WABROKER

Posts Tagged ‘Stop Foreclosure’

There are many people and companies offering to show you how to stop foreclosure. It is not magic or a secret and the information should cost you nothing. In fact here it is below so you don’t have to go to a seminar or pay a lawyer or a liar to enlighten you.

How to Stop foreclosure for sure every time-

method one- File bankruptcy before the sale date and notify the lender of your case number from the bankruptcy court. This is sure fire but temporary

method two- Pay the mortgage current. This is often impossible due to lack of funds and is therefore unavailable to many people.

How to stop foreclosure for awhile until you figure out you have to move to a new place since this one is going into foreclosure-

There are lots of ways to do this Read the rest of this entry »

Many Americans are saying help stop foreclosure on my home now!
They believe that a loan modification will prevent their property from going into foreclosure.
The truth is that many homeowners who apply for loan modification are eventually rejected, leaving them closer to foreclosure than ever.

Here are some reasons why applying for home loan modification could lead you closer to foreclosure.

When you first apply for loan modification, your lender will request a packet of financial information from you including a stop foreclosure letter of hardship.
Based on the information in your financial documents, your mortgage company may decide to grant you a temporary loan modification.

During this trial period, you will have “lower payments.”
Although you may be required to pay less for these few months, you are not saving any money in the long run, just extending the length of the loan.

The difference between the modified payments and the regular payments accrues with interest.
So you will actually end up owing more than if you had made the original payments.
In addition, your lender will report to the credit agencies that you are behind on your payments.
Even if you have been granted a temporary loan modification, this will adversely affect your credit score.

A loan modification also requires an escrow account for taxes and insurance.
So you will have to pay a portion of these costs each month in addition to the mortgage payment.
However, the lender will not release the escrow until the following year, so you will have to pay taxes and insurance out of pocket.
Essentially, you end up paying for these expenses twice in one year.

Remember that loan modification is based on the financial documents that you submit to your lender.
Your lender will most likely request the same information from you again and again.
Any missing piece of information will result in the denial of your loan modification.
This is why you must call your lender regularly to check the status of your application.
Otherwise you will be denied a loan modification, and you will lose your house to foreclosure.

I have had many people ask me what they should do in a short sale or other process to STOP foreclosure. Many people are being harassed by phone calls from the bank’s collection department.

First of all, remember that you have the right to demand that the bank stop harassing you with collections calls. Until you assert this right, the banks will continue to call.

Our negotiators use a special form to notify the bank that you are asserting your right to stop unwanted calls. This form states that you will bill the bank $500 per call for use of your phone, equipment and time.

Often, lenders will not give their collections people this information directly. Although lenders do make this information available, the collectors will continue to call you in hopes that you will give in to their demands for money.

At the beginning of each call, you will hear their famous tag line–This call may be recorded for quality control purposes. If you have the ability to record your phone calls, you may do so just as they are doing. It is important to get this message in the recording as well because everyone on the call is entitled to know that the call is being recorded before they proceed.

The following tactic will make most collections hang up right away.

Collections: I am trying to reach Mr. Smith

Mr. Smith: Who is calling, please?

Collections: This is Rich from Big Bank. Is this Mr. Smith?

Mr. Smith: Yes, it is.

Collections: First, I need to tell you that this call may be recorded for quality control purposes.

Mr. Smith: Sure, just hold on a second while I turn on my recorder. Go ahead…

Collections: Are you recording this call?

Mr. Smith: Yes, just as you are.

Collections: Our policy doesn’t allow you to record calls.

Mr. Smith: You said you were recording this call. That gives me the right to record it as well.

Collections: [CLICK]