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Foreclosure relief, stop foreclosure, foreclosure help in San Diego, pre-foreclosure help, stop your mortgage foreclosure
According to the National Consumer Law Center (NCLC) state foreclosure mediation programs are not showing evidence of helping or facilitating loan modifications for homeowners to stop foreclosure. The NCLC has reviewed 25 foreclosure mediation programs in 14 states and reported that the programs are failing to be effective with foreclosing lenders or imposing any obligations on mortgage servicers. “Without the imposition of these obligations, it is unlikely that mediations will lead to fewer foreclosures,” the report said.
The lack of mandatory rules and the failure of imposing sanction for non-compliance on the bank’s part has led to the failure of these foreclosure mediation programs. Procedural flaws has also been noted including the lack of mandatory analysis of loan modification alternatives.
The report entitled, “State and Local Foreclosure Media Programs: Can They Save Homes?” reviewed the California foreclosure mediation programs as well as in 13 other states. The NCLC staff attorney Geoffrey Walsh warned that the foreclosure mediation programs may never be effective to stop foreclosure and make homes more affordable if corrective measures are not taken. “If the programs continue to demand little or no accountability from servicers, they will likely go the way of federal efforts to control foreclosures that have failed as a result of relying on voluntary compliance by the lending industry,” said Walsh.
Recently the Kansas Supreme Court case Landmark National Bank Vs Kesler, 2009 Kan. LEXIS 834, may give homeowners needing to avoid foreclosure great hope in preserving their home. This supreme court case held that a nominee company called MERS (Mortgage Electronic Registration System) has no legal right to foreclose. MERS is a private company responsible for electronicallly tracking changes in ownership. The significance of this ruling is that if MERS has no right to foreclosure, then perhap nobody else does either. Currently the number of US held mortgages held by MERS is somewhere around 60 million homeowners and over half of all new residential mortgages in the US are registered with MERS. Unfortunately the holdings of the Kansas Supreme Court are not binding to the rest of the nation, but this court case will be noticed in other courts and other states may follow suite.
A forensic loan audit may reveal this mortgage fraud as well as other mortgage fraud in your loan. Call today to get started!
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It depends upon the following information on whether a bank will stop foreclosure on a property that is in default:
1. It depend upon the bank. Different lenders have different rules.
2. It depends upon the financial situation of the homeowners. Banks have specific formulas on how they determine if a homeowner is qualified for a loan modification
3. It depends upon when the forcloure sale date it. If the foreclosure is less than a week away, many times the bank may not postpone the forclosure.
4. It depends upon whether the house has equity or not.
5. It depends upon the neighborhood the house is located in. Are there other foreclosures in the same neighborhood? Are homes selling fast or slow?
6. It depend upon who actually owns the loan. If it is a direct lender such as Wells Fargo, then a loan modification may be easier and a postponment easier as well.
7. It depends upon whether all the loan modification paperwork is in their hands compared to the foreclosure sale date.
8. It depends upon whether the house is your primary residence or a rental or secondary home.
For example, if you have an Indymac loan and it is a rental, then postponing the foreclosure using a loan modification most likely will not happen. Indymac does not do loan modifications for rental. If you have a Countrywide loan, their loss mitigation department encourages loan modifications. Same for Bank of America loan modifications.
So the real answer to the question whether a loan modification will stop foreclosure is that it depends upon your particular circumstance.
A decent loan modification professional and a 15 minute interview may determine if a loan modification is an effective tool to stop foreclosure.
