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What can be done within 3 days to stop a foreclosure?

 
Karu
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User ID: 826286
United States
07/13/2011 06:40 PM
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What can be done within 3 days to stop a foreclosure?
What can be done within 3 days to stop a foreclosure? I have a friend that signed for his sister to buy a house and she didn't make payments. He just found out they will take it next tuesday if something isn't done.
Anonymous Coward
User ID: 1457744
United States
07/13/2011 06:44 PM
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Re: What can be done within 3 days to stop a foreclosure?
Two easy steps:

1: Rent Uhaul

2: Strike match
Anonymous Coward
User ID: 1363580
United States
07/13/2011 06:47 PM
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Re: What can be done within 3 days to stop a foreclosure?
File bankruptcy right away. That will stop it for at least a month while you wait for a court date.
Anonymous Coward
User ID: 1374101
United States
07/13/2011 06:48 PM
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Re: What can be done within 3 days to stop a foreclosure?
Umm...pay your mortgage?
Aunty Flo

User ID: 1461491
Australia
07/13/2011 06:50 PM

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Re: What can be done within 3 days to stop a foreclosure?
I would just let them take her house. She had plenty of opportunity to keep up the payments, or at least inform him that she was having difficulties.
Anonymous Coward
User ID: 1115529
United States
07/13/2011 06:52 PM
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Re: What can be done within 3 days to stop a foreclosure?
Bend over and thank the fascist government!
Karu  (OP)

User ID: 826286
United States
07/13/2011 06:57 PM
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Re: What can be done within 3 days to stop a foreclosure?
I would just let them take her house. She had plenty of opportunity to keep up the payments, or at least inform him that she was having difficulties.
 Quoting: Aunty Flo


If they sell it on the courthouse steps it will not bring what it is worth, they they will go after his house.
She didn't let him know that she wasn't making payments for a long time and it is approximately 14,000 overdue. He needs a little time to make arrangements.
LadyLeo

User ID: 1464776
United States
07/13/2011 06:58 PM
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Re: What can be done within 3 days to stop a foreclosure?
I read there's a new program for that

[link to www.foreclosuredataonline.com]

[link to www.stopforeclosuresavemyhome.com]

Otherwise there's a forum the people may be able to help there

[link to 4closurefraud.org]

Hope that helps!
Karu  (OP)

User ID: 826286
United States
07/13/2011 07:01 PM
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Re: What can be done within 3 days to stop a foreclosure?
I read there's a new program for that

[link to www.foreclosuredataonline.com]

[link to www.stopforeclosuresavemyhome.com]

Otherwise there's a forum the people may be able to help there

[link to 4closurefraud.org]

Hope that helps!
 Quoting: LadyLeo


Thank you LadyLeo. I would really like to help him as he is always trying to help others.
LadyLeo

User ID: 1464776
United States
07/13/2011 07:09 PM
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Re: What can be done within 3 days to stop a foreclosure?
I read there's a new program for that

[link to www.foreclosuredataonline.com]

[link to www.stopforeclosuresavemyhome.com]

Otherwise there's a forum the people may be able to help there

[link to 4closurefraud.org]

Hope that helps!
 Quoting: LadyLeo


Thank you LadyLeo. I would really like to help him as he is always trying to help others.
 Quoting: Karu


Your welcome I hope it works out.

hf
Anonymous Coward
User ID: 905924
United States
07/13/2011 07:13 PM
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Re: What can be done within 3 days to stop a foreclosure?
I would just let them take her house. She had plenty of opportunity to keep up the payments, or at least inform him that she was having difficulties.
 Quoting: Aunty Flo


If they sell it on the courthouse steps it will not bring what it is worth, they they will go after his house.
She didn't let him know that she wasn't making payments for a long time and it is approximately 14,000 overdue. He needs a little time to make arrangements.
 Quoting: Karu


Not sure they CAN go after his house. That's his homestead and he's paying for IT.

Has he contacted the bank to talk to them? Seems like they would have to give him more notice than this if he cosigned. Not sure what they're doing is legal.
Karu  (OP)

User ID: 826286
United States
07/13/2011 07:40 PM
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Re: What can be done within 3 days to stop a foreclosure?
I would just let them take her house. She had plenty of opportunity to keep up the payments, or at least inform him that she was having difficulties.
 Quoting: Aunty Flo


If they sell it on the courthouse steps it will not bring what it is worth, they they will go after his house.
She didn't let him know that she wasn't making payments for a long time and it is approximately 14,000 overdue. He needs a little time to make arrangements.
 Quoting: Karu


Not sure they CAN go after his house. That's his homestead and he's paying for IT.

Has he contacted the bank to talk to them? Seems like they would have to give him more notice than this if he cosigned. Not sure what they're doing is legal.
 Quoting: Anonymous Coward 905924


All communication was through his sister and not him, and she didn't tell him until it was too late. His own mortgage payments are up to date.
Anonymous Coward
User ID: 1018072
United States
07/13/2011 07:58 PM
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Re: What can be done within 3 days to stop a foreclosure?
If they sell the house, they will then sue her and the co-signer for the balance due on the note. Filing bankruptcy will buy them time, but not much. Does either of them have an attorney?
Karu  (OP)

User ID: 826286
United States
07/13/2011 09:44 PM
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Re: What can be done within 3 days to stop a foreclosure?
If they sell the house, they will then sue her and the co-signer for the balance due on the note. Filing bankruptcy will buy them time, but not much. Does either of them have an attorney?
 Quoting: Anonymous Coward 1018072


He found an attorney today to talk to and he advised him to file for bankruptcy but he really doesn't want to do that if he doesn't have to.
Karu  (OP)

User ID: 826286
United States
07/14/2011 09:47 AM
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Re: What can be done within 3 days to stop a foreclosure?
bump
Anonymous Coward
User ID: 1459970
United States
07/14/2011 09:51 AM
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Re: What can be done within 3 days to stop a foreclosure?
the foreclosure process begins with a default hearing. most clerks or courts allow for an extention at the first hearing. the person should show up and request one advising that they are seeking an attorney.

after the extension, negotiate, mitigate or file bankruptcy. or, just come to the realization that an unpaid mortgage gives the bank the right to take it back.

time will not help if you have no intention of paying the debt. it will only delay it.
Anonymous Coward
User ID: 1467554
Canada
07/14/2011 10:10 AM
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Re: What can be done within 3 days to stop a foreclosure?
Ask them for the note.

The actual document saying they own your mortgage.

Probably they don't have it so they can't foreclose on you legally.
Karu  (OP)

User ID: 826286
United States
07/14/2011 02:48 PM
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Re: What can be done within 3 days to stop a foreclosure?
the foreclosure process begins with a default hearing. most clerks or courts allow for an extention at the first hearing. the person should show up and request one advising that they are seeking an attorney.

after the extension, negotiate, mitigate or file bankruptcy. or, just come to the realization that an unpaid mortgage gives the bank the right to take it back.

time will not help if you have no intention of paying the debt. it will only delay it.
 Quoting: Anonymous Coward 1459970


Ask them for the note.

The actual document saying they own your mortgage.

Probably they don't have it so they can't foreclose on you legally.
 Quoting: Anonymous Coward 1467554


Thank you, I will pass it on.
Anonymous Coward
User ID: 1448185
United States
07/14/2011 02:52 PM
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Re: What can be done within 3 days to stop a foreclosure?
Burn it down. Lose win.

Lose for the bank, win for you. Insurance picks up the tab. just go through a friend, who goes through a friend etc.
Anonymous Coward
User ID: 1458601
United States
07/14/2011 02:52 PM
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Re: What can be done within 3 days to stop a foreclosure?
Ask them for the note.

The actual document saying they own your mortgage.

Probably they don't have it so they can't foreclose on you legally.
 Quoting: Anonymous Coward 1467554



+1

most mortgage documents, something like 90% in the years leading up to the crash in '08, were robo-signed and held by the robo-signing corporations, not the bank

it'll take them a good bit of time to come up with the documents they are required to have if he's lucky
Anonymous Coward
User ID: 1449355
United States
07/14/2011 02:54 PM
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Re: What can be done within 3 days to stop a foreclosure?
the foreclosure process begins with a default hearing. most clerks or courts allow for an extention at the first hearing. the person should show up and request one advising that they are seeking an attorney.

after the extension, negotiate, mitigate or file bankruptcy. or, just come to the realization that an unpaid mortgage gives the bank the right to take it back.

time will not help if you have no intention of paying the debt. it will only delay it.
 Quoting: Anonymous Coward 1459970


bump good advise
Anonymous Coward
User ID: 1385637
United States
07/14/2011 02:55 PM
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Re: What can be done within 3 days to stop a foreclosure?
What can be done within 3 days to stop a foreclosure? I have a friend that signed for his sister to buy a house and she didn't make payments. He just found out they will take it next tuesday if something isn't done.
 Quoting: Karu


EVER heard of JEWISH LIGHTENING?
Anonymous Coward
User ID: 1387399
United States
07/14/2011 02:57 PM
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Re: What can be done within 3 days to stop a foreclosure?
Prayer?
Signas
User ID: 1445465
United States
07/14/2011 03:04 PM
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Re: What can be done within 3 days to stop a foreclosure?
"Dial-a-Crowd Confronts Debt-Laden Spanish Banks by Thwarting Foreclosures"

[link to www.bloomberg.com]
Anonymous Coward
User ID: 1467890
Germany
07/14/2011 03:09 PM
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Re: What can be done within 3 days to stop a foreclosure?
Ask them for the note.

The actual document saying they own your mortgage.

Probably they don't have it so they can't foreclose on you legally.
 Quoting: Anonymous Coward 1467554


I'd go with this option. I've heard a lot of people have had good success rates using it.
File for BK
User ID: 1344669
United States
07/14/2011 03:13 PM
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Re: What can be done within 3 days to stop a foreclosure?
If you file for bankruptcy the bank is "stayed" from collecting on the debt, ie. foreclosure, until the court determines the quality of the "asset". This could take quite some time. Meanwhile you live rent free.

When you file bankruptcy you give the court all your assets until they can determine their value and the offset to your liabilities. The bank would have to petition the bk court to exclude the asset, because it is burdensome (without equity). That takes time. Most banks are not proceeding with foreclosure to sale because once they take title to the property it appears as a debit on their balance sheet. A note, even non paying, appears as a non performing asset. When the bank's balance sheet hits a certain liability to asset ratio the Fed requires the bank to deposit more capital in order to stay in business. So they go to the Fed window of last resort. But no one wants to do that because there are alot of strings attached. This is why many banks are not continuing with foreclosure. Unless you have been served with a notice of sale stay put. Don't leave until they kick you out. The longer you can stay the longer you can live rent free. That's the best anyone can hope for today. Property values are dropping like a knife and most people are underwater. They will never recover what they paid for their property. Best case scenario live in the place 1 year rent free 12 x $1000 mtg payment = $12,000 Try to save $12,000 today. This could be your blessing in disguise.

Best to you and yours.
Karu  (OP)

User ID: 826286
United States
07/14/2011 03:54 PM
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Re: What can be done within 3 days to stop a foreclosure?
Prayer?
 Quoting: Anonymous Coward 1387399


Yes


If you file for bankruptcy the bank is "stayed" from collecting on the debt, ie. foreclosure, until the court determines the quality of the "asset". This could take quite some time. Meanwhile you live rent free.

When you file bankruptcy you give the court all your assets until they can determine their value and the offset to your liabilities. The bank would have to petition the bk court to exclude the asset, because it is burdensome (without equity). That takes time. Most banks are not proceeding with foreclosure to sale because once they take title to the property it appears as a debit on their balance sheet. A note, even non paying, appears as a non performing asset. When the bank's balance sheet hits a certain liability to asset ratio the Fed requires the bank to deposit more capital in order to stay in business. So they go to the Fed window of last resort. But no one wants to do that because there are alot of strings attached. This is why many banks are not continuing with foreclosure. Unless you have been served with a notice of sale stay put. Don't leave until they kick you out. The longer you can stay the longer you can live rent free. That's the best anyone can hope for today. Property values are dropping like a knife and most people are underwater. They will never recover what they paid for their property. Best case scenario live in the place 1 year rent free 12 x $1000 mtg payment = $12,000 Try to save $12,000 today. This could be your blessing in disguise.

Best to you and yours.
 Quoting: File for BK 1344669


He has his own home that the payments are up to date on. The home that is being foreclosed on, he cosigned for his sister to own. She has not been good about making payments and then she stopped altogether without letting him know. If he files bankruptcy, he can keep his own house but would they let him keep a home that he cosigned for?
Anonymous Coward
User ID: 673477
United States
07/14/2011 03:55 PM
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Re: What can be done within 3 days to stop a foreclosure?
Bankruptcy can stop it.
Anonymous Coward
User ID: 1433617
United States
07/15/2011 01:52 PM
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Re: What can be done within 3 days to stop a foreclosure?
He will learn to never sign for anyone. It especially hurts when it is your own family that leaves you in the lurch.
Anonymous Coward
User ID: 1469169
Mexico
07/15/2011 01:59 PM
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Re: What can be done within 3 days to stop a foreclosure?
The first thing to do is see if MERS had anything to do with your mortgage. If so you can file a claim that it is invalid and fight them, meanwhile you stay in your house. Finding the letters MERS on your mortgage documentation may be your salvation. Google it.
Anonymous Coward
User ID: 402164
United States
07/15/2011 02:01 PM
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Re: What can be done within 3 days to stop a foreclosure?
emergency BK, have to talk to an atty though.





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