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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: 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: 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: November 8th, 2010
As a loan modification lawyer, many people ask me “how do I apply for a home loan modification?” Well, the short answer is, very carefully and deliberately! Loan modification is not a matter of simply putting in a request with the lender, it has become a long and drawn out process of faxing paperwork and following up constantly. Step 1 in How Do I Apply for a Home Loan Modification: Lender Requirements The first step when applying for a home loan modification, is to call the lender and get their guidelines or a list of requirements for loan modification. This [...]
Written by: Timothy McFarlin | Publish date: October 16th, 2010
One of the biggest concerns for homeowners looking to keep their property out of foreclosure is the financial worksheet for loan modification. The loan modification financial worksheet is a critical document because it tells the mortgage company the borrowers’ story in a nutshell. For that reason, the financial worksheet for loan modification must be completed carefully, diligently and completely. I’ve compiled some tips to help homeowners complete their financial worksheet for loan modification to give themselves the best chance of success on their loan modification. Loan Modification Financial Worksheet Tip 1: Make Sure there’s Plenty of Income I’d say the [...]
Written by: Christopher Gordon | Publish date: July 23rd, 2010
There was a time in South Carolina, specifically, Myrtle Beach, when the real estate market was booming. Oceanfront properties and lush condos were selling like hotcakes and soon, Myrtle became the “it” spot to scoop up properties. It was lucrative. It was an investment. Plus, five to six years ago, mortgage companies were looser; soon, those in no financial position, whatsoever, to own a house—did. Recently, in Federal Court, Gary Hager and Jill Brennan, once Myrtle Beach bank officials, pleaded guilty to bank fraud charges including providing phony information on loan applications. As a result, banks approved mortgages which only [...]
Written by: Christopher Gordon | Publish date: July 23rd, 2010
It was recently announced, the Milwaukee Police Department is in line to get $200,000—to be used towards paying overtime to cops patrolling neighborhoods with “high rates of vacant and foreclosed properties.” The funds come from Milwaukee’s neighborhood stabilization program, implemented to handle the foreclosure crisis and keep areas safe. The Community and Economic Development Committee approved the plan and figure suggested. The plan will now be presented to the Common Council for its final approval. Police presently patrol those areas with vacant and/or sealed up properties as empty homes fall victim to vandalism, theft and burglary among other criminal acts. [...]
