posted May 18, 2009 2:09 PM by Rose Walters
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updated May 18, 2009 2:23 PM
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http://www.foreclosurelaw.org/Non-judicial procedures are used by states that use deeds of trust as the security instrument for purchasing real property. This procedure is in contrast to states that use a judicial procedure when a mortgage is the security instrument for a loan to purchase real property.
Many states avoid the judicial foreclosure process, and instead, the mortgage lender notifies the borrower with a notice of default. Since the mortgage loan terms already specify that a sale process kicks off right away (without going through the court system) - the lender can start the foreclosure process very quickly. Then the borrower has a fixed period of time (which varies state by state) to either sell the home, or negotiate to solve the financial problem. If the consumer does not accomplish this on their own, the mortgage lender then can come in and auction off the home to the highest bidder.
Foreclosure proceedings in which a mortgage lacks the power of sale clause. In such an instance, many states require the foreclosure to be processed through the state's courts. If the court confirms that the debt is in default, an auction is held for the sale of the property in order to acquire funds to repay the lender.
Many states require judicial foreclosure to protect equity the debtor may have in the property. Judicial foreclosure also serves to prevent "strategic disclosures" by unscrupulous lenders.
In instances where the sale of the property through the auction does not generate enough funds to repay the mortgage lender, the former homeowner will still be held liable for the remaining balance.
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posted May 18, 2009 1:25 PM by Rose Walters
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updated May 22, 2009 10:58 AM
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WE DO THIS EVERYDAY, AND WE CAN DO IT FOR YOU TOO..
Lender Wachovia Prior to Modification After Modification Plan
Loan Balance $356,886.11 $320,929.98
Interest Rate 6.95% 4.75 (3 yrs) then =.25% per yr until 6.5 F for life
Type Neg Am Arm Step Fixed
Monthly Payments $2,129.69 $1,270.35
Includes Interest Only Interest Only
Delinquent $2,129.69 Current
Term 40yr 40yr
Summary : New loan brings current, Reduces Principle Balance by $35,956.13. Reduces IO payment by $859.34 per month, eliminates negative amortization Ends up at 6.5 fixed for life.
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Lender Saxon Prior To Modificaztion After Modification Plan
Loan Balance 671,000 671,000
Interest Rate 7.875 6
Type 2/28 ARM IO-adjusting 5 Year Fixed - Amortized
Monthly Payments $5,220.56 $4,171.40
Includes I T I PITI
Amount Delinquent $8,812.92 current
Term 30YR Balloon 27 Year Fully Amortized
Summary: Payment reduced by $1,049 per month versus IO ARM. New payment includes $800 + per month going toward principle. Net savings of $1,800+ per month. Current and Fixed for the next 5 years.
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Lender SunTrust Prior To Modification After Modification Plan
Loan Balance $357,796.11 $369,572.34
Interest Rate 6.5 Step Program
Client obtained: 3.125% (yr1) 4.125% (yr2) and 5.07% Fixed for the Term!
Type Fixed Step Fixed
Monthly Payment $2,300.73 $1,889.61
Includes PI PITI
Delinquent $11,776.23 Current
Term 360 360
Summary: Foreclosure Stopped, Payment reduced by $411.12 per month & now includes taxes and insurance. Net Savings of $950.96 per month
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Lender AHMSI Prior To Modification After Modification Plan
Loan Balance $486,197.44 $513,524.57
Interest Rate 8.33 5%(yr1), 6%(yr2), 7%(yr3), 7.125 F Term
Type ARM Step Fixed
Monthly Payment $4,031.90 $2,887.14
Includes PITI PITI
Amount Delinquent $27,327.13 Current
Term 360 360
Summary: Foreclosure Stopped. Client Current, Savings of $1,144.76 per month. Fixed Loan & client keeps their home.
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posted May 11, 2009 9:01 PM by Rose Walters
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updated May 20, 2009 9:51 PM
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The Truth About BankruptcyDave Ramsey: Myth: I'll just file bankruptcy and start over; it seems so easy.
Truth: Bankruptcy is a gut-wrenching, life-changing event that causes lifelong damage. Bankruptcy. That word sends chills up the spine. If you're facing the prospect of bankruptcy or in the middle of it right now, you know it's a living nightmare. It can devastate your job, destroy your marriage and steal your peace of mind.  Kathy called my radio show ready to file bankruptcy. Her debts were overwhelming, and her cheating husband had left with his girlfriend. The house was in his name, as was all the debt except $11,000. Kathy was 20 years old, and her brilliant uncle - a lawyer from California - told her to file bankruptcy. Kathy was beat up, beat down, and deserted without help, but she was not bankrupt. When her soon-to-be ex-husband ends up with all the debt in his name, he may be bankrupt, but Kathy won't be. Why Avoid Bankruptcy?Bankruptcy is not something I recommend any more than I would recommend divorce. Are there times when good people see no way out and file bankruptcy? Yes, but I will still talk you out of bankruptcy if given the opportunity. Few people who have been through bankruptcy would report that it is a painless wiping-clean of the slate, after which you merrily trot off into your future to start fresh. Don't let anyone fool you. I have been through bankruptcy and have worked with bankruptcy for decades, and it is not a place you want to visit. Bankruptcy is listed in the top 5 life-altering negative events that we can go through, along with divorce, severe illness, disability, and loss of a loved one. I would never say that bankruptcy is as bad as losing a loved one, but it is life-altering and leaves deep wounds both to the psyche and the credit report. Types of Bankruptcy Chapter 7 Bankruptcy, which is total bankruptcy, stays on your credit report for 10 years. Chapter 13 Bankruptcy, more like a payment plan, stays on your credit report for 7 years. Bankruptcy, however, is for life. Loan applications and many job applications ask if you have ever filed for bankruptcy. Ever. If you lie to get a loan because your bankruptcy is very old, technically you have committed criminal fraud. Most bankruptcy cases can be avoided with proper help, such as our financial counselors and the Total Money Makeover. Your Total Money Makeover may involve extensive amputation of stuff, which will be painful, but bankruptcy is much more painful. If you take the thoughtful step backward to get on solid ground instead of looking at the false allure of the quick fix that bankruptcy seems to offer, you will win more quickly and easily. I know from personal experience the pain of bankruptcy, foreclosure, and lawsuits. Been there, done that, got the t-shirt, and it is not worth it.
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