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Archive for the ‘Foreclosure Prevention’ Category

Reflecting On America’s Economic Recovery

Saturday, June 4th, 2011

I was thinking about our American history
regarding the Revolutionary War while eating
some delicious strawberry rhubarb custard pie.

We fought the British for freedom to be free men.
We opposed high taxes and wanted to be able to
move freely around to sell or trade our goods and
services. We hated being treated like slaves.
The King of England in essence showed no respect
for the colonists. Americans would not accept
peace without dignity.

Today, according to polls more Americans than
ever say that they do not believe that our economy
will ever recover. Our leaders wonder why that is?
Gov. Snyder in Michigan tells us that we all need
an attitude adjustment to get this economy rolling
again. He says we have been beaten down so
much that we have lost optimism and hope. I see
it similar to the British beating down our doors.

Gov. Snyder is certainly right that we have been
beaten down. All the rules and regulations in play by
Obama Care, OSHA, EPA, township regulations and fees,
TSA, financial laws, homeland security laws, and taxes etc.
make it impossible for businesses to thrive or to hire, and
for individuals to prosper, create and develop their dreams
and aspirations. President O’bama is almost to the breaking
point of demanding that American businesses start hiring.

If you work for the government or are part of a union you
may have a ghost of a chance of surviving and working if you
are “a chosen one.” Yet, that is slipping away too, because it
takes small businesses to pull a country out of a recession,
and for the common man to earn a living so he can pay the
taxes to pay for all of the government jobs and to cover all of
the spending in Washington D.C.. Must I remind you, though,
that our money that we earn is not “our money” according to
the Federal and State Governments. Michigan is now taxing
pensions and 401K’s and later on these will all be confiscated.

Most Americans are not idiots and do realize that the huge
debt that the United States has accumulated will be
enslaving generations to come. However, it is more about
all of the rules/laws and regulations and general disrespect
of the average American by those in power. We are
supposed to accept all of these policies as necessary for
our safety. In this Nanny State of Affairs, we will all be
taken care of according to our needs. Forget what we
want — Just leave us alone!

The elitists are steaming mad at the growing number
of tea partiers who with no leader are questioning their
authority and backdoor agreements. Thus, the need now
for a police state. Did you know that in Indiana, the State
Court of Appeals upheld that police can now enter your
home for “no cause or warrant?” One sherrif I hear will
begin randomly searching homes within his jurisdiction.
No longer is your home “your castle.”

So our freedoms are slipping away and so is peace,
prosperity and ideas we have held so dear. Michigan
does have a militia, but I haven’t heard any ringing
of church bells at this moment. So for now, I’ll just
go back to eating my pie in “peace” and to soothe
my discontent. I’ll share my recipe below since
most of my pie has already been eaten by Uncle Sam.

“Strawberry Rhubarb Custard Peace Pie:

3 cups Rhubarb cut-up
1 cup Strawberries cut-up

Blend together until fluffy:
3 eggs
a pinch of salt
2 tbsp of uncooked tappioca pudding
1 cup sugar
1/2 tsp nutmeg

Mix in fruit into the egg mixture
Pour fruit egg mixture into an uncooked pie shell
Bake at 350 degrees for about 40 minutes and enjoy!

The American Spirit -- Pie Anyone?

Foreclosure Prevention Institute, LLC

Dave Brigle, Managing Member
Foreclosure Prevention Institute
271 Viking Dr
Battle Creek, MI
800.826.1929
Saving the American Dream

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Michigan Court of Appeals Reverses Court Ruling Involving MERS

Thursday, June 2nd, 2011

Michigan is a non-judicial state in that Foreclosures must be advertised prior to foreclosure proceedings. Further, one must be the owner of the note and must have properly recorded the note in order to foreclose on property. The Court decision determined that MERS was neither an owner or a servicing agent of the mortgage. In layman’s terms, MERS was found to be only a computer system or a mortgage electronic registration system used to speed up the selling of securities or mortgage notes to circumvent the cumbersome laborious task of recording notes. Thus, MERS never owned the plaintiffs’ mortgage notes nor acted as a lender/servicing company to hold “interest” in the notes. Furthermore, MERS was found in other states to sometimes fraudently produce or forge documents to cover themselves in a foreclosure proceeding. But as the lawsuit in Michigan simply concludes:

“The parties agree that MERS is neither the owner of the indebtedness, nor the servicing agent of the mortgage. Therefore, MERS lacked the authority to foreclose by advertisement on defendants’ properties unless it was “the owner of … of an interest in the indebtedness secured by the mortgage.”The parties agree that MERS is neither the owner of the indebtedness, nor the servicing agent of the mortgage.” MCL 600.3204(1)(d).

This argument has been a long time in coming. Judges are finally seeing the “light” and the tides are changing to some extent in favor of the homeowner. Homeowners will be able to stay in their homes a while longer as the true note holders are found and the foreclosure process is redone by the proper servicing agent. In many cases, the notes may never be found since mortgages were divided and sold to numerous International Investors.

For more questions regarding MERS contact Dave Brigle at Foreclosure Prevention Institute, LLC at 1.800.826.1929.

Foreclosure Prevention Institute, LLC

Dave Brigle, Managing Member
Foreclosure Prevention Institute, LLC
271 Viking Dr
Battle Creek, MI 49017
800.826.1929

http://www.ForeclosurePreventionInstitute.com

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Posted in Foreclosure, Foreclosure Prevention, Loss Mitigation, Mortgages, Short Sales | No Comments »

Why No More Principal Reductions

Thursday, April 28th, 2011

Today, a hard money lender called
from California to find out how he
could help 60 homeowners facing
foreclosure. The homeowners want
to keep their homes, but are underwater
(owe more than their homes are worth).
He needs principal reductions for his
clients, but cannot find any lending
institution or bank willing to cooperate.

Last year, principal reductions were
feasible with the use of stimulus
money. Banks would sell their
toxic loans for 40 cents on the dollar
to hedge funds newly created
through the use of TARP funds.
The hedge funds bought the banks’
discounted paper in bundles, and
created new 30 year fixed-rate
mortgages at the current market
value. Principal Reduction companies
stepped-in as third parties to put the
deals together for the struggling
homeowners. Hedgefunds worked at
arms length of the individual home-
owners. Understand, at this time,
banks were fearful that homeowners
would walk away from their contractual
obligations.

Unfortunately since the beginning of
this year, government policies forbid
private third parties from doing principal
reductions. Today, banks are not
worried about homeowners walking
away and for whatever reason are
wanting foreclosed homes. I suspect
they are willing to hold onto the houses
until the market turns around in 10 years
or more. Consequently, no more
principal balance reductions or
short sales with today’s market and
financial policies.

In a broader pespective, Banks are
30 trillion dollars in debt. The government
is 14 trillion dollars in debt and growing.
The government and banks are in bed
together. The government wants money
to continue their social programs by buying
votes, and they need the banks to launder
the money from the taxpayer to the banks
to the democrats to finance their elections.
The banks make money because they are
able to borrow money from the government
at zero percent interest.

Right now, Treasury Secretary Timothy
Geithner is putting into play the confiscation
of federal employees’ pension funds. This
is just a prelude to the confiscation of everyone’s
401K, 403B, IRAs and pensions in general.
They are promising that this money will be rolled
into your social security check. It will be a
treasury note with a 2% interest rate.
Czechoslovakia Republic recently did just this
to their citzenry.

In the meantime, the government is having
to prop up the banks, because the government
in the end needs money to spread the
wealth to whomever they see fit. In
effect, both the government and the
banks are stealing money and wealth
from average hard-working Americans
with Qe1 and Qe2 which means quantitative
easing. It is nothing more than Keynesian
economics to fuel inflation. The government
thinks they can actually stimulate economic
growth by inflating the money supply. In
reality, they are destroying the US dollar.

In the end, the banks will be made whole,
and the government will be able to
redistribute the wealth to other third
world countries and to individuals,
companies, or groups of people who they
deem deserving. It is power, control,
and the socialistic way.

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Posted in Foreclosure, Foreclosure Prevention, Loan Modification, Loss Mitigation, Mortgages, Politics and News, Principal Reduction, Short Sales | No Comments »

How Lenders Structure Loan Modifications

Tuesday, February 1st, 2011

Have you ever wondered how exactly
lenders structure loan modifications? As
a person who helps homeowners obtain
loan modifications, I am always interested
in how banks determine:

A. Who qualifies for a loan modification
in regards to their gross income,

B. New Interest Rates,

C. New Mortgage Payments,

D. How taxes and hazard insurance
is figured with regards to escrow
payments,

E. and Why some people have
principal mortgage balances reduced
and others do not.

The servicing companies/lenders do use
mathematical formulas when modifying a
loan. In fact, the HAMP* program although
controversial in terms of its success in lowering
the foreclosure rate within the United States
has helped to set a standard for figuring
mortgage payments and interest rates.

    The standard is as follows:

First, many banks multiply one’s gross income
by 31% and then subtract monthly homeowner’s
taxes and insurance from the given amount. This
is considered the targetted monthly mortgage
payment. This makes sense because one shouldn’t
pay over one third of one’s pay to any
mortgage. (This is a conservative “rule of thumb.”)
People really get into trouble when their
mortgage and rent payments are above 50 percent.

Next to calculate a new interest rate, the lender adds
to the loan balance any back payments that are owed
and interest or escrow advances owed. The interest
rate is then lowered in small increments (.125) until
the target monthly rate is reached or all the way down
to a 2% rate. If the target monthly rate cannot be
reached then the mortgage loan may be extended for
40 years.

Another possibility to reach the target monthly rate
without having to extend the length of the loan is by
reducing the principal balance of the original loan.
HAMP does have guidelines to follow for reducing the
principal balance. Guidelines could include hardship,
assessed value (how far “underwater”), investors’
instructions whom back the loan, the number of months
in default, gross income, debt to income ratios, and other
mathematical formulas. Only 10% of the people who
have thus far received a loan modification have had
their principal reduced. So, the guidelines for a principal
balance reduction are quite stringent.

At Foreclosure Prevention Institute, we do use forensic
audits to force the issue for a loan modification from
the lender. The interest rates and terms are usually
significant compared to homeowners who negotiate on
their own. We also encourage homeowners to use
an attorney to grab the lender’s attention. Time and
again we see homeowners losing their homes to banks
who negotiated in “bad faith.” Homeowners don’t
know their rights or how to begin to “fight” back to
save their home from foreclosure. It has even been
hard for us since T.A.R.P. money has been stripped
away for principal reductions in many states.

Stopping foreclosure is difficult and has a definitive
legal timeline, so requires professional help for
successful outcomes. If you have a question(s) about
foreclosure or need a referral to an attorney, please
call Foreclosure Prevention Institute, LLC. Foreclosure
Prevention Institute’s hotline is 1.800.826.1929. Ask
for Dave Brigle, Managing Member. He has 35 years
experience in the foreclosure market and real estate
industry. He’s also a retired state appraisor, mortgage
company owner, and passed licensed real estate
salesperson. He freely provides information
regarding his experience with foreclosures and
evictions for those who call and ask. He cannot help
you unless you call him at 1.800.826.929.
Dave Brigle, Managing Member

Foreclosure Prevention Institute, LLC

271 Viking Dr
Battle Creek, Michigan 49017

1.800.826.1929

brigle@appraisaloffice.biz

http://ForeclosurePreventionInstitute.com

*HAMP = Home Affordable Modification Program

Forensic Audits & Loan Mods

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Landmark Foreclosure Case

Monday, January 24th, 2011

Landmark Foreclosure Case in Massachusetts  : 

     One in 35 homes in Western Michigan are expected

to be foreclosed upon in 2011.  So the rate and number

of foreclosures this year is going to be huge and massive,

especially since banks have had to delay foreclosures due

to problems in showing proof of title.

     Through various lawsuits involving the “right to foreclose,”

it’s been shown that banks have been very sloppy in assigning

mortgages correctly.   Courts, attorneys and judges like in the

State of Massachusetts are finally understanding the

securitization of mortgages and ruling in favor of foreclosed

homeowners since many notes (mortgages) were not secured

correctly…the banks in their haste to sell notes circumvented

procedures required to  legally protect the chain of title.

     We are asked by homeowners in foreclosure if they

need an attorney.  Our response is usually, “Yes,” due

to this issue alone.  Attorneys bring clout and

can easily circumvent the servicing departments

and go directly to the banks’ legal departments.

Key decisions and authority is at this level when

negotiating loan modifications and settlements.

     Sure some homeowners can obtain loan modifications

on their own from their lenders, but our experience shows

that most are not lucky enough to obtain loan modfications

on their own for numerous reasons.  Bottom line is that banks

do not like to lose a dime and often use tactics to waste valuable

time needed to save a home from foreclosure.

    There is also the question of broken or clouded title, and this

can be complicated and messy and as I said is only now being

addressed through State courts with a lot of “legaleeze.”   All

investors of foreclosures and homeowners in foreclosure need

to be wary of the evolving court decisions and rulings.  Many

homeowners may have unsecured mortgages.  In theory,

homeowners could possibly get rid of mortgage debt through

bankruptcy or through quiet title and as a result own their

home free and clear.   On the otherhand, an investor could

lose their investment by having to give back the foreclosed

home to the previous owner.   Of course, this will probably

require a legal “fight.”

      When hiring an attorney it is important to know their specialty.

Not all attorneys understand foreclosure.  Almost all are willing

to do a loan modification if one is 1 to 3 months behind in

mortgage payments, but if one doesn’t fit this mold

rarely is anything done especially if not a student in

the arena of foreclosure.   Foreclosures also require

a lot of time and energy and may not be that profitable

for an attorney.   I do encourage homeowners to set-up

an escrow account to put away mortgage payments

if one wants to save their home and if their mortgage

company is no longer accepting payments.   This way when a

settlement is reached, the homeowner will have some

money to bring to the “table.”   Remember, banks only understand

money! 

     Call Foreclosure Prevention Institute today for attorney referrals

or to answer any nagging question regarding foreclosure.  Foreclosure

Prevention Institute’s hotline is 1.800.826.1929.  Talk to a “live” person. 

Dave Brigle, Managing Member
Foreclosure Prevention Institute
271 Viking Dr
Battle Creek, MI  49017
1.800.826.1929

Credit Solutions & Debt Relief

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Posted in Foreclosure, Loan Modification, Mortgages, Politics and News | 1 Comment »

Modify Home Loan To Survive Financial Tsunami

Wednesday, January 19th, 2011

Homeowners nationwide are desperately trying
to modify their home loans to survive the coming
financial Tsunami. Although the Stock Market is
making a rebound, I need not remind people on main
street that 2010 was simply disastrous for many
and 2011 looks even bleaker.  The debt ceiling
hit 14 trillion and is growing and compounding daily.
2.87 million homes foreclosed and an increase in
foreclosures is expected for this year.

Oil, food, cotton, gold, and silver are all up while
the value of the dollar is sinking with shudders of
the dollar being replaced by a different world
currency. If this happens, hyper-inflation will
occur and we will all be standing in bread lines.
43 million Americans are already on food stamps.

Forget looking for a job with decent pay…there are
few jobs to be had.   Government numbers tell us
that unemployment has dropped, but mostly
since people have just given up.  America no
longer manufacturers anything since corporate
America is moving out of the country.  Case in point,
Steelcase in Grand Rapids (a large office furniture
manufacturer) just announced it is moving to Mexico.

We don’t have to produce we only need to service at
minimum wage.   I was forced to retire from teaching
and now work for a great tax service to help fill Uncle
Sam’s coffer.   It’s easier to join than to protest.
Politicians want to “herd us” like cows to slaughter.
We just are not smart enough to make any decisions
about our healthcare or future.  Anyway, it is our
duty to work to make as much money as we can to
give it all back in the form of taxes.   The motto is
“We need to spread the wealth around,” and if your
55 or older just fade away – your of no “real” use.

So in essence the Powers-to-be don’t really care about
“the Individual” and his/her pride. Nor do they want to
listen to what we, the tea partiers, think or have to say.
Rush, Hannity, Savage, and Palin are all threats to
the socialistic ideology and agenda.  To do anything
different would only ruin the masterplan. 

If you want to survive the next couple of years, it is
imperative to get out of debt, buy precious metals,
store food and water, purchase goods that will be
valuable and tradeable.   If you can, refinance your
home or modify your loan if it makes good
financial sense.   The good news is that interest
rates are at all time low, but not for long.

Call Foreclosure Prevention Institute, LLC’s
 hotline  at 1.800.826.1929 and get started today
on a real Loan Modification. We fight for you!

Foreclosure Prevention Institute, LLC
Dave Brigle, Managing Member
271 Viking Dr
Battle Creek, MI 49017
Service nationwide and especially in
Michigan

brigle@appraisaloffice.biz
http://ForeclosurePreventionInstitute.com1.800.826.1929

Forensic Audits & Loan Mods

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Loan Modification|Reduce Debt|Stop Foreclosure

Thursday, January 6th, 2011


Get A Loan Modification Today!
Call Hotline 1.800.826.1929

Loan Modifications may help homeowners’ keep
Their homes by reducing debt and stopping
foreclosure as we face hyper-inflation in 2011.
Happy New Year!

Today our national debt reached $14 trillion
dollars, and inflation has increased by 26.9%.
Bankruptcies and foreclosures are up. 42 million
people are now on food stamps with many
currently living in shanty towns or tent cities
not yet within the general public sight.

Gold is trading over the $1,400 mark and is
predicted to reach between $5,000 and $6,000
within the coming two years. Gas, oil, cotton,
commodities, and other precious metals such as
silver and copper are skyrocketing at record
levels as well. Interest rates will be climbing
soon. Gasoline is over $3.00 a gallon and will
possibly reach $6.00 by the end of this year.
46 States are financially in trouble and are
warning their citizens that hard decisions are
going to be made.

Unlike the Federal Government, State
Governments cannot print money to balance
their debt which is in the billions.

Why are we in this position? It’s because
Congress has tried to spend or “inflate” the
debt away while continually the debt ceiling
level year after year. We as a nation, overall,
spend more money than we generate in terms
of the gross national product. We don’t have
jobs especially manufacturing jobs, because
our country has the highest corporate tax
structure in the world. It is simply too
expensive for new businesses or manufacturers
to do business in the good old U.S.A..

The economic climate is currently anti-business.
We are being regulated and taxed to death –
just note the number of bills and laws passed by
California just this past year alone. If one wants
to generate income, one has to take classes, pass
exams, pass policies and procedures, pay a fee to
get a license, buy health and auto insurance, and
continue to take on-going life-long learning
classes before making a dime — how do you do that
when initially unemployed?

Our government officials like Timothy
Geithner, and most US citizens are in denial.
The stock market is currently bullish, but there
will soon be a severe correction when the world’s
reserve currency changes from the dollar to
perhaps the Bancor (a new global currency). Do
you remember President Clinton calling
for a new world order and President O’bama
telling us that we need “to spread the wealth
around?” Well, as I speak, shops and businesses
in Texas, on the Eastern seaboard, Canada,
Germany, France, the Middle East, China, Japan
and Mexico are putting up store-front signs
indicating that they are wanting to trade and
exchange currency in anything other than
the dollar. Our friends and enemies like the
Euro, Yen, Pesos,and Gold — not the dollar.

What can you do to protect yourself? It’s getting
late, but start getting your own house in order.
Buy food, water, ammo, and a plot of land out
in the country for escape and so you can grow
your own food in the coming days of chaos. Also,
reduce your debt and save as fast as you can.
Pensions, 401K’s, and Social Security will be
stripped away to pay-off the debt. It’s not a
pretty picture to paint, but the signs are all here:

  1. Prisoners are being released
  2. Gambling is legal
  3. Having an ounce of marijuana is no
    longer a felony
  4. Buildings are being sold
  5. Companies are being bailed-out
  6. Bars are closing
  7. Our borders are open
  8. Cities and neighborhoods are becoming
    ghost towns
  9. Green rivers
  10. Massive bird and fish kills
  11. Earthquakes
  12. Severe weather patterns
  13. And the list goes on!

Yup, I’m a nut case and a worrier — but the truth
will be told. Just ring in this “new” year.

Reduce principal and interest rates today!!!

Call 1.800.826.1929 for a “real” loan modification!

Dave Brigle, Managing Member

Foreclosure Prevention Institute, LLC

(Nationwide Company)

271 Viking Dr
Battle Creek, Michigan 49017

brigle@appraisaloffice.biz

Reduce Debt and Stop Foreclosure With
A Loan Modification

We will fight for you!

http://ForeclosurePreventionInstitute.com

Credit Solutions & Debt Relief

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Posted in Conservatism, Foreclosure, Loan Modification, Mortgages | 1 Comment »

Introducing Fair Tax For 2011 Jobs & Prosperity In Michigan

Wednesday, December 29th, 2010

What more could we ask of the New Year than the chance

to make Michigan first, the most profitable state in the union

in which to do business. The new Michigan FairTax campaign

promotes Michigan Jobs and Prosperity. That’s right folks, the

ideas are synonymous, The Michigan FairTax is the anchor for

Michigan Jobs and Prosperity.

For more infor visit this link:  Michigan Fair Tax.org

Dave Brigle, Managing Member
ForeclosurePreventionInstitute,LLC
271 Viking Dr
Battle Creek, MI  49017
800.826.1929
http://ForeclosurePreventionInstitute.com
brigle@appraisaloffice.biz

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Posted in Conservatism, Education, Foreclosure Prevention, Politics and News | No Comments »

Obama’s Mortgage Relief Program Needs Help

Thursday, December 23rd, 2010

The government on Wednesday, January 22, 2010, reported that
more than half of the homeowners who applied and/or received loan
modifications through Obama’s foreclosure relief program are falling
out of the program at record numbers. About 1.4 million homeowners
applied.

Homeowners are given a chance to keep their homes by providing
lower mortgage payments on a trial basis. However, the program
has failed to convert them into permanent loan modifications.
30,000 borrowers received trial modifications in November, and
26,000 borrowers received permanent modifications in November as
well. Foreclosures have fallen as well, but that is temporary.

Some of the Big Lenders are having to redo foreclosure procedures
and paperwork to recover from the massive fraud conducted by the
robo-signing fiasco and/or mishandling of paperwork submitted to courts
across the nation.

One of the reasons for homeowners falling out of the government
relief program is due to loss of paperwork by either the lender or
homeowner. Personally, I know of homeowners who have had to
submit paperwork 3 or 4 times in attempting to get a permanent
loan modification. The documents get lost in the banking
department shuffle or the process is so slow that the financial
documents need to be updated or resubmitted.

Another reason is that homeowners lose their homes because
the foreclosure/legal department is separate from the loan
modification department. Homes are foreclosed before the
loan modifications are completed.

I also speculate that many homeowners who apply for loan
modifications are without jobs/income to support the
mortgage payments or do not act fast enough. To be
accepted into the program, the accepted policy is that the
homeowner can only be 3 months or less behind in their
mortgage payments and do need some sort of job or income
to qualify. I know of several homeowners who go through
a grieving process of denial and helplessness. They just
give up.

This whole relief program involved a 54 billion ear-marked package.
Today, 729 million dollars has been spent which surely excites the
banking industry and Congress as well…both being bedfellows.
The whole system is designed so the banks don’t lose money. Servicing
companies and banks make more money foreclosing than they do in
helping homeowners keep their homes.   The subprime loans are
were insured by the government. Homeowners pay insurance (pmi)
until they have an 80% loan to value ratio.

Whether you are a homeowner or not, you the public lose either
way. Homes are continuiing to lose value, foreclosures will continue
to rise, and we can be assured of higher taxes and fees in this deepening
recession.

If you have experienced mortgage fraud, need a loan modification, or
have been denied in the Hope/Relief Government Foreclosure Program
call ForeclosurePreventionInstitute, LLC for more information or for
a free evaluation or real solution, call the hotline: 1.800.826.1929

Dave Brigle, Managing Member
Foreclosure Prevention Institute, LLC
271 Viking Dr
Battle Creek, MI 49017
1.800.826.1927
brigle@appraisaloffice.biz
http://www.ForeclosurePreventionInstitute.com

Forensic Audits & Loan Mods

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Posted in Foreclosure, Foreclosure Prevention, Forensic Mortgage Audit, Loan Modification, Mortgages | No Comments »

Waiting Period After Foreclosure

Friday, December 17th, 2010

     I am asked this question, every week from people who are facing

or who have experienced foreclosure, “How long will I have to

wait until I can get a mortgage loan?’  As of October, 2010, the new

waiting period requirements are 7 years.  There may be exceptions to

the waiting period for extenuating circumstances.  Then it is

3 years, but there will be additional requirements after 3 years

and up to 7 years.  The requirements include:

1.  90% LTV ratio or maximum per the elegibility matrix (whichever is lesser)

2.  Purchase, principal residence

3.  Limited cash-out refinance, all occupancy types

Fannie Mae’s policies are fully described in the selling guide,

B3-5.3-08 involving derogatory credit.   People are supposed to be

treated better if they have previously tried to prevent foreclosure

such as selling their home, obtaining a short sale, or obtaining

a deed-in-lieu of foreclosure.   A deed-in-lieu of foreclosure,

preforeclosure sale, or a short sale may reduce the wait time to

2 to 4 years.  So it is important to try to work with your lender to

avoid foreclosure.

     Bankruptcy involving Chapter 7 or 11 is usually 4 years.

Bankruptcy involving Chapter 13 requires 2 years from the

discharge date or 4 years from the dismissal date.   If there

are extenuating circumstance the waiting time may be

reduced to a 2 to 3 year waiting period.   One other comment

involves paying on time.  One who has a “ding” on their

credit will need to be very vigilant on making payments on

time.  One late payment on a mortgage or credit card may

immediately increase the waiting time to refinance or

purchase for 1.5 more years from the date of the

last late payment.   It is all about the risk factor and today

no one wants any risk when lending money.   Money is

really tight due to these economic and wreckless spending

times and policies by Congress.

     If you need help with preventing foreclosure, call

Foreclosure Prevention Institute, LLC today at

1.800.826.1929.

Dave Brigle, Managing Member

Foreclosure Prevention Institute, LLC

271 Viking Dr

Battle Creek, MI  49017

800.826.1929

brigle@appraisaloffice.biz

http://ForeclosurePreventionInstitute.com

http://ForeclosurePreventionInstitute.com

Saving America!

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Posted in Bad Credit, Deed in Lieu, Foreclosure, Home Loan Purchase, Mortgage Refinance, Mortgages, Short Sales | No Comments »

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