A number of US banks have teamed up to ensure that consumer complaints related to foreclosure processing are addressed. These major banks plan to launch a common website, as well as a toll-free phone number and advertising campaign. This coordinated effort is a response to a demand last spring from U.S. regulators for major banks  … Read more

It has become common for a newly divorced homeowner to default on a mortgage and end up in foreclosure. With the primary breadwinner no longer supporting the household, the person who took the house in the divorce may suddenly find it impossible to stay current on the mortgage. When he or she falls into default,  … Read more

As soon as you file for chapter 13 or chapter 7 bankruptcies, the court will issue an Order of Relief. Within this order is a provision that directs all bill collectors to cease and desist, so they are legally required to leave you alone while the case progresses. This also forestalls the foreclosure process for  … Read more

The foreclosure process is actually a very simple one. If a homeowner fails to rectify overdue payments, the bank will put his or her house up for auction. The reality is murkier: the glut of foreclosed homes on the market make it impossible and unrealistic for banks to exhaust their foreclosure rights and push tenants  … Read more

We can’t say it enough: this is a bear housing market. It seems like every day there is a new lawsuit or case brought against fraudulent short sale/foreclosure/credit card debt counseling services. That’s because these frauds thrive on the anxiety and panic of homeowners facing foreclosure. Here are some foreclosures scams to watch out for:  … Read more

The United States will feel deep reverberations from the housing and mortgages crisis for years to come. It’s not just the glut of houses on the market, but the new bad-credit borrowers—non-borrowers, rather—that mean more bad business for years to come. Foreclosure is, perhaps, the most damaging blow to a credit score, and can mean  … Read more

The short sale process is a headache, and as we regularly implore, you must have your house in perfect order or potential buyers will head for the hills. If a short sale isn’t an option, a deed-in-lieu is often superior to foreclosure. In a deed-in-lieu foreclosure, the lender agrees to release the borrower of his  … Read more

Picking up the pieces and rebuilding a life for you and your family after a foreclosure may seem impossible. You fought hard to keep your home, and it now feels like the world has caved in. What’s worse, the loss of your home was just the tip of the iceberg: you have dealt with collection  … Read more

Everyone hates a foreclosure. Sellers, banks and even buyers often find themselves somehow at the end of a raw deal during every phase of a foreclosure. Even after the house is sold, sellers are often left with a load of new work, worries and problems in a foreclosure. Foreclosed homes come with baggage Even if  … Read more

Typically speaking, anyone who has a foreclosure on his or her credit history will have to wait seven years before than can apply for a new loan.  This is an industry standard for mortgage lenders. There are situations where a borrower can reduce the length of time they must wait before they are eligible to  … Read more