A power of sale clause is included in most deed of trust mortgages. It lets a trustee proceed with a non-judicial foreclosure if you default on mortgage payments. In short, this enables foreclosure without going to court. About half of U.S. states allow for non-judicial foreclosure, which is a faster and less costly process […]
What Are Pre-Foreclosed Homes?
If you fail to make payments on your home, you could lose it through foreclosure. The foreclosure process has several steps, ultimately leading to your eviction from your home and the property being sold at a public auction or trustee sale. Pre-foreclosure is the first step. Homeowners can remain in pre-foreclosed homes while trying […]
Housing Foreclosures & COVID-19 Guidance: What You Need to Know
In late June, the Federal Housing Finance Agency (FHFA) announced that the moratoriums on foreclosures put in place during the COVID-19 pandemic would be extended until July 31, 2021, and forbearance enrollment would continue through September 30, 2021. The moratoriums benefit homeowners with single-family mortgages backed by Fannie Mae and Freddie Mac. But as the […]
What Is Loss Mitigation?
A job loss, pile of medical bills, or other financial hardship can lead a homeowner to face the prospect of foreclosure. In the mortgage-servicing industry, “loss mitigation” is when borrowers and loan servicers work together to lessen the loss when the borrower defaults. The lender, sometimes referred to as an investor, can take on less […]
News: FHFA Foreclosure Moratorium Extended Until End of 2020
Homeowners and renters continue to be impacted by the coronavirus pandemic, as the economy has not yet fully recovered. On Thursday, August 27, the Federal Housing Finance Agency (FHFA) and Department of Housing and Urban Development (HUD) announced that Fannie Mae and Freddie Mac have extended the moratoriums on single-family foreclosures until December 31. The […]
How to Build an Emergency Fund During COVID-19?
With the economy arguably in a slump and unemployment at an all-time high, Americans are having to make adjustments to their financial plan to see them through these uncertain times. CNBC reports that over 40% of Americans are unable to afford an unexpected event or emergency that exceeds $1,000. Those statistics should make everyone take […]
What is a Forbearance Agreement?
This is undoubtedly a strange time for most Americans. The continued spread of the novel coronavirus has left thousands of people across the country out of work or living on a reduced salary. With all of this uncertainty, it has some homeowners worried about being able to make mortgage payments on time. Banks and lenders […]
Writing a Hardship Letter for Foreclosure Defense
These are undeniably tough economic times for most Americans. Job loss is at an all-time high and while there is a temporary moratorium on evictions and foreclosures, that may not be the case for much longer. If you have fallen behind on your mortgage and are thinking about applying for a loan modification, short sale, […]
Coronavirus (COVID-19): Expected Increase in Chapter 7 Bankruptcies
If the coronavirus pandemic and the current state of the economy have switched your focus from debt consolidation to bankruptcy, you are not alone. John Rao of the National Consumer Law Center said people don’t typically file right away during a crisis; he said: “There is no question that given the effect of this pandemic, […]
Coronavirus Mortgage Relief in California
As novel coronavirus has spread across the globe, COVID-19 has affected every aspect of life. The U.S. Department of Labor reported nearly 3.3 million people filed for unemployment in the week ending March 21, the highest ever recorded.1 In California, 1 million people filed for unemployment in two weeks.2 The virus is not only overwhelming […]