Archive for November, 2009

Loan Modifications - More Rare than Advertised

For mortgage lenders, there is every incentive to negotiate with homeowners for a mortgage modification or other solution that will prevent foreclosure. Thus, the very few number of borrowers who end up receiving any help should surprise everyone. If banks and servicers have so many reasons to offer loss mitigation options to homeowners, why do […]

How Tenants Can Deal with Landlords Losing a Home to Foreclosure

When homeowners face foreclosure on a property they are renting out, tenants often begin to worry about the status of their home. Will the landlord be able to avoid foreclosure? Should the tenants stop paying rent? Will the new owner at the auction evict them, or will the purchaser honor the lease agreement? Unfortunately, many […]

Today I Was Forced To Serve A Five Day Eviction Notice

Since I was going through the process of evicting a non-paying tenant today, I thought I would share my experience and post the paperwork used. As this process moves forward, I will continue to post information about the entire process and the eviction results. Quite honestly, we are hoping this is enough to scare the […]

The Federal Home Affordable Modification Program

In 2009, the Congress and the Obama administration revealed their newest plan to help families save their homes from foreclosure by encouraging mortgage modifications. This plan, called the Home Affordable Modification Program (HAMP) was designed to create broad guidelines for the mortgage industry on modifying loans, as well as provide incentives to lenders and services […]

Short Sales, The IRS, Forgiven Debt, and Income Tax Exemptions

Homeowners who sell their homes through a short sale are often very concerned about the tax implications of the sale. The bank, by forgiving a portion of the debt, is then responsible for reporting the forgiven amount to the IRS as income to the borrowers. At tax time, the former homeowners are responsible for including […]

Homeowners Using Wrongful Foreclosure Claims Against Mortgage Companies

In some cases of foreclosure, there may be enough instances of misconduct by the lender to show that the entire process constitutes a wrongful foreclosure. Many states even have common law regarding this issue, as well as a cause of action specifically for “wrongful foreclosure.” Although the claim has not been popular in recent history, […]

Limitations on Banks Going After Deficiency Judgments

Homeowners are often worried that the foreclosure process will never end. The bank will sue them, publish their personal financial problems in the newspaper, take their home back, evict them, and then sue them again for any deficiency from auctioning the property. With the anticipation of a deficiency judgment, borrowers may feel like they will […]

How Homeowners Can Set Aside a Foreclosure Sheriff Sale

Too many homeowners who have already lost their homes are looking for one final chance to get them back. They have contacted nearly every loss mitigation company, nonprofit organization, and government agency in the country, all of which have informed them that they do not qualify for any plan currently available to help them get […]