisal.

A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.

Arkansas Foreclosure Laws

Robert Lonardo (Mitigation Online Consultants) — Fri, 16 Jan 2009 09:19:15 -0600

The prospect of a foreclosure is often times confusing and painful, it is vital to be made aware of your state's laws and guidelines to best serve your interests, whether they be remaining in your home or not. Following is a list of information for those who live in Arkansas; other states can be researched on our website as well.

Quick Reference:

· Judicial Foreclosure available: Yes

· Non-Judicial Foreclosure available: Yes

· Primary Security Instruments: Mortgage, Deed of Trust

· Timeline: Typically 120 days

· Right of Redemption: Varies

• Deficiency Judgments Allowed: Varies by process

In Arkansas, Mortgagors have the power to foreclose on deeds of trusts or mortgages in default using both judicial and non-judicial foreclosure processes. However, an appraisal of the property must be conducted prior to the scheduled date of foreclosure. It is important to note that a judicial foreclosure involves the filing of a lawsuit to obtain a court order to foreclose, wherein property is auctioned to the highest bidder.

Most states have specific power of sale foreclosure guidelines, for more on the state of Arkansas foreclosure proceedings please visit: http://www.mitigationonlineconsultants.com today. Mitigation Online Consultants are experts in the field of foreclosure prevention and loan modifications.

In any foreclosure under a mortgage or deed of trust in Arkansas, the property must sell for not less than two-thirds of the appraised value. If it does not, then it may be offered for sale again within twelve (12) months. The second sale may be to the highest bidder without reference to the previous appraisal.

Arizona Foreclosure Laws

Robert Lonardo (Mitigation Online Consultants) — Fri, 09 Jan 2009 10:55:40 -0600

Facing the daunting prospect of a foreclosure is difficult and complex, it is vital to be made aware of your state's laws and guidelines to avoid unsavory aspects. Following is a list of information for those who live in Arizona; other states can be researched on our website as well.

Quick Reference:

· Judicial Foreclosure available: Yes

· Non-Judicial Foreclosure available: Yes

· Primary Security Instruments: Mortgage, Deed of Trust

· Timeline: Typically 90 days

· Right of Redemption: None

• Deficiency Judgments Allowed: Varies by process

In the state of Arizona, lenders can foreclose on deeds of trusts or mortgages in default using judicial or non-judicial foreclosure processes. It is important to note that a judicial foreclosure involves the filing of a lawsuit to obtain a court order to foreclose, wherein property is auctioned off to the highest bidder.

In the event of a non-judicial foreclosure, a power of sale clause exists within the mortgage or deed of trust in default wherein the borrower has pre-authorized the sale of the property in the event of default.
Most states have specific power of sale foreclosure guidelines, for more on the state of Alaska's foreclosure proceedings please visit: http://www.mitigationonlineconsultants.com today. Mitigation Online Consultants are experts in the field of foreclosure prevention and loan modifications.

Alabama foreclosure laws

Robert Lonardo (Mitigation Online Consultants) — Thu, 18 Dec 2008 08:48:26 -0600

When you or a loved one is facing the daunting prospect of a foreclosure, it is imperative to be made aware of your state's laws and guidelines. Mitigation Online Consultants specializes in foreclosure prevention, loan modifications and mortgage mediation processes. Following is a list of information for those who live in Alabama; other states can be researched on our website as well.

Quick Reference for Alabama:

· Judicial Foreclosure Available: Yes

· Non Judicial Foreclosure Available: Yes

· Primary Security Instruments: Mortgage, Deed of Trust

· Timeline: Typically 30-60 days

· Right of Redemption: 12 months

• Deficiency Judgments Allowed: Yes

In the state of Alabama, a lender may opt to foreclose on deeds of trusts or mortgages in default, by way of either a judicial or non-judicial process. A judicial foreclosure involves filing a lawsuit in order to obtain a court order to foreclose on a property. A judicial foreclosure is generally used when no power of sale exists in the mortgage or deed of trust.

A non-judicial foreclosure is utilized when a power of sale clause exists in a mortgage or deed of trust, wherein the borrower pre-authorizes the sale of property to satisfy the loan balance in the event of a default.

Visit http://www.mitigationonlineconsultants to learn more about your state's regulations regarding the foreclosure process, and to receive help from experienced professionals in the field of loan modification.

Loan Modification

Robert Lonardo (Mitigation Online Consultants) — Fri, 05 Dec 2008 11:03:11 -0600

With the economy in a recession and families losing their homes on a daily basis, it can become difficult to see your way out of a potential foreclosure. If you or a loved one find yourself facing the delicate situation of a foreclosure, it is important to know that you have options.

A foreclosure can create serious financial implications that follow and haunt you for many years to come, possibly preventing the future you and your family had envisioned. You can prevent this by contacting Mitigation Online Consultants today. Mitigation Online Consultants are experts in the field of foreclosure prevention, and have an experienced law firm working hard for their clients, The Law Offices of Taylor & Vokshori, LLP.

Together Mitigation Online Consultants and The Law Offices of Taylor & Vokshori will work tirelessly to prevent foreclosure. The process of foreclosure prevention often involves what is termed a loan modification. A loan modification occurs when your mortgage is modified, or restructured to enable the borrower to maintain their payment schedule and remain in their home. A loan modification is beneficial to both the lender and the borrower. A loan modification saves the mortgage lender the expense and hassle of a foreclosure process. A mortgage modification keeps the borrower from losing their home, and saves them years of financial turmoil and hassles.

If you are facing foreclosure and wish to remain in your home, contact Mitigation Online Consultants today to learn how a loan modification can keep you in your home with a payment schedule you can realistically maintain!

Facing foreclosure-What are my options?

Robert Lonardo (Mitigation Online Consultants) — Wed, 26 Nov 2008 12:14:09 -0600

1. Reinstatement - Pay the mortgage company all of the back payments in order to bring your mortgage current. This option is rarely attainable. The mortgage company will add late fees and attorney fees on top of your back payments-making this amount much more than people are able to reasonably attain.

2. Mortgage Mediation- We will negotiate with your lender to bring your loan back in good standing. There are many options available to us to ensure your mortgage mediation is approved and attainable. Some examples include Forbearance, Loan Modification and Partial Claim.

3. Refinance - We have established partnerships with top and reputable lenders in order to provide loans on mortgages that are in foreclosure. There must enough equity available in order for this to occur.

4. Sell Your Home - It may be in your best interest to simply sell your home before the foreclosure sale date. Sometimes the homeowner is unable to sell the home outright at the desired sale price and this is not an option. We have the resources to negotiate a short sale on your behalf with your lender. In the event of a short sale, the lender is willing to accept less than the amount owed to avoid a lengthy foreclosure.

5. Deed-in-lieu of Foreclosure - Mitigation Online Consultants can arrange for you to simply give the home back to the lender and walk away with a clean slate. Ask us how.

6. Bankruptcy - This is a last resort. This will only save your home temporarily. If you miss one payment during this process the lender will put you right back into foreclosure. This is like putting a band aid on a bullet wound... we will still need to come up with a permanent repayment solution to get your house payments back on track. We can put you in touch with an Attorney to file the necessary paperwork.

7. Foreclosure - You may elect to allow the home to be entered into mortgage foreclosure status. This is the most damaging to you and your credit. The lender will take your home and all of your equity. If there is no equity the lender has the option to come after you for the shortage or "deficiency". Contact Mitigation Online Consultants to begin the foreclosure prevention process.

Tags: foreclosure prevention, loan modification, loan modification services, mortgage mediation, net branching

Mitigation of loss, restructuring lending to alleviate loss

Robert Lonardo (Mitigation Online Consultants) — Fri, 21 Nov 2008 13:51:39 -0600

Mitigation Online Consultants strives to be the leading provider of loss mitigation services in the United States. We are a consortium of professionals dedicated to creating a situation that works for each of our clients and their unique needs and circumstances.

We at Mitigation Online Consultants feel that foreclosure is a process that should only be considered as a last resort method and should not be initiated until all other relief options have been exhausted. A loan modification, also known as mortgage mediation, is a permanent change in one or more of the terms of a mortgagor's loan, allowing the loan to be reinstated in a practical format that the lender can afford to maintain. A loan modification is in the best interest of both the mortgagee and the mortgagor, as both parties suffer less of a financial loss and much less hardship through the process.

To better understand if you qualify for a loan modification to prevent foreclosure ask yourself a few questions:

1. Can you make your regular mortgage payments consecutively?
2. Are you currently living in your home?
3. Have you recovered from the financial hardship that caused you to get behind?
If you feel that you have not explored every possible option to prevent foreclosure, contact Mitigation Online Consultants today and rediscover your peace of mind.

Defeating Foreclosure-The Forbearance Agreement

Robert Lonardo (Mitigation Online Consultants) — Fri, 14 Nov 2008 11:18:28 -0600

When you are facing the unsavory prospect of a foreclosure, you are likely seeking alternatives and exploring every option within your power to turn the situation around. Mitigation Online Consultants is your team of experts who are experienced with rescuing distressed homeowners in their time of need-locating all possible alternatives in the best interest of the homeowner and working directly with the banks and mortgage lenders to reach an agreement both parties can live with.

A Forbearance Agreement is an agreement made between a mortgage lender and delinquent borrower in which the lender agrees not to exercise its legal right to foreclose on a mortgage and the borrower agrees to a mortgage plan that will, over a certain time period, bring the borrower current on his or her payments. A forbearance agreement is not a long-term solution for delinquent borrowers; it is designed for borrowers who have temporary financial problems caused by unforeseen problems such as temporary unemployment or health problems.

The agreement is intended solely to restructure the loan or mortgage to a degree that the borrower is able to make a payment, and agrees to make up the delinquent amount at an agreed juncture. This arrangement does not work for every situation or circumstance, and your trusted Online Mitigation Consultant is able to advise you on the best option for your unique position.

Your credit score

Robert Lonardo (Mitigation Online Consultants) — Fri, 07 Nov 2008 10:19:44 -0600

Your credit score is determined by the difference between your positive credit and negative credit. Mitigation Online Consultants are experts at advising our clients how to repair their damaged credit. Improving your credit score works to save you money due to the fact that lenders will give you a more palatable interest rate the better your credit is. Improving your credit score will positively affect your finances in other areas as well, such as ability to rent, purchase or receive other types of loans.

The manner in which credit repair works is to permanently remove negative credit and allow the positive credit to pull your credit score higher. In essence you are getting a second chance to create a good credit score.

At Mitigation Online Consultants we aim to position ourselves as an industry leading full service credit repair solution along with our strengths in mitigation and services therein. Our process of credit repair is a 15 year old process that we update on a consistent basis to include the latest in competitive techniques as well as technology available in the industry. We are able to effectively leverage loopholes in the Fair Credit Reporting Act and Fair Debt Collections Practices Act to permanently remove negative credit from your history.

Foreclosure Prevention-the short sale

Robert Lonardo (Mitigation Online Consultants) — Fri, 31 Oct 2008 09:59:56 -0500

We at Mitigation Online Consultants believe that every situation can be solved in favor of all parties involved. That is why our team is dedicated to serving the best interests of our clients by providing alternative avenues to the devastating foreclosure process. These alternate avenues are loan modifications, short sales, and mortgage mediations designed to come to an agreement that is in the best interest of all parties involved.

One such avenue that is often beneficial to all parties involved is the short sale. A short sale in real estate takes place when a mortgage lender is willing to accept less than the amount due on the mortgaged property or note than what is actually due by the property owner/borrower. The lender approves the sale of the property in question to a third party for less than the amount due on the loan, and essentially forgives the balance.

The reason this is beneficial to the mortgage lender is because it saves their time, resources and expenses that are often involved in a lengthy foreclosure proceeding and also allows them to prevent a total loss. What that translates to is that even though the lender is not receiving the full amount due, they are not absorbing that cost either. And the distressed homeowner is spared the financial and emotional trauma of a foreclosure proceeding, while salvaging some of their credit.

We are ethical, we are effective. For loan modification specialits contact Mitigation Online Consultants today to learn how we can transform your situation into a solution.

What Is Loss Mitigation?

Robert Lonardo (Mitigation Online Consultants) — Fri, 24 Oct 2008 15:17:04 -0500

When you are enduring the difficult process of a potential foreclosure, you need an expert in your corner to work on your behalf to reach the best possible outcome for your circumstances. A loss mitigation expert at Mitigation Online Consultants will work with lenders and distressed property owners to reach a realistic and amicable solution that is in the best interest of both parties.

No one wants to tread through a nasty foreclosure that will drag on for an unknown amount of time and leave your credit smudged for years to come. A loss mitigation consultant works diligently on the homeowner’s behalf to negotiate a fair agreement with the lender, aiming towards enabling the homeowner to hold on to their property with more reasonable mortgage terms, which is done through a loan modification. The usual suspects of a pending foreclosure are adjustable rate mortgages, wherein the borrower can no longer pay the increasing amounts due and become delinquent. At times a distressed homeowner will wind up owing more that the property is worth through delinquent fees and charges.

If remaining in the home ends up being impossible to negotiate with a mortgage lender, another option to avoid foreclosure proceedings is a short sale. In a short sale, a lender essentially agrees to accept less than the amount owed by a borrower, as the borrower sells the property for less than is owed for it. The lender accepts the lesser amount, therefore avoiding a total loss of debt due to them and the expensive process of foreclosure.

Avoiding foreclosure is in the best interest of both the lender and the borrower, and a mitigation specialist is the key to receiving the best possible terms. You would not perform your own surgery or represent yourself in court, so why wouldn’t you team up with a mitigation specialist to serve your interests in your time of need? Call 818-501-1520 to speak with a Loan Modification Specialist TODAY.