When you’re facing foreclosure, we recommend that you pull your credit reports.
This confuses people, and they ask, “Why in the world should I do that? I’ve got a foreclosure that’s happening in two weeks! How is that going to help me?”
Well, there are a couple of ways it will help you.
It may give you information that shows the foreclosure isn’t allowed.
You may also see information that violates other laws, such as the FCRA, Fair Credit Reporting… (Read more)
Let’s say you own a home and you’re facing a foreclosure.
Let’s also say that your house has already been foreclosed on.
The price of your foreclosed home is $150,000, but you owe $200,000.
What happens to that deficiency?
Well, you can be sued for that deficiency.
Many people are surprised by this, even lawyers.
They say that once the foreclosure happens you’re done, no one can sue you.
However, that’s inaccurate.
You need to know how much the foreclosure… (Read more)
How can I get a loan modification if I have bad credit?
This is a great question that we were asked the other day, and we wanted to cover it in this article.
This person was having trouble with their mortgage and they’re going through loss mitigation, specifically a loan modification.
They were talking and said, “I don’t think I’m going to be able to get a loan modification.”
We asked them why, and they said that their credit score… (Read more)
When you’re facing foreclosure in Alabama, you need to look at all of your options.
This includes all of the various laws that can help you.
In this article, we’re going to talk about the FCRA, or Fair Credit Reporting Act.
We also talk about the FDCPA (Fair Debt Collection Practices Act), RESPA (Real Estate Settlement Procedures Act), Alabama State Law, etc. in other articles.
It’s crucial to look at everything that can help you stop your Alabama foreclosure from… (Read more)
It is possible to stop a foreclosure in Alabama — here are the ways:
Sue your mortgage company as you have the right to do under your mortgage
Reinstate the loan
File bankruptcy (usually chapter 13)
Obtain loss mitigation (usually a loan modification)
Let’s look at each one of these in depth.
Sue your mortgage company as you have the right to do under your mortgage
Alabama foreclosures are “non-judicial” which means no judge is involved. But you have the… (Read more)
Let’s talk about stopping foreclosures in Alabama.
We’ve talked about this in other articles, but let’s do a quick recap.
Alabama foreclosures are non-judicial. This means that there’s no court action filed against you.
There is a specific federal law related to mortgages and foreclosures that can help you stop a foreclosure.
This federal law is called RESPA, or Real Estate Settlement Procedures Act.
How does this help?
RESPA does a couple of things for us.
It tells us that… (Read more)