There is no better time to begin the process of fixing financial problems than right now. Some reading this entry feel as if the only option you have is to file Bankruptcy and just walk away. This is not the only choice you have. This article is the first in a three part series to provide you information regarding your financial options. This article is on Foreclosure Defense. The second article will discuss Bankruptcy and options under Chapter 7 and Chapter 13 of the Bankruptcy Code. Article 3 will address Debt Collection Abuse and your rights under the Fair Debt Collection Practices Act.
Foreclosure Defense and Preserving Your Home.
Increases in mortgage defaults and foreclosures are being experienced in every state in the nation. Based on the cycle of loans more loans will go into foreclosure in 2010 that in 2009. The Obama Administration made much to do about mortgage modifications done through its HOPE and HAMP programs. These programs were presented at the way homeowners could get back on track. Despite the promises HOPE and HAMP have done very little to help people facing foreclosure. Recent numbers suggest that about 40,000 of the 7 million homes in foreclosure have received modification. Given the track record HOPE and Hamp are not likely to be successful.
Most mortgages in the US are backed or guaranteed by either Fannie Mae or Freddie Mac. In December the government announced that Fannie and Freddie were eligible to received unlimited bailouts. Housing experts are unsure exactly what this means but most suspect this is an indication of either increased foreclosures or a radical modification to the HOPE and HAMP programs. While it is hoped (pun intended) that modifications will be made easier, this is not guaranteed and any new program would take 60 to 90 days to implement. This time frame is too long if you have received foreclosure paperwork from the court.
A person’s home is the single largest investment an individual makes in their lifetime. If foreclosure has been started your mortgage company is planning to force you out of your home. Mortgage companies have become dependent upon you just accepting their determination and not fighting the foreclosure. Homeowners that stand their ground and force mortgage companies to prove their case are in a much better position to stay in their home and resolve the foreclosure lawsuit. Mortgage companies are not as focused on following the law as they are on moving the case as fast as possible and getting it sold the next buyer as soon as they can.
Kentucky Consumer Law Group is representing homeowners throughout the state in their foreclosure defense actions. Each client has unique circumstances that requires a detailed review of the actual circumstances you are facing.
The best foreclosure defense cases require lots of documentation. During our meeting(s) I will want to review all documents you have received from the court, the mortgage company and their attorneys, cancelled checks, and all the documents from the closing of your loan.
No one wants to face the challenge of a foreclosure. No one should deal with foreclosure alone. Contact me so we can discuss your situation and determine what will be the best resolution for you.