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Countrywide Loans In Foreclosure Article
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Finding Loans To Avoid Foreclosure
from:The first place one should look for loans to avoid foreclosure is with your current lender. The reason for this is that they have the most to lose if you end up defaulting on your loan, so they have the most to gain to help you find loans to avoid foreclosure. Banks and lenders have numerous strategies to help their lenders stay current on their loans, but they need to be informed when you are getting into trouble. They may not know that you've lost a job or are having a medical emergency, even if they try to contact you. The problem is that many homeowners are so frightened to even admit they might be headed for foreclosure that they tend to hide from the lender right when they should be picking up the phone.
It's Not A Secret
Once the notice of default is filed, your foreclosure will no longer be a secret. You can expect every con artist and legitimate investor to come knocking at your door with different options for loans to avoid foreclosure. However, how are you going to be able to tell who is genuine and who is not? The best way to do that is to call your lender and work with them to find loans to avoid foreclosure. It may turn out you are not in as big a trouble as the investors and scam artists are trying to claim you are in. It may be your mortgage lender or banker can resolve the issue simply by allowing you to skip a couple of payments and tacking them onto the end of the loan. Even if they can't resolve it with an easy fix, they may be able to direct you to other lenders who might be willing to fund a bailout of your foreclosure issue.
Second Mortgage or Home Equity Lines of Credit
Be careful getting second mortgages and home equity lines of credits. These may seem like permanent fixes, but defaulting on them can also put your house at risk. So, they can buy you some time, but if you expect to be out of a job for long or too overwhelmed with medical bills to pay off the loans to avoid foreclosure, then you need to be really proactive and sell the house, whether for a good price or at a short sale. In a short sale, the lender agrees to take a little less than what you owe, but you avoid damaging your credit rating. Good loans to avoid foreclosure shouldn't just bring you current, but should also help you avoid dents in your credit rating later.
Countrywide Loans In Foreclosure News
Groups protest Bank of America in Melville
About 40 protestors rallied outside a Bank of America branch in Melville on Wednesday afternoon on the day of the bank’s annual meeting, calling on the firm to do more to help those facing foreclosure. The protestors, carrying signs saying “Bank of America, Pay Your Fair Share of Taxes” and “Corporations are Not People,” said they [...]
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The Office of the Comptroller of the Currency (OCC) extended the deadline for filing a complaint about a foreclosure. In December, 2011 the agency sent letters to homeowners affected by foreclosure that may have suffered financial injury as a result of errors, misrepresentations, or other deficiencies in foreclosure proceedings. The OCC regulates and supervises national banks and Federal Savings ...
Read more...BofA hiking relocation aid for troubled homeowners
(Reuters) - Bank of America Corp said on Tuesday it had launched a nationwide program that offers increased relocation payments to delinquent mortgage customers who complete qualifying short sales. The second-largest U.S. bank said the program, tested in Florida last year, offers payments of between $2,500 and $30,000 to help homeowners move out of their homes. A short sale is when a lender ...
Read more...Real Estate Law Center Continues Borrowers' Fight Against Robo-Filing Banks
Real Estate Law Center, PC, headed by Chad Pratt, is at the forefront of advocating for home owners who've been the victim of predatory bank loans.It is committed to representing homeowners and has successfully ensured banks respond and process restructured mortgage settlement requests, and adhere to federal laws and regulations.Los Angeles, Calif. ...
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As part of a foreclosure-abuse settlement, the bank has started notifying about 200,000 borrowers that they may qualify for reductions of as much as $100,000 on their mortgage balances. It's not quite a check in the mail, but certain distressed mortgage borrowers at Bank of America Corp. will be happy they opened the letter anyhow.
Read more...Foreclosure sales May 21-25, 2012
The Volusia County Clerk of Court conducts its foreclosure sales at 11 a.m. in conference room D-251 of the Volusia County Courthouse at 101 N. Alabama Ave., DeLand. The Flagler County Clerk of Court conducts sales at 11 a.m. on...
Read more...NY, Delaware AGs investigate mortgages
Attorney General Eric Schneiderman and Delaware's Beau Biden are investigating banks for failing to package mortgages into bonds as advertised to investors, three months after a group of lenders struck a nationwide $25 billion settlement over foreclosure practices. The states are pursuing allegations that some home loans weren't correctly transferred into securitizations, undermining investors ...
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