If you or someone you know is faced with mounting debt and feel as if you can barely keep your head above water. It is important to know there are many solutions to any challenge you will face and being educated on all your options is by far the best defense. The first and most [...]
Statistics have shown that a traditional loan modification does not work. Only about 9% of all loans in default have been modified and more than 57% of those loans that have been modified default within six months of the modification. The three main reasons why traditional loan modifications don’t work. The homeowner either makes too [...]
What most people are unaware of is the importance of the chain of title. You see, the only person who can foreclose on a property is the person who owns the promissory note and deed of trust (together they make up the mortgage). The promissory note is the loan documents – how much was borrowed [...]
Judicial foreclosures are processed through the courts, beginning with the Mortgagee/Lender filing a complaint and recording a notice of List Pen dens. The complaint will state what the debt is, and why the default should allow the Mortgagee/Lender to foreclose and take the property given as security for the loan. The homeowner will be served [...]
Non-judicial foreclosures are processed without court intervention, with the requirements for the foreclosure established by state statutes. When a loan default occurs, the homeowner will be mailed a default letter, and in many states, a Notice of Default will be recorded at approximately the same time. If the homeowner does not cure the default, a [...]
If you do nothing and just allow the Lender to take your home, then the court will simply allow the foreclosure to happen even if the lender does not have the proper paperwork to back up the foreclosure claim. In today’s complex lending environment, it is very challenging for lenders to track down the proper [...]
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