The Mortgage Debt Relief Act seems to be gone for good. I've heard no news that Congress chose to keep it beyond December 31, 2016. What impact does this have on a homeowner who chooses to do a short sale, a deed in lieu of foreclosure, or loses the house in foreclosure?
Someone facing a mortgage foreclosure is feeling a lot of pressure - from the lender, from family, possibly from other creditors. The last thing I want to do as an attorney is to create additional pressure on a debtor trying to save their home. Unfortunately, many attorneys have fallen into a habit of charging excessive fees to help someone defend the foreclosure.
You've found yourself on the Federal Home Loan Mortgage Corporation ("Freddie Mac") Exclusionary List (the "List"), and now Freddie Mac, Fannie Mae (Federal National Mortgage Association), and most other lenders won't allow you to participate in loans where either party has a Freddie Mac or Fannie Mae program loan. How did you get on the List, and how do you get off the List?
The simple answer is "no, you are unable to get a mortgage loan modification without providing documentation."
We had a great question about mortgage and lien priority come in from one of the Yesner Law Podcast listeners: "I bought property at a foreclosure auction. The foreclosure was filed by the second mortgage and the first mortgage was never notified or included as a defendant. Now the first mortgage is about to foreclose and take the property from me! How do I protect my investment?"
We recently posted a blog describing options for when the homeowner having mortgage problems wants to sell the property, but what about the homeowner who wants to keep the property? Those homeowners have options too! The best options for a homeowner who wants to keep the house are to reinstate the loan, refinance the loan, modify the loan, or file Chapter 13 reorganization.
When facing a mortgage foreclosure, or even the possibility of a mortgage foreclosure, borrowers should ask: "What options are best for me and my family?" At Yesner Law, we will take time to explore these options for free with a concerned homeowner, whether they are in foreclosure, on the path to foreclosure, or see the edge of the cliff in the distance.
Real Estate investors who buy mortgage foreclosure properties at the court house auction often ask us questions about the protecting themselves. Unfortunately, many ask too late. They fail to realize that for the cost of about a year's worth of air conditioner filters, they can perform a title search to protect their investment, or pass on a potential opportunity that would turn out to be a huge loss of money. We received so many questions on this topic, that we did one of our first Yesner Law Podcast episodes on the topic, Episode 4, Courthouse Auctions.
As of this entry, mortgage lending has been impacted by TRID for approximately six months. Now that we have had some time to process TRID, what are some of the changes it has caused within the title industry?