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You don't need to pay fees for foreclosure prevention help-use that money to pay the mortgage instead. Many for-profit companies will contact you promising to negotiate with your lender. While these may be legitimate businesses, they will charge you a hefty fee (often two or three month's mortgag...
Time and No Obligation: It may require three (3) weeks or more to receive an answer from the lender, and the lender is not under any obligation to approve a short sale.   Call the Lender: It may require numerous phone calls by the Seller before reaching the person responsible for handling short s...
* Signed Authorization Letter * Hardship Letter * Financial Statements * 2 Months Bank Statements * 2 Months Pay Stubs * 2 Years W2's or Tax Returns * Proof of Income and Assets: The Seller may be required to submit a financial disclosure form with information concerning Seller's savings accounts...
It is very important that you maintain a full and thorough understanding of your property, its condition, and status throughout the process. Each November your local property appraiser begins collecting taxes for the previous calendar year. This is known as paying your tax certificate. If you do ...
Often times multiple signees and investors own a home in foreclosure. In this instance every person signing for the note will be personally sued and every person named on the deed or currently living at the home will be named and noticed as part of the lawsuit. If you are an investor and legally ...
Types of junior lien holders include a 2nd mortgage, equity line, home equity loan, and homeowners or condo association. Please refer to the section on homeowners and condo associations for discussion as to this type of junior lien. 2nd mortgages must also agree to release their lien for less the...
It is hard to say exactly how many points your credit score will drop due to a foreclosure. There are numerous factors that affect your credit score. It does appear though, that loss mitigation options that do not result in the completion of the foreclosure are better for your credit score depend...
Below, is a brief outline of the time frames in which you can expect the foreclosure law suit to proceed. •·        Day 1- Complaint-Filed and served on borrower. YOU MUST RESPOND IN WRITING AND/OR SERVE AND FILE AN ANSWER AND AFFIRMATIVE DEFENSES WITHIN 20 DAYS OF BEING SERVED WITH THE COMPLAINT...
The bank will ask to review your personal financial picture when considering a short sale. This typically includes 2 years tax returns, W2's, bank statements, and proof of income. The bank may ask for additional money from you to complete a short sale transaction. Typically, they do not seek to o...
Most debt collection efforts by the bank and their attorneys are governed section 12 of the Fair Debt Collection Practices Act (FDCPA). This Federal Act governs the types of letters and language allowed in letters used to collect debts. Visit our website to read Section 807 f...

STAMATAKIS + THALJI + BONANNO Bankruptcy, Debt and Foreclosure Defense

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