Understanding the Loss Mitigation Process Can Save Your Home From Foreclosure

Posted on April 26th, 2010 by Fred

Defining the loss mitigation process:

For all practical purposes, loss mitigation can best be viewed as a powerful weapon that can stop your pending home foreclosure dead in its tracks. The loss mitigation process itself is without bounds, but always involves effective communication to be successful. If you are too stressed out about the possibility of foreclosure to represent yourself effectively throughout the loss mitigation process, then you need to employ a professional foreclosure consultant. They, like the loss mitigation teams employed by your mortgage lender, are experts that deal with these issues on a daily basis.

The loss mitigation process involves a set of tools that you as the homeowner are privy to. You can utilize these tools to achieve victory from a seemingly bleak situation. Negotiating with your lender, or having a professional foreclosure consultant to do it for you, is your ticket to retaining ownership of your home. Before we go further, please realize that millions of Americans are at risk of foreclosure even as you read this. Lenders appreciate a motivated homeowner who cares enough to communicate regularly with them and that tries to initiate positive plans of action to bring their loan current. Nobody wants you to lose your home to foreclosure.

The loss mitigation process can do more than just stop the foreclosure process; it can protect the equity that you have built up over the years in your home. With proper loss mitigation techniques employed, your lender will be more than happy to work with you and develop a plan for mutual satisfaction and appeasement. Loss mitigation involves a set of utilities that can stop a foreclosure. They include:

-Partial claims;

-An “In-Lieu” Deed of foreclosure;

-Forbearance agreements;

-Mortgage refinancing;

-Modification of your loan;

- And more…

The ultimate goal for all loss mitigation is to stop the foreclosure process and to establish a mutually beneficial plan for repayment of the mortgage loan including payment amounts and dates. However, nothing is set in stone and unless you are able to convince your lender’s loss mitigation specialists that you are a worthy gamble, they will still elect to go ahead with the foreclosure. Remember: their job is to minimize the losses that will be incurred by the lending institution – not to keep you in your home. If you are unable to thoroughly convince them that your plan is better for them than a foreclosure will be, then they will certainly foreclose. It’s just business in its raw form.

Stopping foreclosure is all about two things: loss mitigation and time. Once the foreclosure process begins, it seems that time cannot be slowed even for a second. The pressures continue to build and it can make you feel helpless – like there’s just no hope. But, there is! Consider having a professional foreclosure consultant assist you with your loss mitigation process every step of the way. It will save you time, money, frustration, worry, embarrassment and mistakes. It will also very likely keep you and your family in your home where you should be. Contact us at Stop Foreclosure Help Today and let’s discuss your possibilities.


Igor Mosyak

Citi Loan Modifications

Posted on April 26th, 2010 by Fred

The homeowners are under a constant stress as they are facing a lot of financial problems and hence are unable to pay their loans and finally loose their homes due to home foreclosure. To help them with their conditions and to save their homes the Borrower can always take the help Citi Loan Modifications. At Citi the borrowers get an immense help to save stop foreclosure and save their homes with Citi Loan Modifications. Here the homeowner who is delinquent can get the required assistance through the Citi Loan Modifications. Citi proactively approaches its customers, that are the borrowers at-risk, and brings their loan current and helps save their homes. This is done by several steps to help the strained borrowers grow or develop the industry-leading loss easing attempts that the Citi is been trying from past two years. 1) Citi launched a Homeowner Assistance Program that targets the selected group of 500,000 borrowers whose Mortgage is held by Citi, for this the homeowner needs to remain current on their loan payments, however others may require help to remain current on their loans. 2) Citi also provides assistance to the borrowers who want to save their homes from foreclosure by extending foreclosure suspension practice. If the Citi owns the mortgage it will help its eligible customers by not initiating a foreclosure or ending a foreclosure sale. The borrower is allowed to stay in his/her home which is their primary residence and has to be in good terms with the Citi, moreover the borrower generates enough income for reasonable loan payments. Citi is working quite hard to show their efforts to their borrowers by working carefully with the lenders to get their approval and finalize the deal smoothly. Citi regularly upgrades its Loan Modification Program to work more efficiently with delinquent loans and bring them current. It effectively calculates the payment amount depending on the borrower’s total earnings and reduces the monthly payment amount either by reducing interest rates or extending the time period of foreclosure or by forgiveness of the principal. Citi can extend help to its eligible borrowers in a number of ways like: – Citi includes a devoted team of personnels in the Borrower Relief Centers who proactively help their customers with loan. The mortgage experts work out to help their customers by preventing their loan being delinquent and hence protect the borrowers’ credit rating which helps them to maintain their loan current and finally save their homes. Citi is dedicated to get the best for their borrowers’ and also seeks help from investors for their consent for the loans they lend to their borrowers. – Citi puts in hard efforts to reach its borrowers at-risk either through phone calls, e-mails, written letters, toll-free help line numbers, online internet social networking and via external expert counselors. – Citi also provides a range of explanations for the homeowners with consistent earnings to provide them reasonable payment options to help them maintain their loan current on their payments along with their homes. The borrower is eligible to acquire Citi Loan Modification assistance if he fulfills the following requirements: a) The borrower needs to accurately follow the documentation procedure. b) The homeowner should have a Principal residence. c) He should have enough income to afford altered payments possible. d) The mortgage should be owned by the Citi Financial institution.


Foreclosure Process in Washington

Posted on April 26th, 2010 by Fred


The state of Washington uses both in-court and out of court foreclosure proceedings.  Judicial or in-court foreclosure is used when the language in the mortgage or deed of trust does not contain a power of sale clause.  Should this be the case, the bank must get the court’s permission to foreclose or in otherwords the need to get a court order to move forward with the sale of the property.  After this has been obtained, the lender will proceed with the foreclosure process, and auction of the home.  To use judicial foreclosure the bank’s attorney must file a law suit against the home owner who is having difficulty making his house payments.  This is done to get the court’s permission to sell the house to try to collect on what is owed on the loan.  This is a much longer and more expensive process than non judicial foreclosure and so it is not used very often.

Non judicial foreclosure is the most popular method of foreclosure.  This is the case becaue it saves the lender both time and money.  Since it is in the bank’s best interest to spend as little time and money on this process as possible and it is their choice as to which process to use, non judicial foreclosure will almost always be the method used to sell the home.

A power of sale clause is the language in a mortgage or deed of trust that allows a lender to foreclose on a defaulted loan without going through the court system to do so.  When a power of sale clause does exist in the mortgage or deed of trust, then non-judicial or out of court foreclosure is followed.  This is almost always the case.

To proceed with an out of court foreclosure in Washington, the lender must start by sending a notice of sale letter to the home owner by both regular mail and by certified mail, return receipt requested.  This notice of sale must be sent to the home owners last known address.

If the home owner has an attorney of record, it must be sent to that person as well.  The time frame required for this notice of sale to be sent is a minimum of thirty days prior to the sale.

Other requirements to move ahead with an out of court foreclosure in Washington include that the sheriff must publish or advertise the notice of sale once a week for four weeks leading up to the sale date.  This advertisement can be placed in any newspaper that has circulation in the county where the property is located.  Also the sheriff must post this notice of sale on the court house door in the county where the property is located.

The sheriff must post this notice on at least one other public place as well.  These public postings can be placed anywhere considered a public place, like the county office building or the library etc.  The placing of the public postings is completely up to the discression of the county sheriff. These public postings must also take place four weeks before the sale date.

This notice of sale must include the time and place of the auction, the names on the deed, the date of the deed, recording info, a description of the property and the terms of the sale.

In Washington the home owner can stop the foreclosure proceedings by paying the past due payments, plus other expenses the lender has incurred in the process.   Those costs will include, but are not restricted to the lawyer’s fees involved.  The home owner can halt the process this way as late as eleven days before the sale date.

In Washington the auction of the property is always held between 9:00 am and 4 pm on Friday at the courthouse door.

If the Friday that is closest to the date chosen by the lender happens to fall on a legal holiday, the sale will be held on the next business day.  In this state, the auction cannot be held any sooner than the 190 days following the date the notice of default was issued by the lender.

The obtaining of the property by the highest bidder, in Washington, is confirmed by the receipt of a certificate of sale. 

In Washington, the sheriff can postpone the sale for a maximum of 1 week.  If the sheriff chooses to do so, then the notices must be posted as they were prior to the original sale date.

Home owners have an eight month right of redemption in this state.  This means that should the person who lost the home at auction be able to come up with the amount of money of the winning bid at auction, plus interest, then they can again enjoy ownership of the property.

This doesn’t happen often, but it does mean that the new owner or the person who placed the winning bid must worry for eight months about whether or not the home is really theirs.  If it were me, I would certainly refrain from putting anymore money into the house.  I would also consider not moving into the house until the 8 months following the sale have expired.

If the lender chooses to pursue an out of court foreclosure in Washington, it foregoes any chance it might have had to pursue the borrower for a deficiency judgment.  That means they can’t seek any additional money not generated by the sale of the home. 

If the lender chooses to follow an in court foreclosure, they can follow that decision or out come up with and additional pursuit of the borrower for any funds they feel they are due above what is gained through the sale.  The only exception to this rule is that if the property is proven to have been abandoned for six months before the decree of foreclosure was issued, by the court.  In this situation, further pursuit of the borrower for money is prohibited.

Because most forclosures in his state are out of court processes.  This means that lenders rarely have the right to seek a deficiency judgent. This is of course good news to the person who looses their home at the foreclosure sale.


Integrity 1st Consulting is your Foreclosure  ebook specialist- Kathy Swift


Kathy Swift

Your Foreclosure and Your Credit – What Are the Effects and How Long do They Last?

Posted on April 26th, 2010 by Fred

AS SOON AS I HEAR THE WORD FORECLOSURE, THE FIRST WORD THAT POPS INTO MY HEAD IS – CREDIT. I think of what it does to a credit score and how it’s probably the worst item that could show up on a credit report. I also wonder what the homeowner really understands about his / her credit report and that foreclosure.

THE BAD NEWS IS: a foreclosure will stay on a credit report (in the Public Records section) for 10 years. It will kill any chances of you buying a new home for at least 3 years. Some banks will lend money to a borrower with a foreclosure that’s just over 3 years old (That’s 3 years from the date the foreclosure is finished- not from when it started). Also, a foreclosure will drop your overall credit score quite a bit.

FOR EXAMPLE, let’s say that your credit score was a strong 715 before your foreclosure. Then you had a hardship & your home went into foreclosure. If you were just late on the mortgage and no other debts, that 715 score will probably drop to the mid 500 range. (There are several variables to consider here because your score is determined by the amount of accounts your late on, The amount of debt you carry, the frequency of the late payments, weather it’s an installment loan or a revolving loan, and several more factors. So each credit report is unique. For the sake of this article, let’s just say the mortgage was the only account late.)

THE GOOD NEWS IS: It will NOT kill your credit report for life, you can start re-building your credit almost immediately and it will NOT stop you from buying a home in the future. I know this because I have been in the real estate and mortgage business for that last 13 years and I’ve seen many people came back after a foreclosure. I have also structured many home purchase loans for people with a previous foreclosure. Most of those loans have been underwritten through FHA (Federal Housing Administration) lenders offering excellent rates and programs- some with just 3% down payments needed by the borrower. I should note that lenders who lend to borrowers with a former foreclosure are very picky, they view this loan as a second chance and they will probably shoot it down if they see anything late at all on the credit report, or even a bounced check. So if you’re trying to purchase a home after a foreclosure, your credit must be spotless. If you want more solid, real world facts regarding your credit after your foreclosure, please see our website in the Resource section of this article -IT MAY JUST SAVE YOUR HOME FROM THE AUCTION BLOCK!

IF YOU DIG DEEP ENOUGH, it won’t take you long to realize that you can probably STOP or STALL your foreclosure by yourself. You don’t need to pay a total stranger thousands of dollars and hope they will do the job for you – I know I wouldn’t.

For more straight, no BS, ethical advice on saving your home without going broke, please visit our web site.

Edward Packman

California Loan Modification Fraud Lawyer & Foreclosure Consultant Fraud Attorney – Damages For Scams, Ripoffs, Frauds And Statutory Violations

Posted on April 26th, 2010 by Fred

Today, everywhere you look, there are commercials, billboards and roadside signs by entities offering to help you prevent a foreclosure of your home. Known as Foreclosure Consultants, some, if not many of these services and the persons whom they employ may be acting in violation of the strict regulations in California which regulate this growing industry. Others, may be outright frauds and scam artists.


The focus of these foreclosure consultants is anyone who is behind on their mortgage payments, which is now estimated to encompass one out of every ten homeowners. However, those who seek to defraud the public have their focus especially on the elderly, the newly unemployed, those whose properties are entering foreclosure and those whose payments have recently spiked upwards.


If you’ve been the victim anywhere in Southern California of real estate fraud or the target of an unscrupulous loan modification service, foreclosure consultant or someone acting on your behalf to modify your mortgage or cure your problems who is in violation of the strict regulations discussed in this article, call the Law Offices of R. Sebastian Gibson at any of the numbers on our website at http://www.SebastianGibsonLaw.com .


If you are a licensed real estate broker or agent and have either been wrongly accused of being in violation of the laws and regulations governing loan modification services and foreclosure consultants, or acted as such without being aware of these strict regulations and need legal defense, we urge you to call us at any of the numbers which you can find on our website.


To help you wade through the regulations in California on such services, here are some of the most important regulations. Keep in mind, that there is some overlap between foreclosure consultants and loan modification services. For that reason, the laws and regulations governing both services are included.


California Civil Code Section 2945 regulates foreclosure consultants. There is an additional requirement with respect to loan modification services, as discussed below. As with many code sections, the restrictions are complex and many. But here are the primary ways in which foreclosure consultants and loan modification services are regulated.


First, no foreclosure consultant and no real estate licensee is allowed to collect any advance fees for services as a foreclosure consultant once a Notice of Default has been recorded against your property. California lawyers are exempt from this prohibition.


Second, even if a Notice of Default has not been recorded against your property, in order for a real estate broker to assist you in obtaining a loan modification, or to otherwise negotiate a possible resolution to your problem, the broker must have you sign an agreement that specifically states what services will be performed, when they will be performed and how much you must pay.


Third, a broker may not have you sign any such loan modification agreement until it has been submitted to the Department of Real Estate for review and the broker has received permission from the DRE to use it and collect an advance fee.


Fourth, licensed real estate brokers who provide loan modification services without collecting fees in advance are not required to receive the DRE’s permission so long as their services are fully completed before they are paid by you.


Fifth, foreclosure consultant contract must allow the homeowner the right to cancel the contract until midnight of the third business day as defined in Section 1689.5 of the California Civil Code.


Sixth, foreclosure consultant contracts must provide an additional notice to the homeowner in 14-point boldface type stating when fees can be taken and notifying the homeowner that the consultant cannot ask you to sign any lien, deed of trust or deed.


Seventh, it is a violation for the foreclosure consultant to claim, demand, charge, collect, or receive any compensation until after the consultant has performed each and every service the consultant contracted or represented he or she would perform.


Eighth, it is a violation for the foreclosure consultant to charge any fee or interest which exceeds ten percent per annum of the amount of any loan which the foreclosure consultant may make to the owner.


Ninth, it is also a violation for the foreclosure consultant to take any wage assignment, consideration from any third party, acquire any interest in the residence in question, take any power of attorney, induce the owner to sign other contracts which are not in compliance, or enter into an agreement to assist the owner to obtain surplus funds prior to 65 days after the trustee’s sale has been conducted.


Tenth, an action may be brought against a foreclosure consultant for any of these violations and judgment shall include actual damages, reasonable attorney’s fees and costs, equitable relief and exemplary damage of at least three times the compensation received by the foreclosure consultant. The foreclosure consultant may also be punished by a fine of up to $25,000.00 or imprisonment for up to a year or both for each violation.


The reason for these regulations are many. Foreclosure consultants have, in many cases, been found to charge high fees, require the payment to be secured by a deed of trust on the residence, and then have either performed no service or worthless services. Some foreclosure consultants have then been known to purchase the homes at a fraction of their worth shortly before the homeowner loses their home.


Additionally, some foreclosure consultants have required payment of exorbitant fees for services such as to obtain the remaining funds from a foreclosure sale when the homeowner could have obtained those remaining funds from the trustee of a trustee’s sale directly for minimal cost if the homeowner had sufficient time to receive notices from the trustee regarding how and where to make a claim for excess proceeds under Civil Code Section 2924j.


Among the services foreclosure consultants are known to offer, legitimate or otherwise, are to stop or postpone foreclosure sales, obtain forbearances from beneficiaries and mortgage companies, assist in getting reinstated, obtain extensions of time, obtain waivers of acceleration clauses, assist in obtaining loans and advances, avoiding or ameliorating the impairment of the owner’s credit, saving the home from foreclosure, and assisting in obtaining the remaining proceeds from the foreclosure of the residence. If a foreclosure consultant promises any of these services, he or she is bound by Civil Code Section 2945 discussed above.


If you are dealing with a loan modification service, even one with a contract which has been submitted to the DRE and the broker has received permission to use it and collect an advance fee, if the real estate broker does not follow the strict procedures for handling the advance fee as contained in California Business & Professions Code Section 10146, the agent will be presumed to have violated Sections 506 and 506a of the Penal Code and the homeowner may recover treble damages for amounts misapplied and shall also be entitled to reasonable attorney fees in any action to recover those amounts.


Representatives of foreclosure consultants must be bonded real estate licensees. Foreclosure consultants must also be bonded and registered with the California Department of Justice (and submit advertising and promotional materials) and the homeowner must be provided with written proof that the consultant’s representative has a valid California real estate sales license, and is bonded in an amount equal to at least twice the fair market value of the property in question. If the foreclosure consultant performs any activities which include negotiating loans or performing services in connection with real property loans, the consultant must also be a real estate licensee.


While real estate agents are in some respects exempt from the foreclosure consultant regulations contained in Civil Code Section 2945, they are subject to it’s regulations under certain circumstances and it is in those circumstances that a real estate agent can be in violation of the Act. If they collect fees once a Notice of Default has been recorded, if they collect advance fees before acts have been performed, if they acquire an interest in a residence in foreclosure, if they assist the owner in obtaining the remaining proceeds from the foreclosure sale, or if they make a direct loan for a residence in foreclosure, they may be in violation of the foreclosure consultant laws.


A real estate broker cannot collect an advance fee under California Business and Professions Code Section 10026 unless the broker has submitted to the California Department of Real Estate an advance fee agreement for approval.


A loan modification contract, even one with a licensed real estate broker, for their assistance in working out a loan modification or negotiating another resolution of your problem must still state what services will be performed, when they will be performed and exactly how much you must pay. If the fees are to be collected in advance, the contract must be pre-approved by the Department of Real Estate.


At the Law Offices of Sebastian Gibson, we specialize in the field of real estate and stand ready to assist you if you have been the victim of any type of real estate scam. If you have lost money or your house to a foreclosure consultant or loan modification service as a result of their wrongdoing, we can assist you in pursuing the parties who victimized you and in some instances, we may be able to seek not only any moneys paid to them, but also, in some cases, your other actual damages, equitable relief, reasonable attorney’s fees and costs and punitive damages of three times the compensation received or misapplied by the foreclosure consultant or loan modification service who contracted with you.


If you have a business or real estate legal matter in Palm Springs or Palm Desert, in Ontario or Rancho Cucamonga, Temecula or Murrieta, Newport Beach or Huntington Beach, Anaheim or Santa Ana, El Cajon or Carlsbad, Palmdale or Victorville, Long Beach or Santa Monica, Ventura or Oxnard, or anywhere in Southern California, our Palm Springs, San Diego, Orange County, Inland Empire, Los Angeles, Santa Barbara and San Luis Obispo law firm has the knowledge and resources to be your Business Lawyers and Real Estate Attorneys. If you’ve been the victim of a real estate, business, loan modification or foreclosure scam or fraud, be sure to hire a law firm with experience in loan modification, foreclosure and real estate fraud in California and who will endeavor to ensure that your rights are properly represented.


To learn more about the statutes which regulate loan modification and foreclosure consultants, or for legal representation, call the Law Offices of R. Sebastian Gibson at any of the numbers on our website at http://www.SebastianGibsonLaw.com .

R. Sebastian Gibson

Stop Home Foreclosure!!

Posted on April 26th, 2010 by Fred

Learn the proven strategy that could save your home from foreclosure. Dealy, Stop or Avoid Home Foreclosure Now!! Stop Home Foreclosure today!

Duration : 4 min 59 sec

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Foreclosure Defense helps you stop foreclosure.

Posted on April 26th, 2010 by Fred

http://www.loanmodificationattorney.me, we reach out to hundreds of homeowners every day and help them with real solutions in their personal situation. It is not a one size fits all. Know all of your real options. Just fill out the “Get Started” form or call us today for your free consultation.

Duration : 1 min 32 sec

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How To Stop Foreclosure in Michigan

Posted on April 26th, 2010 by Fred

For much more, check out http://www.HowToStopMichiganForeclosure.com

Whether you are trying to avoid forclosure in Metro Detroit, Grand Rapids, Holland, Kalamazoo, Battle Creek, Lansing, Jackson, wherever, this video will help you.

Are you in any of these situations? This is a must-see video!

Help With Foreclosure Laws
Behind On Payments
Bill Collecting
Pick Foreclosure Attorney / Lawyer
Need Payment istance
Want Mortgage istance Programs

Duration : 5 min 55 sec

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Stop Foreclosure-Traditional Loan Modifications #5

Posted on April 26th, 2010 by Fred

Loan modification using Traditional Guidelines. This video contains Proven Step 5 through 14 of a 15 step Lesson. This follows the instructions found on http://operationrest.org.

Duration : 8 min 34 sec

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Unique Short Sale System Stops Foreclosures In It's Tracks!

Posted on April 26th, 2010 by Fred

http://www.stops-foreclosures.com/BoiseID. Have you quit making payments or thinking about it? Stop Foreclosure now. End Your Worries. Use our short sale system to sell your house now! Even if you owe more than your house is worth.

Duration : 3 min 46 sec

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