Archive for December, 2009

Steps Involved In Getting A New Mortgage

Mortgaging your house might sound a bit scary and frustrating, but it might be the answer to your debt problems. Mortgages are probably the best secured loans, as real estate values are generally increasing and lenders still consider it as strong collateral. Real estate is usually one of the most expensive items a family will […]

Some Issues to Dispute in a Qualified Written Request to the Bank

When attempting to get information from a lender or servicing company, homeowners can take advantage of their legal opportunities under the Real Estate Settlement Procedures Act to send a Qualified Written Request (QWR). A QWR is meant to help borrowers raise disputes with their mortgage servicer and have those issues resolved in a timely manner.
Homeowners, […]

The FDIC is Not Always Immune to Claims - Some Exemptions

As mentioned in a previous article, it can be very difficult for homeowners facing foreclosure to raise certain claims in court when the bank holding their loan has failed and been taken over by the Federal Deposit Insurance Corporation. Case law and federal statute give the FDIC broad immunity against a number of claims that […]

FDIC, Bank Takeovers, and the Foreclosure Process

With the significant increase in bank failures due to the financial collapse of 2008, more loans are being taken over by the Federal Deposit Insurance Commission. While the government stepping in may make the transition of loans from failed banks to solvent banks a little easier, in cases of default and foreclosure the situation can […]

Some Recent Foreclosure Statistics - Is Anything Helping Homeowners?

The following are some facts and statistics about the real estate market and the government’s efforts in putting together effective plans to address the foreclosure crisis. Despite the government’s programs, starting in October 2007, and continuing with the latest plan released earlier this year, the foreclosure rate has kept up its dramatic increase.
According to the […]

Issues to Consider Before Getting a Mortgage Modification

Obtaining a loan modification is the latest magical solution to foreclosure. One new government program after another has been released to help borrowers modify the terms of their mortgages to make them more affordable, and thousands of private companies have begun to offer assistance in qualifying for a loan mod. Obviously, if everyone who can […]

How Lenders Help Sabotage Government Loan Modifications

The government’s programs to help stop the foreclosure crisis were probably started with the best of intention. Good intentions, however, can not cover for economic ignorance and an unwillingness to face the facts of the housing market. Prices are declining and more people are facing foreclosure due to the poor lending decisions created by cheap […]

Bad Things Happen if You Ignore the Foreclosure Lawsuit

Homeowners facing foreclosure often receive the lawsuit paperwork in the mail and take either of two actions which will not help them escape the situation. Some frantically begin calling the lender or servicing company, attempting to work out a solution so that they can keep the home. Others will simply put the paperwork aside, not […]

A Few Ideas to Get Foreclosure Help from Your Lender

Homeowners should keep in mind that the bank or mortgage servicer they are dealing with is 100% able to stop the foreclosure whenever they want. Especially if the borrowers are in a judicial foreclosure state, where it is required the bank begin a lawsuit to take the home back, if the lender/individual drops the case, […]

Lost a Job? Prevent Eviction by Cleaning Out Foreclosed Properties

One of the businesses that have been booming despite (or because of) the current economic downturn is cleaning out foreclosed homes. When banks purchase homes at auction, they usually begin eviction proceedings. After the eviction has been completed, any items remaining in the property will be thrown away. The lender or the county, depending on […]

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