Tag Archives: ForeclosureDefense

How to Avoid Foreclosure and Keep Your Home

Foreclosure can happen quickly to anyone, including those with seemingly secure financial situations. A mortgage plan that doesn’t fit your needs, the loss of a job, or mounting debts can place your property in jeopardy. However, a notice of foreclosure doesn’t always mean you have to lose your home, there are multiple strategies to start paying off your mortgage debt and keep your home. Ways to Avoid Foreclosure Mortgage renegotiations: You can shop around for different mortgage rates, ask for a lower monthly payment from your provider, and consult the help of Federal Agencies to negotiate a more affordable amount of payment. Short sale: When the lender is trying to foreclose on your home, they are trying to turn around and resell it. If you receive an offer for your home, forward it to your lender and they may accept the offer to save time and money. This can save…
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Mortgage Lender Acting Unfairly When You Experience Hardship?

A recent New Jersey case was just handed down that highlights some mortgage lenders’ unfair and deceptive practices. In Sheldrick v. Wells Fargo Bank, US District Court New Jersey, December 16,2016, married homeowners alleged a fact pattern that is all too common. After taking out a mortgage loan with Wells Fargo, one of the homeowners fell ill and couldn’t work. The homeowners attempted to work with the bank to modify the loan so they could keep their home. They spoke to multiple mortgage officers. They worked with government agencies such as the Department of Housing and Urban Development (HUD). And they met with mortgage loan counselors. Throughout this time, Wells Fargo was alleged to have refused to speak to a mortgage loan counselor from HUD. Eventually, the homeowners could no longer pay the mortgage, and Wells Fargo foreclosed. While the foreclosure was pending, the homeowners filed a Complaint alleging unfair and deceptive practices….
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