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Archive by category 'Foreclosure Issues'
Written by: Timothy McFarlin | Publish date: May 9th, 2012
With foreclosures at all time highs throughout the county, many homeowners are asking how to stop foreclosure and save their home. There is so much questionable information circulating today about how to stop foreclosure and save homes, we thought it would be a good idea to put together a list of your most likely options to not only stop foreclosure, but also to save your home in the process. Keep in mind, none of these options are guaranteed, but rather a list of possible options that may accomplish your goal to stop foreclosure and save your home. Loan Modification to [...]
Written by: Timothy McFarlin | Publish date: May 3rd, 2012
According to a recent report from CoreLogic, a company that tracks Real Estate conditions nationwide, California is one of the most at-risk states when it comes to Foreclosure. If you are a resident of California and are struggling with the burden of a high mortgage payment, here are some of the steps that you should consider to increase your chances of avoiding foreclosure and keeping your property. Confront The Situation – Never avoid any letters from your lender. Many struggling homeowners bury their head in the sand and simply ignore correspondence from their lender, this will not lead to a [...]
Written by: Timothy McFarlin | Publish date: April 15th, 2012
With so many homeowners behind on mortgage payments and struggling to save their homes, many people are asking, will loan modification stop foreclosure? The short answer is yes! Loan Modification will stop foreclosure…if the lender agrees to it. Loan Modification Will Stop Foreclosure Generally, a loan modification to stop foreclosure is a voluntary arrangement between borrower and lender, both must agree. Most of the time the borrower is the one pushing for a loan modification to stop foreclosure because they don’t want to lose their home and have to move. This is a possibility when the borrower can show they [...]
Written by: Timothy McFarlin | Publish date: April 8th, 2012
A short sale and a deed in lieu are two common alternatives to foreclosure. Depending on a person’s circumstances and objectives, one option may be better than the other. Below is a description of both options and a comparison of the pros and cons of both short sale and deed in lieu of foreclosure. Short Sale | Real Estate Short Sale A short sale is a term used to describe the sale of a property for less than the amount that is owed on that property due to market conditions. The idea is for the lender to forgive the “deficiency” [...]
Written by: Timothy McFarlin | Publish date: March 30th, 2012
As an Orange County and Los Angeles bankruptcy attorney, many people ask me, “Will bankruptcy stop foreclosure?” or “Does bankruptcy stop foreclosure?” The good news is, bankruptcy will stop foreclosure. There are two common ways a homeowner can file bankruptcy, chapter 7 and chapter 13. Foreclosure is affected differently by each, but will stop once the bankruptcy is filed. Will Bankruptcy Stop Foreclosure? Chapter 7 Chapter 7 bankruptcy will stop foreclosure once it’s filed. It is somewhat common for a homeowner to file chapter 7 right before their scheduled foreclosure sale date (within a few days), in order to stop [...]
Written by: Timothy McFarlin | Publish date: March 29th, 2012
As a loan modification lawyer, many people ask me, what are the secrets to getting home loan modification or qualifying for a government loan modification program? To most people, a loan modification may seem like a mysterious process, but it can be fairly straightforward. “Secrets” or suggestions we would recommend include: good organizational skills, keep detailed notes, and be patient and persistent. Secrets to Getting Home Loan Modification 1: Good Organizational Skills As most people realize quickly, a government loan modification requires a substantial amount of documents and information to be provided to the lender. This includes forms the lender [...]
Written by: Timothy McFarlin | Publish date: March 25th, 2012
- Are you upside down in your mortgage? – Did your mortgage payment increase and now you’re realizing that you can’t afford your home? – Have you lost your job or had to take a cut in pay? A mortgage loan modification may provide some much needed relief and help you avoid foreclosure of your home. However, there are a number of things to consider when you want to apply for loan modification. Don’t wait to seek help! If you know that you cannot make your monthly mortgage payments, seek help now! Do not wait for the foreclosure process to begin. [...]
Written by: Timothy McFarlin | Publish date: May 11th, 2011
The price of homes in the United States has continued to plummet in the first three months of 2011, falling 4.6% since the end of 2010. According to the National Association of Realtors (NAR) the median price of a single family home has dropped to $158,700. Houses were not the only properties to suffer a price drop. Condo prices also adjusted, falling even harder, down 10.4% to $152,900. In 2006 the median price of a home in the U.S. was $227,100, now in 2011 it’s 30% lower. “We’re seeing prices dropping faster than they did in 2010. That’s troubling. Falling [...]
Written by: Timothy McFarlin | Publish date: April 21st, 2011
As more and more homeowners become delinquent and fall into foreclosure, one option that has gained much attention recently is a “deed in lieu of foreclosure.” As the name suggests, this is the process of “deeding” over the property to the lender as an alternative to the lender going through the formal foreclosure process. It is often challenging to convince a lender to consider a deed in lieu of foreclosure, and even more challenging to negotiate favorable terms, including a waiver of any further claims. However, when set up correctly, a deed in lieu of foreclosure can be of great [...]
Written by: Timothy McFarlin | Publish date: December 3rd, 2010
With so many homeowners struggling to keep up with mortgage payments, federal government loan modification help through loan modification legal services have become a popular option for borrowers seeking to keep their home. Loan modification legal services is a general term sometimes used to describe the process of hiring a real estate lawyer to negotiate with your lender for more favorable mortgage loan terms including a lower interest rate, a lower payment, or recapitalization of past due payments onto the principal of the loan. The following is a brief description of the loan modification legal services process a lawyer would [...]
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