FREE Special Report Reveals How To
Avoid or Stop Foreclosure and Get the Cash You Need Fast
Do you own a house and need to sell quickly?
These are problems that can happen to anyone! How Can I Stop a Foreclosure on My Home?It takes money to stop a foreclosure. That may be uncomfortably obvious, since foreclosures usually occur when you don't have enough money. But the longer you wait, the more money it will take to undo the foreclosure. In Minnesota, a foreclosure takes about six (6) months, more or less, from start to finish. Buyers in foreclosure cases have two basic rights: to catch up, or pay off. The legal name for catching up the missed payments is “reinstatement.” Generally speaking, you've got about 3 months from when the foreclosure case is filed to catch up all the missed payments. Unfortunately, in addition to just the missed payments, you'll also have to pay court costs and reasonable attorney fees. Paying off the entire mortgage is called “redemption.” You've got about 7 months to redeem. But, as hard as it is to catch up, it’s even harder to pay off. If you can't reinstate or redeem, your house gets sold at a foreclosure sale. You've got to be out 30 days after the sale, unless the lender buys at the sale. In that case you've got another 30 days to redeem, or get out. Losing your house in a foreclosure is injury enough, but added to that can be the insult of owing a big debt to the lender. That’s called a “deficiency,” and occurs if the foreclosure sale doesn't pay off what’s owed on the loan. Deficiencies are common, since foreclosure sales don't get good prices. |
Predatory Lending and the Sub prime CrisisMore than 1 million borrowers saw their homes put into foreclosure in 2006, an increase of 46% from previous years. Sadly, a continued increase in foreclosures for 2007 and beyond appears to be even more trouble for many struggling homeowners. While several elements have played a factor in the number of foreclosures, a dominant factor has been the negligible practices of mortgage lenders. Mortgage brokers and loan originators were encouraged and rewarded for closing as many loans as possible without any regard for the long-term sustainability of those loans. The greater the fees and interest rates a mortgage broker slapped on a loan, the larger the kickback from the lender. Millions of Americans unwittingly trusted these mortgage “professionals” to match them with the best loan for their situation. Sadly, a large percentage of these same people, unable to afford the monthly payments on their home, have experienced debt, bankruptcy and/or foreclosure. The U.S. Department of Housing and Urban Development publishes a pamphlet titled, “HOW TO AVOID FORECLOSURE”. The State of Illinois enacted the Mortgage Rescue Fraud Act 765ILCS 940/1 on January 1, 2007; which is designed to protect home owners from unscrupulous predators. Options When Facing ForeclosureThe most common options available to homeowners facing foreclosure:
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