I’m not from Australia, but I would assume paying the amount due will stop this, you could also try to refinance with another lender, or prove hardship with your financial situation to get a second chance.

I want to file bankruptcy to stop a foreclosure, to buy more time to get a short sale, the deed is joint?
If I file bankruptcy, will it stop the foreclosure? We have been trying to sell the house since Jan. We have sent in two short sale offers and both were denied. The house is now in the foreclosure status and I am afraid we are running out of time. Also, if I file bankruptcy, will it affect my ex if he is still on the deed? If so…can he file a quick claim to release his name from it? Will the bankruptcy completely stop the foreclosure…or will it continue with my ex? Is there even an option where I can let the house go, have a clean slate and continue to start over once I file bankruptcy. Will they still go after my ex or just take the house?
Ok…maybe I didnt explain well enough. It looks like short sale may no longer be an option…so now I am asking about bankruptcy…and how it will affect my ex….if he needs to do a quick claim deed or not. Also, will the foreclosure proceedings stop…or will it continue since his name is still on the deed? If I do file bankruptcy…it may buy me time to get a short sale, if that is even possible.
I know a bankruptcy will stop the foreclosure on my end…but what about my ex…since I am willing to just let the house go. Please serious answers pertaining to the question.
I do not care about my credit right now…It is already messed up. I am worried about my exs credit and the foreclosure.

The quit claim deed only absolves your ex from the title of the house but since this was a joint account, it doesn’t remove his name from the loan or the responsibility of it. His credit will most likely be affected by the bankruptcy as well even if he signs a quit claim deed. Your best bet is to work something out with the lender.

I bank with Bank of America and was wondering how many months i could fall behind on my mortgage before they could start the foreclosure process and stop accepting additional payments from me? I have not gotten behind yet but was thinking of doing so to cushion my own account in these tough times.

Talk to the bank rather than ‘voluntarily’ defaulting on your mortgage.

The house is not up for auction yet, however I found out that my husband had not been making payments, the house is entirely in my name. Is it best for someone to purchase it and rent it to me or refinance it in their name? how does this work?

Until the actual foreclosure sale, you still own the house. Someone could buy it and rent it to you or loan you the money to pay off the mortgage.

It is normal because nobody wants to lose his house or any other important material possession he might have. Thankfully there are ways now to avoid foreclosure and other degrading situations.

In many cases banks are quite eager to work out an effective solution with people who are completely off financially, simply because they are too. Loan modification is one of the ways that is suggested by experts and economists, as an effective way to deal with balances and clients who are behind their payments. It is known that foreclosures are not beneficiary for the banks; on the contrary, they try hard to find a solution to ease their clients so as that they can pay off their debts. It is much more beneficiary to lose a little money by modifying the terms of your loan rather than run a foreclosure and black list you. They will lose money that comes with the interests and they will lose a constant client. In any case the idea of foreclosing is something that banks today really want to avoid.

Mortgage loan modification is the change of the initial loan agreement and it doesn’t refer to refinancing. It’s all about the change of the initial terms of the mortgage that are simply not working for you any more, either because your financial status has changed or because the increased interest rates made the payment of monthly installments too hard for you.

You can call the mortgage lender and try to work out a solution yourself, or you can simply consult with an expert who can give you a useful insight on what is available today and what can help you deal effectively with the payment problems you have. Mortgage loan modification can be achieved easily when a professional does the job for you, simply because he has the necessary experience to deal with these problems effectively. Experts have the inside knowledge of the lending market and industry, thus, they are in a position to negotiate with lending institutions in a more effective way and achieve new terms that can make you afford your loan again.

No matter how hard is the situation, it is important to remember that you do have the option to modify your mortgage, even if you are behind. You can at try to act on the problem, rather than do nothing, because this will guide you directly to a foreclosure. Research your options and find out how you can save your home.

Richard Palms
http://www.articlesbase.com/personal-finance-articles/stop-foreclosure-with-a-mortgage-loan-modification-755596.html

I just heard this (if I heard correct) on the radio news while washing my dishes. The news said to stop all the foreclosures that are happening now and to save the market from collapsing. Anyone else knows more about this. I think I heard President Bush wants to make this happen. Another question; is it only for the people that are facing bankrupcy or is this open to all homeowner’s?

bush is creating yet ANOTHER governmen entity.

so much for "limited government" and less spending.

My grandmother is currently in foreclosure and she’s trying to do a loan moddification via her loan company saxon mortgage, and if we are approved for the loan moddification, we need to pay $2,500-3,000 toward our escrow and pay lawyers fee’s(or most of lawyers fee’s). then we can have our interest rate lowered, as well as our payment. and whatever payments that we are behind as of now, will be placed at the end of our loan….and no more FORECLOSURE!!!…… We also have an option to go with a forclosure lawyer, here’s the email the lawyer sent me:

Robert,

Nice speaking with you today. As we discussed, the Foreclosure Defense Law Center specializes in stopping foreclosure and modifying your loan. We are a law firm with a team of loss mitigation negotiators and loan modification attorneys. (www.foreclosuredefenselawcenter.us)

The first step in the loan modification process is for our legal team to review your information to determine if we can help you in your situation. Also, if you have a copy of your original loan documents (RESPA/TIL), we can conduct a forensic audit to see if you were a victim of any predatory lending. If these documents are available, please fax back to us at fax #786 345-5809.

My contact information is toll free #888 572-8387 x323, or email jhopkins@foreclosuredefenselawcenter.us.

Thanks again and I look forward to speaking with you soon.

Jim Hopkins
Foreclosure Defense Law Center

Tel # 954 990-1599
Fax # 786 345-5809
jhopkins@foreclosuredefenselawcenter.us

Company Website: www.foreclosuredefenselawcenter.us

The Electronic Communications Privacy Act covers this electronic transmitted message, 18 U.S.C. Sections 2510-2521. The information and intellectual properties contained in this transmission are confidential and intended only for use of the individual named above and are not to be reproduced or given to other parties. If the reader of this message is not the intended recipient you are hereby notified that any dissemination, distribution or copying of this communication is strictly prohibited. If you have received this message in error or there are any problems please notify the originator immediately. The unauthorized use, disclosure, copying or alteration of this message and included documents is strictly forbidden……………
They require a $2,000 retainer but they say that they will hold the money in an escrow account until the 45 day loan moddification is finished between the attorney and Saxon, they claim that they can 100% take care of the whole process and make sure that we won’t have to pay the up front costs to Saxon and get our loan current and fixxed. The say that the process is 45 days and would freeze our forclosure so we would not be evicted and they will solve our problems……….Help please with advice!!!!!

Don’t you give them a red cent!!!! They CANNOT modify your loan no matter what legal mumbojumbo they throw at you: the only way to modify the loan is to work directly with the company that is servicing the loan and they can submit your financial information that YOU give them to either their board of directors (if they themselves own the paper to the loan) or if they just "service" the loan (handle day to day opertations) they will submit it to the actual loan investor. YOU can and should handle this YOURSELF. I work for a large mortgage bank that services many loans and we get thousands of unnecessary calls from these third parties who are basically leeching off of people’s misfortune; they will only be doing what YOU can do yourself. They have no extra "pull" and they cannot "make" a modification be done. I don’t care if you hire a lawyer, it is ultimately up to the investor (owner of actual loan paper) to decide if they will modify the loan. Any help you seek should only be from nonprofit agencies. Speaking from personal experience, I hate talking to these third parties. Just call Saxon yourself.

The Obama administration’s $50 billion program to curb foreclosures isn’t working, and the White House knows it.

Administration officials blame the mortgage servicers charged with carrying out the mortgage modifications and refinancing under the federal program. Many of their Democratic allies on Capitol Hill back them up, but others are criticizing the White House for fumbling the execution. Whatever the reason, the program hasn’t stopped the rising tide of foreclosures: Experts predict that at least another 2 million homes will be lost this year, and the administration’s plan has so far reached only about 160,000 of the 3 million to 4 million homes it was supposed to protect over the next three years………

“Everybody understands that getting out of this broader crisis requires that we stabilize our housing market and stem the tide of foreclosures,” Senate Banking Chairman Chris Dodd (D-Conn.) said in a hearing Thursday. But in unusually harsh words for a Democrat, Dodd said that the Obama administration’s progress in stopping foreclosures has been “disgraceful” so far.

“It’s just hard to explain to the working families in America how it is we could move so fast with extraordinarily complicated deals with the huge financial institutions, and we are moving so incredibly slowly, mired in paperwork, in rules, in talking to banks back home,” said Sen. Jeff Merkley (D-Ore.).
http://www.politico.com/news/stories/0709/25095.html

when the sleazeball that is Dodd gets on your case…you are in deep

doodoo!!!

As far a I know, there are no agencies that will negotiate for your or help out on payments. If you’re still in your hardship and can’t make the payments, there are options.

Depending on the hardship - decrease in pay, medical hardship, etc, then the bank has options like a loan modification, partial claim, or other programs that can help you get back on track. If you call the lender, you’ll need to be persistent with the loss mitigator because the lenders are trying to get the most money as fast as possible, and these programs limit what they can get and how fast - obviously they won’t be just giving up the info.

If you can’t afford the house, then you may want to contact any one fo the "we buy houses" companies that are no doubt in your area. When you talk to them, you’ll need to ask them what their experience is with short sales - the process of negotiating a lower selling price with a lender on a house in foreclosure.

If you need some more info, just check our site:

I’ve tried to negotiate a dept settlement but to no avail. I have not been late on my payments. Is this why they will not negotiate? I’m going through a foreclosure right now as well. Does anyone have any suggestions besides working out a payment plan because the amount is too high $ 15k and will only drag on forever. I’m in NJ.

REPOOOOOOOOOO MANNNNNNN!!!