In an informal survey of professionals in the mortgage industry, we concluded that the vast majority of foreclosures are unnecessary. The consensus of the professionals surveyed is twofold. The biggest reason for foreclosure is the disruption of communication between the lender and the borrower. The main reason for violating communications is the dissatisfaction of the borrower with the mortgage company. In other words, the borrower notices that the mortgage company has no reason, so there is no need to try to work with them. Once frustrated, many homeowners simply give up and wait for the inevitable.
What homeowners often don't realize is that there are too many tools for troubled borrowers to keep their homes. So far, most Americans have heard of the Forbearance / Loan Modification solution that can be used. Although these plans are very popular, they are not the only option. In addition, there is such an unpopular Chapter 13 bankruptcy. Although this option is both effective and easy to obtain, it is very unpopular.
In recent years, due to this foreclosure crisis, some new housing retention strategies have become popular. The most important of these is the two legal exercises, which were once known only to mortgage bankers and real estate lawyers. His first was nicknamed "production notes." It treats the fact that most mortgage service providers cannot find the actual signed mortgage notes. The homeowner is questioning the mortgage company's right to take back the property. It is widely believed that this is a tactical tactic at best. However, it does give the homeowner enough time to come up with a permanent solution to the problem. It also gives borrowers leverage to force lenders to negotiate. The end result is usually a loan modification that causes the homeowner to start signing new documents again.
The second most popular strategy is the RESPA audit. RESPA represents the Real Estate Settlement Procedures Act. RESPA is a set of federally mandated guidelines that must follow the guidelines related to real estate sales and financing. The main point of this strategy is to ask for and find all the disclosure information that the borrower needs to sign. In all paperwork, there are usually errors or omissions. The borrower can then question the legitimacy of the loan itself. This represents a juicy claim to the homeowner. In the event of a serious error or omission, the borrower may sue the mortgage company for a loan balance. If successful, the homeowner simply leaves the hotel and clears.
Homeowners can use some other legal options. These are the more tricky operations that asset protection experts use. For ordinary homeowners, technicians at this level are often too expensive.
Due to the current economic environment, banks are having trouble uninstalling the large number of homes they already own. Now, local governments are putting pressure on banks to maintain foreclosed properties. Given all these factors, the interests of the homeowner are clearly beneficial. The only reason a borrower should consider leaving is a permanent lack of income. In addition, borrowers almost always have a way to keep their home.
For more information on foreclosure prevention experts or free consultation, please visit http://www.WeHateForeclosure.com
Orignal From: Survey shows that 8 out of 10 foreclosures can be cancelled
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