History was made today when Antonio Attard's Chapter 13 Plan allowing for the cure of arrearage on home mortgage, was approved by the US Bankruptcy Court. This case is monumental since the home mortgage was foreclosed by the Lender and the state redemption period (6 months) has expired prior to the bankruptcy filing. The court confirmed the plan on the basis of 11 USC 1322(c)(1) which allows a Debtor to cure a default when the foreclosure sale is not conducted in accordance with applicable nonbankruptcy law.
For case details contact media@nicoletti-associates.com
Thursday, October 8, 2009
Thursday, October 1, 2009
The latest updates in Forclosure Rates Nationwide
http://www.realtytrac.com/foreclosure/foreclosure-rates.html
Wayne County Foreclosures on the Rise
Wayne County Foreclosures on the Rise
An astounding 125,000 properties were foreclosed on in 2008 in Wayne County Michigan. The listings for 2009 tax foreclosures in the Wayne County paper alone is 137 pages deep with approximately 150 listings per page! For anyone who does not believe that foreclosures are a rising problem only need to look in their paper.
If you live in Michigan and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home. Do not become part of the statistics. Stop foreclosure today.
An astounding 125,000 properties were foreclosed on in 2008 in Wayne County Michigan. The listings for 2009 tax foreclosures in the Wayne County paper alone is 137 pages deep with approximately 150 listings per page! For anyone who does not believe that foreclosures are a rising problem only need to look in their paper.
If you live in Michigan and are facing foreclosure, 1st Foreclosure Prevention can help you work with you lender to stop the foreclosure process and help you to save your home. Do not become part of the statistics. Stop foreclosure today.
As of July 5th, 2009, a new law took in effect to allow Michigan homeowners facing preforeclosure
As of July 5th, 2009, a new law took in effect to allow Michigan homeowners facing preforeclosure, ninety day reprieve from foreclosure. To take advantage of this law, the homeowner has 10 days to contact a nonprofit foreclosure organization concerning their preforeclosure who then must notify their lender within the same time frame that the homeowner wants to work-out a home solution (loan modification). The homeowner may also notify their lender of their interest in obtaining a loan modification. The 10 day alert starts once the notice is mailed to the homeowner informing them that the lender/servicing agent/bank is readying to foreclose upon the home due to a default of your mortgage. Due to this strict timeline, it is imperative that one opens all mail immediately from a lender even if you are afraid of the pending news, are in denial, unknowing, or just embarrassed. The homeowner must act to stop a pending foreclosure within ten days of receiving this letter.
Within the letter or notice, you will be given names and telephone numbers of nonprofit organizations within your community to contact to obtain a counselor, legal aide, or attorney. You will also receive a telephone number of the lender's attorney or representative who is handling your foreclosure. Once the lender is contacted by your advocate or yourself, then the lender must try to negotiate a loan modification with you during this 90 day moratorium time period.
If you don't call or get help, the foreclosure process will kick-in with a pending sale of your home at the court house. Once your home is sold at the sheriff sale it becomes harder and more difficult to obtain a loan modification. It is not impossible to stop a foreclosure, but a homeowner will face more bank and legal fees on top of the missed payments. Interest accrues daily.
If you think you have a predatory loan, struggling to make ends meet, have a true hardship, or are behind in your mortgage payments, insurance and/or taxes, if you want to save your home it is important to pick-up the phone and speak to an attorney or foreclosure home advocate. A foreclosure is not a foreclosure until the day of your eviction which is usually 6 months to 12 months (if one has 3 or more acres) from the sale of your home.
There is one other weapon to stop foreclosure and that is a forensic loan modification. Regardless of where one is on the foreclosure timeline, your original loan documents, truth-in-lending statements, and the appraisal can be audited to look for errors, fraud, predatory lending practices, and omissions. The findings can be used as leverage to obtain a loan modification that fits your circumstances and needs.
Within the letter or notice, you will be given names and telephone numbers of nonprofit organizations within your community to contact to obtain a counselor, legal aide, or attorney. You will also receive a telephone number of the lender's attorney or representative who is handling your foreclosure. Once the lender is contacted by your advocate or yourself, then the lender must try to negotiate a loan modification with you during this 90 day moratorium time period.
If you don't call or get help, the foreclosure process will kick-in with a pending sale of your home at the court house. Once your home is sold at the sheriff sale it becomes harder and more difficult to obtain a loan modification. It is not impossible to stop a foreclosure, but a homeowner will face more bank and legal fees on top of the missed payments. Interest accrues daily.
If you think you have a predatory loan, struggling to make ends meet, have a true hardship, or are behind in your mortgage payments, insurance and/or taxes, if you want to save your home it is important to pick-up the phone and speak to an attorney or foreclosure home advocate. A foreclosure is not a foreclosure until the day of your eviction which is usually 6 months to 12 months (if one has 3 or more acres) from the sale of your home.
There is one other weapon to stop foreclosure and that is a forensic loan modification. Regardless of where one is on the foreclosure timeline, your original loan documents, truth-in-lending statements, and the appraisal can be audited to look for errors, fraud, predatory lending practices, and omissions. The findings can be used as leverage to obtain a loan modification that fits your circumstances and needs.
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