Banks Don’t want to foreclose on your house! When a mortgage company forecloses on a property more often than not they lose money, and they lose even more when they have to take ownership of that property. The good news is that there are alternatives to foreclosure that benefit both the borrower and lender.
The bad [...]
Tag Archives: Forbearance Agreement
Your Bank and Your Hardships
Posted in Loan Modifications, Uncategorized Also tagged adjustable rate mortgage, adjustment shock, arm, debt relief, hardship letter, mortgage, san diego loan modification Leave a comment
Know The Lingo; Postponement - Trustee Sale
POSTPONEMENT - Trustee Sales may be postponed by the Trustee at the direction of the lien holder. Notice may be given in advance or at the time and location specified for the intended sale.
PRIVATE MORTGAGE INSURANCE (PMI) - A policy of insurance paid for by the borrower to protect the lender in the event the [...]
Know The Lingo; Judicial Foreclosure-Notice Of Trustee Sale
JUDICIAL FORECLOSURE - A foreclosure action conducted through the courts instead of through a
foreclosure trustee. Judicial Foreclosures are very uncommon in California, particularly on residential
properties. Should a lender elect to pursue a deficiency judgment, it would be through a Judicial Foreclosure.
JUNIOR LIENS - A lien, usually a mortgage loan, that is subordinate to a Senior [...]
Know The Lingo; Foreclosure Glossary B-F
Study up and learn the lingo from the following Glossary of Terms:
BENEFICIARY - The beneficiary in a foreclosure context is generally the mortgage lender. Frequently referred to as the “Benny”.
CREDIT COUNSELING - Under the new bankruptcy law which took effect in October of 2005, those wishing to file bankruptcy must complete an approved credit counseling [...]
Take Notes And Review Everything Carefully
Always Be Prepared
In this stressful situation with so much information being exchanged, it is easy to forget things or miss the details. Don’t rely on your memory, it can fail you. Make sure you have everything written out in front of you. Never make a call without first reviewing your notes, and having a strategy [...]
Posted in Loan Modifications, Uncategorized Also tagged foreclosure, Interest rate, Loan Modification, mortgage Leave a comment
Free Home Loan Modification Kit Available To Distressed Home Owners
A free home loan modification kit available to distressed homeowners so they can stay in their homes. Many banks are now offering loan modifications to their existing lenders. You can reduce your loan payments by 25% or more and save your home.
Homeowners who are behind on their payments can take advantage of a free Do-It-Yourself [...]