Wasn’t the bail out money suppose to stop or at least slow this trend down? What happened? Where did YOUR money go?

Down the drain I guess.

Does anyone know any way I can stop foreclosure and how many months before they start foreclosing I am desperate not to lose my home HELP!!!!PLEASE

Call the mortgage holder and find out how to pay the arrears.

My ex-husband was supposed to pay my mortgage in lieu of child support per our divorce agreement. He has stopped making payments and my home will soon be in foreclosure. I am on disability (SSI) and was wondering if there were any programs to protect disabled people from losing their homes to foreclosure. I doubt there is, but I am desperate as my son is also disabled with autism and moving out of the only home he’s ever known will be terribly detrimental to his progress.

Go to the courthouse that issued your judgment & go to the court clerk’s desk/counter & ask them what forms you need to fill out to notify the judge that your ex has not honored the court order. They might have a free attorney service to assist you. The forms should be free or a nominal fee per page (tell them you are indigent with no income other than your SSI). The judge will attach his wages & you will get your money.

In the mean time…try to work with your bank or mortgage company by telling them your current situation. Tell them you have a case pending for your ex husband’s "failure to pay his judgment to you." Also ask a real estate agent about selling your house on a "short sale" & get some money out of it before your lose it all.

This is why you never allow an ex to do things different than the paperwork says. Good luck, I hope things work out for you & your child.

if so what do i do if the loan company want stop the sale if there some kind of paper that i can file with the court to stop it? First Franklin is the loan company and they don’t care

You cannot stop a foreclosure sale if the lender does not agree to same. Attempting a short sale MIGHT benefit the lender, as well as it might benefit you. However, if the lender involved wants to move forward with foreclosure, the only thing you can do to stop it is to pay in full what you owe.

You can only ask if the lender will postpone a foreclosure if you are working toward a short sale.

if so what do i do if the loan company want stop the sale if there some kind of paper that i can file with the court to stop it? First Franklin is the loan company and they don’t care

You cannot stop a foreclosure sale if the lender does not agree to same. Attempting a short sale MIGHT benefit the lender, as well as it might benefit you. However, if the lender involved wants to move forward with foreclosure, the only thing you can do to stop it is to pay in full what you owe.

You can only ask if the lender will postpone a foreclosure if you are working toward a short sale.

How bad would it be on my credit and life to just let the house foreclose. How long can I stay before the bank throws me out? I’m spending every dime I make trying to keep up with an a.r.m. I cant refi cuz the market is dead and my house in las vegas is worth less than what i paid for it new only 2 years ago! My credit is shot now cuz I’m spending so much on the house. It jumped from $2,200 to $3,500 overnight. I also have other expences to keep up with such as 2 small children, food. power bill, insurance etc. I’ve already given up my car and every other luxury I could think of. The house is beautiful inside and out however it seems the nieghborhood is turning GHETTO! I want out, badly. Nothing is working and I’m just getting further behind. Beleave me, I work everyday, no vacations, no life. How bad will it be if I just gave up? I’ve paid alot into this house and won’t get anything back but it’ll stop the hemoraging of money Option One Mortgage is taking. Please HELP!

We are in the SAME BOAT! House is worth LESS now than our last re-fi, which of course was a 2 year arm, and now in les than a year WE have to re-fi again, with CRAPPY credit! whew. Anyway, this what I have learned so far:
Your lender does NOT want to foreclose on you, it takes alot of time, money, manpower to foreclose - on their end. So, talk to your lender. They are just people - maybe even in the same situation as you - tell them your situation, and they will work with you someway. Ours just asked us if we could make the current late payment over 3 months - we of couse said yes, but I don’t know if we can.

the other option is the Short Sale thing. Contact a realtor, see if they will work on a flat fee - say 10,000 total for buying and selling agent. Say you want to do a Quick sale, or Short Sale. They will put it on the market, for a "cheap" price, sell it quick, and your lender is acutally the seller. They will have to OK the price. They should accept a lower price than what you owe, so they don’t have to go into foreclosure procedures.

I’ve heard we should avoid forclosure as much as possible. It basically guarantees you will not get another mortgage any time.

We are basically just staying in contact with our lender, and leaning on that short sale thing soon!!! Good luck my friend!!

We are 3 months behind on our house payments because my husband recently lost his job. We got a letter in the mail yesterday and have 30 days to come up with the money. If we can’t our home will be foreclosed. If we can’t come up with the money what should we do? I have tried to get a modification loan and the guy to me we didn’t qualify. What are other steps we should take? We live in Kansas if that helps.

If you want to continue living in your house, you need to call your lender again and tell them you need to be considered for a loan modification. If one person says you can’t, then call back and talk to someone else - be persistent! Depending on who your lender is, the number you call is transferred to different parts of the country and the "clerks" that answer the phones may have a different answer. Also, they aren’t always updated or even educated on their loan modification programs, so be persistent.

Being unemployed doesn’t necessarily disqualify you from being approved for a loan mod but having a job definitely helps. You have a legitimate hardship and the lender is supposed to assist you. Did your husband receive a severance package? Or is he receiving unemployment benefits? You’ll need to prove to the lender that he’s trying to get a job for them to consider the loan mod. They want to make sure that, if they modify your loan, you’ll be able to afford the new, lower payment. Don’t settle for a forbearance plan, whereas they’ll let you make catch up payments. Your monthly payment will be higher. That defeats the purpose of what you are trying to do and may even put you into a worse financial situation.

Once the lender has all of the required documentation and information from you (i.e. pay stubs, bank statements, income and expenses, etc.), your file will go into review and the foreclosure process will be postponed, but not stopped, pending their decision of your loan mod. Be sure to follow up weekly with them once you submit everything. Keep on top of things, because if something slips through the cracks, the foreclosure process will continue, sometimes without you even knowing.

If you don’t want to live there anymore, then you need to put your house on the market or short sale it if you owe more than what your house is worth. Enlist the services of a Realtor and they’ll be able to help you with the short sale. Don’t just walk away from the house as this will have a more adverse affect on your credit as opposed to a short sale. A foreclosure will drop your FICO scores about 200 to 300 points whereas a short sale will drop it by 50 to 150 points.

Sub-prime lending is a type of credit given to homeowners who do not meet the criteria for regular (“prime”) loans. A typical sub-prime borrower has a poor or limited credit history and a FICO score of less than 620. These factors make them a risky investment for regular lenders, which keeps them from taking out loans. To compensate for the risk, sub-prime lenders impose higher costs on their contracts. For credit cards, this is usually a higher fee for over-the-limit spending or late fees. Sub-prime mortgages usually have higher interest rates and stricter terms.

 

Contrary to popular belief, sub-prime lending is a perfectly legal business. But like many new industries, it has been tainted by lenders who don’t play by industry standards. From 2003 to 2007, shady companies have turned up offering terms ranging from unfair to downright illegal. This, along with the economic slowdown, has contributed a great deal to the real estate crisis that forced many homeowners into foreclosure.

 

Are all sub-prime loans bad?

 

No. There are actually some sub-prime companies who give you good value for your money. If you find a good lender and stay current, sub-prime lending can have its benefits.For example, many people use sub-prime loans as a means of credit repair. Basically, it gives you a chance to rebuild your credit history and improve your scores. By keeping up a good record on sub-prime loans, you can eventually refinance to better terms and get back on your feet.

 

How do I know when a loan is sub-prime?

 

The first thing you should look at is the cost of the loan. Sub-prime loans have a higher overall cost (including interest, origination and closing fees) compared to prime loans. Although the basic formula is the same for both types, the pricing for sub-prime loans is more noticeably risk-based. A low credit score, small down payment, and other negative factors can greatly increase the cost of a sub-prime loan.

 

Another common feature is the prepayment penalty. Prepayment is when you pay more than the minimum monthly amount, or pay off the loan ahead of schedule. The penalty is to make up for lost interest on the lender’s part. Because you’re getting off early, the lender stops earning regular interest—and naturally, they charge you for it.

 

Many sub-prime mortgages follow the 2/28 structure. This means that you pay a fixed interest rate for the first two years, after which the loan switches to an adjustable rate where your payments are determined by market indicators. Often, the introductory rate is higher than the current index and the margin is applied once the loan shifts. For example, a lender can give you an intro rate of 8% while the index is currently at 4%, with a margin set at 6%. Assuming the index stays the same; your rate can jump to 10% when your two years is over.

 

What can I do if I’m in a sub-prime loan?

 

Fortunately, there are laws in place to protect borrowers in any loan, prime or sub-prime. For instance, the Real Estate Settlement Procedures Act (RESPA) requires all lenders to give you a good faith estimate of the total cost of the loan before closing any deals. This prevents any third party, such as mortgage brokers, from making any kickbacks at your expense.

 

All mortgages are also covered by the Truth in Lending Act (TILA). This law gives you the right to know the full lending terms and loan costs in any credit transaction, including credit cards. The TILA allows you to opt out of a transaction within a reasonable time if you don’t agree with some of the terms.

 

If a sub-prime mortgage has put you in financial difficulty, another thing you can do is apply for Loan Modification or in this case Sub Prime Loan Modification refers to an agreement between you and your lender to change the terms of your loan on account of your financial situation. This way you can modify your loan terms to a more affordable level. The Sub Prime Mortgage Loan Modification is a lengthy and time consuming process. However a competent loan modification attorney can expertly handle your case and expedite the loan modification process. A loan modification attorney will expertly present your case and use the above mentioned lending laws as leverage to get you more reasonable rates. If you’re already in foreclosure, this will also stop the process while you work out better terms with your lender.

Loan Modification Attorney
http://www.articlesbase.com/mortgage-articles/sub-prime-loan-modification-755602.html

Sub-prime lending is a type of credit given to homeowners who do not meet the criteria for regular (“prime”) loans. A typical sub-prime borrower has a poor or limited credit history and a FICO score of less than 620. These factors make them a risky investment for regular lenders, which keeps them from taking out loans. To compensate for the risk, sub-prime lenders impose higher costs on their contracts. For credit cards, this is usually a higher fee for over-the-limit spending or late fees. Sub-prime mortgages usually have higher interest rates and stricter terms.

 

Contrary to popular belief, sub-prime lending is a perfectly legal business. But like many new industries, it has been tainted by lenders who don’t play by industry standards. From 2003 to 2007, shady companies have turned up offering terms ranging from unfair to downright illegal. This, along with the economic slowdown, has contributed a great deal to the real estate crisis that forced many homeowners into foreclosure.

 

Are all sub-prime loans bad?

 

No. There are actually some sub-prime companies who give you good value for your money. If you find a good lender and stay current, sub-prime lending can have its benefits.For example, many people use sub-prime loans as a means of credit repair. Basically, it gives you a chance to rebuild your credit history and improve your scores. By keeping up a good record on sub-prime loans, you can eventually refinance to better terms and get back on your feet.

 

How do I know when a loan is sub-prime?

 

The first thing you should look at is the cost of the loan. Sub-prime loans have a higher overall cost (including interest, origination and closing fees) compared to prime loans. Although the basic formula is the same for both types, the pricing for sub-prime loans is more noticeably risk-based. A low credit score, small down payment, and other negative factors can greatly increase the cost of a sub-prime loan.

 

Another common feature is the prepayment penalty. Prepayment is when you pay more than the minimum monthly amount, or pay off the loan ahead of schedule. The penalty is to make up for lost interest on the lender’s part. Because you’re getting off early, the lender stops earning regular interest—and naturally, they charge you for it.

 

Many sub-prime mortgages follow the 2/28 structure. This means that you pay a fixed interest rate for the first two years, after which the loan switches to an adjustable rate where your payments are determined by market indicators. Often, the introductory rate is higher than the current index and the margin is applied once the loan shifts. For example, a lender can give you an intro rate of 8% while the index is currently at 4%, with a margin set at 6%. Assuming the index stays the same; your rate can jump to 10% when your two years is over.

 

What can I do if I’m in a sub-prime loan?

 

Fortunately, there are laws in place to protect borrowers in any loan, prime or sub-prime. For instance, the Real Estate Settlement Procedures Act (RESPA) requires all lenders to give you a good faith estimate of the total cost of the loan before closing any deals. This prevents any third party, such as mortgage brokers, from making any kickbacks at your expense.

 

All mortgages are also covered by the Truth in Lending Act (TILA). This law gives you the right to know the full lending terms and loan costs in any credit transaction, including credit cards. The TILA allows you to opt out of a transaction within a reasonable time if you don’t agree with some of the terms.

 

If a sub-prime mortgage has put you in financial difficulty, another thing you can do is apply for Loan Modification or in this case Sub Prime Loan Modification refers to an agreement between you and your lender to change the terms of your loan on account of your financial situation. This way you can modify your loan terms to a more affordable level. The Sub Prime Mortgage Loan Modification is a lengthy and time consuming process. However a competent loan modification attorney can expertly handle your case and expedite the loan modification process. A loan modification attorney will expertly present your case and use the above mentioned lending laws as leverage to get you more reasonable rates. If you’re already in foreclosure, this will also stop the process while you work out better terms with your lender.

Loan Modification Attorney
http://www.articlesbase.com/mortgage-articles/sub-prime-loan-modification-755602.html

IndyMac and Citifinancial did their investigation and found out that this was fraud and they stop the foreclosure proceeding and stop reporting negative notes on my credit report. The problem is I just received a letter from IndyMac’s lawyers asking me to sign a DEED in lieu of foreclosure. I do not know what this means I can not afford a lawyer because I have a minimum wage job and I am only 19. I think that I should not sign this because I did not sign to get the place in the first place so these place do not belong to me. I am scared what should I do the legal words are like spanish to me I try to google it, but if I sign this, this is saying that I acknowledge owning these condos. HELP PLEASE. Should I sue INDY MAC i can not even get a car loan for $4000.00. My credit score was 735 now I do not know what it is. I have to go to FL next week to sign a statement in the criminal case pending against this man.

You need to talk to a lawyer. Don’t assume you can’t afford one until you talk to one.

First of all, DO NOT SIGN ANYTHING UNTIL YOU TALK TO A LAWYER.

Here’s what I see. The property was purchased in your name, and the deed was to you. It’s yours. You DO own them.

The mortgage on it, however, was never signed by you. It isn’t valid at all, they can’t actually foreclose in the normal way. They have to first establish that as a "purchase money mortgage" that it is valid and enforceable despite never being signed by the Owner of the property.

The Fault for this situation is not yours. It’s all on the Lender side of the transaction, and probably with some middlemen who didn’t do their jobs. While you are not entitled to a windfall of the property from this, you shouldn’t be out anything, either, since you never participated.

I’d suggest you see a lawyer and see if they’ll agree to represent you to get this cleared up, and have them require the banks to pay their fees. They can do that in your Answer to the Complaint. I think there’s a very good chance that would be in the final Order.