[tahoe-lafs-trac-stream] [tahoe-lafs] #1752: California Shortsales, Mortgage Loan Modifications, Loan Reinstatement

[tahoe-lafs]

#1752: California Shortsales, Mortgage Loan Modifications, Loan Reinstatement
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 Reporter:  bomwesoly  |          Owner:  davidsarah
     Type:  defect     |         Status:  new
 Priority:  minor      |      Milestone:  undecided
Component:  unknown    |        Version:  1.9.1
 Keywords:             |  Launchpad Bug:
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 Do you wish to keep your home from going into foreclosure? Thousands of
 people have foreclosed on homes across the nation. There are plenty of
 reasons for this. There are various methods to ignore foreclosure if you
 are serious http://ciudadchacao.org about saying your home. These ways
 include forbearance, loan reinstatement, and a loan modification. The loan
 reinstatement is the most common way to save your home from foreclosure
 via bank. A lot of things you should seek when your home is going into
 foreclosure include: - The Foreclosure Process - Tips on Saving Your Home

  The foreclosure process can take up to a year for some people. Not every
 home forecloses in exactly the same amount of time. This process can take
 six months for some homes and a year for others. When foreclosure starts a
 will issue a statement of claim because you have missed at least three
 payments on your mortgage. Your ability to service the financing of your
 home will be questioned. The second phase of a foreclosure is when the
 statement of claim is served to you. The third phase of foreclosure is the
 bank demanding you sell the home. This will be stated inside of the
 statement of claim.

  A loan modification used to be the most common way to resolve the
 problems of foreclosure in the past. This way allows the lender to issue a
 new home loan agreement with you where the entire arrearages are added to
 the end of the loan. It would expand the life of the loan but the
 homeowner can continue making their payments as if they were never behind
 and everyone wins.
  This is not a common solution anymore and banks rarely agree to allowing
 a homeowner have a loan modification. The loan reinstatement is another
 way to save your home from foreclosing. With this method, a lender can
 initiated the process of foreclosure and you find a way to pay back all of
 the missed payments, attorney costs, late fees, etc. These amounts must be
 paid back in full and zeroed out in order for it to be valid.
  There are lots of positive aspects of loan reinstatement you might
 consider. These include being able to keep your home without the worry of
 losing it to a foreclosure. You are back at square one with your monthly
 mortgage payments. You are not behind and you dont owe any additional
 money for late fees or anything else. It can be the perfect way and banks
 are generally willing to accept this way if you can come up with
 repayments to catch up.

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Ticket URL: <https://tahoe-lafs.org/trac/tahoe-lafs/ticket/1752>
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