0
Check out this option that no one has probably told you about!
0
Stop_Foreclosure.mpg
You Have Options to Stop Your Foreclosure
Banks need to save themselves, which means they are on the defensive. As long as the workout works for them and for you then it will be a win-win situation.
Your loan modification has not been approved or is going nowhere, there are other options.
Reinstatement is the process of bringing the loan current. Bringing the loan current entails paying all missed payments, fees and penalties owed to date. This works if you should have money saved for a rainy day or a relative or relatives willing to help you pay the arrears.
Forbearance is an agreement between the lender and the borrower that reinstates the delinquent loan through the payment of a lump sum or a schedule of payments over a period of time. This would be the option for someone going from unemployed to an equal or better paying job.
Mortgage Refinancing is an option where the existing lender or a new lender would allow the borrower to refinance his or her existing mortgage, wrap in any late payments and fees, and cash out part of his or her equity in the home to allow the borrower to regain control of a debilitating financial situation. Once is default you cannot get a refinance. An asset based or hard money loan are the only options.
Second Mortgage/ Line of Credit the existing or a new lender may offer a second loan or junior lien to a borrower in order to make up any back payments, late fees and other charges necessary to reinstate the loan. The borrower, in return, will be required to make an additional mortgage payment to cover the principal and interest payments on the second loan.
Sale of Home if the owner has been unable to work with the existing lenders, or find new lenders to complete a loan transaction in a timely manner, it is time to get serious about selling. The sooner the owner starts preparing their home for sale and listing it for sale with a licensed real estate professional, the better the chances are that the owner will get a fair market offer to purchase their home. A short sale is also an option. With a short sale, one must negotiate with the lender not to receive a 1099c.
The basic explanation of a 1099c, the lender reports the short sale difference of the forgiven amount as income to you the homeowner. For example, if you have a defaulting loan for $500,000 and the lender allows a short sale of your home for $250,000. The lender reports the difference as earned income to the IRS. You will receive a 1099c stating you have an income of $250,000 from the lender. The difference may have originally seemed forgiven but it was not forgotten; nor will the IRS forgive the payment on the taxable amount.
Deed-in-Lieu of foreclosure is a voluntary conveyance of title to the lender. Generally this is a last ditch effort by the borrower to avoid the negative consequences of foreclosure. The borrower may be released of personal responsibility for the mortgage, in return for the voluntary conveyance to the lender. If there is a junior loan then this is not an option.
Any of the aforementioned options are better than allowing a foreclosure by simply doing nothing.
Duration : 0:3:37
1
3-Freddie Mac-What is Short Payoff Fraud? Foreclosure
4/23/10 – California – TRILOGY PROPERTY SOLUTIONS (www.trilogypropertysolutions.com/(888) 803-0505)
met with our attorney, RON BALLARD, (www.californiashortsalelawyer.com/(949)597-9596),
the Top Short Sale Attorney in California, in Orange County to discuss and shed some light on the April 2010 Freddie Mac Newsletter article on “Short Payoff Fraud” regarding the licensing of short sale negotiators, highest and best offers on short sales, realtors fiduciary responsibility, and more. The intention of this discussion is to clarify misstatements, misunderstandings, and fact from fiction. We discuss the impact of this article on legitimate investors and other short sale buyers and their large role in helping to resolve the current housing crisis. We also talk about the advantages on your credit and your future of a short sale over foreclosure, filing bankruptcy, and deed-in-lieu of foreclosure.
From our Attorney, Ron Ballard:
“First, its valuable to note that the author is not named nor is any specific contact information provided for follow up (just generic contact points). This brings the level of authority of the article into immediate question.
Second, the article is entirely inconsistent with Attachment A to Freddie Mac Bulletin 2009-24 of October 2009 which states: Property flips are not inherently illegal and not all transactions involving a rapid purchase and resale are improper. Legitimate property flips are acceptable transactions in connection with loans purchased by Freddie Mac. It goes on to specify, Some indications of property flip transactions that may be legitimate
include: . . . Sales of properties that the seller acquired at below market value after purchasing as a result of a distress sale (i.e. . . ., short sale, . . . ) where any increase in the sale price over the property sellers acquisition cost can be clearly shown to be result of the difference (if any) in the markets reaction to distress sales and typical arms-length sales. Bulletin 2009-24 came from the division in Freddie Mac which determines the standards for loans it will purchase. The April 12 online article is attributed to a member of Freddie Macs Fraud Investigation Unit
with respect to the discount Freddie Mac will allow on loans for which it agrees to a short payoff. Apparently these two units are not aware of each others opinions. Freddie Macs general counsels office needs to reconcile these discrepancies.
For reasons explained below, I am confident that the ultimate direction of Freddie Mac will be more consistent with Bulletin 2009-24.”
Duration : 0:5:8
0
7-Freddie Mac-Short Sale Fraud-Realtors Duty Foreclosure
4/23/10 – California – TRILOGY PROPERTY SOLUTIONS (www.trilogypropertysolutions.com/(888) 803-0505)
met with our attorney, RON BALLARD, (www.californiashortsalelawyer.com/(949)597-9596),
the Top Short Sale Attorney in California, in Orange County to discuss and shed some light on the April 2010 Freddie Mac Newsletter article on “Short Payoff Fraud” regarding the licensing of short sale negotiators, highest and best offers on short sales, realtors fiduciary responsibility, and more. The intention of this discussion is to clarify misstatements, misunderstandings, and fact from fiction. We discuss the impact of this article on legitimate investors and other short sale buyers and their large role in helping to resolve the current housing crisis. We also talk about the advantages on your credit and your future of a short sale over foreclosure, filing bankruptcy, and deed-in-lieu of foreclosure.
From our Attorney, Ron Ballard:
“First, its valuable to note that the author is not named nor is any specific contact information provided for follow up (just generic contact points). This brings the level of authority of the article into immediate question.
Second, the article is entirely inconsistent with Attachment A to Freddie Mac Bulletin 2009-24 of October 2009 which states: Property flips are not inherently illegal and not all transactions involving a rapid purchase and resale are improper. Legitimate property flips are acceptable transactions in connection with loans purchased by Freddie Mac. It goes on to specify, Some indications of property flip transactions that may be legitimate
include: . . . Sales of properties that the seller acquired at below market value after purchasing as a result of a distress sale (i.e. . . ., short sale, . . . ) where any increase in the sale price over the property sellers acquisition cost can be clearly shown to be result of the difference (if any) in the markets reaction to distress sales and typical arms-length sales. Bulletin 2009-24 came from the division in Freddie Mac which determines the standards for loans it will purchase. The April 12 online article is attributed to a member of Freddie Macs Fraud Investigation Unit
with respect to the discount Freddie Mac will allow on loans for which it agrees to a short payoff. Apparently these two units are not aware of each others opinions. Freddie Macs general counsels office needs to reconcile these discrepancies.
For reasons explained below, I am confident that the ultimate direction of Freddie Mac will be more consistent with Bulletin 2009-24.”
Duration : 0:2:47
0
Does Bankruptcy stop foreclosure – Foreclosure Defense Help | Stop Foreclosure Fraud
Stop Foreclosure http://www.consumerdefenseprograms.com/a
In this video, Foreclosure Expert Corey Vandenberg explains if filing bankruptcy will stop foreclosure.
Hi, my name is Corey and in this video I want to address the question of whether or not a bankruptcy will stop a foreclosure. Not only is it a common question, it’s a commonly misunderstood question. There’s a lot of bad information out there. If you’ve talked to investors, realtors, or anyone not a bankruptcy lawyer than you probably got either some bad information or some incomplete information. Let me give you an example. A lot of times investors will tell you that bankruptcy doesn’t stop foreclosure or that it only stops it temporarily. What they’re doing is leaving out part of the information because that’s what serves them best. If you think bankruptcy’s not going to help, then maybe what you’ll do is end up selling your house to them. Alternatively, and a lot of the time, real estate agents will give the same advice because, well what serves them is for you to list your house and do a short sale with them. I’m going to give you the big picture so that you really understand what your options are. What you’re really needing to ask yourself is what is it I’m trying to accomplish, and typically there’s two things. One, you’re trying to keep the house. Or, two, you’re trying to avoid the negative consequences that could come from foreclosure, such as a deficiency judgment or the tax consequences, and that’s fine. Bankruptcy will help you in either situation. You want to look at a Chapter 13 bankruptcy if you’re trying to keep the home. The reason is because it allows you make a payment plan, and you can make equal payments and catch up on the past due mortgage payment. Alternatively, if what you’re trying to do is make sure that you don’t suffer negative consequences, like a 1099 for the taxes or a deficiency judgment for the remaining balance, then you can simply do a Chapter 7. In either situation, it’s going to buy you time, even in a Chapter 7, typically you’re going to buy yourself anywhere from 30 to 90 days of time to figure out what you need to do, land on your feet, or whatever it is you’re trying to accomplish. Just understand that when others give you that information that, “Oh no it’s not going to work” they’re kind of just either playing you, or they’re not giving you the full big picture because they’re not telling you what each chapter does and how it could be useful. Either way, it is going to temporarily stop the foreclosure and it is going to help you accomplish your goal whether it’s to stay or leave without any negative consequences. To address any further questions that you might have about foreclosure defense, please go to our website. If you’re on YouTube right now, there’s a link below in the description, it’s to ConsumerDefensePrograms.com/a You can click the link below in our video description or type it in the browser and go there yourself, but we have a free eBook available there for you. You can download that and get a lot of your questions answered. As well as when you go to our website, there’s a lot of great information and articles and other things there to answer any questions you have about foreclosure defense.
Below in the video description is a link to our site. Go there and download the eBook now. It’s absolutely free. There is no reason why you shouldn’t download it and read it today, and it may just save your home. After reading the book, you may feel like you still need help, you may feel like you still need a little bit of guidance. We have a coaching program available. The first step is reading the book, but realize, we do have coaching where we can work with you one-on-one in helping you out any way that we can.
Duration : 0:4:5
Recent Comments