The term “pre-foreclosure” generally applies to the period of moving through the legal process of default notices and mediations prior to the home actually being sold in a foreclosure auction. Under federal law, lenders must grant the homeowners 120 days after a payment is missed before officially beginning the foreclosure process, however the first step of the actual foreclosure process is the “Pre-foreclosure” phase. This phase lasts nearly the entire length of the foreclosure process, up until the home is sold. Pre-Foreclosure After mortgage payments have gone unpaid for 120 days, lenders are within their rights to send the homeowner.

Continue Reading

Let’s begin with what an unbundled attorney is. In Clark County, attorneys may represent clients in an unbundled capacity. What this means, is that the attorney is only representing the client for one very specific task or service. For example, the attorney can be representing you on just writing one motion, or appearing at one single hearing. Before moving forward with an unbundled attorney, it’s important to review the pros and cons: PRO: Most often, an unbundled attorney will be charging you a flat fee for one particular service. Therefore, making it is less expensive. If you are unable to.

Continue Reading

If financial hardship has put your home at risk for foreclosure, filing bankruptcy may be an option. The process of bankruptcy and foreclosure are often very involved and therefore tend to take months or sometimes years to complete. For this reason, some individuals look to bankruptcy as either a means of buying time to come up with their mortgage debt, or to protect ownership of their homes completely. Delaying Foreclosure When an individual files bankruptcy, whether Chapter 7 or Chapter 13, the bankruptcy court automatically issues an automatic stay. This order puts a hold on and prevents all creditors from.

Continue Reading

Like any major financial setback, going through a foreclosure is inevitably going to negatively affect your credit. However, the impact is not one size fits all. The many factors associated with foreclosure and your financial standing determine how big a hit your credit could be taking. While some may see a considerable drop lasting a couple of years, others may see a decline that sticks with them 7 years or sometimes longer. While there’s no avoiding a credit slump after foreclosure there are ways to determine just what the damage may be before making the difficult decision to go through.

Continue Reading

For those falling behind on mortgage payments, it’s only natural to begin to think about the possibility of foreclosure. When that happens, it’s often the response of the homeowner to avoid collections calls, discard late payment notices, or otherwise ignore their lender at all cost. This behavior is the first mistake in avoiding foreclosure. The path to foreclosure can be broken into various stages: Missed Payments If you’re questioning when foreclosure can begin, you’re likely already behind or anticipating becoming behind on payments. At this stage, homeowners legally have 120 days from the day of the missed payment before the.

Continue Reading

Para aquellos que se quedan atrás en los pagos de la hipoteca, es natural comenzar a pensar en la posibilidad de una ejecución hipotecaria. Cuando eso sucede, a menudo es la respuesta del propietario evitar las llamadas de cobro, descartar los avisos de pagos atrasados ​​o ignorar a su prestamista a toda costa. Este comportamiento es el primer error al evitar la ejecución hipotecaria. El camino a la ejecución hipotecaria se puede dividir en varias etapas: Pagos perdidos Si está cuestionando cuándo puede comenzar la ejecución hipotecaria, es probable que ya esté atrasado o anticipe retrasarse en los pagos. En.

Continue Reading

Since a foreclosure technically means you are unable to pay the debt on your home mortgage loan, it’s fair to think that your lender may want to come for your other assets in order to recoup the debt. However, throughout the process of pre-foreclosure and foreclosure, this is not the case. The only asset of concern in a foreclosure is the home itself. Prior to a foreclosed home being auctioned off, the lender cannot try to take your other properties or assets. Deficiency Judgment However, after the home is sold, there is a scenario where your assets may be at.

Continue Reading

Going through a foreclosure can have lasting negative effects. While its impact on your credit can affect your ability to take out car loans, mortgages, and credit cards, it also may play a role in a job interview. All employers base their hiring decisions on a variety of criteria, however, a foreclosure filing may appear as a red flag to some employers. A hiring manager could see a foreclosure as a sign of irresponsibility, poor money management, or simply an unnecessary stressor that may detract from the job. Additionally, a foreclosure filing may be of higher concern to employers in.

Continue Reading

Luckily for those behind on their mortgage, there are many alternatives to foreclosure. While accepting foreclosure is almost always the last resort for both homeowners and lenders, to determine which alternative is “best” depends on the individual’s specific situation. Some homeowners’ priority is simply staying in their home at all costs, while others prioritize recovering from the overwhelming debt of their mortgage. Because foreclosure is generally not ideal for either party, there are many options that lenders and homeowners can agree to in order to resolve the defaulted mortgage. A homeowner becomes “in foreclosure” from the point they receive a.

Continue Reading

Though lenders typically want to avoid a foreclosure as much as the homeowner does, they are not necessarily obligated to approve all applications for a Loan Modification. There are few circumstances in which your application for a loan modification may be denied, or possibly not even reviewed. The following may limit your chances of a loan modification approval: Paperwork errors or missing information/documents The most common reason for loan modification denials is unqualified applicants due to missing/inaccurate documents. Some lenders will not even continue reviewing an application if required information is missing. Applying too early Homeowners typically must be past.

Continue Reading