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Northeast OH Short Sale Question: Should I Short Sale Or Declare Bankruptcy?

Northeast OH – The Stop Foreclosure Institute recently received a question from James. Here is his question.

“I am upside down by $300,000 on my home. I want to move, but I am concerned about having that $300,000 debt chasing me for the rest of my life. A friend mentioned I could get it . . . → Read More: Northeast OH Short Sale Question: Should I Short Sale Or Declare Bankruptcy?

Northeast Ohio Short Sales: Loan Modifications can be a recipe for disaster

Northeast OH – The Star Tribune, a newspaper in Minneapolis, recently ran a story about loan modifications. Here is an excerpt from the article:

“Many people who sought help under a federal program created to keep them from losing their homes are instead getting saddled with huge, unexpected bills.

Thousands now face a . . . → Read More: Northeast Ohio Short Sales: Loan Modifications can be a recipe for disaster

Treasury Makes Big Changes to HAFA - Are you now eligible?

Exciting news regarding HAFA Requirments! Just last week the Treasury made some big changes:

HAFA no longer requires that servicers verify the borrowers finances HAFA no longer requires servicers to determine if the borrowers monthly payment is higher than a 31 percent debt-to-income ratio. HAFA no longer requires second-lien holders to agree to accept . . . → Read More: Treasury Makes Big Changes to HAFA – Are you now eligible?

FHA program a Foreclosure Refinance? Think again...

I along with a lot of other short sale and foreclosure blogger have gotten little bit more than impatient with the programs that promise plenty but deliver little for folks in need. I have talked to many loan officers and asked them about the FHA foreclosure refinance programs that were supposedly out there. The feedback I have always gotten is yea they have those but they designed to never happen. . . . → Read More: FHA program a Foreclosure Refinance? Think again…

6 ways to delay foreclosure in North Eastern Ohio Part One of Two

North Eastern Ohio Delay Foreclosure Method 1 – Bankruptcy is a kind of “ace in the hole” for delaying foreclosure. It happens in Federal court so it trumps any kind of local court action. It has even been used to stop a sheriff sale on the morning of the sheriff sale. Of course you should avoid living that dangerously. . . . → Read More: 6 ways to delay foreclosure in North Eastern Ohio Part One of Two

Bank of America to get it's act together

In 2009 Bank of America was one of the worst of the worst lenders to do a short sale with.  No professional  wanted to work a short sale with them because if you were lucky you could get a short sale done in 6 months and that only with a lot of follow up and . . . → Read More: Bank of America to get it's act together

New program: Keep your home lower your mortgage balance!

The Wall Street Journal and news outlets have released information on a new program to keep your home and lower your payments.

The full details have not been released but it is an overhaul of the HAMP program that will have some of the following options:

1. A new option in HAMP that allows . . . → Read More: New program: Keep your home lower your mortgage balance!

2010 The Year of The Short Sale- Breaking news! – Supplemental Directive 09-09

Is your home upside down? Do you feel locked in your home? There is good news!

Reuters reported, Treasury sets guidance to simplify “short sales”. The HAMP website released “Supplemental Directive 09-09” which is the new guidelines for servicers doing short sales (HAFA short sale details here – HAFA means Home Affordable . . . → Read More: 2010 The Year of The Short Sale- Breaking news! – Supplemental Directive 09-09

Homeowners need to reach out for help and participate actively in their foreclosure defense…

Workers.com has a pertinent blog post here which I found (Coalition wins foreclosure victories).

I think it highlights number one the importance of homeowners searching out help.  In one example a homeowner battled along with Michigan Moratorium NOW! Coalition to Stop Foreclosures, Evictions and Utility Shutoffs and neighborhood activists to delay foreclosure and to . . . → Read More: Homeowners need to reach out for help and participate actively in their foreclosure defense…

Ohio cracks the whip on bank foreclosure filings

Dennis Murray (D-Sandusky) introduced House Bill (HB) 323 to Ohio’s House of Representatives. This bill on the draconian side for banks. It would require a brisk time line for banks to move a home from foreclosure court filing to bringing it to sheriff sale… if they don’t follow the time line apparently the lender will have the mortgage liens removed from the property and lose any rights to the proceeds of the sale of the property. . . . → Read More: Ohio cracks the whip on bank foreclosure filings