"In all things it is better to hope than to despair" - Johann Wolfgang von Goethe
Financial problems are overwhelming many Americans.
Families have suffered a job loss, major illness, domestic disruption, foreclosure or bankruptcy in the last few years. With unemployment hovering around nine percent, it’s no wonder that foreclosures and bankruptcy filings are skyrocketing.
Financial problems create stress.
Many of my clients say they have difficulty sleeping, saying they feel as if an elephant is sitting on their chest as they lie in bed. Stress and anxiety are caused by uncertainty. You need answers so at least you can see a path ahead.
You’re undoubtedly reading ForeclosedDreams.com because you are one of those in financial trouble. Behind in your car, house and credit card payments, you have reached the point where you feel your back is against the wall. You’re looking for answers and guidance.
Talk with a local Attorney
If you can, it is better to have an attorney guide you. Unfortunately, people with debt problems are, by definition, short cash. How can you pay for an attorney if you can’t pay the mortgage? Although not a substitute for the advice of an attorney, this book can answer many of your pressing questions. Regardless of your situation, you should seek an appointment from a bankruptcy attorney who offers free consultations. He or she may be able to show you a way you can afford legal services. (Although I am a lawyer, I do not claim to provide legal advice in this book.)
ForeclosedDreams.com is written specifically for people such as yourself who are behind with their debt payments and who need to know what options are available. It will help you understand the process that you see unfolding, and point out the many scams that con artists employ to prey on desperate homeowners. It is terrible to face the loss of a home, but being scammed during the process only compounds the loss.
What can we take from our home after a foreclosure?
The bank has foreclosed and we have been served a 3 day notice to leave. My question is what can we legal take from the home. Appliances, Mirrors, Lighting ect.
Thanks for any help
Take everything that belongs to you (that isn't a fixture)
After an eviction , your landlord or the new owners of your former home can't take your personal possessions. Before you leave your home for good, Ttake everything that is yours out of the house. This doesn't include fixtures, which are basically anything attached the house, such as toilets or hardwired lamps. If you need hand tools to remove something, its probably a fixture.
If you don't remove your possessions the landlord/new owners have the right to store the goods at your expense (at least in California) and then get rid of them after a period of time.
I am four months behind on my loan
MetLife has my mortgage and I have tried to repeatedly try to get them to help me. When i got three months behind the letters came. I filed for a hardship and they started working on this on July 1st. They told me the process would take 30-45 days. It is going on two months and they still haven't processed my hardship. I am sure they are waiting until the end of the month so they can hit me with the foreclosure paperwork. What recourse do I have? I was only asking them to let me start paying my mortgage at the first of the month and putting the payments I missed at the back of the loan. Is there any way to work with this company? I am in Colorado so if this is something you cannot answer, please direct me to someone who can.
Need advice on "second home" (we're renting primary residence)
Hi there. I currently rent a home in California, but own a home in Las Vegas (purchased 2005). Since we couldn't move down there, we rented the house out. We've been fortunate enough to have tenants the past 3 years, but they're leaving at the end of this month. Our property management company says it is very difficult to find tenants nowadays and that we may have to reduce rent (the current rent doesn't even cover half of our mortgage).
At the house we're renting ourselves in California, the landlord decided to put it up for shortsale. We can move into her other home, but it is bigger so it means $300 more a month and more likely higher utilities. My sister and her family stay with us so we've been covering rent for the past 5 years (with very little payback, if any).
We now have to come up with $1500+/month to cover expenses. We have not defaulted but fear we may. Does it have to get to the point of zero savings to see if we qualify for a short sale or loan modification? Although we don't own the house we're living in now, the fact that the house we do own is considered a vacation home is hurting us. Is there any help for people like us? Where the houses they own aren't their primary residence? Would we qualify for loan modification or short sale? Please advise...
Loan Reinstatement Catch-22s Led To Foreclosure Sale
I was in the process of 401k withdrawals to reinstate our loan but encountered unconscionably counter-productive Catch-22s by both the bank (B of A) and the 401k custodian (Merrill Lynch). Merrill Lynch is prohibited by company and/or IRS regulations from giving one penny more than a bank letter states is needed to bring the loan current. B of A issues 'reinstatement letters' which are only valid for 10 calendar days (and their postmark was 3 days after the issue date on the letter). However, Merrill Lynch's 'Hardship Withdrawal' process takes 14 business days. The two time lines are incompatible, but neither side would budge.
Top it off with Merrill Lynch telling me they can't fax proof of my 401k balance or withdrawal request to B of A due to the rules and regulations of their 'Compliance Group' (Legal Department).
LONG STORY SHORT: B of A denied my request for a postponement long enough for Merrill Lynch to operate within and proceeded to sell my property because I 'couldn't prove the 401k account'. Merrill Lynch, after much pleading by me, eventually drafted a letter which got stuck in their Compliance/Legal Dept. for review and wasn't faxed soon enough to stop the sale.
QUESTION: Do you think I have legal recourse? If so, against which company?
IRONY: Merrill Lynch is a Bank Of America company, but the left hand can't talk to the right hand even with permission from a common account holder to both institutions.
court date for approval of foreclosures
Help I was an investor in Ga and have recently lost all my properties, now the local bank is coming after me. The bank even bought back the two propertie at half price of my notes. Now I have been served to show in court it says for the approval of sales? I went and saw bankrupcty atty who has told me not to even go to court. She has never even heard of this asking approval for foreclosures, then she tells me all properties even if out of my name- I put some investemtns and deeded our personal house out of name over a year ago. I also split with business partner, this atty tells me that any property that has been in my name they can go after as far back as 6 years. I cant find this anywhere and my regular atty keeps teling me its one year even if I put it in my family members name. Do you know who is correct and do I need to go to court for these properties? Also it has been more than thirty days since foreclosed and they filed after that . And I was served four business day sbefor ethe court date. Does any of this matter? Can they get the proeprties in my husbands name, even if I dont file bankruptcy?Thank you
, please email me answers at fantonerentals@bellsouth.net. Thanks,sh
foreclosure in misouri
We have a rental home that was foreclosed on due to our business suffereing financial losses. Are we still responcible for paying the past due sewer bill and property taxes on that property that was foreclosed on?
Also would we still be responcible for HOA fees on a foreclosed home?
Foreclosure and inheritance
Can you help with this problem?I may be facing a divorce. Although I am fine on my current payments, we owe $560,000 on a house which might be worth $430000 today and we are considering "walking away"We have never refinanced, this is our only mortgage.Can the lender come after us if we just "walk away"? I have an inheritance that I expect to recieve in May and I am trying to protect it.
Too much to handle
Hello Ralph,I own 8 properties including my own home, several of which are worth less than the loans, and these have neg am. loans on them. I would like to give a couple of them back to the lenders, two lenders are private parties. I’m not behind on any payments or property taxes right now, but keeping up with them all, including the maintenance, repairs & vacancy, is killing me. Any suggestions??thanks
Re: too much to handle
Your 8 properties are considered investment properties. When you make an investment you take certain risks in exchange for the expectation of profits. There generally isn't any insurance against an investment going bad. The lenders doesn't want to take back your bad deals. Although unlikely, you may be able to negotiate a work-out with them. If your situation becomes dire, you may need to consider one of the bankruptcy chapters.
2nd Lien Holder Still Reporting Me Late 6 mos After Foreclosure
How long can a 2nd lien holder for a purchase money loan report late payments after the foreclosure process is completed? I purchased my home with a concurrent 1st and 2nd lien. Then my company closed and I lost my job about 4 mos after I bought the house. I tried to keep up the payments but couldn't find a job in time to do so. The 1st lien holder foreclosed and there was insufficient equity to pay the 2nd lien holder. So, the 2nd lien holder keeps reporting me 120 days late every month. How can I get them to stop so I can begin repairing my credit? Thank you.
I am in a unique foreclosure situation due to divorce
I am legally divorced from my husband and we own a house valued at approximately 165,000 which has been on the market. My husband refinanced the house 2x with his name only under the Mortgage. The new amount is about 130,000.00. The house isn't selling. My name is still on the title and the profits if sold will be split with me. My ex is planning on foreclosing and informed me before his first new mortgage payment is due. We had already filed Chapter 13 and recovered from this before the divorce. I think I may be financially liable since my name is on the original title even if the mortgage is now under his name. What are my options and legal ramifications? Thank you Claire
Unique Foreclosure
If you were not on the loan then you are not liable for the foreclosure. Being on Title means you have ownership interest. You have to have signed the loan documents agreeing to repay the loan to be liable for the loan. You probably signed the "Security Interest" which means that you agreed to allow your Ex to finance the property but doesn't require you to repay the loan. Your only liability is that if the equity in the property is insufficient to cover the loan payoff pluse fees then you would lose your ownership interest in favor of the foreclosing lender. You should be fine.
Post new comment