Secrets about foreclosure 2

814 views

Published on

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total views
814
On SlideShare
0
From Embeds
0
Number of Embeds
2
Actions
Shares
0
Downloads
18
Comments
0
Likes
0
Embeds 0
No embeds

No notes for slide

Secrets about foreclosure 2

  1. 1. Secrets about Foreclosure<br />A Foreclosure is:<br /> <br />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. <br />
  2. 2. Foreclosure SCAMS to Avoid:<br />- Rent-to-Buy Scams<br />- Equity Skimming Scams<br />- Phantom Help (False Counseling Scams)<br />- Bait & Switch Scams<br />- Fraudulent Bankruptcy Scams <br />- Partial Interest Bankruptcy<br />
  3. 3. Predatory Lending <br /> <br />-“The industry-based professional practice of using a borrower’s ignorance of lending practices against them for profit.”<br /> <br />Examples of Predatory Lending include:<br /> <br />- Mortgage Fraud – Occurs when a borrower lies on the loan application or provides phony bank statements or pay stubs.<br />- Subprime Loans <br />
  4. 4. Possible Solutions to Stop Foreclosure:<br />- Short Sale – A negotiated agreement between borrower and lender where the lender agrees to a full payoff of the loan for an amount less than owed.<br /> <br />- Deed In Lieu of Foreclosure – Occurs when the borrower signs an agreement which transfers the title of the property to the lender.<br /> <br />- Loan Modification – Changing one or more terms of the loan to make it more affordable for the borrower.<br />
  5. 5. Types of Foreclosure:<br />Judicial Foreclosure – <br /> <br /> - Foreclosure initiated when the lender files a complaint with the court in the county where the property is located, homeowner<br /> - Homeowner is served with a copy of the complaint and a date to appear in court<br /> - In court, Judge will hear from both sides and make a ruling on the case<br />Non-Judicial Foreclosure – <br /> <br /> - Authorization of the lender to proceed with recovering property from a defaulting homeowner without going to court<br /> - Non-Judicial Foreclosures vary based on each state’s laws<br />Texas Foreclosures – <br />  - Lenders can utilize Judicial or Non-Judicial Foreclosures<br />
  6. 6. Who Can Foreclose?<br />- The lender has the right to foreclose.<br /> <br />What Happens After the Foreclosure Sale?<br />  - The borrower must vacate the premises.<br /> <br />Is it Possible to Stall or Stop Foreclosure?<br /> - Yes, if you bring your loan payments current.<br /> - Yes, if you renegotiate a loan modification program or forbearance with the lender.<br /> - Yes, if you negotiate to trade property for the payments with the lender.<br /> - Yes, if you declare bankruptcy<br />
  7. 7. Legal Challenges to Foreclosure:<br />- Ownership of the Loan<br />- Truth-In-Lending Violations<br />- RESPA Violations<br />- Unconscionability<br />- Servicing Errors<br />- Breach of Contract<br />
  8. 8. From Foreclosure Sale to Eviction:<br /> - Formulate a plan<br /> - Carry out your plan<br /> - Redemption<br />
  9. 9. Foreclosure Options:<br />- Forbearance – Allows you to bring your mortgage payments current in a short period of time, typically within six months to one year.<br /> <br />- Loan Modification – Changing the loan terms to make payments more affordable for the borrower.<br /> <br />- Deed-In-Lieu – Allows the borrower to surrender the property to the lender without filing bankruptcy.<br /> <br />- Short Sale – The lender will receive less than what is owed as a full payoff of the mortgage.<br /> <br />- Temporary Indulgence – Grace period of 60 to 90 days to bring mortgage payments current.<br /> <br />- Recasting – Recalculations of remaining interest and principal payments based on a new amortization schedule.<br /> <br />- Filing Bankruptcy – Affords homeowners the benefit of being able to implement and carry out a plan to avoid foreclosure. <br /> <br />
  10. 10. Types of Bankruptcy:<br /> - Chapter 7 Bankruptcy – Allows debtor to liquidate most unsecured debt.<br /> <br /> - Chapter 13 Bankruptcy – Debt consolidation plan that allows debtor to restructure debt and pay back in 3 to 5 years.<br /> - Debtor must have enough income to cover all monthly expenses and pay into a Chapter 13 plan.<br /> <br />
  11. 11. Why Choose Allmand & Lee?<br /> - Commitment: Allmand & Lee is committed to helping families in financial crises. <br /> - Experience: Allmand & Lee handle thousands of bankruptcy cases each year.<br /> - Focus: Allmand & Lee focus on consumer bankruptcy to help families avoid financial disaster.<br />Allmand & Lee Can Help You Find Solid Ground <br /> - Allmand & Lee is a partner, educating you and advocating for you!<br />
  12. 12. Contact Allmand & Lee Today!<br />- For more information on how Allmand & Lee can help resolve your financial issues call:<br />214-884-4176<br />

×