Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

Betty asks…

what letter can I send a lender to stop calling as I start the foreclosure process?

I am about to start the foreclosure process. I know the lenders will send mail, but is there a way to get them to stop calling my home and buisness? I heard that you can send a letter to the lender and they have to quit calling and can only contact you through the mail.

Your Questions About Foreclosures

The Expert answers:

I think you’re mixing up credit laws. Since the lender is still technically a lender, and not collection agent (not yet, anyway), they have every right to send you letters about what you owe. If you want to KEEP your home, you should really try to establish a dialog with them. Many lenders don’t want to have a home that they can’t sell on their books. It costs them a LOT more than it’s going to cost you. They are motivated to figure out a solution…if you let them know.

Have you talked to your lender about a loan modification or loss mitigation arrangement? It wouldn’t hurt at this point to ask them. They don’t want a house collecting dust on their books, either. They might be able to work out an arrangement with you. I would call them and ask. And check out this book:

http://lotsa.info/stop-forclosure.html

Your Questions About Foreclosures

William asks…

When is the foreclosure process complete?

I have been in this foreclosure process now for 14 Months. I am waiting for something in the mail or anything to tell me that the process is complete. How do I know?

I looked up my old house and it says that it is “corporate owned”. What does that mean? I am concerned because I am still paying utilities on the property and they won’t let me cancel, because it’s a lien or something like that, until I have proof that my old property doesn’t belong to me. What to do? Any comments or suggestions would help greatly.

Your Questions About Foreclosures

The Expert answers:

Corporate owned means the bank has taken the title, that should be sufficient for the utilities. Though I don’t understand why they cannot disconnect service and continue to bill you for the amount that it seems you are past due…

Your Questions About Foreclosures

Chris asks…

Can asking the lender to show the grant deed, slow down the foreclosure process, if they dont have it?

If the homeowner request to the see the grant deed during a foreclosure, but the lender doesn’t have the deed, can that slow down the foreclosure process?
IN THE STATE OF CA?

Your Questions About Foreclosures

The Expert answers:

There are several copies about, it can be pulled and printed online in less then 5 minutes. This would not effect a foreclosure, as the deed isn’t even the issue, it is the cash the bank forked over and the dead beat is trying to rob them of.

Your Questions About Foreclosures

Lizzie asks…

How many days in the foreclosure process?

Do the amount of days in the foreclosure process include holidays and weekends?

Your Questions About Foreclosures

The Expert answers:

Each lender have their own procedures as to when to file a foreclosure against a person that is behind in their mortgage payments. Some file foreclosure immediately after one payment, some as long as 3-9 months after missing your first month.

The lender in most states have a choice of filing a non-judicial foreclosure or a judicial foreclosure. Most lenders use the non-judicial foreclosure procedure. No courts or lawyers are involved.

Under a non-judicial foreclosure and the lender has decided to foreclose on you they issue a “Notice of Default/Foreclosure” this document is recorded at the county recorders office where the property is located.

You will receive a copy of this notice in the mail as well as one will be delivered to your front door.

At this point you now have 90 days to bring the mortgage current, refinance the mortgage or do what ever you want to do to keep your property. Your lender might entertain the idea of refinancing your mortgage for you at this stage.

Once the 90 day period is over the lender then decides to record a “Notice of Sale” at the county recorders office. You will receive a copy in the mail as well as someone will deliver one to your front door. This notice will have a sale date and place of sale.

Once this document has been recorded you now have 20 days in which to refinance or cure your foreclosure. Most lenders will not entertain the idea of refinancing their own loan once this document has been issued. Some might, but most will not. At this point the lender is interested in you paying the mortgage off or bringing it current.

At the sale if the property is sold to someone, they have to get the property recorded in their name so there is lots of legal work to be done before they officially own the property.

This new owner will contact you when all the legal documents are signed and between the two of you select a time for you to move. You might be required to pay rent for the time you stay there but this is between you and the new buyer.

If the property does not sell then the lender has to get a few legal matters taken care of so they have to wait until the legal matters are completed.

If this happens once all the legal matters are taken care of the lender normally hires a real estate agency to take care of their real estate sales.

An agent from the agency will contact you about the date and time of your departure.

If the lender decide to use the judicial foreclosure procedure you will be issued a summons to appear in court. The court will set the time and date of appearance as well as when you will have to vacate the property.

Normally work days are the only days that are counted, however, in the foreclosure procedure I think only Sundays are not counted. You should check with your state procedure in this matter.

I hope this has been of some use to you, good luck.

“FIGHT ON”

Your Questions About Foreclosures

Sandy asks…

My loan application got withdrawn based on a question about foreclosure process?

I’m in the process of refinancing my home. I’ve never been late on payments everything is good. Last week while talking to the loan officer I asked her about the foreclosure process that’s it. Today I receive an email that my application has been withdrawn because of my “intentions” to foreclose.
Can they do that ? I think it’s a bunch of bull.

Your Questions About Foreclosures

The Expert answers:

Of course they “can do that”. You have to remember that you are NEVER entitled to a refinance. You spooked your bank by asking an unintelligent question about a sensitive subject. That is like asking a potential employer “What is the penalty for stealing?” on a job interview. All you have to do is apply with a different lender AND KEEP YOUR MOUTH SHUT!

Powered by Yahoo! Answers

Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures
Your Questions About Foreclosures

Your Questions About Foreclosures

Your Questions About Foreclosures