(Source: Robert Ramos)
Foreclosure assistance is also known as loan or loss mitigation. No matter how you word it the goal is the same; you want to keep your home! In the process of mitigation with the bank, many foreclosure assistance companies have also been known to achieve a lower monthly payment for the borrower, a reduced interest rate and bring down the principle balance of the loan.
A good stop foreclosure assistance company should include a few services. First off is loan mitigation with the bank. I would make sure that once you submit your financials and hardship package to the foreclosure assistance company that they make sure you qualify before taking your money (A free Consultation). In other word, when you contact an Arizona foreclosure assistance company you need to get a hardship package filled out and reviewed by the company to make sure they are confident you qualify. Do pay any money till you have taken theses steps.
The good news is that if you qualify for a loan modification with the bank. You can possibly receive a lower monthly payment, lower interest rate and even have the principle amount of your loan brought down. It is important to make sure the foreclosure assistance program you are working with is going to attempt this option before any other. The benefits can be well worth it.
A true stop foreclosure assistance program is design to help the borrower achieve great results. No, company giving any type of stop foreclosure assistance should not disregard loan mitigation option with the bank. It is well know that a good loan mitigation expert will have excellent results getting your loan modified.
That's the whole idea behind hiring the foreclosure prevention specialist in the first place. You want to have a trained professional mitigate with the bank. This way you can have your loan modified. When done properly you will be able to afford and keep your home.
More on Avoiding Foreclosure
Showing posts with label colorado foreclosure help. Show all posts
Showing posts with label colorado foreclosure help. Show all posts
Tuesday, February 3, 2009
Monday, December 22, 2008
5 Tips to Saving your Home
How to Get Foreclosure Help Today?
5 Tips to Help You Save Your Home!
1.) Learn About Foreclosure
Foreclosure is something that can happen when you get behind on your Mortgage Loan. Foreclosure is a process in which the estate becomes the absolute property of the Lending Institution. Foreclosure is a very serious matter that needs to be handled.
Foreclosure is a legal process by which a lender (sometimes referred to as the “mortgagee”) seeks to collect a debt by taking property that secures the debt. Foreclosure
help is available with most Landers. Check the Internet. Sometimes you can find FREE Foreclosure information.
Learn everything about Foreclosure and save your home.
2.) You Need Help Today!
If you are late with your Mortgage payment, you need Foreclosure Help today.
Foreclosure is a serious situation that has serious repercussions. If you can, you want to avoid Foreclosure as much as possible. The biggest mistake you can make is to do nothing until it is too late! Find Real Estate Forums on the Internet. You can learn from other home owner’s experience with their refinancing or foreclosure process.
3.) Refinance
Refinance your mortgage if you can. Lenders pull your credit, verify employment, and gather a host of other financial information about you, but they aren’t doing it in order to advise you in your purchases and other financial decisions. They’re doing it as a means to assess the risk of lending to you (how much and at what rate). Lenders may approve you more conservatively (that is, for less money) now than they did a few years ago, but there’s no guarantee that they still won’t approve you for more than you can afford. They will do this because (a) it puts more money in their pocket and (b) you’ll sacrifice other things before you let your mortgage payments lapse. Mortgage lenders make money by collecting your principal and interest payments. It is not in their best interest to proceed with a foreclosure. Find a Lender who can help you to avoid Foreclosure.
4.) Find a Loan Modification Program
Sometimes a Loan Modification Program is the best Foreclosure help.
Lenders are more likely to go along if a competent third party is there to help smooth the process. Lenders will sometimes allow a reduced payoff for a Loan if it is obvious a foreclosure is inevitable and a third party purchaser is willing to buy the property at a price lower than the full payoff.
Loan Servicers are used to dealing with mortgage delinquencies related to life events such as unemployment or illness, with the most common approaches being a temporary repayment plan or the folding of missed payments into the principal balance. A widespread decline in home prices, by contrast, is a relatively novel phenomenon, and lenders and servicers will have to develop new and flexible strategies to deal with this issue. Loan Modification allows you to refinance your mortgage loan or even extend the term of your loan. The Lender may settle for monthly mortgage payments that are within your financial means.
5.) Protect Yourself!
Don’t be a victim. When you need Foreclosure Help, make sure you find competent Professional companies to work with! Don’t let anybody scam you! Foreclosure records are public. Scam artists will contact you. Get advice only from Professionals!
Foreclosure isn’t easy, and stopping Foreclosure isn’t easy, but if you are well informed you can keep from losing your home.
Get Foreclosure help before it is to late!
5 Tips to Help You Save Your Home!
1.) Learn About Foreclosure
Foreclosure is something that can happen when you get behind on your Mortgage Loan. Foreclosure is a process in which the estate becomes the absolute property of the Lending Institution. Foreclosure is a very serious matter that needs to be handled.
Foreclosure is a legal process by which a lender (sometimes referred to as the “mortgagee”) seeks to collect a debt by taking property that secures the debt. Foreclosure
help is available with most Landers. Check the Internet. Sometimes you can find FREE Foreclosure information.
Learn everything about Foreclosure and save your home.
2.) You Need Help Today!
If you are late with your Mortgage payment, you need Foreclosure Help today.
Foreclosure is a serious situation that has serious repercussions. If you can, you want to avoid Foreclosure as much as possible. The biggest mistake you can make is to do nothing until it is too late! Find Real Estate Forums on the Internet. You can learn from other home owner’s experience with their refinancing or foreclosure process.
3.) Refinance
Refinance your mortgage if you can. Lenders pull your credit, verify employment, and gather a host of other financial information about you, but they aren’t doing it in order to advise you in your purchases and other financial decisions. They’re doing it as a means to assess the risk of lending to you (how much and at what rate). Lenders may approve you more conservatively (that is, for less money) now than they did a few years ago, but there’s no guarantee that they still won’t approve you for more than you can afford. They will do this because (a) it puts more money in their pocket and (b) you’ll sacrifice other things before you let your mortgage payments lapse. Mortgage lenders make money by collecting your principal and interest payments. It is not in their best interest to proceed with a foreclosure. Find a Lender who can help you to avoid Foreclosure.
4.) Find a Loan Modification Program
Sometimes a Loan Modification Program is the best Foreclosure help.
Lenders are more likely to go along if a competent third party is there to help smooth the process. Lenders will sometimes allow a reduced payoff for a Loan if it is obvious a foreclosure is inevitable and a third party purchaser is willing to buy the property at a price lower than the full payoff.
Loan Servicers are used to dealing with mortgage delinquencies related to life events such as unemployment or illness, with the most common approaches being a temporary repayment plan or the folding of missed payments into the principal balance. A widespread decline in home prices, by contrast, is a relatively novel phenomenon, and lenders and servicers will have to develop new and flexible strategies to deal with this issue. Loan Modification allows you to refinance your mortgage loan or even extend the term of your loan. The Lender may settle for monthly mortgage payments that are within your financial means.
5.) Protect Yourself!
Don’t be a victim. When you need Foreclosure Help, make sure you find competent Professional companies to work with! Don’t let anybody scam you! Foreclosure records are public. Scam artists will contact you. Get advice only from Professionals!
Foreclosure isn’t easy, and stopping Foreclosure isn’t easy, but if you are well informed you can keep from losing your home.
Get Foreclosure help before it is to late!
Are you at Risk of Foreclosure??
Haven't missed a house payment yet, but afraid you might?
Has your financial situation changed due to a mortgage payment increase, loss of job, divorce, medical expenses, increase in taxes or other reasons?
Is your credit card debt becoming unmanageable?
Are you using your credit cards to buy groceries?
Is it becoming difficult to pay all your monthly bills on time?
If it’s becoming harder to make your house payment each month:
Contact a SOS Home Mitigation counselor, or
Call Toll Free (866) 767-4663 to find a foreclosure counselor near you.
Watch our Tips for Avoiding Foreclosure.
Has your financial situation changed due to a mortgage payment increase, loss of job, divorce, medical expenses, increase in taxes or other reasons?
Is your credit card debt becoming unmanageable?
Are you using your credit cards to buy groceries?
Is it becoming difficult to pay all your monthly bills on time?
If it’s becoming harder to make your house payment each month:
Contact a SOS Home Mitigation counselor, or
Call Toll Free (866) 767-4663 to find a foreclosure counselor near you.
Watch our Tips for Avoiding Foreclosure.
Sunday, November 2, 2008
Colorado Foreclosure Law Summary
Information gathered from: http://www.foreclosurelaw.org/
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically four months
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
(In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. )
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
The Colorado foreclosure process is quite a bit different than in other states because here, the governor appoints a "Public Trustee" for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. In Colorado, the non-judicial power of sale foreclosure is carried out as follows:
The process begins when the attorney representing the lender files the required documents with the Office of the Public Trustee of the county where the property is located. The Public Trustee then files a "Notice of Election and Demand" with the county clerk and recorder of the county. Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for a period of five (5) consecutive weeks.
The Public Trustee must also mail, within ten (10) days after the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument. The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure sale, a notice to the borrower describing how to redeem the property.
The owner of the property may stop the foreclosure proceedings by filing an "Intent to Cure" with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day
before the foreclosure sale is scheduled.
The foreclosure sale must take place between forty-five (45) and sixty (60) days after the recording of the election and demand for sale with the county clerk and recorder. The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust.
The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.
- Judicial Foreclosure Available: Yes
- Non-Judicial Foreclosure Available: Yes
- Primary Security Instruments: Deed of Trust, Mortgage
- Timeline: Typically four months
- Right of Redemption: Yes
- Deficiency Judgments Allowed: Yes
(In Colorado, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. )
Judicial Foreclosure
The judicial process of foreclosure, which involves filing a lawsuit to obtain a court order to foreclose, is used when no power of sale is present in the mortgage or deed of trust. Generally, after the court declares a foreclosure, your home will be auctioned off to the highest bidder.
Non-Judicial Foreclosure
The non-judicial process of foreclosure is used when a power of sale clause exists in a mortgage or deed of trust. A "power of sale" clause is the clause in a deed of trust or mortgage, in which the borrower pre-authorizes the sale of property to pay off the balance on a loan in the event of the their default. In deeds of trust or mortgages where a power of sale exists, the power given to the lender to sell the property may be executed by the lender or their representative, typically referred to as the trustee. Regulations for this type of foreclosure process are outlined below in the "Power of Sale Foreclosure Guidelines".
Power of Sale Foreclosure Guidelines
The Colorado foreclosure process is quite a bit different than in other states because here, the governor appoints a "Public Trustee" for each county in the state. The trustee must act as an impartial party when handling a power of sale foreclosure. In Colorado, the non-judicial power of sale foreclosure is carried out as follows:
The process begins when the attorney representing the lender files the required documents with the Office of the Public Trustee of the county where the property is located. The Public Trustee then files a "Notice of Election and Demand" with the county clerk and recorder of the county. Once recorded, the notice must be published in a newspaper of general circulation within the county where the property is located for a period of five (5) consecutive weeks.
The Public Trustee must also mail, within ten (10) days after the publication of the notice of election and demand for sale, a copy of the same and a notice of sale as published in the newspaper, to the borrower and any owner or claimant of record, at the address given in the recorded instrument. The Public Trustee must also mail, at lease twenty-one (21) days before the foreclosure sale, a notice to the borrower describing how to redeem the property.
The owner of the property may stop the foreclosure proceedings by filing an "Intent to Cure" with the Public Trustee's office at least fifteen (15) days prior to the foreclosure sale and then paying the necessary amount to bring the loan current by noon the day
before the foreclosure sale is scheduled.
The foreclosure sale must take place between forty-five (45) and sixty (60) days after the recording of the election and demand for sale with the county clerk and recorder. The Public Trustee may hold the sale at any entrance to the courthouse, unless other provisions were made in the deed of trust.
The lender has the option to file a suit for deficiency in Colorado and the borrower has up to seventy five (75) days after the sale to redeem the property by paying the foreclosure sale amount, plus interest.
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