I Received a Foreclosure Sale Date Notice from HSBC: How Do I Get It Stopped?

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

HSBC is known as one of the hardest lenders to work with when facing foreclosure and trying to get a home loan modification. A frustrated homeowner going through the process with them wrote:

I received a Notice of Acceleration Foreclosure Sale letter from HSBC. With the help of NACA, I’ve been trying to get my mortgage modified with them for over a year but I can never seem to get anyone on the phone. I declared bankruptcy (Chapter 7), which has been discharged, in order to be able to afford a modified payment of about $1,000 per month (down from $1,600) which is what it was before I ran into trouble.

Can you offer any advice?

Advice on Stopping a Foreclosure Sale

Without much more info, it’s impossible to give specific, but following is what we advise based on hundreds of complaints we’ve read over the years since the foreclosure crisis started in 2007.

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1. Contact Your Lender Immediately: In the Notice of Acceleration – which is likely sent by a law firm representing HSBC — there is a phone number (likely an 800 number). Call it and tell them that you received the notice and that you want you want to stop the foreclosure and have been trying to get your  mortgage modified.

Call EVERY DAY – every hour on the hour if you have to – until you get someone.

2. Call NACA: Make sure your file is completely up to date with them. If it’s not, this is the first thing they’re going to ask you to do, so get them everything they need in order to speedily assist you.

NACA will tell you that once your file is up to date, one of their counselors will try to work with HSBC to get them to stop the foreclosure sale. But really it’s up to YOU, the homeowner, to be proactive.

You literally have to bug the heck out of them to get someone to hear you.

3. Keep Copious Records: Every time you speak with someone, ask them their name and direct dial. Ask them for a central point of contact so you can speak with the same person every time you call if you can. This likely won’t happen, but it doesn’t hurt to ask.

4. Contact a Foreclosure Attorney: If all else fails and you’re desperate, you can consult with a foreclosure attorney to see if you can get the sale stopped.

A Few Things You Should Know about Getting Your Foreclosure Sale Date Cancelled

Most loan servicers are severely backed up, so they don’t usually take action on a file until it’s within 30 days. So if you receive a foreclosure notice and it’s six weeks or two months away, don’t be surprised if they don’t get back to your foreclosure auction date is right at — or less than — 30 days out.

This still shouldn’t stop you from being proactive until you can speak with someone and get some definitive answers. 

Speaking of getting definitive answers, ask for everything in writing. You probably won’t get it — unless and/or until a final agreement is reached — but it can’t hurt to ask.

Bottom Line on Getting Your HSBC Foreclosure Sale Date Cancelled

Call, fax, email, stay in touch with NACA (if you’re working with them) until someone hears you. NACA also advises contacting your Members of Congress and Government Agencies via email, fax and calls.

Useful Resource on Stopping Foreclosure

See the “Foreclosure Help” forum on LoanSafe.org; they have some great first-hand info there on stopping foreclosure — all written by actual homeowners and what they went through.

Good luck!

Related Posts

Received a Foreclosure Notice? Why You Shouldn’t Plan to Move Anytime Soon – If Ever

Foreclosure Notice: How to Understand It & What to Do When You Receive One

Stopping Foreclosure: How to Get Your Home Loan Modified Quickly with the Help of NACA

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

Home Loan Help: Documents Needed to Apply for a Mortgage Modification with HSBC (and Other Lenders)

Foreclosure Lawyer: Need One? How Not to Get Ripped Off & Choose the Best One

Mortgage Foreclosure Timeline: How the Foreclosure Process Works & How Long You Actually Have to Move if You Eventually Lose Your Home

How to Avoid a Deficiency Judgement After Foreclosure

I filed Chapter 7 bankruptcy, and all my debts listed were discharged; can the bank still foreclose?

Could Recent Mortgage Law Challenges Mean More Homeowners Won’t Face Foreclosure and/or That They Were Illegally Foreclosed On and Can Keep Their Homes?

Underwater On Your Home? Filing Chapter 7 Bankruptcy? Should You Reaffirm Your Mortgage?

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2013 Yuwanda Black for Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/25/2013

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

FYI: See this post for some helpful info — Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs.

Experienced Property Preservation Contractors / Crews Needed (Houston, TX & Surrounding Areas): Must be very knowledgeable about HUD guidelines. Seeking reliable, experienced crews/contractors with a strong work ethic. Must have own tools, ie: dependable truck/trailer; generator, compressor, lawn mowing equipment; digital camera, computer, scanner and printer, AND be able to communicate via text or cell phone throughout the day. Scope of work includes trashouts; changing locks; cleaning; mowing, trimming trees, bushes and shrubs; winterization; handling lite repairs; pool boarding; etc. Pay: Every two weeks (after first 30 days); paid by the job. Get full details on this property preservation job.

Property Preservation Subcontractor Needed (Tulsa, OK & Surrounding Areas): Seeking help working on foreclosed homes. Duties include, but are not limited to: mowing; removing trash and debris; winterizing; changing locks; performing general home repairs like installing drywall, painting, repairing roofs, etc. Other Requirements: Use of smart phone, internet savvy. Individuals having a truck will be highly considered. Pay: Every two weeks; paid by the job. Learn more about this property preservation job.

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As these job listings illustrate, there are plenty of foreclosure cleanup (and RE-related) jobs out there. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off!

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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Public Works Mowing and Landscaping Contract (Plano, TX): Details – Bidding Ends: Feb 05, 2013 3:00:00 PM CST; Length of Contract: 1 year; Contract Renewal Option: 3 annual renewals. Must register to submit bid. Learn more about this landscaping job.

REO/ Property Preservation Specialists Needed (Ashville, North Carolina): Seeking experienced contractors who can handle winterization and other REO duties (eg, cleaning, debris removal, etc.). Must have own equipment, including, but not limited to digital camera and internet access. Get full details on this property preservation job.

Related Posts that Can Help You Learn the Industry & Get More Foreclosure Cleaning / Property Preservation Jobs

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2013 Yuwanda Black for Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

New Foreclosure Laws Passed that Help Homeowners – If …

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

New federal foreclosure rules have passed that will help homeowners, but not everyone will be able to take advantage of them. Before we get to that, here’s a rundown of what they are.

11 New Foreclosure Rules that Help Homeowners Stop, Slow Down and/or Better Understand the Process

1. No More Dual Tracking: Have you received a foreclosure notice in the post, only to be surprised because you thought you were working on a home loan modification? Well, this is what dual tracking is.

Basically, you think you’re on one track (ie, to modify, refinance, etc., you home loan); only the bank is at the same time sending you out foreclosure paperwork.

2. The 37-Day Foreclosure Alternative Rule: As explained in the CNN Money article, New rules aim to protect homeowners from foreclosure:

If a borrower applies for a loan modification at least 37 days before their foreclosure auction is scheduled, the servicer must consider and respond to the request. They also must give the borrower enough time to accept an alternative to foreclosure before proceeding with the sale.

3. Offer of Foreclosure Alternatives: Until now, it’s been up to the homeowner to figure out alternatives to foreclosure. But, the new rules require loan servicers to do it.

So, instead of just sending out foreclosure notices – which only increases the stress many homeowners feel when they find themselves in this situation – loan servicers must now send along examples of alternatives to foreclosure that borrowers can look into.

This makes sense because who knows better than home loan services the options available to a homeowner facing foreclosure.

4. Dedicated Loan Servicer: One of the biggest problems many homeowners facing foreclosure have is being shuffled from person to person and department to department. Many times, this requires homeowners to submit – and resubmit – the same paperwork over and over again.

The new foreclosure rules require loan servicers / lenders to offer access to employees who are dedicated and empowered, ie, knowledgeable enough to help without getting the runaround.

Although this is no guarantee that getting the runaround won’t happen, it should definitely cut down on the number of times it happens – which should ostensibly help speed up the modification (or refinancing, etc.) process.

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5. Accurate Recordkeeping: In line with the above, under the new foreclosure rules, home loan services and lenders will be required to store borrower account information in a manner that is not only easily accessible, but one that ensures that when the information is accurate, so that if court proceeding are necessary (eg, foreclosure hearing), it can be retrieved.

We suspect that this is in direct answer to the problem of robosigning, where records were so mismanaged that many loan servicers didn’t even know what happened to the original loan documents a homeowner signed.

6. Provide Mortgage Statements Homeowners Can Understand: Remember a few years ago when the government forced credit card companies to provide clearer credit card statements and a section was added that showed how much you owed and how long it would take you to pay off the balance if you just paid the minimum due?

Well, lawmakers have taken a page out of this book and made them part of the new foreclosure rules. Home loan lenders and servicers are now required break down mortgage statements into easy-to-read and understand documents, eg, showing clearly the following:

Payments by principal;

Interest;

Fees;

Escrow (if any) of property taxes and homeowner insurance premiums);

Date next payment is due; and

Notifications about any fees, etc.

Our guess is that this change came about because many homeowners got roped into so-called “exotic mortgages” (eg, interest-only home loans or ARMS (adjustable rate mortgages)) they ostensibly didn’t understand. This new foreclosure rule should make what you’re signing clear when you take out a home loan.

7. Notice of Rate Hikes: Speaking of exotic mortgages, the new foreclosure rules require services to give homeowners advance notice of impending rate hikes. For example, if the interest rate is going up and it’s going to increase your mortgage payment by $250, lenders will have to notify you of this – not just send a statement with the newly increased mortgage payment due. And, they must give you info on foreclosure alternatives if you can’t afford your new payment.

This ostensibly gives borrowers enough time to prepare financially (but you’re done with anything other than a fixed-rate mortgage, right?).

I hope so.

8. No Overpriced Lender-Imposed Homeowners Insurance: This is one of the most obvious foreclosure scams around. Lender-imposed homeowners insurance usually cost double plus what you may have had when you carried your own homeowners insurance.

Now, banks will no longer be able to get away with this. The new foreclosure rules required lenders to do three things before using this “force-placed” insurance:

a) Notify homeowners BEFORE picking up this insurance on their behalf;

b) Tell homeowners how much this insurance is going to cost; and

c) Terminate it within 15 days and refund all monies the homeowner has paid if it is determined that this insurance was indeed not needed.

9. Record Payments in a Timely Manner: Under the new foreclosure rules, this means the payment must be credit to the mortgage holder’s account the same day it arrives.

10. Address Account Errors Quickly: Under the new foreclosure rules, this means that within 30 days all account errors brought to a lender’s / servicer’s attention must be investigated, responded to and/or corrected.

11. 7-Day Payoff Balance Rule: For the lucky homeowners who want to pay off the balance of their home loan, lenders/services have 7 business days to respond to written requests.

Homeowners the New Foreclosure Rules Don’t Help

If you live in a non-judicial state, some of these new foreclosure laws won’t help you because they won’t apply. For example, the 37-Day Rule (#2). Homeowners aren’t usually given this much notice before their home is auctioned off on the courthouse steps of their county.

Also, if you’re facing foreclosure NOW, your time may run out before these rules go into effect, which is not until January 2013.

Related Posts

Underwater On Your Home? Filing Chapter 7 Bankruptcy? Should You Reaffirm Your Mortgage?

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move

Right of Redemption Laws: How to Get Your Home Back – Even After It’s Sold as a Foreclosure

Stopping Foreclosure: What to Do When the Bank Refuses to Accept Your Mortgage Payments & Tries to Escalate the Home Foreclosure Process

Foreclosure Lawyer: Need One? How Not to Get Ripped Off & Choose the Best One

Florida Foreclosure Law: How to Get Your Home Back Even After It’s Sold at Auction

Georgia Foreclosure Law: Recent Ruling Could Impact Future Foreclosure Suits 

California Foreclosure Law: How to Stop Foreclosure Even If Your Home Is Sold at Auction

California Foreclosure Law: A Closer Look at “The California Homeowner Bill of Rights”

Hawaii Foreclosure: Homeowners in Default Getting to Meet Directly with Lenders — An Option Very Few Facing Foreclosure Get

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Tweet it and follow Foreclosure Business News on Twitter.

Copyright © 2013 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.) — in your jurisdiction — before taking any action based on the information listed here.

Foreclosure Cleaning, Construction & Commercial Supply Contracting/Job Leads for 1/15/2013

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

FYI: See this post for some helpful info — Advice on Bidding for Foreclosure Cleaning and Other Lite Commercial/ Landscaping / Construction Type Jobs.

Ongoing Lawn Maintenance Professional Needed (Jacksonville, FL): Seeking lawn care professional to cut at least 7 properties per day, along with trimming shrubs, etc. Pay: Minimum $19 per cut (could go higher — depends on lot size), plus $8 for up to five shrubs. Possibility of more work on some properties. Get full details on the lawn maintenance job.

Property Preservation Contractors Sought (New Orleans, LA): Common foreclosure property needs, eg, changing locks, boarding up windows and doors, removing trash and other debris, cutting grass, general home repairs.  Must have own tools/equipment; also digital camera and internet access needed. Get full details on the property preservation job.

Post continued below . . .
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As these job listings illustrate, there are plenty of foreclosure cleanup (and RE-related) jobs out there. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off!

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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Property Preservation Crew Needed (Northwest Indiana): Seeks company/professional with experience in all aspects of property preservation. Also, must have own equipment and liability insurance, and workman’s comp insurance. Most urgent need: Crews that can complete ongoing yard maintenance, as well as foreclosure / eviction cleanouts and repairs. Get full details on this property preservation job.

Seeking Experienced Foreclosure Cleanout Crews (Greater Chicago & North East Illinois): We work on foreclosed homes and are seeking top-notch foreclosure cleanout specialists with the following skills: boarding windows and doors; maintaining lawns; performing general home repairs, eg, repairing/installing drywall, tarping roofs, draining pools, etc; winterizing; appliance removal/installation; doing occupancy inspections; etc.

MUST have knowledge of HUD guidelines and have liability insurance. Equipment needed: computer/laptop with internet access; digital camera; own vehicle; all tools/equipment. This is a 1099 (ie, non-employee) paid position. Get full details on how to apply for this property preservation job.

Property Preservation Specialist (Knoxville, TN): Company that works on foreclosed homes seeks contractors to perform the following duties: ongoing lawn maintenance; securing property; winterization; cleaning (maid service); trashouts; doing home repairs, eg, drywall, mold, minor construction, demo work). Get full details on how to apply for this foreclosure cleanout job.

REO Rehab and Property Preservation Specialist (Portland, Oregon): Regional remodeling and property preservation contractor seeking vendors to do remodeling and maintenance work on vacant properties. Ongoing work in your area if you perform to our satisfaction. Must have general liability insurance and workman’s comp insurance (if you have employees).  Get full details on how to apply for this property preservation and REO rehab job.

Related Posts that Can Help You Learn the Industry & Get More Foreclosure Cleaning / Property Preservation Jobs

Want to Know Where to Find Foreclosure Cleanup Clients For Your Business? Look No Further than This . . .

Advice on How to Bid on Janitorial and Commercial Cleaning Jobs

Foreclosure Cleanup Jobs: New Biz Owner Lands 10 Jobs from Property Preservation Company

Foreclosure Cleaning Jobs: Why Landlords Are Fertile Marketing Ground for Foreclosure Cleanup Businesses

Foreclosure Cleaning: How to Get Non-Foreclosure Cleaning Jobs

Foreclosure Cleanup: Many Cities Allocating Gov’t Funds to Cleaning Foreclosed Properties

FAQs About Cleaning Foreclosures a Living

Foreclosure Cleaning Business: Why You Should Never Discuss Rates or Prices Over the Phone

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright ©2013 Yuwanda Black for Foreclosure Business News. Content may not be reprinted or reproduced in any manner without the express, written consent of the author.

Received a Foreclosure Notice? Why You Shouldn’t Plan to Move Anytime Soon – If Ever

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

The foreclosure crisis that began back in the fall of 2007 is still haunting many homeowners. It’s rocked the real estate industry to the core – spawning new home loan qualification guidelines and new foreclosure laws – giving everyone pause as to what to do during every step of the foreclosure process way.

The Old Way: What You Used to Have to Do When You Received a Foreclosure Notice

In the “old days” (ie, before the foreclosure crisis hit in full), if you received a foreclosure notice, you’d likely pack your bags and move if you couldn’t afford to catch up your mortgage because it was a sure thing that your lender was going to move ahead with foreclosing on you.

This isn’t true any more.

The New Way: How to Handle It When You Receive a Foreclosure Notice

Nowadays, lenders aren’t necessarily moving ahead with foreclosure proceedings. And this is what many homeowners don’t realize – and if they did it could save them so much headache (not to mention money).

So if you receive a foreclosure notice, it doesn’t necessarily mean you’re days or weeks away from losing your home. In fact, it could mean that you’re years away – that’s right, years!

Proof?

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With sitting properties like “zombie foreclosures”, there are plenty of foreclosure cleanup (and RE-related) jobs out there. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off!

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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Zombie Foreclosures: A Blessing or a Curse – Depending on How You Look at It

It’s because of what’s being called “zombie foreclosures.”

What Is a Zombie Foreclosure?

As discussed in the Bloomberg.com article, Special Report: The latest foreclosure horror: the zombie title, it’s technically when banks walk away from a home (ie, fail to complete the foreclosure process). It leaves the title in a “zombie” state because the homeowners are still legally liable for the property, but the bank owns the note and can still exercise their right to foreclose at any time.

Many homeowners leave their property soon after receiving a foreclosure notice, INCORRECTLY assuming that when they received the notice, they no longer owned the property and/or that the bank would complete the foreclosure process and take the home away from them (ie, get it out of their name).

But, many lenders don’t. Many banks just quietly walk away from these “would be” foreclosures – NOT completing the foreclosure process and leaving many homeowners in legal limbo.

And this is where the trouble begins for many homeowners facing foreclosure, as discussed in heart-wrenching detail in the Bloomberg article mentioned above, ie:

The Kellers [homeowners facing foreclosure] are caught up in a little-known horror of the U.S. housing bust: the zombie title. Six years in, thousands of homeowners are finding themselves legally liable for houses they didn’t know they still owned after banks decided it wasn’t worth their while to complete foreclosures on them. [emphasis added]

With impunity, banks have been walking away from foreclosures much the way some homeowners walked away from their mortgages when the housing market first crashed.

A “Foreclosure Notice” Does Not Necessarily Mean That You’re Going to Lose Your Home

Many homeowners report having received numerous foreclosure notices – then they hear nothing else from their lender for months – in some cases years. So stay put. Don’t leave your home – even if you’re unable to pay the mortgage.  

Facing Foreclosure? Don’t Leave Your Home Unless and/or Until . . .

 1) The bank completes the foreclosure process; and/or

2) You receive a sheriff’s notice saying that a sale has been completed and you have X number of days to vacate.

If this happens, then it’s time to go. Otherwise, take a foreclosure notice seriously, but don’t pack your bags just yet.

Facing Foreclosure and Living Rent Free – for Years?

The reason is not to “live free,” but to protect yourself from future financial headache which could prevent you from not only ever buying another home again, but rack of thousands of dollars in debt.

As we discussed last year here in the post, What to Do When You’ve Stopped Making Mortgage Payments, But the Bank Won’t/Hasn’t Foreclosed, one of the advantages of staying put is that you may very well be able to keep your home.

Conclusion

The foreclosure crisis has created situations that most of us have never dealt with before, this includes real estate professionals like loan officers, foreclosure attorneys, bankruptcy lawyers and real estate agents.

Proof?

Read this post on foreclosures and bankruptcy. It highlights some conflicting advice given by bankruptcy attorneys. The advice wasn’t mean to be malicious; it’s just that – again – the foreclosure crisis has brought on situations nobody in real estate has ever been confronted with before. So, it’s like the wild, wild west – everyone’s trying to figure it out as they go along.

And this might be the best reason of all to stay put if you receive a foreclosure notice – until you can get yourself detached from the legal responsibility of owning the property.

Related Posts

Foreclosure Notice: How to Understand It & What to Do When You Receive One

Foreclosure Advice: Should You Continue to Pay Your Mortgage While You Wait for a Home Loan Modification?

How to Stop Home Foreclosure For Over 2 Years Without Making Payments: Do it Yourself for Free — Here’s How

Stopping Foreclosure: What to Do When the Bank Refuses to Accept Your Mortgage Payments & Tries to Escalate the Home Foreclosure Process

Do I Still Have to Pay Taxes After a Foreclosure? The Answer Might Surprise You

Understanding Foreclosure Deficiencies and Mortgage Debt Forgiveness: Specific, Clear, Detailed Examples Given

I Received a 1099 From My Home Equity Lender: Tax Consequences of Foreclosure — with a HELOC

“Cash for Keys” Can Help if You Have a House in Foreclosure & Can’t Afford to Move  

Get Foreclosure Help: How to Find Agencies that Will Help You Stop Foreclosure – For Free

How to Stop Foreclosure Using Chapter 13 Bankruptcy: What to Expect When You File, How Ch 13 Differs from Ch 7 & More

Cash for Keys: How Not to Lose This Money if You’re in Foreclosure and File Chapter 7 Bankruptcy

Stopping Foreclosure: What the “Produce the Note” Defense Is & How It Can Help You Save Your Home from Foreclosure (Or at Least Stall)

P.S.: Foreclosure Clean Up Job Leads: FYI, don’t forget to bookmark the site and come back for direct leads on foreclosure cleaning jobs, foreclosure cleaning contracts and foreclosure cleanup request for bids on jobs. Always look under the “Recent Posts” heading to find the latest job listings.

P.P.S.: Like this post? Follow Foreclosure Business News on Twitter.

Copyright © 2013 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.) — in your jurisdiction — before taking any action based on the information listed here.

Foreclosure Payouts: Almost 4 Million Homeowners to Receive $1,000 to $125,000

ForeclosureBusinessNews.com: “Foreclosure News the Average Joe Can Use!” Find Trusted Vendors, eg, Foreclosure Lawyers, Mortgage Consultants, Cleaning Co’s, Etc.

If your home went into foreclosure any time in 2009 or 2010, you might be receiving (a big fat) check soon. Why / how?

As we’ve been discussing here for some time now, the foreclosure review process — which was part of the foreclosure settlement reached with big banks last spring — has netted some results.

What Is The Foreclosure Settlement All About

If it was found during the foreclosure process that lenders committed errors and/or frauduently foreclosed on a homeowner, they may be entitled to thousands of dollars in compensation. As explained in The Detroit News article, Banks pay $8.5B for foreclosure tactics, following is how the foreclosure settlement shakes out:

About $3.3 billion of the new settlement would be direct payments to borrowers, regulators said. Another $5.2 billion would pay for other assistance, including loan modifications.

The settlement covers Citigroup, MetLife Bank, PNC Financial Services, Sovereign, SunTrust, U.S. Bank and Aurora. The 2011 action also included Detroit-based GMAC Mortgage, HSBC Finance Corp. and EMC Mortgage Corp.

How to Find Out If You’re Owed Foreclosure Settlement Monies

The first thing you needed to do is to get a foreclosure review. Unfortunately, the deadline has passed. As outlined on the federal government’s site:

The submission window is closed. Homeowners who believed they were eligible to participate in the program were required to complete and submit a Request for Review Form no later than December 31, 2012. . . . If you are a homeowner working with a housing counselor, attorney or other third party who is assisting you with a Request for Review Form that has already been submitted, please call 1-888-952-9105.

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With all the natural disasters recently (eg, Superstorm Sandy) there are plenty of foreclosure cleanup (and RE-related) jobs out there. Get your foreclosure cleanup “Business in a Box” and start this lucrative business right now for 40% Off!

Copyright Violation Notice: If you’re reading this entire post (snippets are fine) on any blog other than ForeclosureBusinessNews.com, it is stolen content. Scraping content (eg, using software to illegally copy and paste copyrighted content from websites and blogs) is becoming a common practice which affects every site owner. So if you see this content someplace else, please take a quick moment to send an email to [info]at[ForeclosureBusinessNews.com] (remove brackets, of course) so that we can take the appropriate action. Thank you in advance for your help.
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I Missed the Foreclosure Review Deadline — Can I Still Qualify for Foreclosure Settlement Monies

Not likely, but digging through the government’s Independent Foreclosure Review site, there is a glimmer of hope. It states:

The submission window is closed. Request for Review Forms were to be submitted no later than December 31, 2012. The Independent Review Administrator – Rust Consulting, Inc., is not able to accept any new Request for Review Forms past the deadline. Homeowners can still have their mortgage concerns considered by calling or writing their servicer directly.

Homeowners may also contact a HUD-approved nonprofit organization that helps homeowners in distress. Information about HUD-approved nonprofit organizations that can provide free assistance is available at www.makinghomeaffordable.gov/get-started/housing-expert or by calling 1-888-995-HOPE (4673).

So don’t give up until you’ve exhausted all avenues. After all, you’ve lost (or are in the process of losing) your home; besides your life, there’s very little else you could lose.

Good luck!

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The Foreclosure Deal: Homeowners Who Lost Homes to Foreclosure Have Money Coming — and More Benefits for Those Trying to Hang Onto Their Homes

What the Foreclosure Settlement & More Short Sales Mean for Homeowners Facing Foreclosure

Stopping Foreclosure: How to Get Your Home Loan Modified Quickly with the Help of NACA

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Home Foreclosure News: Why 2012 Is a Critical Year on a Few Levels If You’re Facing Foreclosure

Stopping Foreclosure: Loan Modification Program That Helps Struggling Homeowners

Stopping Foreclosure: Banks Considering Giving Principal Reductions, Permanent Modifications & More to Prevent Foreclosure for Many Homeowners

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Copyright © 2013 Yuwanda Black for Foreclosure Business News. Legal Disclaimer: The information dispensed on this blog is not to be taken as legal advice; it is for general purposes only. Please consult a qualified professional (eg, attorney, accountant, real estate agent, etc.) — in your jurisdiction — before taking any action based on the information listed here.