Unfortunately, many homeowners don't contest the foreclosure and end up losing their homes or have tried to find a solution to stop foreclosure through conventional means i.e. Chapter 13 Bankruptcy or through a loan modification with moderate success overall. The problem though is that a Chapter 13 almost requires that you hire a lawyer to get it done. If you hire a lawyer, you will need to pay a fee of about $3,500 or more plus court fees. Yes the payments can be put in the bankruptcy monthly payment plan but guess what? The payments mostly all go toward fees before one dime goes towards paying off your debt. So you have essentially picked up another creditor. This is not what you need if you are having trouble making your mortgage payments.
A loan modification is troublesome because many lenders are difficult to work with if you try to do a loan modification yourself, so you almost have to hire a third party to negotiate your loan modification terms for you to get it done. And while there are some reputable companies that offer loan modification services and even free services, many scammers take your money and let the house foreclose. So you have to be careful about who you decide to work with.
Typically your mortgage lender is unwilling to grant you the best deal in a loan modification at first. Generally, a loan modification or filing a Chapter 13 first is not the best alternative to stop foreclosure. It will be necessary to challenge your mortgage lender's rights to foreclose to ensure you get the best deal to receive a mortgage note you can actually afford to stop your foreclosure.
There is a growing trend across the nation which local judges are issuing court orders to stop foreclosures because the lenders are unable to show that they legally own the mortgage notes in due course.
In other words lenders are failing to show proof how they took possession of the mortgage notes. A good example of this would be like having anyone off the streets approach you and say, "You owe me $140K pay me or I am going to foreclose on your home." Without showing any proof that you owe that person, so why should you pay the lender without any proof that they own your home? This is essentially what the majority of mortgage lenders are doing today and largely lenders can not produce the original mortgage notes but have a harder time showing that they own the mortgage notes in due course to have a legal standing to foreclose.
For More Information log on to http://gofightforeclosure.blogspot.com/
Comments(0)