How to Lose Your Home to Foreclosure - 08/29/09 11:11 AM
Step 1.  Don't communicate with your lender.  As you miss making the monthly mortgage payments, the collections department will commence their calling campaign in an attempt to collect the payments.  Their calls are typically quite aggressive, the calls are frequent and sometimes the caller is demeaning and insulting. 
TIP:  It is easy to identify these calls using caller-ID and simply not answer the phone when your lenders number pops up on your caller ID.  Also, if the caller appears as UNKNOWN, it is often a bill collector or the lender attempting to collect the debt.
By not communicating with your lender, … (4 comments)

Banks to do Buy Backs? - 08/24/09 04:59 PM
There's a couple of great ideas floating around:  (1) allow homeowners to remain in & lease their home after foreclosure, and (2) offer a buy back in which the homeowner could purchase the home after a specific term (3 years? 5 years?)
Buy backs are not a new idea, buy backs have been around for years including during the boom.  Back in the boom-time, investors saved many homeowners from foreclosure by purchasing the property, renting it back to the homeowner with an option to buy it back.  One notable difference is that back then, these investors were often referred to as … (6 comments)

What's Next? Personal Injury Attorneys sueing Lenders? - 08/09/09 10:57 AM
Why not?
Think about it.  How long should a short sale actually take? 
Let's suppose an offer comes in on a house.  A professional short-sale listing agent has already worked with the seller gathering the paperwork that will be required fr the lender.  Sme lenders actually will image the documents prior to an offer.
The contract, PHUD and support docs are faxed to the lender.  Let's say two weeks for set-up which includes the imaging.
Let's give it another week to assign the file to a negotiator.  Total time so far is 3 weeks.
The negotiator reviews the file, orders the … (0 comments)