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Secrets about Foreclosure By Reed Allmand
What does a Foreclosure involve? A foreclosure is the legal process whereby a mortgage lender or bank repossesses a home as a result of a borrower’s default under the terms of the loan.  Warning! The following are foreclosure SCAMS to AVOID: 	- Rent-to-Buy Scams 	- Equity Skimming Scams 	- Phantom Help (False Counseling Scams) 	- Bait & Switch Scams 	- Fraudulent Bankruptcy Scams	 	- Partial Interest Bankruptcy
What is Predatory Lending?  - “The industry-based professional practice of using a borrower’s ignorance of lending practices against them for profit.”   Examples of Predatory Lending include:   - Mortgage Fraud – Occurs when a borrower lies on the loan application or provides phony bank statements or pay stubs. - Subprime Loans – Loans offered to individuals knowing they have bad credit
What are Possible Solutions to Stop Foreclosure? - Short Sale – A negotiated agreement between borrower and lender where the lender agrees to a full payoff of the loan for an amount less than owed.   ,[object Object],- Loan Modification – Changing one or more terms of the loan to make it more affordable for the borrower.
What are types of Foreclosure? Judicial Foreclosure  	- Foreclosure initiated when the lender files a complaint with the court in the county where the property is located, homeowner 	- Homeowner is served with a copy of the complaint and a date to appear in court 	- In court, Judge will hear from both sides and make a ruling on the case  Non-Judicial Foreclosure  	- Authorization of the lender to proceed with recovering property from a defaulting homeowner without going to court 	- Non-Judicial Foreclosures vary based on each state’s laws Texas Foreclosures  	- Lenders can utilize Judicial or Non-Judicial Foreclosures
Who Can Foreclose? - The lender has the right to foreclose.  	- The What Happens After the Foreclosure Sale? borrower must vacate the premises. Is it Possible to Stall or Stop Foreclosure? 	- Yes, if you bring your loan payments current. 	- Yes, if you renegotiate a loan modification program or forbearance with the lender. 	- Yes, if you negotiate to trade property for the payments with the lender. 	- Yes, if you declare bankruptcy
Legal Challenges to Foreclosure include the following: 	- Ownership of the Loan 	- Truth-In-Lending Violations 	- RESPA Violations 	- Unconscionability 	- Servicing Errors 	- Breach of Contract
What should I do between the foreclosure sale and the eviction? 	- Formulate a plan – Be proactive! Create a new financial plan. 	- Carry out your plan – Maintain good communication with your lender and stick to your plan. 	- Redemption – Redeem property and assets, regaining financial control of your life.
What are some options when considering a Foreclosure? - Forbearance – Allows you to bring your mortgage payments current in a short period of time, typically within six months to one year.   - Loan Modification – Changing the loan terms to make payments more affordable for the borrower.   - Deed-In-Lieu – Allows the borrower to surrender the property to the lender without filing bankruptcy.   - Short Sale – The lender will receive less than what is owed as a full payoff of the mortgage.   - Temporary Indulgence – Grace period of 60 to 90 days to bring mortgage payments current.   ,[object Object]
- Filing Bankruptcy – Affords homeowners the benefit of being able to implement and carry out a plan to avoid foreclosure. ,[object Object]
Why Choose Allmand & Lee?   	- Commitment: Allmand & Lee is committed to helping families in financial crises.  	- Experience: Allmand & Lee handle thousands of bankruptcy cases each year. 	- Focus: Allmand & Lee focus on consumer bankruptcy to help families avoid financial disaster.   Allmand & Lee Can Help You Find Solid Ground  	- Allmand & Lee is a partner, educating you and advocating for you!  
Contact Allmand & Lee Today! - For more information on how Allmand & Lee can help resolve your financial issues call: 214-884-4176

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Secrets about foreclosure 1

  • 1. Secrets about Foreclosure By Reed Allmand
  • 2. What does a Foreclosure involve? A foreclosure is the legal process whereby a mortgage lender or bank repossesses a home as a result of a borrower’s default under the terms of the loan. Warning! The following are foreclosure SCAMS to AVOID: - Rent-to-Buy Scams - Equity Skimming Scams - Phantom Help (False Counseling Scams) - Bait & Switch Scams - Fraudulent Bankruptcy Scams - Partial Interest Bankruptcy
  • 3. What is Predatory Lending?  - “The industry-based professional practice of using a borrower’s ignorance of lending practices against them for profit.”   Examples of Predatory Lending include:   - Mortgage Fraud – Occurs when a borrower lies on the loan application or provides phony bank statements or pay stubs. - Subprime Loans – Loans offered to individuals knowing they have bad credit
  • 4.
  • 5. What are types of Foreclosure? Judicial Foreclosure - Foreclosure initiated when the lender files a complaint with the court in the county where the property is located, homeowner - Homeowner is served with a copy of the complaint and a date to appear in court - In court, Judge will hear from both sides and make a ruling on the case Non-Judicial Foreclosure - Authorization of the lender to proceed with recovering property from a defaulting homeowner without going to court - Non-Judicial Foreclosures vary based on each state’s laws Texas Foreclosures - Lenders can utilize Judicial or Non-Judicial Foreclosures
  • 6. Who Can Foreclose? - The lender has the right to foreclose.   - The What Happens After the Foreclosure Sale? borrower must vacate the premises. Is it Possible to Stall or Stop Foreclosure? - Yes, if you bring your loan payments current. - Yes, if you renegotiate a loan modification program or forbearance with the lender. - Yes, if you negotiate to trade property for the payments with the lender. - Yes, if you declare bankruptcy
  • 7. Legal Challenges to Foreclosure include the following: - Ownership of the Loan - Truth-In-Lending Violations - RESPA Violations - Unconscionability - Servicing Errors - Breach of Contract
  • 8. What should I do between the foreclosure sale and the eviction? - Formulate a plan – Be proactive! Create a new financial plan. - Carry out your plan – Maintain good communication with your lender and stick to your plan. - Redemption – Redeem property and assets, regaining financial control of your life.
  • 9.
  • 10.
  • 11. Why Choose Allmand & Lee?   - Commitment: Allmand & Lee is committed to helping families in financial crises. - Experience: Allmand & Lee handle thousands of bankruptcy cases each year. - Focus: Allmand & Lee focus on consumer bankruptcy to help families avoid financial disaster.   Allmand & Lee Can Help You Find Solid Ground - Allmand & Lee is a partner, educating you and advocating for you!  
  • 12. Contact Allmand & Lee Today! - For more information on how Allmand & Lee can help resolve your financial issues call: 214-884-4176