At any time soon after the lawsuit is filed, homeowners can begin the method of obtaining data from the bank relating to the mortgage as well as the foreclosure. Inside the courts, this is known as “discovery,” and may be used by either side to produce documents and decide which issues are at stake inside the lawsuit. This method will also give borrowers far more info on what defenses to raise, as they are able to start it as soon as they’ve been served with the paperwork, and how best to argue the case if it goes to a trial.

Read the rest of this entry

Homeowners who walk away from their mortgage may be penalized by Fannie Mae for 7 years.

In an effort to mitigate losses incurred from borrowers walking away from their mortgage because they owe more than the home value, Fannie Mae said that those who had the capacity to pay the mortgage or did not attempt a foreclosure alternative program would not be eligible for a mortgage for a 7 year period.

Read the rest of this entry

Are there options for sellers to improve their chances of short sale success?

Read the rest of this entry

Read the rest of this entry

Read the rest of this entry