Assistance may be available to borrowers that have complaints against their lenders for breaking the Truth in Lending Act and other laws governing loan agreements. Such violations could be a defense to a mortgage foreclosure. If there is a violation, you could be able to void the loan and apply all of your loan payments to the principal. You could also be entitled to repayment of money damages. You can find additional foreclosure information at this site http://www.loan-modification-masters.com.
Foreclosure Timeline – 50 States
The #1 thing that most real estate investors and homeowners facing foreclosure want to know is: “what is the timeline for foreclosure?” In other words: “how long does it take?” The answer is that the mortgage foreclosure process and timeline varies from state to state. This article provides the information and resources that you will need to find out the foreclosure laws, procedures and timelines for all 50 states……
If you answer yes to any of the following questions, you should arrange for a professional auditor to review your mortgage files (include demand & collection letters, all written contact with the lender, and all account histories or monthly statements).
1. Has your loan been refinanced more than necessary? Was the most recent refinance within the previous 3 years? A routine predatory tactic is “flipping,” which is defined as repeatedly refinancing a loan without an advantage to the borrower, in order to profit from high origination fees, closing costs, points and other fees steadily eroding the borrower’s home value.
2. Did you have an increase rather than reduction of your rate of interest upon refinancing?
3. Is your interest rate more than 9.5%?
4. Did you get the loan to invest in a home improvement project that was not performed well or not completed at all?
5. Do you have problems with the lender with late posting of monthly payments? Unannounced increases in payments? Have they tacked on amounts to your balance for insurance, “property preservation,” or other “advances”? Does your principal amount never seem to lessen?
6. Did it seem you were burdened with high closing costs on the mortgage?
7. Did the lender change the terms of your mortgage against your best interests at the last minute prior to closing?
8. Did your loan broker get paid by the lending company? (check out the HUD-1 Settlement Statement to see if there is a “premium” or POC (paid out of closing) “YSP” or “yield spread premium”)?
9. Do you have an adjustable rate mortgage, are the adjustments done wrong? Are you able to understand if the adjustments are accurate or not?
12 Surefire Tips to Avoid Foreclosure
If you are in danger of facing foreclosure because you have defaulted on your monthly mortgage payments, you must act quickly before it’s too late to negotiate a loan modification, and your home gets sold in a foreclosure auction. You may feel hopeless now, but there is still hope until that auction date arrives. Here are a few tips to help save your home from foreclosure…….
10. Do you have a prepayment penalty as part of your mortgage?
11. Has correspondence with the lender gone unanswered? (Lenders have a legal obligation to respond to complaints and requests for explanations of accounts. There are times they do not. Every instance could entitle you up to $2,000. In a situation where your assertion against the mortgage company exceeds the number of monthly payments you allegedly missed, the mortgage company may not be able to prove that you are in default.)
12. Did all collection letters presented to you by debt collectors follow the Fair Debt Collection Practices Act? You may receive as much as $1,000 and more if they did not.
13. Did you receive a duplicate of the mortgage documents at the closing? That would be in opposition to them being sent to you later, or did the closing representative give you signed duplicates at all?
14. How was the closing conducted, at your home, in another town or through the mail?
There is a frequent misconception that banks do not desire to foreclose and acquire real estate. It’s true not all lenders are scavengers by nature, there are some that are. In fact there is a rising number of predators who purchase bad debts, which includes mortgage loans, for a fraction of face value and try to enforce them. Such entities make money off of foreclosure.
Fortunately there are legal foreclosure programs that can help you if you have been victimized by predatory lenders. You can see an excellent one at Loan-Modification-Masters.com. They provide a free evaluation to find out if you qualify for a mortgage modification along with a 100 percent money back guarantee that they can negotiate you a loan modification making your payments fit your budget better.
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