If you are behind on your mortgage payments for a substantial period of time, at some point your Lender will attempt to foreclose on your property. The foreclosure process begins with the Lender filing paperwork with the Court in the county in which the real property is located. After the Lender files its paperwork, you will then be served with a Complaint and Summons. Once you are served, you have only twenty (20) days to file a response or a default judgment can be entered against you! It is important that you act quickly once being served. Your first step should be to consider meeting with an experienced foreclosure defense attorney. If you decide to represent yourself, your next step should be to file a Motion for Extension of Time, wherein you will ask the Court for more time in order to file your response. This will usually provide you with an additional thirty (30) days to respond.
Although a mortgage company is listed as a participating servicer on the Making Home Affordable Modification Program's website, not all of their loans were purchased by Fannie Mae or Freddie Mac. They also may not have been FHA loans. So their mortgage company is drawing a fine line. They are saying that they are following the guidelines and are only modifying those loans which were purchased by Fannie Mae or Freddie Mac or which are FHA loans. Any other loans don't qualify and have to meet their own guidelines in place for these loans. That is a very fine line which these mortgage companies have drawn. People who have subprime loans or loans maintained in a mortgage company's portfolio need just as much help as those who have Fannie Mae, Freddie Mac or FHA loans. It was never the intent of the Making Home Affordable Modification Program not to have all loans covered by one set of guidelines. However, the Obama Administration could only mandate that the guidelines cover those loans under government control - Fannie Mae, Freddie Mac and FHA loans.
Loans insured by Fannie Mae or Freddie Mac can participate in the new Making Home Affordable mortgage loan modifications. If the FHA insures the loan, refinancing is available through Hope for Homeowners plan. With a FHA loan, the homeowner should investigate refinancing. The Hope for Homeowners initiative offers hope to homeowners who have been denied refinancing in the past. Lower property values have disqualified many people from refinancing. When a house loses value, it loses equity. If equity had dropped 20%, homeowners were not eligible for traditional refinancing.
You can also ask them how they obtained standing to bring the suit and other substantive challenges. The Lender is required to answer your questions under oath and produce the answers to you within thirty (30) days. Many times, the Lender will file a request for an extension of time to answer your discovery requests. These requests are routinely allowed by the Court. You are also entitled to take a deposition of any relevant witnesses. Discovery is a very long and slow process. Many times the Lender will not have the documents you have requested and locating them will take some work. So be patient! After the discovery stage is over, the case will move into the pre-trial stage. The Lender will likely file a Motion for Summary Judgment and the court will set a hearing on this motion. At this hearing the lender will ask the Court for a judgment against you without going to trial. If you have filed the appropriate defenses, you should be able to avoid a summary judgment. However, it is extremely important that you or your attorney attend this hearing, otherwise the Court will enter a judgment against you and a sale date will be placed on the property.
I have done a bit of research for you. These loan modification experts can help you. You can find out if you would qualify for a modification loan for free! Don't wait; your home could depend upon it! Take the first steps to saving your home today! You will be thankful tomorrow!
Although a mortgage company is listed as a participating servicer on the Making Home Affordable Modification Program's website, not all of their loans were purchased by Fannie Mae or Freddie Mac. They also may not have been FHA loans. So their mortgage company is drawing a fine line. They are saying that they are following the guidelines and are only modifying those loans which were purchased by Fannie Mae or Freddie Mac or which are FHA loans. Any other loans don't qualify and have to meet their own guidelines in place for these loans. That is a very fine line which these mortgage companies have drawn. People who have subprime loans or loans maintained in a mortgage company's portfolio need just as much help as those who have Fannie Mae, Freddie Mac or FHA loans. It was never the intent of the Making Home Affordable Modification Program not to have all loans covered by one set of guidelines. However, the Obama Administration could only mandate that the guidelines cover those loans under government control - Fannie Mae, Freddie Mac and FHA loans.
Loans insured by Fannie Mae or Freddie Mac can participate in the new Making Home Affordable mortgage loan modifications. If the FHA insures the loan, refinancing is available through Hope for Homeowners plan. With a FHA loan, the homeowner should investigate refinancing. The Hope for Homeowners initiative offers hope to homeowners who have been denied refinancing in the past. Lower property values have disqualified many people from refinancing. When a house loses value, it loses equity. If equity had dropped 20%, homeowners were not eligible for traditional refinancing.
You can also ask them how they obtained standing to bring the suit and other substantive challenges. The Lender is required to answer your questions under oath and produce the answers to you within thirty (30) days. Many times, the Lender will file a request for an extension of time to answer your discovery requests. These requests are routinely allowed by the Court. You are also entitled to take a deposition of any relevant witnesses. Discovery is a very long and slow process. Many times the Lender will not have the documents you have requested and locating them will take some work. So be patient! After the discovery stage is over, the case will move into the pre-trial stage. The Lender will likely file a Motion for Summary Judgment and the court will set a hearing on this motion. At this hearing the lender will ask the Court for a judgment against you without going to trial. If you have filed the appropriate defenses, you should be able to avoid a summary judgment. However, it is extremely important that you or your attorney attend this hearing, otherwise the Court will enter a judgment against you and a sale date will be placed on the property.
I have done a bit of research for you. These loan modification experts can help you. You can find out if you would qualify for a modification loan for free! Don't wait; your home could depend upon it! Take the first steps to saving your home today! You will be thankful tomorrow!
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