When confronted with the possibility of foreclosure, it is but natural that a person may feel disheartened and helpless. The thought of losing the home where you and your whole family lives can be unbearable. However, foreclosure should not be the end of your road. There are still some steps that can be done to turn the situation around.

Banks Are Not Happy About Foreclosure

The notion that banks are happy about foreclosing homes is a false one. In reality, banks would prefer to receive regular cash payments rather than house titles. This is the reason why banks usually have financial assistance programs to help those who are facing foreclosure of property.

A Back-Up Plan

If you have been a good payer in the past months or years, there is no reason why banks shouldn’t extend a back-up plan to help you with your mortgage. A new payment arrangement can be made on your behalf to help you keep up with your bills. But in order to make this happen, you have to meet with your lender and inform them about your present financial situation.

Yes, going through the details is necessary so that your lender can understand why you are having difficulty in keeping up with your monthly mortgage. If you have lost work or if you are in need of money due to a family emergency or a sickness in the family, you need to tell your lender. Ask if you can avail of new arrangements with regards to submitting your payment.

Reinstatement and Forbearance

Perhaps a reinstatement can be made so you can submit your payments at a later date. Your lender will also likely grant you forbearance due to the fact that you are taking steps to improve your current situation. Once the lending companies see that you are caught in a temporary financial crisis and that you are doing the necessary actions to get by your financial difficulties, they would be willing to make some arrangements for you.

Mortgage Refinancing

Another option would be refinancing your home loan. Perhaps you may avail of a new mortgage loan with lower interest rates as your existing loan. Ask your lending company if it is possible for you to refinance your existing mortgage loan without filing for a new application. Some lending companies give this opportunity for clients who are stranded in a financial crisis due to circumstances beyond their control.

Ask Assistance

If you want, you can also ask assistance from non-profit groups or credit counseling agencies to help you talk with your creditors. These groups are particularly knowledgeable and experienced on financial matters so they know how to deal with creditors. They can help you reach a new payment plan that will be more appropriate for your present monthly income. Find a reputable non-profit group or credit counseling agency in the internet and check its credibility from the Better Business Bureau. These associations should be willing to help you without asking for an expensive professional fee or service charge.

Stop Foreclosure

When faced with the possibility of foreclosure, the first thing you would want to do is take a look at your present financial status. If the situation is much worse than expected, for instance, if your mortgage will eat up more than 40% of your monthly income, then perhaps you should consider selling your home property. But if your monthly earnings still allow you to pay at least 40% or less of your monthly mortgage, then it is very possible to save your home without turning back on your mortgage.

The important thing to remember is to get in touch with your lender as soon as possible. Don’t wait until you’ve missed one or two monthly payments before notifying your lender. Don’t wait until your lender starts calling you about your balances. Have the initiative to inform your lender that you will not be able to submit your payment for the upcoming due date and explain why. In most cases, communication solves the problem.

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Finally Lenders Greed Takes Them Down-Get Your Mortgage Modified

Lenders will finally be forced to help homeowners and it won’t be because of the Feds. Nope. Old fashioned greed will dictate that they finally stand up to the mess they helped create. The good news for homeowners is that loans are being modified every day.

A mortgage loan modification is something you’re going to hear a lot about in 2009. This program, not fully invented yet, is a process whereby the lender agrees to modify the existing terms of your loan. Many times there is an interest rate reduction, reinstatement and often-missed payments are forgiven.

You can apply for a Mortgage Loan Modification yourself, but it’s grueling work. Even professionals like us have a hard time negotiating with these lenders and an emotional attachment to the property in question would make an already stressful situation that much harder.

Lenders have a Loss Mitigation Department, which handle these requests, but trying to get through to them is nearly impossible, unless you have already missed a payment. Then, the sudden interest is triggered and all of a sudden they want to speak to you.

I encourage you to open and to keep current, a dialogue with your lender. Be honest with them and explain to them the reasons for your economic downturn. They may request that you submit a Hardship Letter, a sample of which is available on our website. This letter details succinctly the details of your hardship.

Has somebody lost his or her job? Is there an illness in the family? Medical bills? Perhaps another mouth to feed? All these are hardships that may lead to economic stress and your inability to keep current on your existing loan.

The lender will require that you submit documentation as well as a stack of paperwork proving what you have told them. This will include tax returns, pay stubs, bank statements etc. And there in no guarantee that they will actually go ahead and modify your loan. If you are too far underwater, they may suggest a short sale.

If the lender sees that you can’t afford a modified mortgage, they will not go through the process and work to adjust your mortgage. Why should they if you’re going to default in another six months anyway?

That’s why it is important not to hide income from your lender. They want to see that you can keep your home and if you are receiving rent money or other income that isn’t documented, reveal this to your lender. Isn’t false representation of the truth what caused a lot of this distress we’re going through?

A short sale situation occurs when you owe more than your home is worth. In that case, a lender will agree to take a loss by accepting a sale price for less than you owe. Why would they do this?

The reason for the lender’s sudden generosity is that they are trying to stay afloat themselves. Too many non performing assets on their books means they don’t have this tied-up money available for lending. Without loans, a bank is dead in the water.

If you want to try to modify your own loan, get the Hardship Letter sample on our website. If you want to trust the process to an attorney-led team, please consider CMA Capital Funding Inc as your representative. For more information visit to Free Hardship Letter.

By Chuck Machado Published: 12/1/2008

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What You Can Do to Stop Foreclosure of Your Real Estate

You have received a notice of foreclosure on your real estate. It may seem hopeless, but the last thing you should do is give up. Many people encounter life-altering events that interfere with their ability to pay their debts. Usually the last payment to be late is the mortgage, but it happens. Too many late mortgage payments mean a possible foreclosure.

First and foremost, lenders do not want to foreclose on your real estate. They are not in the real estate business and are willing to work with homeowners. If you have not been able to reach a solution with your lender or you have ignored the lender’s letters and phone calls, then foreclosure is their only option.

In the state of California, there are two types of real estate foreclosures judicial and non-judicial. A judicial foreclosure is granted by a court to a lawsuit brought by the lender against you, and is necessary when a "power to sale" clause was not included in the mortgage contract. Since commercial lenders usually include the clause, which grants them the right of non-judicial foreclosure, the mortgage contract you signed automatically gives them the power to seize your real estate in order to recoup their losses.

With the non-judicial foreclosure, you usually have 120 days to redeem your real estate before it is sold. With a judicial foreclosure, your real estate is auctioned off immediately to the highest bidder.

Under the judicial foreclosure, you may seek a deficiency judgment to recoup some of your losses on the seizure and sale of your real estate. Under some circumstances, you have up to one year to redeem your property. Under the non-judicial foreclosure, you have no rights of redemption nor can you seek a deficiency judgment.

So, your best bet is to do something before your real estate is seized and sold. Here are some ideas:

1.Speak to a HUD-approved counselor, especially if you have not kept in contact with your lender or you wish information before contacting them again. A counselor can help you determine what options may be available to you, as well as help you negotiate with your lender to work out a repayment program. To find a counseling agency in your area, call HUD at 1-800-569-4287.
2.A reinstatement may be possible, if you can promise to pay a lump sum to bring your payments current by a specific date.
3.Forbearance allows you to delay payments on your real estate for a short period, but you must be able to bring the payments current again by a specific date. Reinstatement generally is used in combination with forbearance.
4.A repayment plan is another option. It is used for homeowners who are behind in their mortgage payments, they can now begin making payments on time, but they do not have the resources to catch up the past due amount in a lump sum. Usually a lender adds a portion of the past due amount to a specified number of payments in order for you to catch up.
5.Rather than a repayment plan, your lender may agree to a mortgage modification. There are two possibilities here (1) add the past due amount to your existing real estate loan and finance it over a long term, or (2) if you need the payments reduced, extend the length of the loan in addition to adding the past due amount.
6.Selling your real estate is another option, if all else fails. Ask your lender, however, if they will put the real estate foreclosure on hold to give you time to sell. Otherwise, the public will learn through their realtors about the foreclosure, and you will not get a very good price for the real estate. If you must sell quickly, this also can lower your sale price.
7.Called a deed in lieu of foreclosure, you may be able to deed the real estate over to the lender. This forgives your debt to the lender and has less of a negative effect on your credit rating than a foreclosure.
8.Veterans and military personnel have some extra alternatives. First, contact your VA loan representative for counseling. Active duty personnel may be able to stop foreclosure under the Soldiers and Sailors Civil Relief Act, and may be eligible for a reduction in their interest rate. Additionally, veterans may be eligible for "workout" programs (options to resolve the foreclosure) under FHA, VA and some conventional real estate loans.
9.If procedural errors were made in the lender’s foreclosure or in the original real estate loan origination, you may consider filing a lawsuit to enjoin or stop the foreclosure. Consult with an attorney in this instance.
10.Bankruptcy is a temporary solution, since it will stop the foreclosure for a short period only. It may give you some leverage in resolving the situation. Again, consult with an attorney.

Whatever plan you consider to stop the foreclosure of your real estate, you must put the plan into action, contact the appropriate people, and provide any requested information to the lender and/or its trustee (representative). Do not take a "wait see" attitude. Also, put everything in writing. If you have a phone conversation with your lender or the trustee, follow it with a letter reiterating the important points (say you want to ensure you understood the conversation correctly). Finally, follow through on your promises you will not get a third chance.

This information on San Diego real estate is brought to you by http://www.twtrealestate.com.

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Stop Foreclosure - Get Educated

If you want to know the best way to stop the foreclosure of your home, find out how to get educated on what your options are. Find out the three things that you absolutely must get informed about in order to save your home from foreclosure.

If you want to stop foreclosure on your home, the best way to do it is to make sure that you are educated. The more educated and informed you are on the foreclosure process, the better off you will be in the long run. If you want to stop foreclosure, you need to truly understand the process and what is all involved. There are three things that you absolutely must stay informed about.

1. Know exactly what your bank is doing at every step of the foreclosure process. It is vital that you understand what your mortgage company’s foreclosure process is. This includes: when they start foreclosure proceedings, what sort of timeline they anticipate, who their lawyers are, what sort of workout options or arrangements they can offer you at every step of the process. This is by no means a complete list but it is a good starting point. In order to find out all of this information, you will, of course, have to actually talk to your mortgage company. Be sure to be polite but firm and consistent every time you call. If you are clear with the bank that you want to stop foreclosure, they will often be much more willing to work with you.

2. Know how the foreclosure process works for your county and state. You have many different options during the foreclosure process to make your voice heard and to stop foreclosure on your home entirely. But you need to know when you have the right to exercise those options. That will often depend on what the laws are that govern foreclosure for your county and state. The foreclosure laws and information for your county and state are freely available online. All it takes is a little bit of research.

3. Make sure that you understand every document that your mortgage company and their lawyers send to you. This may mean getting your own mortgage lawyer to help you understand what those documents are and what response you can or should give. If at any point you do not understand what you are seeing, be sure to consult someone who understands foreclosure law and can give you sound legal advice.

It can be difficult to stop foreclosure once the process has started but you always have options along the way. It is possible to stop the foreclosure of your home right up until the sheriff’s auction date and even afterwards. You just need to know how to do it. For more free help on how to stop foreclosure on your home, visit http://www.stopping-home-foreclosure.com

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3 Solutions to Help Prevent Foreclosure

Three practical solutions to save your home and help prevent foreclosure.

1. Talk to your bank as soon as you know that you are late on a payment and ask for a workout agreement. The sooner you start an open dialog with your bank the better. I know that it can feel humiliating to lay out your financial story to some stranger at a bank. But the only way that you are going to get them to help prevent foreclosure is by being honest about where you are at financially. Many banks are willing to work with you to work out some sort of arrangement so that you can keep your home. This may come in the form of a forbearance (temporarily stopping the mortgage payments), a loan modification or some other arrangement that the bank can do to help you with your current financial situation.

2. If you owe more money on your house than what it is currently worth, talk to your bank about the possibility of a short sale. If you cannot or do not want to stay in your home, a short sale may be the perfect option to help prevent foreclosure. Different banks will have different requirements so be sure to fully understand what your bank’s policies are and what paperwork you will need to provide them in order to get them to agree to a short sale.

Do not let anyone tell you that a short sale is an easy way to get out of your home. It is not. There is a lot that you need to provide to the bank, including a willing buyer, and even then they may or may not agree to a short sale. This solution is a gamble and not a sure-fire way to get out of your home. And most banks will take their own sweet time letting you know whether or not they will agree to your short sale or not.

3. Take a good hard look at your finances and see where you can cut back. There is a reason why you are in the financial predicament that you are in. It could be unavoidable life circumstances or it could be avoidable life choices. How much money are you spending on avoidable luxuries like eating out, clothing, massages, gym memberships? You can help prevent foreclosure by simply cutting back on unnecessary luxury items. You will find that it is amazing what you can live without if you really need to. Before you make a purchase, ask yourself if you would rather have that item or have your home to live in. For me, asking myself that question shed a whole new light on every single purchase that I made.

When you are looking for ways to help prevent foreclosure, you need to clearly look at and understand all of your options. There is no one perfect solution that will make everything better overnight. There will be sacrifices involved and only you can decide how far you are willing to go to save your home.

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How to Avoid Foreclosure from Happening to You

Foreclosure is a term many people may have heard of yet are unsure as to what the term means exactly. Foreclosure is something which affects homeowners who have a mortgage or lien on their home and do not own the house outright. There are a few things which homeowners should be aware of with regard to foreclosure in order to prevent this from happening to them.

What Is Foreclosure?

Foreclosure is when a lender who currently holds a mortgage on one’s home can come in and repossess the home due to a number of reasons but mainly for nonpayment of a mortgage. For those individuals whose home is less valuable than their current loan balance, they may also owe a deficiency judgment as a result thereof.

How Do Foreclosures and Deficiency Judgments Affect the Individual?

There are many ways in which foreclosures and/or deficiency judgments can affect an individual. First and foremost, when a home is foreclosed upon that individual loses their living quarters plus any money which they have already paid for the home. When one has a deficiency judgment issued against them they will find that they will owe varying sums of money in order to make up the difference between the value of the home and the outstanding loan on the home. Also, it is important to note that either one of these incidents can affect the credit of an individual and cause a blemish on their credit rating for years to come.

Ways to Prevent Foreclosure

There are a few ways in which homeowners paying mortgages can avoid foreclosure on their beloved home. The first way in which to do so is to pay the mortgage bill on time. This is the primary answer for those who ask how to avoid foreclosure. For those who have difficulty with doing so from time to time, there are other ways to prevent this from occurring.

The homeowner should always address letters from the lender which revolve around late payments. Within these letters the homeowner will find important information that tells the homeowner what to do if they are having trouble making payments. The letter will ultimately include phone numbers and names of contact individuals at the financial institution so that they can discuss their payment issues with a lender representative. It is crucial for the homeowner to speak with the lender and not bury their head in the sand to avoid it. Avoiding a problem such as nonpayment of mortgages will not make it go away and will only make it worse.

Individuals who are having trouble making mortgage payments should also be certain to stay in their homes and not abandon the property in any way. This will only hurt the individual in the long run and make foreclosure even that much more of a possibility.

Lastly, if the home is a HUD home, there are HUD counseling agencies which will aid the homeowner in preventing foreclosure issues from arising. The homeowner should contact HUD authorities to discuss ways in which to keep their home and make payments.

Possible Alternatives to Foreclosure

For those individuals who have trouble making mortgage payments on their home and fear foreclosure, it is important to know about other alternatives which may be recommended besides the dreadful foreclosure. Not all of these alternatives will apply to each and every individual but some may prove to be very handy when all is said and done. The first is called a special forbearance.

The special forbearance is something which may be arranged by the lender whereby the homeowner receives a payment schedule adjustment and may also receive a suspension of payments for a certain period of time. The representative of the lender will discuss options with the homeowner and after reviewing their situation decide if a special forbearance is warranted.

Another alternative to foreclosure is the mortgage modification. A mortgage modification is where the homeowner has the option to extend the loan period or refinance their current loan to get a lower rate and therefore have lower monthly payments. This is a wonderful option for those individuals who do not make enough each month at the moment to currently pay their mortgage.

A partial claim is another alternative for homeowners facing foreclosure to consider. The partial claim is available to those individuals who have HUD loans. With this payment alternative, the Department of Housing and Urban Development would help the homeowner bring their mortgage up to the current balance by paying the money which is overdue. This is a way to help the homeowner get out from under the mounting debt and then try to get them on the right payment schedule.

Some individuals may find that selling their home is the best bet and they can do so by way of a pre-foreclosure sale. This allows the individual to sell their home for an amount less than the total mortgage amount due prior to having it sold via foreclosure sale.

Lastly, one may be able to submit a deed in lieu of foreclosure. Although this still will not prevent the homeowner from losing their house, it will help them in the long run by not having a foreclosure on their credit history.

Summary

Foreclosure is a serious matter for homeowners to face. However, it is important to know that there are ways to prevent foreclosure and alternatives to foreclosure do exist should such a thing be necessary in the end.

The Bay area is considered a beautiful and interesting area to live as well as to visit. If you’re looking to start your search for Bay Area Real Estate please visit my website or call me John Nazareno at 510-410-8026. Information about Foreclosures in California and other states including tax liens and tax deeds.

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OK, if you’ve found your way to this article, two things are probably true:

One, you are in trouble and you’re either struggling to make your mortgage payments or you are worried that you will be struggling soon.

Two, you KNOW you’re in trouble and you are looking for help to figure out the best actions to take to save your home.

The good news is that you KNOW you’re in trouble. That’s an important first step.

We are here to help you figure out what to do next, and in some cases what NOT to do.

Below are some questions you need to ask yourself. How you answer these questions will help determine what to do next.

1. Are you are still making mortgage payments (even if you won’t be able to very soon)?
2. If you are behind on your mortgage payments, how far behind are you? Have you responded to notices sent by your lender?
3. Do you know the terms of your loan? Specifically, if your have an adjustable rate mortgage (ARM) do you know when the interest rate will increase and the amount you will be expected to pay in future months?
4. Do you have the money to make the payments at the current amount (even though you may be in serious trouble when the payments increase)?
5. Do you know who (which financial institution) currently holds your home loan? Remember, the company that gave you the loan is probably not who owns it now.

The following steps are designed to help you save your home. But, they are not easy. They require hard work, dedication and determination on your part. You need to act quickly because the longer you wait, the fewer options you will have. So let’s get started.

Step 1: Decide to Fight for Your Home

Ask yourself if you are ready to take responsibility and WORK your way through your current financial challenges. You have to be honest. You have to know how tough you really are. There will be pain. Now, if you are ready to do whatever it takes, keep reading, if not, don’t waste your time, just go watch TV or do whatever else you’d like to do while you’re waiting for your financial world to crumble on top of you.

Step 2: Build a Rock-Solid Budget on Tough, Honest Choices

Write down your budget for the next several (3-5) years. This may sound hard, but do it. The word ‘budget’ sounds like a complex plan that takes a long time to construct, but it doesn’t have to be that complicated. It’s just a list, month by month, of the money that’s coming in and the money that’s going out. What makes a budget good? Just the thought and honesty you put into it. What are you really going to make? What are you really going to spend? You will have to make some guesses. You don’t know what gas will cost next year (assume it will be more than it is now, at least 10% more each year). You don’t know how much money you’ll be making (assume it will stay exactly the same as it is right now).

You will have to think (hard). What happens in January? Will you have to pay for presents? What happens in July? Will you have to pay for travel? You get the idea. Assume something will hit you out of the blue every 3 months or so (car repairs, an appliance dies, etc.).

Once you see all of the ‘money out’ items in your budget, you may need to make some hard choices. What can you live without to save your home?

Step 3: Know Your Budget Like the Back of Your Hand

Now that you have your budget, memorize it. I mean it. Memorize every little detail. Put it on flash cards if you have to. You should be able to recite every money-in, money-out detail if someone dumped a cold bucket of water on you at 3 o’clock in the morning. Why? So when you’re about to buy something you can ask your brain if it’s in the budget. Your brain will know the answer immediately. There will be no ‘maybe it is’ or ‘maybe it isn’t’.

Step 4: Learn to Think Like Your Bank

You are going to contact the bank or the mortgage lender that currently holds your home loan. But don’t pick up the phone yet! First you have to be ready to have the RIGHT conversation with your bank. You know your budget by heart (that was Step 3), now you have to learn the RIGHT way to present yourself, and your budget to your bank. The right way means that you appear to be someone who is AHEAD of the game. You appear to be someone with a clear plan (your budget). You appear to be someone who is going to be able to survive your current money problems.

Put yourself in the shoes of your bank. You (the bank) has hundreds of people in trouble with their home loans. You can’t help every one of them. You are a bank, and you don’t need a bunch of homes (especially not NOW, when every other bank is experiencing the same problem). What does your bank want? They want ‘bad’ loans to go away. They can either play hardball with you and take your home (and sell it for a loss just to make the whole painful episode end) or they can work with you, so you can keep paying. What does that mean for you? It means you have to look like someone who is going to be able to keep paying. They want to be sure you aren’t lying about what you make or what you spend each month. If there’s NO chance you’ll be able to keep up with lower mortgage payments, there’s NO REASON for them to help you! You’ll just be back in trouble in a few months anyway, and they’ll end up taking your house (foreclosure). If your bank thinks you are a hopeless cause, they’ll just foreclose now rather than prolonging the pain.

Step 5: Track down whoever is Holding Your Home Loan

Contact whoever is currently holding your loan/mortgage. If they’ve sent you mortgage materials telling you how to contact them, great. If not, locate your lender any way you can (phone number on mail they’ve sent you, yellow pages, internet search, etc.). Call or write to them and tell them about your situation. Be clear about what you want (I want to keep my home. I have a clear budget that will allow me to make payments of a specific amount, etc.). If your goal is to keep your home, then make sure they know that you have a plan (the budget that you’ve carefully built and memorized). Leave no doubt that you are better than you look on paper (your credit score, your payment history, etc.).

Tracking down the actual owner of your loan can be difficult. You can start by calling or writing a letter to the company that receives your monthly mortgage payments. Expect to hear something like, ‘We don’t actually own your loan, we just process the paperwork’ from this company. In your communication with them make the following request: ‘If you don’t own this loan, please send me the contact information for the company that does own it.’ You may have to go through several companies to find the one that owns your loan and has the power to change its terms (to freeze or reduce your payments). Do not give up. If it’s hard for you, it’s also hard for all of the other people out there who are also struggling with their home payments. You are competing with these people to be selected as one worthy of help from your lender. You should be happy that the task of finding that lender is difficult. You should be happy because other people will give up once they see that locating the lender is difficult. But you won’t give up until you find them. Be tough. Do not give up.

If you reach a dead-end in your effort to locate the bank that holds your home loan, then contact the consumer affairs department of your state’s Attorney General Office and ask if they have a mortgage unit. Tell them what you are trying to do, and ask how they can help.

Step 6: Respond to Whatever Your Lender Throws at You

How your lender responds to your request will determine how you proceed. If they are willing to work with you, great. If they ask for more information from you, follow their instructions, and give them what they ask for as quickly as you can. If they deny your request, ask them what you could change that would make them agree to reset the terms of your home loan.

It’s OK to look for help. Some of the links on this page may help you. Some of the advertisements and offers may provide information or services you can use. Shop around, learn, and explore your options. But don’t let anyone push you into anything you don’t fully understand.

There are lots of companies out there that talk about foreclosure prevention or debt rescue. They may tell you that they can let you keep your home and help you pay your mortgage. They may have a plan where you can stay and just pay rent. Be very skeptical. Ask every question that pops into your head. What will really happen to your mortgage? What will happen to your credit? Make them prove that their plan is best for you. Did they ask you about your specific situation? If they don’t ask you about your specific situation (your budget, for example) how can they possibly know what is best for you?

Ask to talk with satisfied customers. Some companies can provide real options that may help you. But many, many companies talking about foreclosure prevention, mortgage restructuring, loan modification and/or mortgage rescue are simply predators. They know you need help. They know you need to act quickly. They might just want the last few dollars you have.

You should check out accredited debt counselors in your area. You can get a referral to a non-profit counseling agency approved by the Department of Housing and Urban Development at http://www.hud.gov. The National Federation of Credit Counselors also has a program to certify counselors.

These steps are not easy. But remember, if they aren’t easy for you, they aren’t easy for other people struggling to make their mortgage payments. Be tougher than these other people. Keep going when they give up.

Remember, no one can guarantee success. But giving up will guarantee failure.

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How Can I Stop Foreclosure On My House?
 by: Mark Lambie 7eb

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We understand the being in foreclosure is a scary thing. You are probably wondering how can I stop foreclosure on my house. There are many options available when facing foreclosure. They may include reinstating the loan, forbearance, loan modification, mortgage refinancing, sale of the property, deed in lieu of foreclosure, or bankruptcy filing.

There are also many services that will work with your to help with your situation. These companies are able to tailor a plan specific to your needs. It is most important to know that time is your worst enemy when facing foreclosure. Even if you are just one payment behind, you should do something rather than wait until you are even more behind. This may sound like common sense but many people fail to do something, and just pretend like nothing it wrong. Seeking help before you are 90 days or more behind on your payments can greatly increase your chances of success.

Here are a few tips if you are facing foreclosure. First no not ignore any attempts of contact from your lender specifically letters. If you can not keep up on your payment, call or write to your lender and explain your situation. Be prepared to give financial information, and tell them that you would like to work out an arrangement until you can resume making timely payments. It is also a good idea to keep records of any contact you have with your lender. Keep in mind that any workout plan you agree to with your lender should be realistic, don’t agree to something you can’t follow through with.

If the bank is not willing or able to work something out with you consider getting in touch with a loss mitigation service. They will be able to work with you and develop a plan that can save your home. They will work with you one on one and structure a plan that is best suited to your needs. Since everyone’s situation is different contact them to tell them your specific situation. Many have forms you can simply fill out and get a response within hours. For more information on loss mitigation services visit http://www.foreclosure-helper.com for a free foreclosure situation analysis

About The Author

Mark Lambie is the owner and operator of http://www.foreclosure-helper.com a website dedicated to helping homeowners facing foreclosure. We provide a wealth of information on the whole foreclosure process. And can help save your home from foreclosure.

You are free to publish this article on your site as long as all links back to us remain in tact.

This article was posted on February 04, 2005

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The September 20, 2007 decision by Judge Barker of the United States District Court for the Southern District of Indiana in Midwest Lumber v. Branch Banking, 2007 U.S. Dist. LEXIS 69924 (S.D. Ind. 2007) involves the dismissal of borrowers’ lender liability claims, but it also specifically addresses a release provision in a forbearance agreement. Even though lender liability is not my primary focus, certainly forbearance agreements are pertinent. And the workout industry should be aware of Judge Barker’s holding.

Parties. The plaintiff was borrower Midwest Lumber, a lumber supplier. Mr. and Mrs. Davis, the principals of Midwest Lumber and guarantors in the subject transactions, also were plaintiffs. The loans in question involved working capital for the business secured by accounts receivable, inventory and real estate. The named defendant was Branch Banking and Trust Company, the lender, which refinanced Midwest Lumber’s working capital loan facility.

Defaults/forbearance agreements. Midwest Lumber couldn’t make its payments, so it and the Davises entered into a series of loan modifications and, ultimately, forbearance agreements with Branch Banking. As an inducement for Branch Banking to agree to the terms set out in the forbearance agreements, Midwest Lumber and the Davises gave comprehensive written releases to Branch Banking in each forbearance agreement that stated in pertinent part:

[Midwest Lumber and the Davises] hereby release and forever discharge [Branch Banking], its officers, directors, attorneys, employees, predecessors and successors (the ‘Released Parties’) of and from any claims, demands, obligations, actions, causes of action, damages, costs (including without limitation court costs and attorneys’ and paralegals’ fees and expenses), expenses and compensation of any nature whatsoever (collectively, ‘Claims’), known or unknown, whether based in tort, contract or any other theory of recovery, or which may exist or might be claimed to exist at or prior to the date of this Letter Agreement on account of or in any way arising out of the Banking relationship between [Midwest Lumber], [Branch Banking] and its successors . . ..

Id. at 15.

Midwest Lumber/Davises Lawsuit. The suit giving rise to the opinion originated with the filing of a complaint by Midwest Lumber/the Davises against Branch Banking in which the plaintiffs alleged that Branch Banking should be liable for misrepresentation, breach of the covenant of good faith and fair dealing, interference with business relationships, breach of fiduciary duty, undue control, economic duress and business coercion and negligent misrepresentation. Significantly, Midwest Lumber/the Davises initiated the lawsuit after they had executed the forbearance agreements containing the release.

Midwest Lumber filed a motion to dismiss the claims based in part upon the releases in the forbearance agreements. Branch Banking argued that the forbearance agreements released it of any liability toward Midwest Lumber and the Davises. Judge Barker agreed. Midwest Lumber and the Davises made a variety of arguments against the enforceability and effectiveness of the releases, but Judge Barker concluded on page 18:

having determined that the releases clearly and unambiguously released [Branch Banking] from any claim by [Midwest Lumber and the Davises] arising out of their banking relationship and having further found that [Midwest Lumber and the Davises] were not under economic duress when they signed the releases and that [Midwest Lumber and the Davises] have not returned the consideration they received from [Branch Banking] in exchange for signing the releases, all of [Midwest Lumber and the Davises] claims in the Second Amended Complaint must be DISMISSED.

Message. The Midwest Lumber case begs the question of whether lenders should demand general releases in all of their forbearance agreements. Most workout scenarios will not involve questionable conduct on the part of the lender or allegations of lender liability. So, such a release might not directly apply in many situations. But there is no downside from the aspect of the lender to include such general releases in the forbearance agreements. Indeed, there is only upside: protection. The time the parties forbear is the time to get a release - even if you don’t think you’ll ever need it. Midwest Lumber generally supports the proposition that such a release should be effective to bar future lender liability claims brought by the borrowers or guarantors, so releases of liability probably should be negotiated into most if not all forbearance agreements, if possible.

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