Judicial Foreclosures

A judicial foreclosure is the kind of foreclosure that involves the court system and a judge. Thus, the word judicial is used. In this type of foreclosure The Lender must sue you and take you to court. The judge must hear from you and your lender and decide whether your home should be taken by the Lender to pay them back for the money you borrowed to buy your home. The lender files a law suit or complaint in court, and records a Lis Pendis to foreclose against you.

At the start of the process, you will be served with a complaint by the court and then you will have a chance to appear in court to contest the foreclosure lawsuit.

This judicial foreclosure method is usually used when you have signed a mortgage to purchase the property. It is required by law in some states. It is an option in some others states. It can take far longer to foreclose on your home if the Lender must use this method, than if the Lender can use the Non Judicial Foreclosure method.

Non Judicial Foreclosure

The non judicial foreclosure is the fastest and most common type of foreclosure. In states that allow this type of foreclosure your Lender does not need to sue you and take you to court. If you are in default in your payments, the Lender can just demand that you pay your loan current, or he can take your home by having the county auction off your home at the courthouse. This type of mortgage loan a Deed of Trust and a Promissory Note to secure the property. If you have a power-of-sale clause in your loan paperwork for your home purchase, a non judicial foreclosure can also be used.

If your Lender is beginning a non judicial foreclosure against you, the process will be explained to you in your loan paperwork. If you find this confusing you should talk to someone at a title company, or consult with an attorney to be sure you understand both your rights, and the rights of your Lender.

You will usually be mailed a default notice from the Lender. If you don’t cure the default (usually payments which have not been made) in a specified amount of time, the home can immediately be moved to auction.

It is important to know that each state has different procedures for non judicial foreclosures. Some states allow only Judicial Foreclosures or Non Judicial Foreclosures. Some states allow either to be used.

Strict Foreclosure

The last type of loan foreclosure, and the least used, is known as Strict Foreclosure. Strict Foreclosure can only be used in a few states and is normally only used if you owe more than your home is worth.

In this type of foreclosure, if you default on your loan, the lender files a lawsuit and gives you a certain amount of time to cure the default. Your property will go back to the lender if you do not cure the default within your allotted amount of time.

Historically, Strict Foreclosure was the first type of Foreclosure used.

If you are facing Foreclosure, you should get expert advice on your rights to try to keep your home. A lawyer is the best way to find out how your County and State handle foreclosures.

You Can Ask Your Lender About Other Ways To Settle Your Problem And Keep Your House

In today’s economy, most Lenders have had to take back too many homes through Foreclosure. They lose a great deal of money with each foreclosure and end up with empty homes that are too hard for them to sell and get back the money they loaned.

The Lender would rather help you keep your house. They know the Economy is very bad. The also, know your ability to pay may have changed in this Economy. They want to help you get current on your home and keep your house. It is a-win win situation.

You can apply to your Lender for a Loan Modification. This Modification is not a refinance. It is merely the changing of the terms of your loan, such as lowering your interest in order to also lower your monthly payment. They can put all of your missed payments back into your loan, so that you can start over with just the cost of one payment.

You can do this yourself, or you can hire a professional Loan Modification Company to negotiate new terms for you. There are very good companies with good track records if you would rather use and experienced professional to help you. Be sure and ask for their costs and what you are supposed to get for payment. Get references from this company and call them to be sure that what they tell you about their capabilities is legitimate.

Danny Hammond is an expert in the field of real estate and mortgages. He has over 35 years in the industry. Due to the current economy he is partners in a company called Total Financial Solutions which specializes in helping troubled borrowers Stop Foreclosure and negotiate Home Loan Modifications. The goal is to help borrowers work themselves into a situation where they can keep their home and get lower monthly payments along with lower interest rate. Further almost all Loan Modifications can put all of the missed payments back into the loan, allowing the homeowner to become current by making just one of the new lower payments. You can visit the website of Total Financial Solutions at: http://www.mortgagepaymentmodifications.com Or Email:mortgagesolutionstoday@gmail.com

Danny and his wife also write and maintain a blog devoted to helping couples and families cope with the effects that the symptoms of menopause can have on family and marital relationships. You can visit this site at:http://www.menopausehormonesandhim.com

This investor wanted to cut down a tree to improve his curb appeal until he found out that local law required anyone cutting down a tree is then required to plant 3 trees… Wow, stiff but I like it!  Needless to say the investor opted to simply trim the existing tree.

I really think that banks, in particular those banks working on foreclosures, short sales and loan modifications, should be required to plant 3 trees for every file worked on and not approved.  I’m currently working on 3 loan modifications. I’ve had to refax the same documents multiple times because… maybe the T’s weren’t crossed correctly?  Then I call back the following week to follow up only to find out that I have to resubmit UPDATED docs because the first set is now outdated.

These institutions should be held accountable somehow for their wastefull practices and pure neglect for our natural resources not to mention the huge waste of the consumers resources… it is simply idiotic!  I have confronted them about this and they reply that they are completly electronic… they obviously don’t realize that the consumers are not typically as electronic as a billion dollar bank… we need to print a hard copy in order to fax it in!  And, they won’t except emails you have to fax it in! 

They should have to plant 3 trees for every file they start and don’t approve!

But, that’s NOT how it’s worked out. Instead of hearing great stories, now you’re hearing great excuses for why your realtor hasn’t sold your house: “It needs more bedrooms; you need to come down in price; the school district isn’t the best”, etc.

Contact Us Now!  We’ll act quickly to give you a real solution.

We Can Buy Your Home Fast, Your Realtor Can’t

At this point, what you really need is to sell your house now. That’s where we come in: We aren’t interested in listing your house again; we want to buy it! We are professional real estate investors – not real estate agents. We’ve built our reputation over the years for quick action and fair prices. We can often give you even more than one solution to your problem.

You just want an honest, fair way to sell your house, without realtor excuses. That’s exactly what we’ll provide.

Contact Us    |    Complete the Seller Request Form

But, that’s NOT how it’s worked out. Instead of hearing great stories, now you’re hearing great excuses for why your realtor hasn’t sold your house: “It needs more bedrooms; you need to come down in price; the school district isn’t the best”, etc.

Contact Us Now!  We’ll act quickly to give you a real solution.

We Can Buy Your Home Fast, Your Realtor Can’t

At this point, what you really need is to sell your house now. That’s where we come in: We aren’t interested in listing your house again; we want to buy it! We are professional real estate investors – not real estate agents. We’ve built our reputation over the years for quick action and fair prices. We can often give you even more than one solution to your problem.

You just want an honest, fair way to sell your house, without realtor excuses. That’s exactly what we’ll provide.

Contact Us    |    Complete the Seller Request Form

Unfortunately, the bank doesn’t allow partial payments. They want it all, and they want it now, despite circumstances beyond your control.

Contact Us Now!  We’ll act right away to help you solve your financial puzzle!

We Can Help Your Mortgage Payment Situation

When you’ve tried your hardest, but are still falling behind on mortgage payments, what you need is our experience. We’ve helped other families to get their finances back on track. That’s what we do.

If you’ve been staying up late at the kitchen table because you’re falling behind on mortgage payments and wondering if there was another way out …you’ve come to the right place. Let us give you some options that nobody ever told you about.

Need To Stop Foreclosure?

If you’ve been served with papers that threaten foreclosure, you don’t have much time. Even if your situation is due to health problems, a lost job, or other things out of your control, the sad truth is the lender doesn’t care.  We can help you stop foreclosure on your home.

You have options other than foreclosure!  Contact Us Now!  It’s urgent that you act fast to prevent the sheriff from appearing at your door with a foreclosure eviction notice.

We Can Help Stop Foreclosure

We’re real estate problem solvers, and might be able to stop foreclosure. We aren’t just another real estate agency that wants to list your house and make you wait. Instead, we’re real estate investors that know how to act quickly AND provide clear, fair solutions to stop foreclosure.

You have absolutely nothing to lose, and everything to gain by contacting us. We’ll tell you what solutions we can offer to stop foreclosure on your house.

Please don’t get caught up in one of these deals as a tenant/buyer or an investor.  Know who you’re working with and make sure you can trust them.  This kind of thing just makes us all look bad, fortunately this person knew the differance between good investors and bad.  If your not sure about who your working with and just want a 2nd opinion, contact Rosen Properties, LLC