5 Ways to Stop Foreclosure Immediately – Don’t Let the Bank Destroy Your Family

There are various ways to stop foreclosure immediately, but the most common way homeowners can prevent foreclosure is by using the loan modification process. During this time of financial unrest, getting out of a bad financial situation is not really unheard of. Families today have options and lenders are willing to work with your family to keep you in your home. The following ideas could help keep the stress off your shoulders and the creditors and loan collectors off your back.

1: Refinance your original loan. Money lenders will consider foreclosure refinance loans if they feel you will not neglect making payments to them. Qualifying for refinancing is tough and the requirements are strict. The requirements include equity from your home and a steady income. Although the payments may turn out to be higher some homeowners prefer to start off fresh and use refinance as one of the ways to stop foreclosure of their family home. But let’s face it; there has to be an easier way.

2: Selling to a relative or close friend to prevent foreclosure may be your only way out temporarily. You will be out of your financial situation and be able to have them carry you for a while until you land back on your feet. You can lease or rent back the property from them until you are financially able to buy the property back. But if you don’t feel safe or trusting with the people you’ll be working with; this option may turn into a way for family or friend to make a quick profit selling your home at a reduced rate.

3: Try bankruptcy to stop a foreclosure in progress, but this can become an expensive alternative. The amount of payments which need to be made to satisfy the creditors and bankruptcy costs make this an option for those who have a large amount of disposable income. Let’s face it if disposable income is available your family wouldn’t be in this situation.

4: One of the easiest ways to stop foreclosure immediately is to sell the property outright before the foreclosure has time to proceed. If you can get enough for your home paying off your debt in time will stop the foreclosure from proceeding but will leave your family looking for a new place to live.

5: Work with an online loan modification service to prevent or stop a foreclosure from going through. This type of service will work with your lender to help rework your arrangement in order for your family to keep their home. The banks would prefer to get paid and not have to deal with trying to sell your home. This option will at the very least help you to repair your credit and hopefully prepare you to purchase another home in the future.

Foreclosure Hardship Letter – Sample For Bank Loss Mitigation Department

A foreclosure hardship letter is an integral part of Loan Modification or Short Sale package. When homeowners are facing foreclosure, these documents are submitted to the Loss Mitigation Department of the mortgage lender. Loan modifications are offered to homeowners who have the financial ability to become current on delinquent payments. Short sales are offered to homeowners who do not have the financial means to pay their mortgage payments. Lenders who accept short sales offers agree to accept less than is owed on the mortgage note.

For most people, the foreclosure hardship letter is the most difficult aspect of loan modification or short sale procedures. It can be excruciatingly painful to express on paper the circumstances which caused the homeowner to fall behind on their mortgage payments. Many people are intimidated by the hardship letter. They don’t know what to say or how to format the letter so it is easy to read and understand.

Keep in mind, foreclosures and short sales are handled by the Loss Mitigation Department of your lender. Employees of this department are referred to as Loss Mitigators. Before you can submit a loan modification or short sale package, you must receive approval from the Loss Mitigator assigned to your account.

More than likely, you will have ample opportunities to personally speak to the Loss Mitigator handling your account. These individuals deal with homeowners in financial distress on a daily basis. Take advantage of building a relationship with your assigned mitigator and ask questions to help you better understand what your mitigator expects. Loss mitigators can make or break your deal, so always treat them with respect and provide them the information they request.

Your foreclosure hardship letter will be read by your personal loss mitigator. Realize these individuals receive dozens of hardship letters daily. Therefore, it is crucial to keep your letter short and to the point, while covering pertinent facts.

When composing your hardship letter you can either write it by hand or type it. If your handwriting is illegible, it is best to type the letter or have someone else write it for you. The foreclosure hardship letter is one of the most crucial elements of your loan modification or short sale package, so take every precaution to ensure the Loss Mitigator can easily read and understand it.

Real estate experts recommend using a business format for the foreclosure hardship letter. This involves placing your name, address, city, zip and phone number at the top of the page. Leave two spaces, then write the name of your loss mitigator, name of your mortgage lender, along with their mailing address. The next line should include the current date. Place your loan number underneath the date. The body of the letter should be between four and six paragraphs. Close the letter by signing and printing your name.

The following is an example of the foreclosure hardship letter. You can make adjustments to the text depending on if you are seeking a loan modification or short sale arrangement.

Bob and Jane Smith

123 Any Street

Your City, State 12345

Tom Jones

USA Lender

123 Anywhere Avenue, Suite A

Anytown, State 12345

Current Date

RE: Your Loan Number (include either Loan Modification or Short Sale)

Dear Mr. Jones,

We are contacting you today to request a (loan modification or short sale) for our property located at (insert address, city, state). We appreciate the opportunity to explain the circumstances which have caused us to fall behind on our mortgage payments. Although we have done everything possible to improve our financial situation, we are still short on the money owed to you.

The reason we have become delinquent in our mortgage payments is (explain the reason here). At this time we do not have enough income to pay our regular monthly mortgage payment. We are concerned that we are falling further behind and will not be able to pay what is owed. We have every intention of paying what is owed, but at this time do not know how to accomplish this. Therefore, we are turning to you for assistance.

We are asking for consideration to temporarily reduce or suspend our mortgage payments for a few months (or allow us to sell our home via a short sale). Doing so, would help us get back on track. Our home means a great deal to us and we desire to work with you to keep it out of foreclosure. Please advise of all options available to stop foreclosure (or initiate a short sale) at your earliest convenience. We are anxious to reach an agreement and appreciate your prompt response.

Respectfully yours,

Print name of Borrower(s)

Signature of Borrower(s)

Loan #

Address

Phone

email address (if applicable)

It is imperative to send the foreclosure hardship letter via certified mail with a return receipt requested. This will ensure you have proof you sent the letter. The return receipt must be signed by someone at the lending institution and the signature card will be returned to you in the mail.

Bank Security Fraud Securitization In Illegal Mortgage Foreclosure Actions

Bank Security Fraud Securitization In Illegal Mortgage Foreclosure or bank securitization is a scheme by the banks to sell your promissory note and mortgage many, many times and making multiple amounts of money using your debt signature and good credit to swindle you out or your home or property by placing your mortgage and note in a pool of loans within a Trust.

After this mortgage and note securitization happens, your mortgage loan is electronically recorded and this strips the equality out of your note making it a worthless piece of paper. Inside the Trust, your note gets converted from a security under the Uniformed Commercial Code, UCC, Article 3, to a Stock Certificate under UCC Article 8, and selling just a small part of the same Stock Certificate to thousands and thousands of investors many times.

It is similar to you selling the same car title to many people for the same price, but you would be arrested for fraud if you did this as the banks are doing and getting away with robbery and theft of your home and commercial property.

After your promissory note was sold into the trust and was converted into a stock certificate, your note had to be destroyed under the Federal Security Law… No more Note… No more Mortgage, but hello Mortgage Foreclosure fraud!

The Trust is controlled by the Lender’s Pooling and Servicing Agreement, PSA, which spells out that the original Note and Mortgage are accepted by the Trust Custodian, what the Trustee’s job is, and the conversion of the note into a stock certificate. Almost all the time the Lender, Trustee, Investor, or Servicer DO NOT follow their own PSA or legal rules against The Securities Exchange Commission, SEC, rules and laws; therefore, the fraud against WE THE PEOPLE starts and is perpetuated by greedy lawyers representing the greedy banks in an illegal mortgage foreclosure.

This is why homeowners need to complete the Phase One, Notary Administrative procedure to satisfy the “Clean Hands Theory” to show that there is nothing to hide and to exhaust all other remedies before you begin Phase Three. This legal procedure falls under the UCC, Article 3 and all State laws.

The Bank Security Fraud Securitization Audit In any Mortgage Foreclosure is the Second Phase in this Three Phase process to get your Mortgage Lien Released so you can own your home FREE and CLEAR in under 6 months.

Smart Hints to Successful Buying of Bank Owned Foreclosures

Bank owned foreclosures refer to those that have reverted to the bank’s ownership after a public sale. These properties can range from single units to multi-family units, condominiums, apartments, townhouses, duplexes and other types of structures. Once these properties become REOs or bank owned, they will be listed as for sale usually through listings provider or real estate brokers. Although you can choose from a wide selection of properties from a foreclosures list, it is still important to take note of the following guides to ensure that your investment is adequately protected and remains an asset rather than a liability.

Always Inspect The Property

Inspection of the property is very important. The photographs showing a property’s facade or any of its angles will not compensate for a thorough, personal inspection. Photos will not show the leaks, broken tiles, smashed windows, molds, and other repairs that are needed to be done on the property. A licensed home inspector can help you assess the damage and state of the property as well as give you a written estimate of the repairs that should be done on the property.

An ocular inspection will not only provide you a firsthand knowledge of the current state of bank owned foreclosures but give you a glimpse of the type of neighborhood surrounding them as well. You may also ask a few questions from the people in the neighborhood about their personal experiences in living in the area and other questions which would give you a clearer picture of what to expect. The information that you will gather from a house visit should help you in formulating your decisions later.

Research The Title

Once you have found a property that you are interested in, do a title search. You may want to search the public records to see if there are any outstanding debts, liens or judgment on the property. Any annotation should give you an idea that the property may still have to satisfy a money debt. You do not want to buy a property for which you would have to pay twice the amount as you would have paid for one with a clean, good title. If the property has any outstanding tax or property liens, you may have to pay for them before you can have the title.

Negotiate With The Bank

Although banks necessarily want as much amount as they can gather from a property to recover any of their losses, they can still be open for negotiations especially if the subject property is one which has been on the market for too long. Normally, banks are flexible when it comes to bank owned foreclosures that are in need of major repairs. If you are one who can manage a fixer upper property and a remodeling project either for resale or rental, then negotiating with the bank can give you a favorable outcome.

Tips For Using Prudential Real Estate Bank Owned Foreclosure List

Investors and home buyers are discovering the Prudential real estate bank owned foreclosure list offers a vast array of discounted homes. Foreclosure houses are moving up the ranks as being the preferred choice for buyers since they are priced below market value.

The Prudential real estate bank owned foreclosure list encompasses all types of residential properties, as well as industrial and commercial real estate. Regardless of the type of realty you prefer, chances are the Prudential foreclosure list can help you locate it.

Bank owned houses are foreclosure properties that were not sold through public auction. Houses are returned to the servicing lender and banks list the properties through realtors. Their primary goal is to recover foreclosure costs and prevent future expenses. Banks are responsible for property taxes, insurance and general maintenance so they reduce the price to entice a quick sale.

Due to the extreme magnitude of bank foreclosures, several million distressed properties are available nationwide. Based on the number of homes it has become virtually impossible for banks to handle the sale of each property. Therefore, lenders enlist the assistance of local realtors to list bank owned properties, arrange showings, and mediate purchase price negotiations.

Buyers submit offers through Prudential realtors, just as they would when making an offer on other types of listed property. Agents present realty offers to the mortgage lender who in turn accepts, declines or provides a counter-offer.

Banks reduce the cost of foreclosure houses in order to remove toxic assets from their books. The Federal Reserve Bank provides money to lenders based on profit margins. If mortgage financiers hold a bounty of stagnant real estate the amount of money they receive for lending purposes can be discontinued until they become profitable.

For this reason, mortgage lenders are rarely willing to further reduce the asking price of bank owned homes. Buyers who plan on purchasing Prudential bank owned foreclosures should be prepared to pay the full asking price unless substantial damage is found during the home inspection.

In order to submit offers on Prudential foreclosure homes, buyers must obtain prequalified financing. Prudential realtors can help buyers locate mortgage providers or buyers can seek out lenders on their own. One of the most trusted sources for mortgage loan comparison is BankRate.com.

If buyers are able to purchase bank foreclosures with cash they might be able to further reduce the asking price. Banks are sometimes willing to reduce the price of bank owned properties when a cash offer is presented. Buying houses with cash eliminates the possibility of buyers not being approved for a home loan and lessens the time required for closing. Many real estate investors purchase bank owned real estate with cash in order to obtain the best deal and expedite closing.

Individuals interested in buying Prudential real estate bank owned foreclosures can review property listings and obtain contact information for the listing agent at PrudentialProperties.com.

Going From Bank Foreclosure Listing Browser to Home Buyer

If you have been looking at a bank foreclosure listing service, you may be eager to buy your own property. If you want to go from browsing a bank foreclosure listing to being the proud owner of a home, however, you need to start by getting ready to buy. Often, this means taking care of financing first. Foreclosures are priced to sell and you will have more negotiating power if you have financing in hand and are ready to buy quickly. Therefore, make sure that you can get pre-approved for a loan or line of credit with a lender. This will allow you to secure financing quickly. Compare several lenders – including banks and hard money lenders – to find the best terms and rates possible. Work on improving your credit rating so that you can secure the best rates. When you find a foreclosed home that you want, you will be able to act quickly to secure a mortgage.

In addition to financing, make sure that you have the information you need to act quickly to close on a foreclosure. Have assessors and inspectors in your address book, so that you can quickly get more information about a property when you need it. Research foreclosures markets and neighborhoods so that you are knowledgeable about an area and are prepared to act when you recognize a good price on a property.

Finally, going from a browsing a bank foreclosure listing to owning a home requires the right mind set. Once you have done your research and have secured your financing, you need to prepare yourself for buying a home. Talk to homeowners or read about the buying process so that you feel more confident about the procedure and get a buyer's agent if you find you are anxious about contacting sellers in a bank foreclosure listing.