Foreclosures Help Information

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Foreclosure Help New York

Question: Is anyone versed on the rights of renters in a foreclosure situation?

I have been renting an apartment in a 2-family property for over 3 years. My landlady called me today to say that the house is going into foreclosure. How much time will I have before I have to move once the foreclosure takes effect? I live in New York. I am actually in the process of buying a new home but that might take a few months. I've heard in some cases like mine, it's possible to get "cash for keys" - in other words, I'm paid to move out.

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Answer: Tenants in foreclosed properties are now protected under federal law from immediate eviction. The "successor in interest"/new owner must give tenants a minimum of 90 days notice to vacate. Tenants may be entitled to remain in the unit for the remainder of the lease term, unless the new owner intends to occupy the foreclosed property. Even if the new owner does intend to occupy, the 90 day notice requirement applies.

You must continue to pay rent or you can be evicted like any other non-paying tenant, and the 90 day notice requirement would not apply.

AMA Loan Modification Interview on WNBC New York - Avoiding Foreclosure

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Foreclosure Assistance Solutions

Facing the loss of you home can be a scary thought, and it's happening to people every day across the country.  There are some options out there that may be able to stop the foreclosure all together or possibly come up with more time to help find a resolution to your situation and provide foreclosure assistance.

While it is crucial to keep your mortgage up to date if at all possible, sometimes circumstances prevent you from doing so.  If you think you might even miss one payment, contact your mortgage company.  Communication is essential.  For the most part lenders will work with you and will postpone a foreclosure to try to help buy you some time to find a solution to your problem.  It is not uncommon for the lender to want written documentation that you are putting a plan in place to prevent the foreclosure.  An example would be an application for a loan modification or paperwork showing that you have placed your home on the market.  Some lenders will even work with you to modify the loan themselves.

There are also these possible options available from some lenders:

Reinstatement: Lenders are always willing to discuss accepting the total amount owed in a lump sum by a specific date. Forbearance may accompany this option.

Forbearance: Your lender may allow you to reduce or suspend payments for a short period of time and then agree to another option to bring your loan current. A forbearance option is often combined with a reinstatement when you know you will have enough money to bring the account current at a specific time. The money might come from a hiring bonus, investment, insurance settlement, or tax refund.

Repayment plan: You may be able to get an agreement to resume making your regular monthly payments, plus a portion of the past due payments each month until you are caught up.

If you think that your situation could be long-term or permanently affect your ability to bring your account current, you should call your lender to discuss these possible options:

Mortgage modification: If you can make payments on your loan, but don't have enough money to bring your account current or you can't afford your current payment, your lender may be able to change the terms of your original loan to make the payments more affordable.

Partial Claim: If your mortgage is insured, your lender might help you get a one-time interest-free loan from your mortgage guarantor to bring your account current.

Another option is that you can request addition time from the court.  Usually this involves utilizing the services of an attorney although sometimes you may be able to find someone at the courthouse that is willing to assist you. 

Filing bankruptcy is another option if there are not any other alternatives.  Most bankruptcy laws protect a primary residence and allow you to keep your home.  It is imperative to consult a qualified bankruptcy attorney if this is what you are considering.

If you are facing foreclosure on your home, rather than ignore it, hoping it will go away, be sure to be in contact with your lender right away to seek out foreclosure assistance. 

About the Author:

If you are facing foreclosure, visit www.stoploanforeclosure.net for solutions and helpful advice on preventing loan foreclosure.

Source - Don'T Lose Your Home - Foreclosure Assistance Is Available!

Prevent Foreclosure - Auriton Solutions - Homeownership Preservation Foundation

Stop Foreclosure Ebook

Copyright (c) 2008 Troy Foote

To understand the foreclosure process one must know what it is first. So what is the definition of foreclosure? Simply put, the foreclosure process as applied to residential mortgage loans is a bank or other secured creditor selling or repossessing a parcel of real property (immovable property) after the owner has failed to comply with an agreement between the lender and borrower called a "mortgage" or "deed of trust".

Within the United States and many other countries, several types of foreclosure exist. Two of them - namely, by judicial sale and by power of sale - are widely used, but other modes of foreclosure are also possible in a few states.

The process of foreclosure can be rapid or lengthy and varies from state to state. Other options such as refinancing, alternate financing, temporary arrangements with the lender, or even bankruptcy may present homeowners with ways to avoid foreclosure.

The number of households in foreclosure increased 79 percent in 2007, and that number is increasing for 2008! So how does the foreclosure process end? Well it can end in one of four ways:

1.The borrower/owner reinstates the loan by paying off the default amount during the grace period.

2.The borrower/owner sells the property to a third party during the pre-foreclosure period The sale allows the borrower/owner to pay off the loan and avoid having a foreclosure on his or her credit history.

3. A third party buys the property at a public auction at the end of the pre-foreclosure period.

4. The lender can take ownership either through an agreement with the borrower/owner during pre-foreclosure, via a short sale foreclosure or by buying back the property at the public auction.

Remember that understanding foreclosures is the first step for homeowners to stop foreclosure. As long as real estate prices, which are pretty much dictated by real estate buyers, continue to decline, there will be increased numbers of defaults and foreclosures.

Few choose to go into foreclosure voluntarily. It's often an unpredictable result from one of the following: Laid-off, fired or quit job. Inability to continue working due to medical conditions. Excessive debt and mounting bill obligations. Squabbles with co-owner, divorce or job transfer to another state.

So how do you avoid foreclosure?

The best way to avoid foreclosure is to prevent the filing of a Notice of Default. That is why it is better for you to call your lender before falling behind on your payments, because lenders are often reluctant to work out repayment schedules after foreclosure proceedings have been commenced. You will be given a certain time period to bring the payments current, pay the costs of filing the foreclosure and stop the foreclosure.

No one expects to lose their house to foreclosure, but by understanding the foreclosure process and what may lead up to it, you can be in a better position to recognize and address potential problems that may impact your ability to make every mortgage payment on time.

Learn to recognize the warning signs of foreclosure. Know what early steps you can take to avoid foreclosure. If you are in the midst of a foreclosure, know the dos and don'ts. Know where to get help in dealing with issues that could lead to foreclosure. The time to develop a backup plan is not when things have gotten so bad that you are facing foreclosure, but when things are going well and you can prepare for the unexpected "what if's" that happen in life.

Nearly four out of ten sub prime ARM loans are a month or more late, or in foreclosure. And sub prime ARMs account for 39% of the loans that fell into foreclosure during the quarter. Prime fixed-rate loans, which are considered very low risk, have also seen sharp increases in their delinquency and foreclosure rates, although they are performing far better than the riskier loans on the market.

There are 431,000 prime loans in foreclosure. This marks the sixth straight quarter in which a record percentage of loans went into foreclosure. Nearly half of the homes in foreclosure are concentrated in six states. Those four states have nearly 400,000 homes in foreclosure, or a third of the nationwide total. Ohio has about 61,000 homes in foreclosure, while Michigan has about 54,000. The rate of homes going into foreclosure in Ohio and Michigan was narrowly lower than it was in the fourth quarter, and 18 other states also saw a decline in that rate.

Both foreclosures and deficiency judgments could seriously affect your ability to qualify for credit in the future. So you should avoid foreclosure if at all possible.

About the Author:

If you are facing foreclosure than you need to click here to learn how to stop or prevent it now.

Article Source: ArticlesBase.com - Foreclosure: What is It? and How to Avoid it

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