Your Questions About Foreclosures | foreclosureorder.com

Your Questions About Foreclosures

Your Questions About Foreclosures

William asks…

What are your thoughts on the foreclosure process? do you think the banks process has backlogged and stalled?

Do you think central guidelines need to be developed that requires adherence by all financial and legal institutions? I am conducting a research paper discusses how this can be accomplished and the benefits to all involved.

Your Questions About Foreclosures

The Expert answers:

It should be steamlined, cut the red tape, make is a short and simple process. It should not take any longer then it took the dead beats to receive their check in the first place.

Your Questions About Foreclosures

Robert asks…

Does the foreclosure process release a leasing tenant from the lease agreement in new york city?

i have my lease for 1 year until april 2010. can the bank take me out before that?

Your Questions About Foreclosures

The Expert answers:

No, not in NYC.

Your Questions About Foreclosures

Helen asks…

Is there a judicial hearing in Florida during the foreclosure process?

Will i have a chance to plead my case in front of a judge?

Your Questions About Foreclosures

The Expert answers:

I hope you can
i will suggest you to contact immediately the loan modification attorney
they will help in resolving the negotiations with your mortgage lender
you can get a great help there and i hope you will be able to resolve the problem
all the best

Your Questions About Foreclosures

Ruth asks…

what is the foreclosure process from start to finish, starting with being served papers. What is the timeline

I know I have 30 days to answer. Is the home sold immediately after the 30 days, or what? I am very confused! Is there still time to get caught up on the past due amount after I am served papers?

Your Questions About Foreclosures

The Expert answers:

Different states have different times for getting out of a home.its 30 to 90 days to vacate the premises but i dont know what state you leave in

Your Questions About Foreclosures

Richard asks…

How long does the foreclosure process last and what are the stages? Is court first or are u just evicted?

i am about to be 4 months late on a Fannie Mae loan in Florida. I have already received a certified letter stating they can accelerate the loan if I don’t pay in full in 30 days!

Your Questions About Foreclosures

The Expert answers:

If you’re 4 months delinquent and it’s Fannie Mae, then chances are your property is not yet in Foreclosure – what is your intent regarding the home?

The plans put into play by President Obama are specifically for Fannie Mae and Freddie Mac loans. Have you called your servicer to apply for the help or to see if you’re qualified for the help? You can go to http://www.hud.gov/recovery/ to read about the programs offered. You may qualify for a modification and be able to save your house, if that’s what you want.

If you choose to call your loan servicer (loss mitigation department) be prepared to provide them with your income/expenses. You may want to review this before you call to make sure that you are at least breaking even, have a small surplus or a deficit that isn’t greater than $500. You’ll want to have a contribution to apply towards your delinquency and it should be at least one payment or more.

If you’re intent on letting your home go to foreclosure make sure you educate yourself. You can google foreclosure laws + florida + fannie mae and come up with websites that will give you time frames from the intial delinquency, when the property and your credit will start to reflect foreclosure reporting, length of time between the initial foreclosure code to foreclosure auction and check to see if there is redemption in Florida. Also, once your account is officially coded Foreclosure an attorney will be assigned (you can get the information from the servicer) who will be able to go over what you can expect from coding to auction to eviction as well as the information you’ll want to know about the 1099 and what you can expect to pay in taxes if the foreclosure takes place.

Education is the key when making a decision like this – especially if you could possibly get your loan modified into something you might be able to afford. You won’t know if you qualify unless you try.

Good Luck

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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