Using Cash Out Refinance To Stop Foreclosure

Cash out refinance options offer the perfect solution to stop foreclosure by using the equity existing in the property. Often times foreclosure rescue scams trick homeowners by stealing equity in the property, in exchange for offering to stop foreclosure. Sadly, most homeowners are unaware that they can work out a better solution to use their cash out refinance options, that wouldn’t involve giving a large portion of equity away in the home to a third party offering to help.

Plus lots of these foreclosure rescue scams end up not stopping foreclosure, the property and equity are gone forever. The homeowner is left with no property and no equity once the property is foreclosed on.

This is why homeowners must educate themselves so that they don’t become victims to foreclosure rescue scams, as well as fraudulent lending scams.

Typically, real estate investors are always looking for houses to buy. However, not all real estate investors are looking to do the right thing or treat the homeowner with fairness. Many properties facing foreclosures are often being sold as for sale by owner to move them faster. Often promoted on Zillow for mass exposure. It’s even harder to find houses for rent in a foreclosure situation because of late mortgage payments being reported on credit reports.

Learn how to fix your credit at Credit Disputer Secrets! 

If you facing a foreclosure situation, the very first thing you should do is to explore your cash out refinance options to prevent foreclosure.

Using Cash Out Refinance To Stop Foreclosure Mortgage Cancellation Secrets

Ask a lender to cash out refinance, some lenders look at the deal (amount of equity) in the property when considering a cash-out refinance option.

If your home is worth $375,000 and you owe only $75,000 on the existing mortgage loan balance about to be foreclosed on. Then you have $300,000 worth of equity in the property. In the cash out refinance option you could pay off the existing mortgage loan balance of $75,000 including foreclosure fees, etc. Which all fees are itemized in the Pay Off Statement with the due date. 

Whatever is left from the balance of paying off the existing mortgage loan is money that can be cashed out and the new loan would be the perfect solution to save the property from foreclosure.

Sell the property to a trusted real estate investor, if you find that there is simply not enough time to complete cash out refinance before foreclosure, selling the property to a real estate investor is a great option.

Sell your property for a good cash offer, contact UREH! 

Where To Get New York Foreclosure Help Fast

Do you need help with avoiding foreclosure living in the city of New York? 

The good news is that New York has programs and government assistance to help you avoid foreclosure. You need to act fast if you are having trouble making monthly mortgage payments or have fallen behind on your mortgage loan payments. A misconception is that many homeowners think that if they are in default getting assistance to avoid foreclosure is not possible. However, the biggest thing that holds most homeowners back is their failure to act in enough time when trying to avoid foreclosure.

There is a lot of shame and embarrassment that comes with foreclosure. Homeowners shouldn’t feel ashamed because of many life changes can happen to impact financial situations.

Where To Get New York Foreclosure Help Fast

Where To Get New York Foreclosure Help Fast

Every second count and the longer a homeowner waits to contact their mortgage lender to communicate that they are experiencing financial hardship determines the outcome. When a homeowner waits until the last minute fewer options will be available to avoid foreclosure.

The foreclosure process in New York currently takes about 445 days (15 months) from the date of the first missed payment to the sale of the home.

Foreclosure sales in New York are by public auction, usually at a county courthouse. The home is sold to the highest bidder and anyone, including the lender, may bid. Once payment is made and the sale is complete the winning bidder takes ownership of the property.

Once a sale is complete, you have no right of redemption.  You lose your house.

These are the top programs and governmental assistance resources available to avoid New York foreclosure. 

New York State Mortgage Assistance Program – The New York State Mortgage Assistance Program is administered by the Center for NYC Neighborhoods, a non-profit organization that promotes and protects affordable homeownership. Loans are made by Sustainable Neighborhoods LLC, a wholly-owned subsidiary of the Center.

Amount –  NYS-MAP provides a 0% interest mortgage loan up to $80,000 to eligible New York homeowners at risk of foreclosure.

Eligibility Requirements –  The homeowner must have experienced financial hardship and must demonstrate an ability to afford their housing payments after receiving assistance. There are other requirements a homeowner must also meet in order to be eligible, which the housing counselor or legal services provider we refer you to will explain in detail.

Use Of Funds – Funds may be used to bring a mortgage current, help get a modification, pay off a mortgage or property tax arrears, or settle other debts that could lead to foreclosure.

Loan Terms – Loans made under NYS-MAP are mortgage loans that carry 0% interest. No monthly installment payments are required on the loan during its term but the full principal amount is due on the sale or refinance of the home or upon default.

Apply – Visit nysmap.org

Contact – nys-map@cnycn.org or call 855-NYSMAP-3.

Talk To A Housing Counselor 

HUD sponsors housing counseling agencies throughout the country to provide free or low-cost advice. Search online for a housing counseling agency near you, or call HUD’s interactive voice system at (800) 569-4287.

Get Legal Assistance 

If you do not have a lawyer, call the New York State Bar Association’s Lawyer Referral Program at (800) 342-3661 to find one. If you do not think you can afford a lawyer, you may qualify for free legal assistance. For more information, you can call the Legal Aid office in your area, visit Law Help at www.lawhelp.org or call our Foreclosure Relief Hot Line at (800) 269-0990 for assistance in locating free legal services in your area.

 

Loan Modification Warning Scheme Signs To Watch

Many times when homeowners are experiencing financial troubles, it’s easy to fall victim to loan modification schemes. However, there are loan modification warning signs to watch out for so that you don’t become a victim. Make sure that you fully educate yourself on what a loan modification is exactly and how getting approved for one can help to resolve your financial problems.

Why apply for a loan modification? 

Loan Modification Warning Scheme Signs To Watch

 

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If you can’t afford to make your mortgage payments, applying for a loan modification is a good way to permanently restructure your mortgage loan to be a more affordable payment. The purpose of a loan modification is when the lender and homeowner enter into a new agreement that allows for reduced monthly payments.

Sometimes homeowners feel that they need a representative to negotiate their loan modification. However, this is a process with the right training and education that any homeowner can complete on their own behalf.

While there are attorneys who specialize in loan modifications. Unfortunately, there are attorneys who also take advantage of homeowners in foreclosure situations. This includes companies who specialize in loan modifications, that in many situations also take advantage of desperate homeowners.

Warning Scheme Signs To Watch

These are important warning signs to watch so that you don’t fall victim to schemes.

Never stop making payments to your mortgage servicer and to someone else instead.

If a company, attorney, or any person working on a loan modification on your behalf is requesting that you stop making payments to your lender and start making the mortgage payment to them, don’t do this.

You should keep making your mortgage payments if you can while the process of your loan modification approval is being finalized.

Don’t accept rental payments if you have stopped making your monthly mortgage payments and trying to get a loan modification approved.

If you are unable to make monthly mortgage payments, don’t accept rental payments or allow someone else to accept rental payments if you are trying to work out a loan modification.

Mortgage fraud crimes also include personal gains from a property while not making monthly mortgage payments. Such mortgage fraud crimes can fall under conspiracy to commit wire and bank fraud that carry a maximum penalty of 30 years in prison.

Never report false income to get your loan modification approved.

Never report false or untrue income to have a loan modification approved. If a company or attorney working out a loan modification ask you to do this, don’t commit fraud.

Mortgage lenders will also verify your income against your tax returns as a deciding factor to approve your loan modification. If there is some inconsistency with your income, you could also be accused of attempted mortgage fraud.

The best thing that any homeowner can do in a financial crisis is to educate themselves. If you are having problems making your monthly mortgage payments or been recently denied a loan modification. Learn how-to challenge if the mortgage lender holds enforceable security interest to collect mortgage payments.

Getting a fair and favorable loan modification, is possible. Discovering the impact to rescind and cancel a mortgage loan because TILA violations for fraud is a powerful weapon to resolve mortgage problems.

Order Mortgage Cancellation Secrets Forms

Using QWR Qualified Written Request As Foreclosure Defense Strategy

(This is not legal advice, for informational purposes only). If your home is in foreclosure, the worst thing that you can do is “do nothing or wait” until the last minute to respond. In a foreclosure situation, you must act fast and the sooner you act the better chances you will have to resolve your foreclosure situation. However, most homeowners facing foreclosure, still don’t challenge their mortgage lender.

 

 

The reason most homeowners don’t challenge foreclosure is that they lack knowledge and don’t understand that they have also “do have rights in a foreclosure matter.” Lenders and their lawyers are well aware of the rights homeowners have in foreclosure situations. Lawyers who represent mortgage lenders don’t tell homeowners about their rights because they are hired by the bank (representing the lender and not the homeowner). Homeowners need their own legal representation for foreclosure defense to have their rights represented.

Using QWR As Foreclosure Defense

Using QWR As Foreclosure Defense

 

State court judges often rule for mortgage lenders (more cases are won by lenders against homeowners in state court across the nation), where homeowners have little defenses against their mortgage loan default in foreclosure situations. In general, state courts are focused on the homeowner failing to pay the mortgage on time or falling behind and not paying the mortgage loan.

There are a wide variety of consumer protection laws that homeowners can use as foreclosure defenses. While in general in the United States both federal and state levels regulate consumer affairs. Federal courts often handle issues where questions are asked on the Fair Debt Collection Practices Act (FDCPA), Truth in Lending Act (TILA),  and the Real Estate Settlement Procedures Act (RESPA).

For this reason, QWR (Qualified Written Request) can be a strong foreclosure defense strategy.

A QWR is covered under Section 6 of RESPA which provides borrowers with consumer protections relating to the servicing of their loans.

Once the homeowner sends a “QWR” the servicer has only exactly 20 business days to provide a written acknowledgment of the request. Often times the homeowner sends the “QWR” without knowing what to request. Free examples of a QWR found online don’t provide valuable information needed to build a strong foreclosure defense strategy.

When the QWR is presented properly the homeowner can learn about very important information concerning their mortgage loan contract. This information can be useful in working out a mortgage loan modification or even when a mortgage loan modification was denied before.

Learning details for the best information to request in a QWR put the homeowner at an advantage. The mortgage servicer has a timeline to resolve issues with QWR demands. Section 6 of RESPA requires the mortgage servicer to reach a resolution within 60 business days.

Most homeowners are unaware that because of improper mortgage securitization conducted by mortgage lenders, there are errors with their mortgage loan servicing documents. If these concerns are raised properly it can create a strong foreclosure defense strategy for negotiations.

Even when homeowners are not behind on their mortgage payments, it is a good idea to send a QWR to learn important information about their mortgage loan contract. During this time it is also a good idea to always continue to make the mortgage and escrow payments until the request resolution is completed.

For a QWR to provide a strong foreclosure defense, the homeowner should:

  1. Ask questions about loan servicing and ownership.
  2. Inform the mortgage servicer of specific improper mortgage securitization violations.
  3. Notify the servicer that the QWR is a demand under Section 6 of RESPA requirements and deadlines.
  4. Explain the errors and issues of concerns that are foreclosure defenses.
  5. Identify any TILA and fraud violations.

Order Mortgage Cancellation Secrets Forms to learn important details that should go into a QWR for best foreclosure defense strategies, hurry act fast!