This forum allows posting of questions without joining, but if youd also like to receive e-mail notification of responses to your post while also protecting your email address, you should Create a New Profile Its quick and easy. Weve also added a captcha to slow down spam posts, logged in users dont have to deal with the captcha. If you are asking a question about the foreclosure process, it is helpful if you include the state the property is located in, whether your loan is a first or second loan and the lender/servicers name. http://www.all-foreclosure.com/forums/list.php?3 Fri, 20 Nov 2009 23:23:37 -0800 Phorum 5.2.12a http://www.all-foreclosure.com/forums/read.php?3,1203,1224#msg-1224 http://www.all-foreclosure.com/forums/read.php?3,1203,1224#msg-1224 NJDave Foreclosure Discussion Fri, 20 Nov 2009 15:15:25 -0800 http://www.all-foreclosure.com/forums/read.php?3,1203,1223#msg-1223 http://www.all-foreclosure.com/forums/read.php?3,1203,1223#msg-1223
There are numerous non-profit housing groups around the country who offer counseling assistance at low or no cost. You may wish to explore that option. There has been an article out the last few days on how such counseling increases the stopping of foreclosure by some 60% over not having counseling. Knowledge is power.

But don't be afraid to talk to your lender either.]]> steele in minnesota Foreclosure Discussion Fri, 20 Nov 2009 15:12:06 -0800 http://www.all-foreclosure.com/forums/read.php?3,1203,1222#msg-1222 http://www.all-foreclosure.com/forums/read.php?3,1203,1222#msg-1222 n. orm Foreclosure Discussion Fri, 20 Nov 2009 15:05:04 -0800 http://www.all-foreclosure.com/forums/read.php?3,1205,1221#msg-1221 http://www.all-foreclosure.com/forums/read.php?3,1205,1221#msg-1221
If you have any form of hardship which influences your ability to pay your mortgage payments.......This could be in the form of medical issues, loss of job, death, your loan adjusted and you are having trouble making ends meet ....... The list goes on.

Most homeowners try to get a loan mod done but lenders are inundated with applications and the success rate is very low.

When homeowners have exhausted their efforts with the lender, they turn to short sales as a course of action.

Good Luck!]]> conradtherealtor Foreclosure Discussion Fri, 20 Nov 2009 10:29:26 -0800 http://www.all-foreclosure.com/forums/read.php?3,1205,1220#msg-1220 http://www.all-foreclosure.com/forums/read.php?3,1205,1220#msg-1220
No pitches. Direct or indirect.]]> steele in minnesota Foreclosure Discussion Fri, 20 Nov 2009 09:42:24 -0800 http://www.all-foreclosure.com/forums/read.php?3,1170,1216#msg-1216 http://www.all-foreclosure.com/forums/read.php?3,1170,1216#msg-1216
Have an attorney negotiate for you. It is a small investment with a huge return.

I wouldn't be able to tell you how many points the rates would be reduced right now without more information, and actually negotiating with your lenders.

Jason Johnson
Legal Assistant
jjohnson@bmpclaw.com
262-749-0948]]> LoanModGuy Foreclosure Discussion Fri, 20 Nov 2009 09:25:28 -0800 http://www.all-foreclosure.com/forums/read.php?3,1205,1213#msg-1213 http://www.all-foreclosure.com/forums/read.php?3,1205,1213#msg-1213


Jason Johnson
Legal Assistant
jjohnson@bmpclaw.com
262-749-0948]]> LoanModGuy Foreclosure Discussion Fri, 20 Nov 2009 09:20:04 -0800 http://www.all-foreclosure.com/forums/read.php?3,1196,1212#msg-1212 http://www.all-foreclosure.com/forums/read.php?3,1196,1212#msg-1212
If a hardship has caused you not to be able to do this you can modify your current loan to make it affordable for you.

A loan modification adjusts your interest rate and term. Places any back payments, late, and attorney fees onto the back of your loan.

You may qualify for the government stimulus program, but if not you can do a good old fashioned modification.

Jason Johnson
Legal Assistant
jjohnson@bmpclaw.com
262-749-0948]]> LoanModGuy Foreclosure Discussion Fri, 20 Nov 2009 09:17:29 -0800 http://www.all-foreclosure.com/forums/read.php?3,1203,1211#msg-1211 http://www.all-foreclosure.com/forums/read.php?3,1203,1211#msg-1211
Say you owe $75,000, you are $4300 behind, and have been charged $5500 in attorney fees.

Your new balance after the mod would be $84,800. The mod lowers your interest rate and adjusts the term to make the loan affordable for you. If your payment was $700 per month and it gets reduced to $550. The $150 difference is not owed now or in the future. Your new rate and term is what it is.

Make sure you have a good attorney do your loan modification negotiations for you.

Jason Johnson
Legal Assistant
jjohnson@bmpclaw.com
262-749-0948]]> LoanModGuy Foreclosure Discussion Fri, 20 Nov 2009 09:12:44 -0800 http://www.all-foreclosure.com/forums/read.php?3,1203,1210#msg-1210 http://www.all-foreclosure.com/forums/read.php?3,1203,1210#msg-1210
But if you need/want to stay in your home ... the loan modification can help to accomplish this... at least in the short term.]]> NJDave Foreclosure Discussion Fri, 20 Nov 2009 04:50:42 -0800 http://www.all-foreclosure.com/forums/read.php?3,1205,1209#msg-1209 http://www.all-foreclosure.com/forums/read.php?3,1205,1209#msg-1209 NJDave Foreclosure Discussion Fri, 20 Nov 2009 04:43:20 -0800 http://www.all-foreclosure.com/forums/read.php?3,1205,1208#msg-1208 http://www.all-foreclosure.com/forums/read.php?3,1205,1208#msg-1208 steele in minnesota Foreclosure Discussion Fri, 20 Nov 2009 04:16:08 -0800 http://www.all-foreclosure.com/forums/read.php?3,1196,1207#msg-1207 http://www.all-foreclosure.com/forums/read.php?3,1196,1207#msg-1207 steele in minnesota Foreclosure Discussion Fri, 20 Nov 2009 04:14:03 -0800 http://www.all-foreclosure.com/forums/read.php?3,1205,1206#msg-1206 http://www.all-foreclosure.com/forums/read.php?3,1205,1206#msg-1206
* Are You Facing a Foreclosure?
* Have You Been Denied a Modification?
* Are You Upside Down On Your Loan?
* Do You Want to Minimize Damage to Your Credit?
* Do You Want to Postpone Foreclosure and Deficiency Judgments?
* Do You Want Solutions Towards a Fresh Start?
* Do You Want to Dispose Your Debt and Avoid Future Collections?
* Are Your Mortgage Payments Skyrocketing?]]> donaldfred Foreclosure Discussion Fri, 20 Nov 2009 01:26:28 -0800 http://www.all-foreclosure.com/forums/read.php?3,1205,1205#msg-1205 http://www.all-foreclosure.com/forums/read.php?3,1205,1205#msg-1205 williamsmth22 Foreclosure Discussion Thu, 19 Nov 2009 23:20:20 -0800 http://www.all-foreclosure.com/forums/read.php?3,1196,1204#msg-1204 http://www.all-foreclosure.com/forums/read.php?3,1196,1204#msg-1204
1. filing for bankruptcy.
2. loan modification.
3. deed-in-lieu.
4. short sale.]]> donaldfred Foreclosure Discussion Thu, 19 Nov 2009 21:50:33 -0800 http://www.all-foreclosure.com/forums/read.php?3,1203,1203#msg-1203 http://www.all-foreclosure.com/forums/read.php?3,1203,1203#msg-1203 N. Orm Foreclosure Discussion Thu, 19 Nov 2009 17:17:27 -0800 http://www.all-foreclosure.com/forums/read.php?3,1202,1202#msg-1202 http://www.all-foreclosure.com/forums/read.php?3,1202,1202#msg-1202 INSIGHT Foreclosure Discussion Thu, 19 Nov 2009 15:52:10 -0800 http://www.all-foreclosure.com/forums/read.php?3,1156,1201#msg-1201 http://www.all-foreclosure.com/forums/read.php?3,1156,1201#msg-1201 Tony_1234 Foreclosure Discussion Thu, 19 Nov 2009 13:37:22 -0800 http://www.all-foreclosure.com/forums/read.php?3,1170,1200#msg-1200 http://www.all-foreclosure.com/forums/read.php?3,1170,1200#msg-1200 Stewball Foreclosure Discussion Thu, 19 Nov 2009 07:19:26 -0800 http://www.all-foreclosure.com/forums/read.php?3,1196,1199#msg-1199 http://www.all-foreclosure.com/forums/read.php?3,1196,1199#msg-1199
If you can tell us a bit more about your situation we can give more specific advice and thoughts.

Willing to share?]]> steele in minnesota Foreclosure Discussion Thu, 19 Nov 2009 04:31:06 -0800 http://www.all-foreclosure.com/forums/read.php?3,1156,1198#msg-1198 http://www.all-foreclosure.com/forums/read.php?3,1156,1198#msg-1198
One thought for those here and that is that there are several very good legal coops available in nearly every state. For a small monthly fee one can have access to good attorneys to discuss any type of legal situation (usually unlimited phone consultations during business hours). And most have geared up to address the foreclosure crisis.

Funny how often you will find a reason to ask a question when you are not paying by the hour.

Just a thought.]]> steele in minnesota Foreclosure Discussion Thu, 19 Nov 2009 04:28:04 -0800 http://www.all-foreclosure.com/forums/read.php?3,1196,1197#msg-1197 http://www.all-foreclosure.com/forums/read.php?3,1196,1197#msg-1197
Visit a local library or well stocked book store and read, Fight Foreclosure: How to Cope with a mortgage you can't pay, Negotiate with your bank, and Save your home!]]> NJDave Foreclosure Discussion Thu, 19 Nov 2009 03:38:11 -0800 http://www.all-foreclosure.com/forums/read.php?3,1196,1196#msg-1196 http://www.all-foreclosure.com/forums/read.php?3,1196,1196#msg-1196 williamsmth22 Foreclosure Discussion Thu, 19 Nov 2009 00:43:51 -0800 http://www.all-foreclosure.com/forums/read.php?3,1156,1195#msg-1195 http://www.all-foreclosure.com/forums/read.php?3,1156,1195#msg-1195
Texas is one of the states having significant protection for homeowners.

Steele is correct in stating any property will sell, pricing is the underlying issue. California has homestead protection, so it's likely that at least $50k of equity in any property you purchased would be protected if you sought homestead protection.

At the risk of sounding like a broken record, which I'm doing lately:
1. Talk to a TX attorney, clarify your risks.
2. If you are purchasing in CA, declare a homestead exemption on that property.
3. Decide a price point for the property in TX to sell in a reasonable time period, not maybe in a year.

That's not legal advice, just an opinion on which steps might make sense and in which order. I spent a little bit of time with an attorney today on something that didn't really affect me directly and although it sounds a little strange, I really do wish people spent a little more time talking with attorneys.

Most attorney meetings really aren't a "Let's sue the b*stards" approach, but just a confirmation of the possible legal implications and protections in a given situation. I will say I do miss the days where I could have counsel over for a beer and we'd talk legal stuff in the backyard. People move, what can you do.]]> Jim V Foreclosure Discussion Wed, 18 Nov 2009 22:15:21 -0800 http://www.all-foreclosure.com/forums/read.php?3,1139,1194#msg-1194 http://www.all-foreclosure.com/forums/read.php?3,1139,1194#msg-1194
Never sign anything that you don't understand or have a bad felling about. Have an attorney or a professional review it.

Jason Johnson
Legal Assistant
jjohnson@bmpclaw.com
262-749-0948]]> LoanModGuy Foreclosure Discussion Wed, 18 Nov 2009 18:43:22 -0800 http://www.all-foreclosure.com/forums/read.php?3,1156,1193#msg-1193 http://www.all-foreclosure.com/forums/read.php?3,1156,1193#msg-1193

Jason Johnson
Legal Assistant
jjohnson@bmpclaw.com
262-749-0948]]> LoanModGuy Foreclosure Discussion Wed, 18 Nov 2009 18:40:17 -0800 http://www.all-foreclosure.com/forums/read.php?3,1170,1192#msg-1192 http://www.all-foreclosure.com/forums/read.php?3,1170,1192#msg-1192
Jason Johnson
Legal Assistant
jjohnson@bmpclaw.com
262-749-0948]]> LoanModGuy Foreclosure Discussion Wed, 18 Nov 2009 18:37:49 -0800 http://www.all-foreclosure.com/forums/read.php?3,1185,1191#msg-1191 http://www.all-foreclosure.com/forums/read.php?3,1185,1191#msg-1191
If you have a primary residence with plenty of equity, you really need to obtain local legal counsel to plan on protecting that equity. Many states have homestead protection for your primary residence which might be enough, but an attorney with all of your financial information will be able to give guidance.]]> Jim V Foreclosure Discussion Wed, 18 Nov 2009 14:43:00 -0800 http://www.all-foreclosure.com/forums/read.php?3,1180,1190#msg-1190 http://www.all-foreclosure.com/forums/read.php?3,1180,1190#msg-1190
The options available to homeowners that wish to keep their homes are as follows:

1) Try to do a loan mod/Adjustment. Unfortunately there are less than 5% of applicants that actually succeed. There are very tough income and equity requirements to qualify.
2) Reverse mortgage if you have enough equity in your home but cannot make the current martgage payment.
3) You could rent your home out if it makes financial sense.

I hope this helps.]]> conradtherealtor Foreclosure Discussion Wed, 18 Nov 2009 14:39:00 -0800