Foreclosures Help Information

Archive for July, 2008

Mortgage Foreclosure Attorney

Question: While in a Ch. 13 bankruptcy, can my mortgage company still foreclosure?

I am only one month behind. I would think that they would have notified myself, attorney or bankruptcy court, however did not. And if they did break bankruptcy laws and cause me unnecessary stress with according to my dr. is bad for my health, could I sue them?

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Answer: your question isn't really clear, have you filed for bankruptcy? If so the general rule is once you file for bankruptcy creditors can no longer try to collect the debt. This is called an automatic stay. If a creditor tries to collect anyway you may have a legal action against them.

If you have already been through bankruptcy and are behind on your reorganization plan payments, the creditor might be able to foreclose.

You can make the health argument but I wouldn't guarantee any results from it.

You should definitely speak to an attorney to find out what your rights are and what creditors can and cannot do.

District Attorney Thomas Zugibe on mortgage bailout fraud.

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Mortgage Foreclosure Rights

Question: mortgage & foreclosure problem?

Hello guys,

I am facing problems in paying the monthly mortgage payments of a house in Virginia, and I am not currently residing in that house, since I moved to California. So the house is vacant. I brought the house for 320,00K and right now the market value of that property is only 210,000K. I have only one lender (primary mortgage only) with around 8.5% APR (it’s a variable APR plan which changes every year) with $300 per month mortgage insurance. This makes my monthly payments to around $3000 per month. I am thinking to stop paying on the payments from this month. Will the bank directly go to foreclosure or will they try for a workout agreement with me. Also, if I go for foreclosure, do I still owe money to the bank considering I have only one lender and also have mortgage insurance? Please suggest what would be best option for me? Where can I get additional information regarding this?
Thanks

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Answer: oh boy r u in trouble, no they wont go right to foreclosure u have a minimum of 90 days from the last payment u made, and then the legals, sheriffs sale, etc. can take 2-6 months, etc. the problem is u r on the hook for any short fall between what u owe and what they sell it for. pmi protects the lender and not u, so if there is a short fall u will see it along with the foreclosure on ur credit report for years to come. be aware that the clock is always running on the principal and interest late payments, and legal fees which will far out weigh whatever the bank gets for the home. Va. has been hard hit by the housing slump and its not unusual to see homes in this siutation. If you owe more than 210000 on the house you are in serious financial difficulty. it could stop u from buying another property. several ways out of this bankruptcy to stall foreclosure, bankruptcy after foreclosure to erase any short fall, or contact the lender and discuss givng up the deed in lieu of foreclosure. YOU NEED LEGAL HELP TALK WITH A GOOD REAL ESTATE/BANKRUPTCY ATTORNEY NOW BEFORE FORECLOSURE STARTS

Short Sale - Part 3: Real Estate Foreclosure Prevention - Mortgage Bailout Process - Negotiate Free

Bank Foreclosure Homes In Michigan

Question: How does a deed in lieu of foreclosure affect junior lien holders?

I was in the process of purchasing a home that was an attempted short sale. The primary lien holder had agreed to the purchase, but the deal was being held up by a bank through which the owner had taken out a second mortgage. The homeowner gave up hope and abruptly chose to go "the deed in lieu of" route instead.

My agent is telling me that the junior lien holder is now out of the picture and that they have no legal interest in the property. This doesn't sound right to me. Other than title insurance, what's to prevent this other bank from placing a lien on the property after I purchase it? (This is in Michigan, if that matters.)

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Answer: get a real estate atty.

Michigan Foreclosure Listings - MI