1. Secrets about Foreclosure By Reed Allmand

2. What does a Foreclosure involve? A foreclosure is the legal process whereby a mortgage lender or bank repossesses a home as a result of a borrower’s default under the terms of the loan. Warning! The following are foreclosure SCAMS to AVOID: - Rent-to-Buy Scams - Equity Skimming Scams - Phantom Help (False Counseling Scams) - Bait & Switch Scams - Fraudulent Bankruptcy Scams - Partial Interest Bankruptcy

3. What is Predatory Lending? - “The industry-based professional practice of using a borrower’s ignorance of lending practices against them for profit.” Examples of Predatory Lending include: - Mortgage Fraud – Occurs when a borrower lies on the loan application or provides phony bank statements or pay stubs. - Subprime Loans – Loans offered to individuals knowing they have bad credit

5. What are types of Foreclosure? Judicial Foreclosure - Foreclosure initiated when the lender files a complaint with the court in the county where the property is located, homeowner - Homeowner is served with a copy of the complaint and a date to appear in court - In court, Judge will hear from both sides and make a ruling on the case Non-Judicial Foreclosure - Authorization of the lender to proceed with recovering property from a defaulting homeowner without going to court - Non-Judicial Foreclosures vary based on each state’s laws Texas Foreclosures - Lenders can utilize Judicial or Non-Judicial Foreclosures

6. Who Can Foreclose? - The lender has the right to foreclose. - The What Happens After the Foreclosure Sale? borrower must vacate the premises. Is it Possible to Stall or Stop Foreclosure? - Yes, if you bring your loan payments current. - Yes, if you renegotiate a loan modification program or forbearance with the lender. - Yes, if you negotiate to trade property for the payments with the lender. - Yes, if you declare bankruptcy

7. Legal Challenges to Foreclosure include the following: - Ownership of the Loan - Truth-In-Lending Violations - RESPA Violations - Unconscionability - Servicing Errors - Breach of Contract

8. What should I do between the foreclosure sale and the eviction? - Formulate a plan – Be proactive! Create a new financial plan. - Carry out your plan – Maintain good communication with your lender and stick to your plan. - Redemption – Redeem property and assets, regaining financial control of your life.

11. Why Choose Allmand & Lee? - Commitment: Allmand & Lee is committed to helping families in financial crises. - Experience: Allmand & Lee handle thousands of bankruptcy cases each year. - Focus: Allmand & Lee focus on consumer bankruptcy to help families avoid financial disaster. Allmand & Lee Can Help You Find Solid Ground - Allmand & Lee is a partner, educating you and advocating for you!

12. Contact Allmand & Lee Today! - For more information on how Allmand & Lee can help resolve your financial issues call: 214-884-4176