Welcome to Mortgage Foreclosure Guide
Mortgage Foreclosure Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
Avoiding a Mortgage Foreclosure
from:When people build or purchase a home, they are usually fulfilling a lifelong dream of home ownership. Unless you're one of the lucky few, you'll be taking out a mortgage loan to buy their home. As part of the loan agreements, you'll be putting your home up for collateral. You are also agreeing to make so many payments per month for a designated number of years, usually anywhere from 10 years to 30 years. Until the loan is paid in full, the bank's name is listed along with yours on the mortgage as owners of the home.
Although everyone that takes out a loan to buy a home has every intention of paying off their loan and owning their home free and clear, sometimes unforeseen circumstances make it difficult. Many times homeowners find themselves in more debt than they can afford to pay, whether through careless planning or unexpected circumstances. Some of these unexpected circumstances may be death of a family member, divorce, loss of job, health problems, etc. Whatever the reasons, when people fail to make their mortgage payments as promised, they often find themselves in a mortgage foreclosure.
A mortgage foreclosure is not something the bank wants anymore than the homeowner, but sometimes it can't be avoided. With the price of homes and a weak economy, more people are dealing with mortgage foreclosure than ever before. When a mortgage foreclosure takes place, the bank will initiate court proceedings to repossess the home. Once they repossess the home, they will attempt to sell it at public auction to get their money back. If they don't get the money that is owed to them at the auction, the homeowner will lose their home and may still wind up owing the bank money. If, however, the house sells for more than is owed, the homeowner will get the difference back after legal costs are paid. Unfortunately, in addition to the money the homeowners get, they'll also get a very bad credit rating. This credit rating will be with them for many years, often up to 10 years.
A mortgage foreclosure should be avoided at all costs. There are ways you can try to avoid losing your home through mortgage foreclosure. The best way to avoid this is to work with your lender. At the first sign of financial difficulties, contact your lender and explain the situation to them. They want to help you in any way they can. They may defer a payment or two until you can get ahead financially. They may also suggest a mortgage refinance, which may extend your loan but lower your monthly payments to a more affordable amount. They may also consider a debt consolidation loan to pay off your other debts and add it to your mortgage so you have one payment instead of many.
Many of these solutions may help you to avoid a mortgage foreclosure, but only if you contact your lender and work with them.
Mortgage Foreclosure Specific links
Mortgage Foreclosure News
Deal Is Closer for a US Plan on Mortgage Relief - New York Times
 Wall Street Journal | Deal Is Closer for a US Plan on Mortgage Relief New York Times The banks — led by the five biggest mortgage servicers, Bank of America, JPMorgan Chase, Wells Fargo, Citigroup and Ally Financial — want to settle an investigation into abuses set off in 2010 by evidence that they foreclosed on borrowers with only a ... Foreclosure Deal Gets Closer |
New York Sues 3 Big Banks Over Mortgage Database - New York Times
 Los Angeles Times | New York Sues 3 Big Banks Over Mortgage Database New York Times The lawsuit asserts the database is inaccurate and seeks to stop the banks from filing foreclosure actions through MERS and executing false or defective mortgage assignments in New York foreclosure proceedings. Mr. Schneiderman also is seeking all ... NY's Schneiderman sues banks in foreclosure effort JPMorgan, BofA Sued by New York Over Use of Mortgage Database New York sues 3 big banks over use of mortgage registry database |
AG Sues Banks Over MERS Foreclosure Registry - North Country Gazette
 New York Post | AG Sues Banks Over MERS Foreclosure Registry North Country Gazette Once the mortgages went sour, these same banks brought foreclosure proceedings en masse based on deceptive and fraudulent court submissions, seeking to take homes away from people with little regard for basic legal requirements or the rule of law,” ... Foreclosure Settlement Will Settle Nothing Foreclosure Accord Said to Ensure Same Terms for All 50 States Banks hit on faulty foreclosures |
Mortgage hurricane warning from Florida businessman went unheeded - Sarasota Herald-Tribune
 RisMedia.com (press release) | Mortgage hurricane warning from Florida businessman went unheeded Sarasota Herald-Tribune By GRETCHEN MORGENSON Years before the housing bust — before all those home loans turned sour and millions of Americans faced foreclosure — a wealthy businessman in Florida set out to blow the whistle on the mortgage game. His name is Nye Lavalle, ... Tales from the Field: A Homeowner Who Fought Foreclosure and Won Who's the Big Bad Wolf Now on Foreclosure Fraud and Abuse? NYT Bombshell: Fannie Mae Knew About Foreclosure Fraud for a Decade |
Address the mortgage issue - Mail Tribune
Address the mortgage issue Mail Tribune Lenders often sell their home loans soon after they're signed, retaining only their role as mortgage servicing companies. The lenders' disincentive to proceed with foreclosures has been weakened, sometimes to the point at which there's more money to be ... |