Here is a great document about stopping the foreclosure process in Michigan. You can also find more information at www.stopmichiganforeclosure.com it is a website with a lot of valuable information about avoiding foreclosure on your home in Michigan.
Chenoa fund-resources-sample closing-package-rate_advantage_7618Chenoa Fund
"Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.
Through the Chenoa Fund, borrowers that meet our credit score and DTI requirements (see our program guidelines, and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement. "
Foreclosure attorney explains: 7 steps to solve foreclosure in illinoisjustinabdilla
Illinois Foreclosure Attorney Justin Abdilla shares his key factors to solving foreclosure with advice on short sales, loan modification, court foreclosure, and mediation.
The document discusses how bankruptcy may be used to stop or delay a foreclosure in Ohio. Filing bankruptcy automatically halts foreclosure for 30 days through an automatic stay issued by the court. A Chapter 7 bankruptcy allows exempting a primary residence up to $132,900 in value from liquidation to pay debts. A Chapter 13 bankruptcy allows developing a repayment plan over 3-5 years to save a home from foreclosure while resolving the underlying debt. Bankruptcy may also discharge second mortgages or deficiency judgments after foreclosure in some situations. Consulting a bankruptcy attorney immediately if facing foreclosure is recommended to evaluate options.
The document summarizes appellate court decisions from 2012 regarding mortgage foreclosure cases in New York State. Some key points include:
- Courts are strictly enforcing contracts as written and requiring lenders to prove they have proper standing to foreclose by demonstrating ownership of the promissory note.
- If standing is defective when the case is filed, it cannot be corrected and the case must be restarted.
- Lenders must explain the circumstances if the promissory note was lost and prove they have not sold or transferred the note.
- Foreclosure cases will not be set aside just because the auctioned property was smaller than specified in the contract; the amount foreclosed will just be reduced proportionally.
This document discusses the responsibilities of a debtor's counsel throughout a Chapter 13 bankruptcy case. It begins by providing a hypothetical scenario where a debtor is 49 months into a 60 month repayment plan when the counsel receives a motion for relief from stay and a motion to dismiss for unpaid plan payments. The document analyzes what the counsel's responsibilities are in this situation based on case law and local rules. It emphasizes that the counsel is obligated to represent the debtor on important motions like these and cannot demand more money or refuse to appear in court. The best practices for counsel include clearly establishing communication expectations, documenting them, and acting in accordance with professional responsibilities throughout the case.
The document summarizes key foreclosure law trends and appellate court decisions from 2012. Some of the main points covered include: appellate courts are strictly enforcing contracts as written; the Second Department has many reported foreclosure cases; plaintiffs must prove they have standing by possessing the original note or valid assignment; if standing is defective when initially filed it cannot be corrected; and lenders must seek court approval before taking actions beyond what the mortgage authorizes.
Here is a great document about stopping the foreclosure process in Michigan. You can also find more information at www.stopmichiganforeclosure.com it is a website with a lot of valuable information about avoiding foreclosure on your home in Michigan.
Chenoa fund-resources-sample closing-package-rate_advantage_7618Chenoa Fund
"Chenoa Fund is an affordable housing program provided through CBC Mortgage Agency (CBCMA), a uniquely created and organized government institution. CBCMA specializes in providing down payment assistance solutions in conjunction with FHA loans, with a focus on providing funding for affordable housing opportunities in communities nationwide.
Through the Chenoa Fund, borrowers that meet our credit score and DTI requirements (see our program guidelines, and who can otherwise qualify for an FHA loan, can receive a first mortgage and a second mortgage or grant to cover their 3.5% minimum investment requirement. "
Foreclosure attorney explains: 7 steps to solve foreclosure in illinoisjustinabdilla
Illinois Foreclosure Attorney Justin Abdilla shares his key factors to solving foreclosure with advice on short sales, loan modification, court foreclosure, and mediation.
The document discusses how bankruptcy may be used to stop or delay a foreclosure in Ohio. Filing bankruptcy automatically halts foreclosure for 30 days through an automatic stay issued by the court. A Chapter 7 bankruptcy allows exempting a primary residence up to $132,900 in value from liquidation to pay debts. A Chapter 13 bankruptcy allows developing a repayment plan over 3-5 years to save a home from foreclosure while resolving the underlying debt. Bankruptcy may also discharge second mortgages or deficiency judgments after foreclosure in some situations. Consulting a bankruptcy attorney immediately if facing foreclosure is recommended to evaluate options.
The document summarizes appellate court decisions from 2012 regarding mortgage foreclosure cases in New York State. Some key points include:
- Courts are strictly enforcing contracts as written and requiring lenders to prove they have proper standing to foreclose by demonstrating ownership of the promissory note.
- If standing is defective when the case is filed, it cannot be corrected and the case must be restarted.
- Lenders must explain the circumstances if the promissory note was lost and prove they have not sold or transferred the note.
- Foreclosure cases will not be set aside just because the auctioned property was smaller than specified in the contract; the amount foreclosed will just be reduced proportionally.
This document discusses the responsibilities of a debtor's counsel throughout a Chapter 13 bankruptcy case. It begins by providing a hypothetical scenario where a debtor is 49 months into a 60 month repayment plan when the counsel receives a motion for relief from stay and a motion to dismiss for unpaid plan payments. The document analyzes what the counsel's responsibilities are in this situation based on case law and local rules. It emphasizes that the counsel is obligated to represent the debtor on important motions like these and cannot demand more money or refuse to appear in court. The best practices for counsel include clearly establishing communication expectations, documenting them, and acting in accordance with professional responsibilities throughout the case.
The document summarizes key foreclosure law trends and appellate court decisions from 2012. Some of the main points covered include: appellate courts are strictly enforcing contracts as written; the Second Department has many reported foreclosure cases; plaintiffs must prove they have standing by possessing the original note or valid assignment; if standing is defective when initially filed it cannot be corrected; and lenders must seek court approval before taking actions beyond what the mortgage authorizes.
The document summarizes key trends in foreclosure law in New York in 2012. Appellate courts strictly enforced contracts and required lenders to prove they have standing by demonstrating ownership of the promissory note. If standing was defective when the case began, it could not be cured and the case had to be refiled. The Second Department, located in New York City, had the most reported foreclosure cases.
Intercepting and Preventing Foreclosure.robert tapia
The document discusses options for homeowners facing foreclosure such as loan modifications, refinancing, or selling the home. It cautions homeowners to carefully review their loan documents to ensure they met the lender's qualifications and warns of potential foreclosure rescue scams. Homeowners are encouraged to audit their loan documents for potential fraud and stand up for their rights to prevent wrongful foreclosure.
This document provides information about options for homeowners who are facing foreclosure or are behind on mortgage payments. It discusses 7 options: 1) loan modification, 2) forbearance agreement, 3) subject-to sale, 4) short sale, 5) bankruptcy, 6) deed-in-lieu of foreclosure, and 7) doing nothing and losing the home to foreclosure. It provides details on how each option works and what fees may be involved. The document encourages homeowners to contact the sender for assistance in working with their bank to negotiate one of these options.
This document provides an overview and guide to mortgages from Chicago Bancorp. It begins with an introduction to Chicago Bancorp and what they offer. It then outlines the basic loan process in 3 steps. Next, it explains the pre-approval process and compares it to pre-qualification. It also provides information on shopping for a home, the approval process, common loan programs including fixed rate, adjustable rate, FHA, VA, and Jumbo loans. Additionally, it defines what makes up a monthly mortgage payment and provides a good faith estimate and closing costs worksheet. Finally, it concludes with a glossary of common mortgage terms.
Understanding the CFPB's New Lending StandardsDavid Rocheford
The Consumer Financial Protection Bureau (CFPB) was created in 2011 to regulate consumer financial products and protect consumers. It is responsible for creating and enforcing new rules regarding mortgages under the Dodd-Frank Act. Two key rules are the Ability-to-Repay (ATR) rule, which requires lenders to ensure borrowers can afford their loans, and the Qualified Mortgage (QM) rule, which provides legal protections to lenders originating certain loans. The CFPB also introduced new Loan Estimate and Closing Disclosure forms to replace previous disclosures and implemented new timing and content requirements.
This document provides information about filing for bankruptcy in Ontario, Canada. It discusses the bankruptcy process in Ontario, how long a bankruptcy will last, factors that influence bankruptcy length, eligibility requirements, and types of debts eliminated by bankruptcy. The document is a guide for Ontario residents considering bankruptcy that explains considerations and steps involved in the bankruptcy filing process.
Consumer Finance Class Actions & Litigation - Conference MaterialsRachel Hamilton
Consumer financial services companies are facing unprecedented regulatory and enforcement scrutiny and mounting litigation, and there is no sign of change coming anytime soon. That is why it is essential that in-house an outside counsel have a mastery of new class action trends, emerging theories of liability, the latest enforcement actions and regulatory initiatives, and the most effective defense and settlement strategies.
Under Alberta bankruptcy laws, individuals who are overwhelmed with debts they cannot repay are given the opportunity to have those debts eliminated in order to start a new financial life. Filing bankruptcy in Alberta involves surrendering non-exempt assets in exchange for eliminating unsecured debts. The process is overseen by a Licensed Insolvency Trustee and usually takes 9 months, though it may be extended up to 21 months if the individual has surplus income over a set threshold. The Alberta bankruptcy exemptions allow individuals to keep certain assets like their primary residence (up to $40,000 equity), vehicles ($5,000 equity), tools of the trade ($10,000), and retirement savings.
This document discusses various legal issues related to revenue cycle management. It addresses questions around charging patients for missed appointments, ensuring written notification of policies, and considerations for reasonable amounts. It also covers issues like employing and securing data for remote workers, handling restrictively endorsed checks, and implications of the IRS 501(r) rule for billing and collections. The document provides overviews and checklists to help navigate complex areas of compliance.
Bankruptcy allows individuals with overwhelming debt to get a fresh financial start by eliminating most debts. The document provides details on the bankruptcy process in Canada, including what assets can be kept, choosing a trustee, costs, steps in the process, debts that are erased, receiving a discharge, and rebuilding credit afterwards. It emphasizes that bankruptcy provides debt relief and a path to financial recovery.
This course will help you learn:
You will know what to do if your mortgage becomes delinquent or if you are facing foreclosure
You will know the options that are available to you
Get involved…take action
This document provides a summary of a presentation on loan modification and bankruptcy basics that was given at the National Conference of Vietnamese American Attorneys. It includes information on foreclosure timelines, proposed foreclosure legislation, bankruptcy chapters and differences between Chapter 7 and Chapter 13, common exemptions, ethical obligations for attorneys, and other bankruptcy topics. Key details on the foreclosure process, loan modification requirements, and differences between bankruptcy chapters are outlined.
A consumer proposal is a legally binding agreement administered by a Licensed Insolvency Trustee where a debtor proposes a repayment plan to creditors to pay back a percentage of outstanding debts over 3-5 years. If accepted by creditors, it allows the debtor to avoid bankruptcy and keep their assets while resolving debts more affordably. Key aspects include developing a fair proposal, making regular payments, attending credit counseling, and having the proposal recorded on their credit report for up to 8 years. Secured debts like mortgages cannot be included in a proposal.
The document outlines the process that a foreclosure solutions specialist named Gary Rossignol uses to help homeowners. It involves 3 steps: 1) Analyzing the homeowner's situation through questions about finances, property details, and hardship. 2) Explaining the homeowner's options to either stay in the home through solutions like loan modifications, or vacate through options like short sales if the home is underwater. 3) Making recommendations on the best option after considering the homeowner's desires, finances, time constraints, and commitment level. It provides details on various stay and vacate options as well as strategies like negotiating with lenders, dealing with third party advocates, and completing a short sale process.
This short document promotes the creation of presentations using Haiku Deck, an online presentation tool. It includes three stock photos and suggests that the reader may be inspired to create their own Haiku Deck presentation. A call to action is provided to get started using the tool on SlideShare.
This document provides an overview of the history and evolution of foreclosure dispute resolution programs in the United States. It describes how such programs have progressed through three phases from their inception during the foreclosure crisis to ongoing improvements. The first phase focused on setting up mediation between borrowers and servicers. Problems included low participation rates and a lack of understanding. The second phase aimed to increase participation and outcomes through improved screening, preparation and timelines. The third phase seeks to ensure compliance and give borrowers the best chance to avoid foreclosure. Evaluation shows varying results across programs.
This document discusses opportunities for buying distressed real estate properties due to the current foreclosure trends. It outlines the benefits of buying now including increased affordability and potential for appreciation. It provides tips for successful buying such as getting pre-approved, building a strong team with an expert agent, understanding the differences between traditional and distressed property rules regarding price, speed, decision-making and negotiation. Key points emphasized are that foreclosure inventory remains high, all parties are motivated to sell, and mortgage rates are low, though not for long. Myths about distressed properties are debunked.
The document discusses mediation techniques for resolving conflicts. It outlines a mediation model that involves problem recognition, setting ground rules, defining the problem, generating alternatives, reaching an agreement, and follow up. It provides tips for active listening skills, asking open-ended questions, focusing on feelings, and setting time limits. The document also presents sample ground rules for mediation and scenarios to discuss roommate conflicts that RAs may encounter.
Short presentation on Niche Marketing for Mediators. Helping mediators to understand how to focus and target their marketing efforts to speak to their ideal customers.
Reasons to Consider Foreclosure Mediation in MarylandMichael Coyle
The document repeatedly lists the address 6700 Alexander Bell Drive, Suite 200, Columbia, MD 21046 and phone number (410) 884-3180 over 30 times. It provides contact information for an organization located at this address and phone number in Columbia, Maryland.
The document summarizes key trends in foreclosure law in New York in 2012. Appellate courts strictly enforced contracts and required lenders to prove they have standing by demonstrating ownership of the promissory note. If standing was defective when the case began, it could not be cured and the case had to be refiled. The Second Department, located in New York City, had the most reported foreclosure cases.
Intercepting and Preventing Foreclosure.robert tapia
The document discusses options for homeowners facing foreclosure such as loan modifications, refinancing, or selling the home. It cautions homeowners to carefully review their loan documents to ensure they met the lender's qualifications and warns of potential foreclosure rescue scams. Homeowners are encouraged to audit their loan documents for potential fraud and stand up for their rights to prevent wrongful foreclosure.
This document provides information about options for homeowners who are facing foreclosure or are behind on mortgage payments. It discusses 7 options: 1) loan modification, 2) forbearance agreement, 3) subject-to sale, 4) short sale, 5) bankruptcy, 6) deed-in-lieu of foreclosure, and 7) doing nothing and losing the home to foreclosure. It provides details on how each option works and what fees may be involved. The document encourages homeowners to contact the sender for assistance in working with their bank to negotiate one of these options.
This document provides an overview and guide to mortgages from Chicago Bancorp. It begins with an introduction to Chicago Bancorp and what they offer. It then outlines the basic loan process in 3 steps. Next, it explains the pre-approval process and compares it to pre-qualification. It also provides information on shopping for a home, the approval process, common loan programs including fixed rate, adjustable rate, FHA, VA, and Jumbo loans. Additionally, it defines what makes up a monthly mortgage payment and provides a good faith estimate and closing costs worksheet. Finally, it concludes with a glossary of common mortgage terms.
Understanding the CFPB's New Lending StandardsDavid Rocheford
The Consumer Financial Protection Bureau (CFPB) was created in 2011 to regulate consumer financial products and protect consumers. It is responsible for creating and enforcing new rules regarding mortgages under the Dodd-Frank Act. Two key rules are the Ability-to-Repay (ATR) rule, which requires lenders to ensure borrowers can afford their loans, and the Qualified Mortgage (QM) rule, which provides legal protections to lenders originating certain loans. The CFPB also introduced new Loan Estimate and Closing Disclosure forms to replace previous disclosures and implemented new timing and content requirements.
This document provides information about filing for bankruptcy in Ontario, Canada. It discusses the bankruptcy process in Ontario, how long a bankruptcy will last, factors that influence bankruptcy length, eligibility requirements, and types of debts eliminated by bankruptcy. The document is a guide for Ontario residents considering bankruptcy that explains considerations and steps involved in the bankruptcy filing process.
Consumer Finance Class Actions & Litigation - Conference MaterialsRachel Hamilton
Consumer financial services companies are facing unprecedented regulatory and enforcement scrutiny and mounting litigation, and there is no sign of change coming anytime soon. That is why it is essential that in-house an outside counsel have a mastery of new class action trends, emerging theories of liability, the latest enforcement actions and regulatory initiatives, and the most effective defense and settlement strategies.
Under Alberta bankruptcy laws, individuals who are overwhelmed with debts they cannot repay are given the opportunity to have those debts eliminated in order to start a new financial life. Filing bankruptcy in Alberta involves surrendering non-exempt assets in exchange for eliminating unsecured debts. The process is overseen by a Licensed Insolvency Trustee and usually takes 9 months, though it may be extended up to 21 months if the individual has surplus income over a set threshold. The Alberta bankruptcy exemptions allow individuals to keep certain assets like their primary residence (up to $40,000 equity), vehicles ($5,000 equity), tools of the trade ($10,000), and retirement savings.
This document discusses various legal issues related to revenue cycle management. It addresses questions around charging patients for missed appointments, ensuring written notification of policies, and considerations for reasonable amounts. It also covers issues like employing and securing data for remote workers, handling restrictively endorsed checks, and implications of the IRS 501(r) rule for billing and collections. The document provides overviews and checklists to help navigate complex areas of compliance.
Bankruptcy allows individuals with overwhelming debt to get a fresh financial start by eliminating most debts. The document provides details on the bankruptcy process in Canada, including what assets can be kept, choosing a trustee, costs, steps in the process, debts that are erased, receiving a discharge, and rebuilding credit afterwards. It emphasizes that bankruptcy provides debt relief and a path to financial recovery.
This course will help you learn:
You will know what to do if your mortgage becomes delinquent or if you are facing foreclosure
You will know the options that are available to you
Get involved…take action
This document provides a summary of a presentation on loan modification and bankruptcy basics that was given at the National Conference of Vietnamese American Attorneys. It includes information on foreclosure timelines, proposed foreclosure legislation, bankruptcy chapters and differences between Chapter 7 and Chapter 13, common exemptions, ethical obligations for attorneys, and other bankruptcy topics. Key details on the foreclosure process, loan modification requirements, and differences between bankruptcy chapters are outlined.
A consumer proposal is a legally binding agreement administered by a Licensed Insolvency Trustee where a debtor proposes a repayment plan to creditors to pay back a percentage of outstanding debts over 3-5 years. If accepted by creditors, it allows the debtor to avoid bankruptcy and keep their assets while resolving debts more affordably. Key aspects include developing a fair proposal, making regular payments, attending credit counseling, and having the proposal recorded on their credit report for up to 8 years. Secured debts like mortgages cannot be included in a proposal.
The document outlines the process that a foreclosure solutions specialist named Gary Rossignol uses to help homeowners. It involves 3 steps: 1) Analyzing the homeowner's situation through questions about finances, property details, and hardship. 2) Explaining the homeowner's options to either stay in the home through solutions like loan modifications, or vacate through options like short sales if the home is underwater. 3) Making recommendations on the best option after considering the homeowner's desires, finances, time constraints, and commitment level. It provides details on various stay and vacate options as well as strategies like negotiating with lenders, dealing with third party advocates, and completing a short sale process.
This short document promotes the creation of presentations using Haiku Deck, an online presentation tool. It includes three stock photos and suggests that the reader may be inspired to create their own Haiku Deck presentation. A call to action is provided to get started using the tool on SlideShare.
This document provides an overview of the history and evolution of foreclosure dispute resolution programs in the United States. It describes how such programs have progressed through three phases from their inception during the foreclosure crisis to ongoing improvements. The first phase focused on setting up mediation between borrowers and servicers. Problems included low participation rates and a lack of understanding. The second phase aimed to increase participation and outcomes through improved screening, preparation and timelines. The third phase seeks to ensure compliance and give borrowers the best chance to avoid foreclosure. Evaluation shows varying results across programs.
This document discusses opportunities for buying distressed real estate properties due to the current foreclosure trends. It outlines the benefits of buying now including increased affordability and potential for appreciation. It provides tips for successful buying such as getting pre-approved, building a strong team with an expert agent, understanding the differences between traditional and distressed property rules regarding price, speed, decision-making and negotiation. Key points emphasized are that foreclosure inventory remains high, all parties are motivated to sell, and mortgage rates are low, though not for long. Myths about distressed properties are debunked.
The document discusses mediation techniques for resolving conflicts. It outlines a mediation model that involves problem recognition, setting ground rules, defining the problem, generating alternatives, reaching an agreement, and follow up. It provides tips for active listening skills, asking open-ended questions, focusing on feelings, and setting time limits. The document also presents sample ground rules for mediation and scenarios to discuss roommate conflicts that RAs may encounter.
Short presentation on Niche Marketing for Mediators. Helping mediators to understand how to focus and target their marketing efforts to speak to their ideal customers.
Reasons to Consider Foreclosure Mediation in MarylandMichael Coyle
The document repeatedly lists the address 6700 Alexander Bell Drive, Suite 200, Columbia, MD 21046 and phone number (410) 884-3180 over 30 times. It provides contact information for an organization located at this address and phone number in Columbia, Maryland.
The document discusses the history of the mortgage crisis beginning in 2007 and the fraudulent foreclosure practices that emerged in its wake. It describes how hundreds of billions of dollars in risky mortgage-backed securities were sold globally and collapsed, forcing mass loan modifications and foreclosures. Loan servicers hired inexperienced staff who mishandled modifications while "robo-signers" approved foreclosures without verifying details. Widespread legal issues around mortgage ownership led to investigations and moratoriums on foreclosures. The crisis increased shadow inventories and will likely cause future price drops when properties are sold.
This document provides an overview of topics related to foreclosure mediation, including current foreclosure and bankruptcy statistics showing large increases, methods for finding work as a foreclosure mediator or virtual bankruptcy assistant, the process of gathering client information, different mediation techniques for negotiating with financial institutions, and closing deals through reaffirmation agreements. It highlights that over 2 million homes are in foreclosure in the US, with the top 5 states being California, Florida, Ohio, Texas, and Georgia. Bankruptcy filings have also increased significantly.
This document provides a summary of the "A to G" method for creative outdoor photography. It begins with background on camera technology like aperture, shutter speed, lenses and focal lengths. It then outlines the steps of the method:
A) Assess your photographic reasons or goals
B) Be creative by making adjustments to capture your goals
C) Consider composition regarding format, viewpoint, framing and balance
D) Manage depth of field with aperture
E) Set proper exposure with shutter speed
F) Ensure critical or selective focus
G) Take the photo to capture the decisive moment. Composition, focus, exposure and creative techniques are discussed in more detail to help photographers apply the method.
The document discusses the benefits of exercise for both physical and mental health. It notes that regular exercise can reduce the risk of diseases like heart disease and diabetes, improve mood, and reduce feelings of stress and anxiety. The document recommends that adults get at least 150 minutes of moderate exercise or 75 minutes of vigorous exercise per week to gain these benefits.
Lightning Talk #9: How UX and Data Storytelling Can Shape Policy by Mika Aldabaux singapore
How can we take UX and Data Storytelling out of the tech context and use them to change the way government behaves?
Showcasing the truth is the highest goal of data storytelling. Because the design of a chart can affect the interpretation of data in a major way, one must wield visual tools with care and deliberation. Using quantitative facts to evoke an emotional response is best achieved with the combination of UX and data storytelling.
Credit & Debt Issues for Military Familiesmilfamln
For the webinar, Credit & Debt Issues for Military Families, hosted by the Personal Finance Concentration Area of the Military Families Learning Network on September 20, 2016
- Georgia allows landlords to evict tenants without cause through a dispossessory proceeding. Tenants must be given written notice and can challenge the eviction in court.
- If a tenant loses, they will be removed by the sheriff. They can appeal within 7 days. Tenants in subsidized housing have greater legal protections against eviction.
- Tenants can get legal assistance from organizations like Georgia Legal Services if facing eviction and unable to afford a private attorney.
Under the Insolvency Law, the Debtor needs to attend court. Here, he places a
request with the court to be allowed to settle his financial obligations with his
creditors amicably and with no litigation proceedings. If the court finds the debtor
to be insolvent (which would comply with the new law) the application is legible
for approval.
In real estate, a short sale is when a bank or mortgage lender agrees to discount a loan balance due to an economic hardship on the part of the mortgagor.
Laurus title Group - Power Point - Introlaurustitle
The document provides an overview of the short sale process for homeowners who are delinquent on their loan or need to give up their home. It describes remedies for delinquency such as repayment plans, loan modifications, and partial claims. It defines a short sale as a situation where the home sells for less than what is owed. The document outlines eligibility requirements for short sales and why lenders may accept them. It discusses the challenges of getting approval from all lien holders and provides details on the documentation needed to process a short sale request, such as financial documents, statements, and authorization to release information.
This document provides information about various civil law matters including evictions, foreclosures, bankruptcies, and family law issues. It explains the processes for evictions, foreclosures, and bankruptcy filings. It also discusses legal aid programs in Texas, the Title IV-D child support enforcement program, and references additional resources for information on these topics.
First Time Home Buyer Class Sacramento CaliforniaHomeBoom.com
Learn about first time home buyer programs to purchase real estate. First time home buyer loan programs are our there to help you buy your first home. Down payment assistance and special government programs can help with closing costs. HomeBoom.com is a great place to search for the perfect house.
Rob Rosa & Rubicon Crossings - Short Sale listing review for clientRob Rosa
Learn the basics of what is needed and expected for a short sale in CT. Every step of the way is documented and we can help you get the documents together that you will need to share with the banks and get an approval.
The document provides an overview of the foreclosure process in Alberta. It outlines the three main steps a foreclosure generally follows: 1) The property owner tries to sell it; 2) The Court of Queens Bench lists it for sale; 3) The bank owns and lists it for sale. It describes the process when the owner, court or bank has control of the property and are trying to sell it. The buying process varies depending on who has control. The document also discusses considerations for buyers like foreclosures being sold "as-is" and lowball offers usually being rejected.
This document provides information about personal bankruptcy procedures in British Columbia (BC), Canada. It discusses what bankruptcy is, eligibility requirements, the bankruptcy process, exemptions, costs, and effects. The main points covered are:
- Bankruptcy in BC allows eligible debtors to discharge unsecured debts in exchange for assigning non-exempt assets to a licensed trustee. It provides a fresh financial start.
- To file, you must be insolvent (owe $1,000 or more and unable to pay debts as they come due) and have lived in Canada in the past year.
- The process involves meeting with a trustee, filing forms, paying fees, submitting monthly income reports, attending financial counseling sessions, and
This document provides an overview of reverse mortgages. It explains that a reverse mortgage allows homeowners aged 62 or older to borrow against their home equity and receive payments instead of making payments. The document outlines eligibility requirements, how much can be borrowed, payment options, interest rates, and the loan repayment process. It also summarizes the steps involved in obtaining a reverse mortgage, including education, counseling, application, processing, underwriting, and closing. Common questions about reverse mortgages are addressed.
Developments in Personal Insolvency & BankruptcyJim Stafford
Discussion of developments in Irish Personal Insolvency & Bankruptcy legislation with a particular focus on Personal Insolvency Arrangements and the treatment of pensions.
SWK 597 Week 10. civil lawsuits and other mattersTAMUCSocialWork
The document provides information about various civil law matters that social workers may encounter, including evictions, foreclosures, bankruptcy, and legal aid programs. It discusses the eviction process, noting landlords are required to provide written notice before filing an eviction case in court. Foreclosure follows a three step process beginning with a notice of default, then notice of sale, and finally the foreclosure sale. Loss mitigation options like loan modifications can help prevent foreclosure. Bankruptcy laws provide options under different chapters for individuals, municipalities, businesses, and cross-border cases.
Changing jobs too frequently in the months leading up to your mortgage application may raise red flags for lenders. Here are a few tips:
- Wait at least 6 months after changing jobs before applying. This shows stability.
- Have a strong explanation for any job changes prepared. Lenders want to see a career progression, not frequent lateral moves.
- Consider delaying a job change if a home purchase is imminent. Lenders look more favorably on applicants who have been with their current employer for at least 2 years.
- Provide extra documentation if needed, like a written job offer letter, to reassure lenders of your new position's stability.
The key is demonstrating steady, long-term employment.
Judicial Foreclosure Process in Illinois Illinois State is o.docxtawnyataylor528
Judicial Foreclosure Process in Illinois
Illinois State is often referred to as the lien theory state where individuals are allowed to use their property as security to take up loans or for any underlying loans an individual has. Homeowners in the state are offered various forms of protection by the law especially during home foreclosure, and this is governed by Chapter 735, Sections 5/15-1501 through 5/15-1605 statute (Loftsgordon). The statute aims at protecting the homeowners, and, therefore, it is important that a homeowner ensures that they are not caught off guard in the event where they are at risk of losing a home to foreclosure. The need to have knowledge of these laws and fully understand the various forms of protection offered to them. For example, not many individuals know that the law requires that they are provided with housing counselling before the foreclosure process even starts.
Foreclosure process
First, it is very important to note that in this state, the foreclosure process is strictly judicial meaning that the lender has to file a suit with the court and the court is the one responsible for issuing a final decision on the foreclosure. The process of foreclosure in the states takes about 6-8 month before an individual completely loses their home. A foreclosure is an option for the borrower when the homeowner is unable to meet the repayment of the loan as they signed on the mortgage form as well as the promissory note. However, foreclosure is not guaranteed by the lack of repayment since there are procedures and processes of the law that dictates how foreclosure needs to be carried out as follows:
1. Grace period notice: If the homeowner who is the borrower fails to make repayment within 30 days or more the lender is required to send a notice to them. The notice is to inform them that they need to seek housing counsel. This could help them find ways of making the repayment or work out a deal with the lenders.
2. Beginning foreclosure: A lender is only allowed to file a lawsuit against the borrower if the loan repayment is 120 days past due. The borrower must then be served with a notice which is most often done by the sheriff informing them they have been sued and also the reasons why one has been sued. This document is called the foreclosure complaint, and it also has a summary of court summons that one is subject to and also a list of rights that one has during the entire foreclosure process (Sirota & Barrel). The court gives the borrower a period of 30 days to file a response with the court. It is important that one makes an appearance to court in the set dates since failure to appear to court make an individual lose the lawsuit by default, and that loses their property.
3. Judgement and sale: The judgment is made after the borrower is given an opportunity to reinstate their mortgage. The lender gets a judgment against the borrower, and the court sets a redemption period which lasts three months aft ...
This document summarizes real estate issues during the COVID-19 pandemic. Several counties issued shelter-in-place orders allowing limited real estate activities if remote work is not possible. Mortgage relief programs and foreclosure/eviction suspensions have been implemented. New forms address transaction delays or cancellations. Rent moratoriums prohibit evictions for non-payment if tenants provide documentation of financial hardship related to COVID-19. Commercial leases should be reviewed for force majeure, cessation of services, and quiet enjoyment clauses. Long term impacts may include increased non-payment of rent/mortgages, declining property values and rental rates, and a renters' and buyers' market.
Dodd Frank Act 2015 Rule Implementation: Will The World End?Jillayne Schlicke
The Dodd Frank Act Rule Implementation of 2015 will bring another set of changes to the lending and escrow industries. Spoiler alert: The world will not end.
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Matthew Professional CV experienced Government LiaisonMattGardner52
As an experienced Government Liaison, I have demonstrated expertise in Corporate Governance. My skill set includes senior-level management in Contract Management, Legal Support, and Diplomatic Relations. I have also gained proficiency as a Corporate Liaison, utilizing my strong background in accounting, finance, and legal, with a Bachelor's degree (B.A.) from California State University. My Administrative Skills further strengthen my ability to contribute to the growth and success of any organization.
Guide on the use of Artificial Intelligence-based tools by lawyers and law fi...Massimo Talia
This guide aims to provide information on how lawyers will be able to use the opportunities provided by AI tools and how such tools could help the business processes of small firms. Its objective is to provide lawyers with some background to understand what they can and cannot realistically expect from these products. This guide aims to give a reference point for small law practices in the EU
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2. First Steps
• Before the Bank can sue you for mortgage foreclosure, they must see first if
you qualify for a loan modification under the federal HAMP program.
• After 2 missed mortgage payments, the bank must give you 30 days to
catch up. If you communicate to the Bank that you’re working with an
approved housing counselor, you will get an extra 30 days under HAMP.
• During this time, expect to receive a Grace Period Notice.
3. Grace Period Notice
• Your Grace Period Notice must state in bold 14-point type:
• "GRACE PERIOD NOTICE", and shall state the following in 14-point type: "YOUR LOAN IS
MORETHAN 30 DAYS PAST DUE.YOU MAY BE EXPERIENCING FINANCIAL DIFFICULTY. IT
MAY BE INYOUR BEST INTERESTTO SEEKAPPROVED HOUSING COUNSELING.YOU
HAVE A GRACE PERIODOF 30 DAYS FROMTHE DATE OFTHIS NOTICETO OBTAIN
APPROVED HOUSINGCOUNSELING. DURINGTHE GRACE PERIOD,THE LAW PROHIBITS
US FROMTAKINGANY LEGALACTION AGAINSTYOU.YOU MAY BE ENTITLEDTO AN
ADDITIONAL 30 DAY GRACE PERIOD IFYOU OBTAIN HOUSING COUNSELING FROM AN
APPROVED HOUSINGCOUNSELINGAGENCY.A LIST OF APPROVED COUNSELING
AGENCIES MAY BE OBTAINED FROMTHE ILLINOIS DEPARTMENTOF FINANCIALAND
PROFESSIONAL REGULATION."
4. The Summons
• Approximately, but no fewer than 30 days after the Grace Period Notice is sent to
you, and no fewer than 120 days after your first missed payment, the bank can file
their foreclosure action.
• The Sheriff, or a special process server, will serve you the foreclosure complaint.
Typically this is done by coming to your home and handing you the papers. If the
server comes to your home a few times and cannot find you, the notice of the
lawsuit will be put into a local newspaper.
• Your time to respond to the Complaint begins 30 days after you are served, unless
you are in a mandatory mediation county.
5. Mediation by County
• Cook County gives access to housing counselors and foreclosure legal assistance at each
judge’s respective help desk, and from time to time on the 7th floor of the Daley Center. Call
(877) 895-2244 for details.
• Kane County has a mandatory opt-out mediation program. You will be given a mediation
date, and as long as you appear you can participate in the court sponsored mediation.
• Will County is similar to Kane County’s program, but the date to appear will be listed on the
Complaint.
• Lake County’s program allows homeowners to use the Court sponsored mediation program
so long as they attend an education session offered by the Affordable Housing Corporation
within 35 days of receipt of the summons. Call (846) 796-8050 for details.
6. What to Expect in Mediation
• Mediation is a program where you and the bank will work together to attempt to
solve your foreclosure without litigation and the fees included.
• Mediation is confidential, and the mediator does not force the parties to agree to a
result.
• When you appear at mediation, you will be given the opportunity to explain to the
Bank if you want a loan modification, short sale or a consent foreclosure solution.
• Because this mediation session will include an examination of your financial ability
to repay the loan if modified, you should contact an approved housing counselor or
your mediation program coordinator to see what documents you might need.
7. If Mediation Succeeds
• If court-sponsored mediation is successful, you will have reached an
agreement with the bank on whether you will receive a loan modification
and retain your home with either a new HAMP modification or a trial
payment period plan. You may also come to terms regarding short sale
figures or a consent foreclosure, and agree to give up your home to either a
new buyer or the bank, so long as certain conditions are met.
8. If Mediation Does Not Succeed
• If mediation does not succeed, you will be given a date to appear in the
courtroom for the start of litigation.
• Your date to make your first response to the court will typically be 30 days
after your mediation program sends you a letter saying mediation
terminated.
9. First Steps in the Courtroom
• All homeowners stepping into a courtroom for mediation should first
consult an attorney about any defects in the service of the Complaint or any
defects apparent from the face of the Complaint itself.
• Before that 30 day period to respond has passed, the homeowner and her
attorney should work together to file the proper response to the Complaint,
and a proper appearance.
10. Reinstatement
• To save the home without winning the foreclosure case, there are few
options once litigation starts.
• A Homeowner has the absolute right to reinstate the loan within 90 days
after receiving the foreclosure complaint. This means that you will pay the
missed payments, attorneys fees, court costs and all other fees from escrow
that were incurred during the time that you missed payments.
11. Defenses to a Foreclosure Complaint
• Many defenses to a Foreclosure Complaint exist in Illinois that should be
utilized when applicable to defend a foreclosure.
• The following pages list some of these defenses, but please note that an
attorney should be consulted to determine if a factual basis for raising any
of these defenses exists.
• The laws for foreclosure are constantly changing, please note that the
following is accurate only as of September 15, 2015.
12. Standing
• If the Bank suing you for foreclosure has no interest in your property, your attorney
should raise the affirmative defense of standing in the first pleading filed with the
Court.
• “It is a fundamental precept of the law to expect a foreclosing party to actually be
in possession of its claimed interest in the note, and to have the propersupporting
documentation on hand when filing suit” – Deutsche Bank v. Gilbert
• “in light of the apparent discrepancy between plaintiff’s complaint and the
attached documents, plaintiff’s standing is much in doubt.” – Nationstar v. Canale
13. Grace Period Notice
• If the Bank failed to send you a grace period notice before your foreclosure
began, in the proper time, the foreclosure is not yet ripe.
• If no grace period notice was sent to the defendant and the bank did not
wait the 30 days required by the grace period notice, the foreclosure case
must be dismissed. -- Bank of America, N.A. v. Adeyiga.
14. Full Payment
• If you have never missed payments under your loan, the Bank cannot prove
an outstanding debt.
• Judgment of foreclosure will not be granted to a party that has been paid to
current on the mortgage loan, where there are no amounts due and owing
on the case. 735 ILCS 5/15-1506(a)(2).
15. Rescission
• Under theTruth in Lending Act, a federal law, homeowners are intended to know
the credit terms of their loan and to avoid being exploited by misinformation
concerning their home loan.
• If a homeowner sends a letter seeking rescission of the loan within 3 years of the
signing of the loan, and then the Bank does not respond within 20 days, the loan
can be rescinded and the parties put back into the positions they were in prior to
the home loan. Jesinoski v. Countrywide Home Loans, Inc.
• Please Note, if the borrower cannot pay back the loan proceeds from the home
loan (through cash or sale), rescission may not be possible under legislative intent.
16. RESPA Disclosures
• Under the Real Estate Settlement Procedures Act (RESPA), mortgage servicers,
lenders and brokers must provide certain disclosures regarding the nature and
costs related to the purchase of real estate. Section 6 governs foreclosures.
• If the homeowner sends a qualified written request to dispute an action on the
home loan, to seek information, and/or to inquire about a loan modification, the
servicer must acknowledge receipt within 5 business days, unless the servicer
corrects the account in that timeframe.
• Within 30 days the servicer must correct or explain the error under 12 USC
2605(e)(2). If not, the servicer can be sued for any actual damages, punitive
damages or attorneys fees within 3 years. 12 USC 2605(f)(1); 12 USC 2614.
17. Discovery
• Sometimes the information to prove your case, or to disprove your opponent’s
claims is not in your possession. At this point, the parties will enter into discovery.
• Discovery is a process where you ask the other side to tell you what they know
about the case. This can take the form of yes or no questions (requests to admit),
open ended questions (interrogatories), examination with the witnesses
(depositions) and/or requests for documents.
• These are governed by Illinois Supreme Court Rules, and both attorneys and lay-
people must strictly follow these procedures in order to request this information.
18. The Homeowner’s Right to Discovery
• Recently, in U.S. Bank v. Kosterman, the Illinois Appellate Court opined that
“defendants are entitled to take discovery on a challenge to Plaintiff’s
standing.”
• Kosterman found that the Bank having possession of the original home loan
note is good evidence in a case, but still evidence that a homeowner can
fight and challenge. Illinois Circuit Courts would abuse their discretion if a
homeowner in foreclosure were prohibited from fighting the standing of the
Bank.
19. Summary Judgment
• At some point after the answer is filed, after the bank responds to the
answer and after discovery has stopped, the bank almost always moves for
a summary judgment.
• Summary judgment is a judgment on the merits of the case, like a trial, but
no trial occurs at summary judgment, only arguments on the motion.
20. Summary Judgment (cont.)
• At summary judgment, the Bank will present affidavits to show non-
payment of the loan and its right to foreclose.
• You or your attorney should be prepared to file affidavits of your own to
show that the facts asserted in your answer are true, and their facts are
incorrect.
• If you show that there is any genuine issue of material fact in your case,
summary judgment will not be granted. If no genuine issues of fact are
found, summary judgment and judgment of foreclosure will be granted.
21. Trials
• From time to time, on rare occasion, neither party is entitled to a summary
judgment, because clear factual disputes are apparent from the proofs
offered by each party.
• If this is the case, there will be a trial where the bank calls witnesses to prove
its case and you call witnesses to prove yours. No jury will be used in a
foreclosure trial, because it is not a money trial, but rather a trial over the
interest in the home.
22. The HomeownerWins
• If the homeowner wins the foreclosure suit and the foreclosure action leads
to a judgment against the foreclosing bank, the homeowner is entitled to lift
the lis pendens against the home saying that it is being foreclosed upon. The
foreclosure suit disappears. The hit should be removed from the credit
report. The bank will be required to pay the homeowner’s legal fees for
defending the foreclosure case.
23. Judgment of Foreclosure is Entered
• If the homeowner loses, a Judgment of Foreclosure and Sale is entered. This
judgment sets out a 3 month period for redemption, and following this will
be a sheriff’s sale.
• During that redemption period, nothing will happen inside the courtroom,
but some options remain for resolving the case without a total loss.
24. Loss Mitigation in Redemption
• In Redemption, the homeowner has several opportunities:
• Pay the entire amount of the loan, with all fees and costs listed in the judgment.
• Acquire a loan modification under HAMP or an internal program with the Bank.
• Short Sale.
• Trial Payment Plan offered by the Bank.
• If the Homeowner cannot accomplish any of these, the home will be sold at
sheriff’s sale.
25. Sheriff’s Sale
• To sell the home at sheriff’s sale, the bank must:
• Publish a notice of sale in a local newspaper. That notice must be in the real estate
section and circulate for 3 weeks in a row.
• Give you a decision on any pending HAMP requests.
26. Ending the Foreclosure
• The foreclosure sale will be confirmed at a hearing approximately one week after the sale unless
any of the following occur:
• Lack of proper notice
• Unreasonable sale
• Fraudulent sale
• Justice not done
• Violation of HAMP.
• The homeowner will have the right to 30 more days of possession of the property.
• If the property does not sell for the amount the homeowner owes, there may be a deficiency
judgment against the homeowner for the difference in amounts.
27. Violations of HAMP (Until December 31, 2015)
• By law, until December 31, 2015, all foreclosure auctions must be stopped if the
homeowner files an eligible, completed HAMP loan modification packet within
seven days prior to sale.
• Strict rules govern how the Bank must respond to HAMP modification requests,
including multiple notices in writing that any document is missing from the full loan
modification packet, and a written letter on all denials stating the basis for the
denial of the loan modification.
• Experienced practitioners can assist homeowners in defeating a sale if the
homeowner has applied for a loan modification and has never received any
response from the bank.
28. Closing Remarks
• Foreclosure litigation is a complex and difficult area of law with many nuances, and
so homeowners should consult and consider the advice of a licensed attorney and
approved housing counselor.
• Results on foreclosure litigation vary from case to case, so it is important to have
clear goals on how to resolve the foreclosure proceedings concerning your home.
• Participation in court-sponsored mediation is typically the best chance
homeowners have of retaining the property, and it is best to approach these
proceedings with care and seriousness.