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Foreclosure Defense Tips!!

Original post made by jonesjohnson, California Reflections, on Apr 9, 2013

Accepting a forecloser notice is not easy. Some homeowners come to the conclusion that they would be bankrupt or ruined financially and they get disheartened. Though foreclosure suit seems to be difficult to handle, you should be bold enough and gather adequate tolerance to properly assess the situation. Homeowners should be aware of their rights and regulations of the land. There are many options available to guard a foreclosure.

A strategy to follow in a foreclosure defense:
1 The issue must be brought before a judge.
2 Then a request to the bank should be sent to present the original documents.
3 If there is no response from the lender within 30 days, go for filing a motion and request the court to conduct a trial and judge the issue.
4 After examining, the judge will issue a verdict at your hearing.
5 Hiring an attorney is the best way as he can guide you during the course and help you raise a foreclosure defense.

Comments (7)

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Posted by jonesjohnson
a resident of California Reflections
on Apr 9, 2013 at 3:01 am

jonesjohnson is a registered user.

[Post removed due to promoting a website]

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Posted by jonesy
a resident of California Reflections
on Apr 9, 2013 at 3:55 am

BTW, I'm not an attorney. Honest.

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Posted by Lisa
a resident of Foothill High School
on Apr 10, 2013 at 12:09 am

Property values are on the rise. If you receive a notice of default, contact a local realtor or even mortgage broker to determine the current value of the property. You might be amazed as to what's happened over the last 30, 60 or 90 days. You may have been underwater (owe more than its worth), but you might be above water now. Most properties in our area are selling well over asking with multiple offers which pushes up values for existing homeowners. I'd you are even or with a little equity, you can do a traditional sale to get out on not have huge limitations on when you can qualify for traditional financing again. Good luck.

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Posted by taxpayer
a resident of Another Pleasanton neighborhood
on Apr 10, 2013 at 7:04 am

How about this -- you AGREED to pay that price for your home so why don't you just do the right thing and do what you already promised to do?
I am sick to death of the stupid and greedy home buyers who bought homes with loans they lied to obtain and now that the property is worth less they cry "unfair" and expect the rest of us to pay for their stupidity. You took the mortgage interest tax deduction, when you actually paid your debt, and now you walk away from the loan with no tax consequences at all. How does that happen? It happens because those of us who PAY OUR DEBTS are bailing you out.
I think that any person who short sells or forecloses on a home should be banned from ever having a loan again and should have to amend the tax returns to remove the interest deduction since the taxpayers are bailing them out of their debt and they deserve no tax benefits for that.

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Posted by Huh?
a resident of Canyon Meadows
on Apr 10, 2013 at 2:23 pm

taxpayer - if the homeowner never refinance their home it would be non-recourse debt whereby all the homeowner needs to do is hand over their keys to the lender and away they go. The issue for me would be banks lending practices and the US gov't artificially propping up the housing market.
As far as the interest deduction goes if they made their payments they are entitle to the deduction just like you, why would it be any different?

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Posted by taxpayer
a resident of Another Pleasanton neighborhood
on Apr 10, 2013 at 4:05 pm

for huh? -- I am well aware of recourse versus non-recourse debt. First of all, how many of those greedy buyers, who bought way over their heads, are on their first (non-recourse) loan? Hardly any because the whole premise was to buy what they could not afford and refinance it when it gained in value.
Secondly, how many people do you know who have not used their homes as an ATM, making the refi and/or HELOC, into recourse loans?
I still say that when a person shows themselves to be so foolish as to purchase something they cannot afford and then they walk away from it, the opportunity to do it again should never be available to them. Do you think your personal income taxes might be a bit lower if those who had forgiven debt actually had to pay the tax on it? That's how the law was written but Congress changed it to allow all of the morons who thought they would make 15% a year on their homes to walk away tax free.
You agreed to the purchase price so pay the damned debt off.

Posted by Name hidden
a resident of Ridgeview Commons

on Apr 26, 2017 at 8:31 pm

Due to repeated violations of our Terms of Use, comments from this poster are automatically removed. Why?

Sorry, but further commenting on this topic has been closed.

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