Analysis: Lenders Aggressively Going after Money Lost in Foreclosures

So, if your home is on the market, continue to aggressively seek a buyer for it, even after your lender initiates the foreclosure process. Read our guide on How to Sell Your Home Fast When Foreclosure Looms for action steps you can take to unload your home fast, then make your best pitch as to why your lender should agree to the short sale.

Closer to 90 days, the lenders get aggressive since they want to liquidate the.. about them, they ran my credit report, analyzed the credit score, and determined. Once the bank has the property as an REO it is going to try and sell the. up some of the money they’ve lost on short-sales in pre-foreclosure).

State Laws. In Florida, your mortgage lender cannot go after funds held in a Roth IRA; you can be convicted of fraud, however, if you move money to the account simply to hide it from your creditors. Other states such as New Mexico have no laws in place to protect IRA funds from mortgage lenders and other creditors.

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If you’ve lost your home to foreclosure, it’s longer – typically for three years. And the countdown clock doesn’t start when you’ve loaded the last box on the moving van; the lender has.

"The debt collectors tend to be much more aggressive than the lenders had been," the National Consumer Law Center’s Walsh said. A big reason for the new surge in deficiency claims, attorneys say, is that states like Florida have recently enacted laws limiting the time financial institutions have to sue for the debt after a foreclosure.

Generally, if you stop paying your mortgage, your lender can start foreclosure proceedings once you’re 60 to 90 days behind on your loan. If you haven’t paid your loan in months, chances are your escrow is short. Because you haven’t been putting any money into your escrow, your account probably doesn’t have enough money to cover the escrow items.

The lender would much rather see you sell the property than be forced to take the property through foreclosure, as foreclosure is a costly and time-consuming process. Contact your mortgage lender to discuss what it can do to assist you in selling through a short sale, and what are its procedures and requirements.

Does Shopping Around For a Mortgage Hurt Your Credit In a marketplace where lenders are demanding record-high fico credit scores – Fannie Mae and Freddie Mac are averaging around. Do you know whether your lender is entering the correct code to.