Foreclosures Help Information

Archive for March, 2007

Mortgage Foreclosure Protection Act

The following are legal defenses to foreclosure to beat the bank:

 1.       Truth in Lending Act (TILA) violations enabling rescission.  If your loan is a refinance, the bank must have provided you a set of disclosures at the time of closing.  If these disclosures are inaccurate, the loan is statutorily rescindable under TILA.  For example, in a foreclosure action, the finance charge must have been accurate within $35 or the loan may be rescindable.  This means the loan is cancelled and all money paid to the lender is refunded.   

2.       Truth in Lending Act (TILA) violations enabling damages.  If you purchased the property  with the loan or used the proceeds to refinance and proper disclosures were not given, then you may be entitled to money damages to offset the foreclosure.

3.       Home Ownership and Equity Protection Act (HOEPA).  This is a very powerful federal law governing high cost refinance loans.  If your loan is under $150,000 or the initial rate was above 8%, you should evaluate your loan for violations of this act.  Violations here enable rescission and substantial money damages that can be in excess of the loan’s dollar amount.

4.       Failure to Provide a Correct Notice of the Right to Rescind.  There is a specific notice that must be provided to refinance customers at closing.  If this form is inaccurate or incorrect, the loan is rescindable up to three years after the closing date. 

5.       Breach of Contract.  Many times the lender will do things that are unfair or unjustified before starting the foreclosure process.  Just as you have an obligation to pay the mortgage, the lender has a responsibility not to interfere with your ability to do so – like force placing insurance making the payments substantially more expensive than they should have been.

6.       Real Estate Settlement Procedures Act.  This federal law governs many types of disclosures that lenders must provide at the time of closing, in addition to prohibiting things like kickbacks and unearned fees.  It enables damages, and sometimes rescission if the error triggers TILA.

7.       Fair Debt Collection Practices Act.  This federal law requires servicers or lenders who obtain the mortgage after default follow specific protocol in attempting to collect on the debt.  A failure to follow this law enables statutory damages and attorney’s fees.

8.       Fair Credit Reporting Act.  This federal law governs lenders ability to report information about the mortgage and requires the accurate reporting of negative information.  Violations of this act also enables damages and attorney’s fees.  Punitive damages might be available under this act.

9.       Real party in interest.  This is a procedural defense to foreclosure that can be extremely effective at stopping the lender’s ability to foreclose.  It essentially questions the ownership of the mortgage and questions whether the foreclosing party is, in fact, the holder of the mortgage and note.

10.   Unconscionability.  This defense is focused on the events surrounding the creation and closing of the mortgage loan.  A violation here gives the court great leeway in deciding whether the mortgage should be voided or changed.

11.   Failure to state a claim upon which relief can be granted.  This general defense attacks the lender’s ability to foreclose and is can be used in conjunction with one of the other foreclosure defenses.

12.   Failure to establish conditions precedent.  Want to get a foreclosure action thrown out of court right away?  Use this defense that attacks the lender’s pre-foreclosure processes.

13.   Failure to comply with FHA pre-foreclosure requirements.  FHA requires every lender to mail a booklet called “How to Avoid Foreclosure” and set up a face-to-face meeting with the borrower before foreclosing (in most cases).  If the lender does not take these steps, then it cannot foreclose.

About the Author:

The author of 23 Legal Defenses to Foreclosure has identified over 50 legal defenses to foreclosure (23 with detailed explanations), which are listed in his book. For more information about each of the defenses above, consider the book, 23 Legal Defenses to Foreclosure, by
clicking here. The book includes checklists and easy-to-read chapters that show you how to identify these errors in your own loan.

Article Source: ArticlesBase.com - Legal Defenses to Foreclosure

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Texas Foreclosed Homes For Sale

Cheap foreclosed homes in Fort Carson, Colorado may soon have new owners. In 2005, the U.S. Army announced that members of the 4th Infantry Division would be relocated from Fort Hood in Texas to Fort Carson. This would mean about 6,500 additional soldiers in the region.

Since then, developments have been experienced in the area fueled by the construction of a retail corridor in Mesa Ridge Parkway. Civic leaders viewed the development as a magnet for homebuyers and a way to generate more tax revenue.

Construction work is also noted on Fort Carson’s eastern entrance, such as the expansion of Gate 20 and the rebuilding of Interstate 25 interchange. These construction projects are meant to create easy access to Fountain Valley where many soldiers are considering living.

The ongoing developments and preparations have made some economists, business owners and civic leaders speculate whether the Fountain Valley should anticipate a boom in population and business.

Since Memorial Day, about 100 soldiers daily have started to report at Fort Carson. This created an immediate need for housing, with soldiers grabbing single-family rentals and apartments in Fountain Valley. Because of this development, the vacancy rate in the town has been reduced.

However, industry experts noted that the soldiers are not yet buying cheap foreclosed homes. They said that many activities are taking place in the rental market, adding that it is too early to predict if Fort Carson is on its way to a housing and business expansion.

Experts said that the expansion depends on several factors that are beyond their control. Some of them include the confidence of soldiers about their new assignments, future deployments and recovery of the financial market and the economy.

They said that many soldiers are waiting for some signs, bidding their time, thus the slow home sales in the town despite the influx of military in the area. Experts said that soldiers come in the area thinking that they are coming in temporarily and would be shipped out soon. That is why many of them are not having long-term plans yet.

Five years ago, many military families moved out from the town, leaving in their wake hundreds of cheap foreclosed homes. But industry experts hope that the trend would soon be revised.

About the Author:

Joseph Smith has been educating buyers on the finer points of Cheap foreclosed homes at ForeclosedPropertiesData.com for over five years.

Article Source: ArticlesBase.com - Cheap Foreclosed Homes May Get New Owners Soon

Kingwood foreclosures-Kings Point Village-Kingwood homes for sale

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Stop Foreclosure In Texas

Question: I have a house and car, what happens if i stop paying my credit cards?

I have a house and car. my house taxes have gone up and there are many foreclosures here in texas. I need to keep my house.

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Answer: Eventually they will go into collections and an idiot in a cubicle 500 miles away will start calling and harassing you (even though it's against the law).

Sounds things are tight for you. Take a look at one of the books by Dave Ramsey. Either The Total Money Makeover or Financial Peace. His program is awesome and can help you get on a budget and see how you can work it all out.

Stop Foreclosure in Texas

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