Daytona Beach Foreclosure Lawyers' FAQs - What you Need to Know

The questions and answers listed below have been assembled in order to give you an overview of some of the issues involved in foreclosures. It is suggested that if you have questions regarding potential foreclosure on your home that you contact one of the Daytona Beach Foreclosure Law Firms. They can elaborate on any of the issues discussed below and provide guidance on any other questions that you may have.

I'm getting behind in my mortgage payments, what should I do?

  • First of all, do not ignore any letters or phone calls you receive from your lender. As quickly as possible, take action.
  • Save all correspondence between the lender and you. Document all telephone calls. Your Daytona Beach Foreclosure Law Firm will need this information.
  • Do not move from your home. Certain foreclosure help may be lost if your home is unoccupied. The bank may try to seize your home if they can prove it is vacant.
  • Contact a Daytona Beach Foreclosure Law Firm. They will analyze your current situation and discuss potential solutions. They may be able to work with you and your bank to negotiate a suitable agreement in which you and your family may be able to stay in your home.

I applied for and was approved for a Home Affordable Modification Program. Is there anything I should be cautious about?

The most important thing is to make your payments on a timely basis and retain the proof of payments. This is especially important during your initial trial period. One couple reportedly sent in their second payment check unsigned. Their bank started the foreclosure process on them.

I believe I was the victim of fraudulent practices undertaken by my mortgage company, what can I do about it?

Homeowners have received mortgage documents that they cannot identify where the mortgages originated from or how they could avoid default. Improper documentation, including encouragement to inflate household income on their mortgage application has resulted in a significant number of wrongful foreclosures throughout this country. A Daytona Beach Foreclosure Law Firm can challenge your mortgage lender for these possible fraudulent practices.

What is a short sale?

If your bank allows it, a short sale permits you to sell your home at a price, which the bank agrees to, and is less than that which you owe on your mortgage. Your bank accepts a discount on their loan to you and any balance owed by you can be forgiven. You are left with nothing.

Why would a bank accept a short sale?

There are numerous reasons a bank would consider accepting a short sale.

  • Banks do not want an inventory of foreclosed homes.
  • Banks would prefer to eliminate these bad loans from their books.
  • Banks see short sales as a way of minimizing their potential losses.
  • If the property goes to auction, the fees associated with the auction might increase the banks losses.
  • And lastly, the banks get rid of their headaches faster

How hard is it to arrange a short sale?

Arranging for a short sale with your bank can be a very difficult process. Just finding the right person at the bank with the proper authority can be difficult. There is multitude of paperwork which must be completed. Contracts between the buyer and you, buyer assurances on eligibility and a host of financial information will be required. Knowing when and what your bank requires is important in negotiating and completing a short sale. A Daytona Beach Foreclosure Law Firm can handle the process of directly dealing with your bank.

I've received a foreclosure notice, is it still possible to arrange for a short sale?

There are some lenders who may agree to temporarily delay a foreclosure while you attempt to sell your home. If they do, there will usually be a limit on the time they will give you to negotiate a sale.

Will filing for bankruptcy stop my foreclosure?

Filing a bankruptcy will usually delay a foreclosure on your home, but not prevent it.

Are all lending institutes participants of the Home Affordable Modification Program (HAMP)?

www.makinghomeaffordable.gov

Not all lenders participate in the HAMP. Contact your lender to see if they do. If yours does not they may offer other preventative solutions to you. Be aware that this program is scheduled to end on December 31, 2012.

 

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