Foreclosure News and Information
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President Obama details homeowner foreclosure prevention program. From speech at Mesa, Arizona 2/18/2009.
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Mortgage Banking Solutions CEO David Lykken on why a proposed foreclosure prevention program is a bad idea.
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Feb. 19 (Bloomberg) — US Housing and Urban Development Secretary Shaun Donovan talks with Bloomberg’s Peter Cook about President Barack Obama’s foreclosure-prevention initiative. Donovan said the .5 billion initiative targets the housing markets that need it most and additional programs may be created. (Source: Bloomberg)
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Go to www.LowerMyMortgageBalance.com for more info. Our company offers homeowners a home loan mortgage balance reduction program for homeowners that are upside down (LTV over 125%). This program does NOT negatively impact your credit. This is NOT simply a loan modification that only offers a temporary reduction in your interest rate. Our Mortgage Loan Balance Reduction program reduces your principal balance owed to 95% of CURRENT MARKET VALUE. Call me today for more information. Charlie …
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NeighborWorks America Senior Homeownership Specialist Milton Sharp Jr. offers tips to strengthen your resistence to foreclosure during tough economic times.
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Many homeowners today find themselves in a position they never imagined they would be: on the brink of foreclosure. NeighborWorks America Senior Homeownership Specialist Milt Sharp Jr. offers ways to be proactive in preventing foreclosure.
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Stop Foreclosure – educational material. Learn how the process works. More info from ethical-foreclosure-solutions.com.
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Gather your paperwork before you call your lender to get mortgage help.
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The prospect of a foreclosure can be daunting and painful, it is crucial to be made aware of your state’s laws and guidelines to best serve your interests, regardless of whether you wish to remain in your home or not. Following is a list of information on California foreclosure laws; other states can be researched on our website as well.
Quick Reference:
• Judicial Foreclosure available: Yes
• Non-Judicial Foreclosure available: Yes
• Primary Security Instruments: Mortgage, Deed of Trust
• Timeline: Typically 120 days
• Right of Redemption: Varies
• Deficiency Judgments Allowed: Varies by process
In the State of California, lenders may foreclose on deeds of trusts or mortgages in default using either a judicial or non-judicial foreclosure process. However, an appraisal of the property must be conducted prior to the scheduled date of foreclosure. It is important to note that a judicial foreclosure in the state of California involves the filing of a lawsuit to obtain a court order to foreclose, wherein property is auctioned to the highest bidder.
In the event of a non judicial foreclosure, a power of sale clause exists within the mortgage or deed of trust in default wherein the borrower has pre-authorized the sale of the property in the event of default.
Most states have specific power of sale foreclosure guidelines, for more on the state of California foreclosure proceedings please visit: www.mitigationonlineconsultants.com today. Mitigation Online Consultants are experts in the field of foreclosure prevention and mortgage loan modification.
In any foreclosure under a mortgage or deed of trust in California, the property must sell for not less than two-thirds of the appraised value. If it does not, then it may be offered for sale again within twelve (12) months. The second sale may be to the highest bidder without reference to the previous appraisal.
A note regarding Deficiency Suits: A lender may not bring a deficiency suit against a person who lost a property that is 2.5 acres or less at a foreclosure, provided the property was a single one-family or a single two-family dwelling. This is so even if the high bid at foreclosure was less that the balance due on the loan. However, in foreclosures against other types of property, a deficiency suit is allowed, but is limited to the difference between the balance owed and the fair market value of the property, and then only if the suit is brought within ninety (90) days of the power of sale foreclosure.
Mitigation Online Consultants, are a team of highly skilled professionals who have been trained and experienced in the real estate, mortgage banking and financial services industries.Here at Online Mitigation Consultants we specialize and focus on the two types of mitigation: Loan modification and Deed in Lieu of Foreclosure.
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