How to Save Your Home from Foreclosure Please tune into the Hope Matters Radio Show this weekend with James Hope on Saturday, August 2nd at 10.00 AM. Ways to Listen to Hope Matters Radio Radio: 990 AM WNTP Website: Hope Matters Radio Show iTunes Audio Podcast Mobile App: tunein Defensive Strategies to Save Your Home Make sure you’re doing everything possible to prevent losing your home to the bank. Step 1. Arrange a meeting with your lender as soon as you realize you’re having problems making your monthly mortgage payments. Discuss repayment plans that will allow you to stay
Foreclosure No word strikes greater fear in a homeowner’s heart than foreclosure. More and more people are behind on their mortgage payments or are about to be. According to RealtyTrac, there are more than one million U.S. homeowners in some stage of foreclosure as of June, 2014. The foreclosure rate in Pennsylvania is 1 in every 1,244 homes, although the Top 4 counties have substantially higher foreclosure rates: Monroe County – 1 in every 333 Northhampton County – 1 in every 408 Delaware County – 1 in every 681 Philadelphia County – 1 in every 805 Reviewing the current stat’s
The bankruptcy case terminates your legal liability on the secured debt as in a car loan or house loan but it does not remove the lien that was posted against the property when the loan was given. This is a difficult legal concept for many people to understand. A bankruptcy wipes out unsecured debt, any debt that is not a loan against a tangible asset, as in a car or house. A bankruptcy discharge bars future enforcement of the debtor’s pre-petition, personal obligations on the debtor’s property; liens however generally survive bankruptcy and can be enforced after the bankruptcy ends.
Short Sale helps you obtain a new mortgage loan A homeowner who loses a home to foreclosure is ineligible for a Fannie Mae-backed mortgage for a period of 7 years with some exceptions based on extenuating circumstances. A homeowner who successfully negotiates and closes a short sale will be eligible for a Fannie Mae-backed mortgage within 2 years! Short Sale helps you obtain a new investment loan An Investor who loses a home to foreclosure is ineligible for a Fannie Mae Backed mortgage for a period up to 7 years with some exceptions based on extenuating circumstances. An Investor who
Pennsylvania law requires all banks to provide the home owner with a notice of default before a foreclosure action can be filed. Act 6 requires banks to send a notice of default 30 days prior to filing a mortgage foreclosure complaint. Act 6 only applies to home owners whose mortgage balance is less than $221,540.00. Another Pennsylvania law referred to as Act 91 also requires banks to send home owners information on Pennsylvania Homeowner’s Emergency Assistance Program (HEMAP). The Pennsylvania Housing Finance Agency (PHFA) administers the HEMAP program which provides home owners with cash assistance to cure the late payments on their mortgage.
B is for Bailed out Banks The Treasury Department has invested about $200 billion in hundreds of banks through its Capital Purchase Program in an effort to revitalize the banking industry and support new lending. In return, the banking industry has reciprocated the generousity of the American tax payer by modifiying the mortgage loans of home owners in financial distress. Nope… The Banking industry has made a calculated decision to force homes into foreclosure because it is more profitable for Banks to allow a home to foreclose than to help out a financially distressed home owner. Why are bank’s unwilling
YOU CAN DO NOTHING which will result in the judge issuing a judgement against the debtor. A judgment against the debtor for failing to answer the foreclosure lawsuit is also called a default judgment. Once a bank (mortgage company) obtains a default judgment, the next step in the foreclosure process is to schedule a sheriff sale and sell the property. If the homeowner does nothing, the foreclosure process takes about three and a half months from start to finish. OR YOU CAN CONTEST THE FORECLOSURE COMPLAINT which will result in the the foreclosure proceeding been permanently derailed or significantly delayed.