Foreclosures Help Information

Posts Tagged ‘default’

Stop Foreclosure In Nevada

 Nevada again is on top of the foreclosure statistics, and I really don't feel the necessity of citing any sources. It is an open secret for quite sometime. Foreclosure is on the rise, and the tide has become uncontrollable especially in Nevada even after some phony good news. Even though I had written extensively in my other blog under "loan modification attorney of Nevada, I still I like to mention briefly here the tips to stop the foreclosure:

1. Please contact your lenders/servicers immediately. Don't wait for the notices to start appearing and posting in local newspapers. Contact them urgently. It is important. Most of the foreclosures are happening because of no or lack of communications.

2. Open a dialog and tell them your situation. Write down all the facts of your situation. Send them letter, and keep copies for your record.

3. Don't be frustrated with the process. It is obviously time consuming. There are lots of people ahead of you and banks are swamped with similar requests.

4. Most of the folks (newly hired) by your lenders and servicers are new folks, and learning the job as they go. Please be patient with them as they have no experiece, a customer service kind of education (meaning high school) and are not paid much ($10 an hour or so).

5. Make record of every phone calls, write down the name, phone extension etc of the person you spoke.

6. No need to lose your temper or frustration on any of the customer or loss mitigation representative. They have not caused this situation.

7. Send them whatever they want, resend the same things again. Don't make a big deal about their demands. They are swamped. Their fax machines are overworked and may be out of ink, or papers, or other technical issues. Remember they are human beings as well.

8.Try to call the rep by their first name more often than one time during conversation. Try to build a bond between you and him/herself. Yelling, screaming would be totally unproductive. No need to tell them the horror stories, they know enough already. Try to be brief, and not very legalistic. You are not an attorney, you are consumer. Ask yourself one question, why I am behind? How many months I am behind? Why did not I pay them? Afterall, you signed the contract as well. Please stop having over expectations. No one is deliberatly harming you. Accept the fact that you could be wrong also, and you had made mistakes as well. Now, let us sit back and read this wonderful article.

9. Once you have been denied, explore other options.

10. If nothing works, walk out graciously from your home without destroying anything. Maybe try to get a cash deal for "keys". Treat it as white elephant and balance your budget.

About the Author:

Malik Ahmad is a Nevada licensed attorney and counselor at law. He is admitted in all courts in the state of Nevada, including US District Court. He has an extensive experience in real estate, including mortgages, escrow, rela estate and foreclosure. He is a solo proprietor and the principal of a small firm in Las Vegas, Nevada

Source - How to Stop Foreclosure--General Tips

Stop Foreclosure in Reno, Nevada

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Bank Foreclosure Moratorium

Question: Should banks be responsible ?

The tobacco industry had to be regulated by an act of Congress to curb sales of cigarettes to minors. Clamping down hard on advertisers to save lives right ?
Isn't it time banks & lending institutions be responsible just like we made the tobacco industry responsible. Hooked is hooked....and although you can't get cancer from a credit card or a suckers mortgage we're still seeing ruined lives right ?
I say banks need to take the hit right now.
Stop all new mtge rate adjustments and drop all previous rate adjustments to 0% on credit of any kind for people that qualify.
Give qualifying individuals an 18 month moratorium on interest and allow people to pay down principal only.
After 18 month's increase interest rates to 5% for 12 mth's.
Place a moratoreum on foreclosures. Do empty "Bank owned homes" make banks money ?
Banks need to wise up. Consumers need to use debit cards. Spend wisely.
We're in this together. We should act that way !!!
Smart is good. Stupid is not good.

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Answer: The problem is, these banks are owned by shareholders mostly, including pension funds, mutual funds, insurance companies, individual investors, etc.

If the government got involved and started regulating interest rates directly, many of these investors would take their money out of the financial institutions, looking for better returns in other markets. How happy would you be if your 401(k) was returning 0% for18 months? Probably not very. What if it was returning a negative rate, because 0% interest doesn't pay for the direct costs banks have when making loans.

But advertising to kids just entering college to pick up a credit card is not a good practice for banks to be engaging in. Most college kids can't afford food every day, let along pay 29% interest rates on a credit card that they use to purchase their $200 school books. Maybe banks should offer students jobs or internships, or colleges could offer more work programs, instead of offering credit cards to the kids the second they leave their parents' house.

Government-run public schools are directly responsible for the lack of financial education being given to the vast majority of kids. They don't learn how to balance a checkbook, the importance of saving up an emergency fund, the real costs of credit cards, how to read a simple contract, and so on. If they did have any kind of basic financial education, then they wouldn't be such easy targets of lenders.

The more government gets involved here, the more uninformed people will allow themselves to become, because "government is here to protect us." But government isn't here to protect anyone, especially from themselves. If homeowners enter into a voluntary contract that they say they understand, but have no idea what is going on, then it is up to them to speak up and have it explained to them. Or hire an attorney who can explain in plain English what a mortgage means.

But banks are starting to wise up now. So many defaults have wiped out their reserves and now credit card delinquencies are increasing. Citigroup is effectively bankrupt, Countrywide is being eaten up, and over 200 mortgage lenders have stopped making subprime loans or have gone out of business. They learn when they lose money, even if the Fed bails them out with billions of dollars of inflated money (see, there goes government intervention again helping banks avoid the effects of their poor decisions).

Foreclosure Moratorium is Lifted!

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Foreclosure Help San Jose

Question: Foreclosure Questions?

I live in the Bay Area (San Jose), CA, and I had some questions regarding foreclosure. I am currently "OK" in terms of making payments, but the recent legislature whereby the gov't will be helping people keep their homes had me thinking. I have a 7/1 ARM at 6.25%. I am now 1.5 years into it. My house is approximately $50K under water. If it continues to drop to about $100K under, what would happen if I stopped paying for three months, then went to my lender to negotiate? Would they possibly be willing to absorb the $100K loss, and restructure the mortgage to a fixed rate and a balance totaling the value of the home at that point?

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Answer: no bank wants to absorb the value your home dropped - they'd be more apt to restructure your loan based on the existing amount (not less) so that you can afford the payments but they won't go out of their way to drop the overall value of your loan to what the home is worth now in this market. so you may get better payments, a better interest rate etc but they won't drop the amount owed on your mortgage unless you stop aking payments showing you can't afford it at ll and try to sell it on a short sale. Nice thought though

San Jose PACT PICO affiliate Foreclosure Prevention Campaign

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