Please note that lawyers succeed in "delaying" not stopping
foreclosures. A perfectly plausible means of delaying a foreclosure
is filing chapter 13 bankruptcy. There are many different ways to
stall the process. Most lenders will now work with a borrower to
prevent going to foreclosure, but the borrower has to work too. I
think sometimes people are thinking of a predatory loan as opposed to
creative financing. There are differences between the two. People
who have only had a temporary setback have a lot more options to set
themseves right than those who are unable to pay. Unfortunately,
sometimes the only way to completely avoid foreclosure is to give up
your house voluntarily either by selling (for full or approved lesser
amount) or deed in lieu of foreclosure (sort of like a car repo).
Here's the options that HUD certified housing counselors are taught
to use https://www.efanniemae.com/is/hcounselors/lossmitigation.jsp
The abuse of stated income mortgage loans has been one of the biggest
predicators of the current crisis. Unfortunately, borrowers who
falsely stated their incomes also usually signed sworn statements.
Some were convinced to do this by their loan officers. Some did it
on their own. Either way they'd never have qualified with
conventional underwriting.
I always warn my clients that loan officers eat what they kill as do
all commissioned salespeople. That doesn't mean they're bad. It is
just their job and as a borrower you need to make your decisions on
advice from someone who doesn't make a commission on the decision.
Listen to the loan officers for sure. They are often very
knowledgable, but follow up on what they tell you and weigh your
decisions carefully. Better still - Go see a housing counselor or
take a mortgage class to get unprejudiced advice.
Caveat emptor
Jennifer
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