Short Sale
I already modified my mortgage, but because of new circumstances I am late again. Must I Short Sale my home now?
Not necessarily.
You may be able to get another loan modification based on your “new circumstances.” The HAMP guidelines were recently changed to address this situation. Homeowners who have defaulted on a trial or permanent HAMP loan modification are now eligible for a new HAMP loan modification. Additionally, the bank can always offer you an in-house loan modification if they want to. You may have several other options you can explore before doing a short sale. One of your options may be a chapter 13 bankruptcy. We have developed several strategies to assist distressed homeowners. A Short Sale is never the first option! It may be a good idea to consult with an attorney before making a final decision.
Foreclosure Defense Attorneys
Call the Law Firm of Vaughn, Weber & Prakope, PLLC at (516) 858-2620 to discuss your options.
Foreclosure Notice Requirement
The National Mortgage Settlement’s Pre-Foreclosure Notice Requirement for servicers
Servicers must now provide the homeowner with a pre-foreclosure notice at least fourteen (14) days before referring the case to a foreclosure attorney.
*The notice must:
- Set forth facts supporting the Servicer’s or holder’s right to foreclose.
- Include an itemized summary setting forth account information (i.e. reinstatement amount/arrears, date of the last full payment, description of any late fees).
- Include a statement that upon written request the borrower may receive certain information (i.e. payment history, copy of the note, copies of any assignment of the mortgage, the name of the investor that holds the loan).
- Include a statement outlining the loss mitigation efforts the service has undertaken before foreclosure.
- State why the borrower was denied a loan modification or other loss mitigation.
- Include contact information to obtain more information from servicer.
- Include contact information for counseling agencies.
We have seen several of this notices and believe that they provide useful information to homeowners and their attorneys.
Long Island Foreclosure Defense Attorneys
Call the Law Firm of Vaughn, Weber & Prakope, PLLC at 516-858-2620 today.
*The above is a partial list.
Mortgage Relief Scammers
The Federal Government appears to be increasing its efforts to protect homeowners from mortgage rescue scammers. As we reported here, mortgage rescue scammers may attempt to take advantage of homeowners by fraudulent posing as government programs, accepting payments without providing services, or transferring title to the mortgaged premises, among other things. The scale of this lawsuit, along with the fact that the Federal Government seems to be pursuing these types of cases more frequently, should discourage individuals attempting to pursue such practices. But the fact that the Government named so many defendants also means that these practices are still probably quite common. Homeowners should diligently research foreclosure rescue programs before entering any agreements, or making payments. Read more about the lawsuit here.
Foreclosure Attorneys in Mineola
The Attorneys at the Law Firm of Vaughn, Weber & Prakope, PLLC are experienced in Loan Modification Negotiation and Foreclosure Defense. If you have questions about these or other legal issues, call our office at 516-858-2620 today to schedule a free consultation.
Federal Trade Commission vs. Mortgage Relief Companies
Federal Trade Commission sues mortgage relief companies
The Federal Trade Commission recently filed three separate lawsuits against mortgage relief companies – Prime Legal Plans/Reaching U Network, American Mortgage Consulting Group, and Expense Management America. According to the FTC’s allegations, these companies were fraudulently selling mortgage relief services. The companies charged homeowners for various services that were supposed to reduce mortgage payments or otherwise relieve them of mortgage obligations. In reality, the companies accepted payment without providing services. Additionally, the companies violated other laws by, among other things, calling homeowners that were on the do-not-call registry, fraudulently claiming to be associated with government agencies, fraudulently claiming to be attorneys, collecting upfront fees, and claiming to be charities.
It is bad enough that these companies were charging distressed homeowners without providing services. What’s worse is that, by convincing homeowners that their services would be effective, these companies prevented homeowners from pursuing legitimate services and defenses.
According to a recent press release, the FTC has filed more than 40 cases against fraudulent mortgage relief services since 2008. This suggests that such practices might be quite common. Homeowners should always be on guard against potential scams, and should gather as much information as possible about mortgage relief or other debt defense companies before making payments.
The Attorneys at Vaughn, Weber & Prakope, PLLC have experience in Loan Modification Negotiation and Foreclosure Defense. If you have any questions about these areas and would like to schedule a free consultation, call our office at 516-858-2620 today to schedule a free consultation.
Keep in Touch