Author : Nick AdamaOne of the defenses to foreclosure that is becoming more widespread is the so-called “produce the note” strategy Numerous cases have been thrown out once the bank has been unable to prove it owns the loan and can show the original note Without having possession of the original note and being able to produce it for the homeowners’ inspection, a foreclosure may be declared invalid

For homeowners to use this defense, however, it is important that they put together all of the information they need and do the required amount of research Not every court will look kindly upon borrowers raising this defense if there is no legitimate basis for it Homeowners defending themselves are already viewed as more of an annoyance than anything, so they should do their best to prepare for this type of defense

The first question homeowners may want to ask is if a copy of the mortgage or note is already attached to the complaint This can be a good starting point to determine if the bank even has access to the original note, although a copy is not definitive proof of owning the note Banks may attach a copy it obtained from a previous owner of the loan but not have actual possession of the original

Borrowers also may want to research if attaching a copy of the mortgage or note is required in their state Civil rules of court procedure would be the place to find this information, and can save homeowners a great deal of time if the state does not require the copy to be attached Homeowners may still have the right to demand to inspect the original note, however, so the defense is not completely worthless if a copy is not required

Also, homeowners should look in the foreclosure complaint for any affidavits from the lender relating to the original note For instance, the mortgage company may include an affidavit stating that the copies of the note are true and accurate representations of the original Another affidavit may state that the bank is in possession of the original note and mortgage If these are present, the homeowners may wish to request that the original note be produced for their inspection

Finally, homeowners should look into requesting the original mortgage and note to be included in the lawsuit paperwork for their inspection This can usually be done through the discovery process, where homeowners are requesting other relevant documents and attempting to get straight answers out of the bank regarding the mortgage and foreclosure process As other documents are requested (like payment histories), the original note can be requested to be produced

If the bank fails to produce the original note for the homeowners’ inspection, the case may be dismissed on this basis alone Of course, borrowers should consult with competent legal counsel to find out more of this information and how it can be used appropriately in their state, but this new strategy to defend foreclosure is being used with more regularity due to the inability of banks to keep accurate records of the original note Nick publishes articles on the ForeclosureFish website to provide foreclosure help and news to borrowers in need of assistance. The site describes various ways to save a home, including deed in lieu, filing bankruptcy, short sales, defending foreclosure in court, and others. Visit the site for an e-book explaining the basics of foreclosure and how to stop the process: http://www.foreclosurefish.com/

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Author : Nick AdamaThe US Department of Housing and Urban Development (HUD) has established requirements that lenders must meet in order to bring a legitimate foreclosure action against homeowners These rules apply to mortgages that are insured by the Federal Housing Administration (FHA) and include a number of steps lenders and servicing companies must follow before foreclosing on a property

When lenders do not follow the FHA preforeclosure guidelines, the borrowers may be able to have the entire foreclosure declared invalid and thrown out of court until the requirements are met In fact, the case does not even have to go to trial for it to be thrown out, as the homeowners have the ability to file a Motion to Dismiss the foreclosure due to the lender failing to meet a condition precedent

For homeowners who have a loan insured by the FHA, this means that their servicing company must follow extra rules in order to foreclose on the house If the requirements are not met, the foreclosure can not go forward The most important aspect for borrowers to keep in mind, however, is that they must bring this defense before a judge, or else the court will just assume the lender has met all the requirements

There are five main elements to this type of defense against foreclosure The first, and most important, is that the loan must be insured by the Department of Housing and Urban Development If the loan is conventional, hard money, or otherwise not insured by HUD, then the FHA preforeclosure requirements are not applicable to the situation and other defenses to foreclosure must be relied upon instead

The second element is that the loan must be in default This creates the responsibility of the lender or servicing company to comply with the preforeclosure requirements The regulations do not define default or impose a statute of limitations, so the terms of the original loan documents should be checked out for actual definitions of default Most often in a foreclosure case, default is falling behind on the monthly payments

Third, lenders must mail a special notice to homeowners by the end of the second month of delinquency This must be done before any foreclosure proceedings can be initiated The notice is called How to Avoid Foreclosure If this is not sent to the borrowers or is not sent in accordance with the regulations, the foreclosure case may be dismissed by the court

Before three monthly payments are due and unpaid, the lender must make a reasonable effort to hold a face-to-face meeting with the borrowers This must be done to determine if there is any way to work out a solution to foreclosure There are a number of exemptions to this requirement, as well, which are listed here: the property is not occupied by the borrower; the lender and servicer do not have an office or branch within 200 miles of the property; the borrower has stated an intention not to work with the lender; payments are caught back up through a repayment plan; and the reasonable effort to make contact is unsuccessful

The final requirement is that the lender must wait until at least three monthly payments are due and unpaid in order to begin the foreclosure process Many servicing companies and banks wait this long anyway in order to attempt to put together a loan modification, refinance, or short sale with the borrowers, but this time period is mandatory for FHA insured loans If the lender begins foreclosure earlier, it may be invalid

With more mortgages being insured by the FHA through various federal foreclosure help programs, homeowners should be more aware of how the foreclosure process works for these types of loans In addition to imposing more requirements on lenders, it also complicates the entire process by adding a layer of federal law on top of the state foreclosure laws and the terms of original mortgage contract itself Nick writes for the ForeclosureFish website and blog, which provide foreclosure help and information to homeowners attempting to hold onto their properties. The site describes numerous methods to avoid foreclosure, including deed in lieu, loan modification, stopping a sheriff sale, and many others. Visit the site today to read more about saving your home while there is still time: http://www.foreclosurefish.com

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Author : Paul BergUnlike any finance company you have ever dealt with, the best ones try to see things other lenders do not, they look for a way to approve a loan instead of finding 10 reasons to decline one No lender will approve someone while they are in forbearance (behind on your mortgage) or in foreclosure The same banking rules that used to exist simply do not apply anymore just because someone does not pay on their Mortgage, Credit Cards or Car Loan does not mean they are not going to pay on ours Lenders have simply lost the ability to lend due to previous loans that just simply didn’t make sense!

We specialize in helping with credit challenged consumers of any type, being we are actually the finance company that is going to be responsible for your loan We pride ourselves on establishing a relationship with the consumer (YOU)as oppose to approving or denying you based on what your credit file holds
Refinancing may be undertaken to reduce interest rate/interest costs (by refinancing at a lower rate), to extend the repayment time, to pay off other debt(s), to reduce one’s periodic payment obligations (sometimes by taking a longer-term loan), to reduce or alter risk (such as by refinancing from a variable-rate to a fixed-rate loan), and/or to raise cash for investment, consumption, or the payment of a dividend

An auto refinance is a loan that pays off your existing auto loan, similar to a mortgage refinance, but with a much simpler and faster process Your new lender pays off your old loan and the title to your vehicle is transferred to your new lender Typically, consumers refinance to get a lower interest rate in order to reduce their interest costs, or to lower their monthly payments Auto loan rates are at very low historical levels, so consumers are increasingly taking advantage of this by refinancing If your goal is to reduce the amount you are paying in interest, you may want to consider an auto refinance loan with the same or reduced term as your existing loan If your goal is a smaller payment, you may want to consider extending the term remaining on your existing loan, although this may increase the total interest paid over the life of your loans

In the context of personal (as opposed to corporate) finance, refinancing a loan or a series of debts can assist in paying off high-interest debt such as credit card debt, with lower-interest debt such as that of a fixed-rate home mortgage This can allow a lender to reduce borrowing costs by more closely aligning the cost of borrowing with the general creditworthiness and collateral security available from the borrower For home mortgages, in the United States, there may be certain tax advantages available with refinancing Mike Kastrenakes is the owner of Platinum auto finance which was started in late of 2000. He is a Local Tampa Florida Native who is driven to help people with their auto car loans.

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