Foreclosure Laws and What To Expect As A Borrower

Due to the current economic turmoil being experienced in the United States, there are many homeowners who now find themselves in the position of being behind on their mortgage payments. It goes without saying that this is an extremely stressful, and often scary scenario to find oneself in. Having an understanding of foreclosure laws can go a long way in helping to alleviate this stress, and empower oneself to take the appropriate actions to work with the bank, avoid foreclosure, and get things back on track.

Unfortunately, gaining such an understanding can be difficult, given that foreclosure laws vary from state to state. The process can be quite different from one state to another, and these differences will largely determine the proper course of action for a homeowner.

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How Many Loan Modifications Have There Been Since 2007?

How many borrowers on the brink of foreclosure received some kind of home mortgage modification from their loan servicer since 2007?

More than 3.7 million, according to the latest tally from Hope Now, a private-sector coalition of major loan servicing companies and nonprofit counseling organizations.

That's a head-spinning number, especially since most of the press coverage on mortgage modifications has focused on a much smaller number: the roughly half a million borrowers who went through the federal Home Affordable Modification Program (HAMP).

Where did all these other modifications come from?

It turns out that, in addition to the Home Affordable Modification Program, another 3.2 million troubled loans have received "proprietary modifications" from loan servicers that are structured according to the banks' own rules. As of August, loan servicers are now averaging well over 100,000 of these completed proprietary mortgage modifications a month -- that in addition to the roughly 30,000 modifications a month made through the Home Affordable program.

What kind of loan modifications do these borrowers receive? And how many of these borrowers have kept up with their payments and avoided defaulting again? HousingWatch contacted Hope Now to find some answers.

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Foreclosure Statistics Across the US Housing Market

Foreclosure Statistics Across the US Housing Market

New Federal Foreclosure Law Affecting Tenants Renting Properties

New Federal Foreclosure Law Affecting Tenants Renting Properties

Stopping Foreclosure and Using Debt Settlement for Credit Help

Stopping Foreclosure and Using Debt Settlement for Credit Help

Qualified Written Request to a Mortgage Servicer - Some Samples Disputes
When attempting to get information from a lender or servicing company, homeowners can take advantage of their legal opportunities under the Real Estate Settlement Procedures Act to send a Qualified Written Request (QWR).
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Some Exemptions to FDIC Immunity in Foreclosure Actions
It can be very difficult for homeowners facing foreclosure to raise certain claims in court when the bank holding their loan has failed and been taken over by the Federal Deposit Insurance Corporation.
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