Posted on: 13th Sep, 2007 04:31 am
PREDATORY LENDING PRACTICES CAUSED ME TO LOOSE MY HOME, IS THERE A WAY TO GET IT BACK?
hi caseyd,
welcome to the forums.
i can understand how you feel. but i don't think it is possible. btw, can you please explain as to what exactly is your situation. how did predatory lending made you leave your home? and how do you know it's predatory?
usually none can refinance a home after foreclosure. but yes, in some states, the borrower can get back the home provided he comes up with the judgment amount, if any, within the redemption period.
take care
welcome to the forums.
i can understand how you feel. but i don't think it is possible. btw, can you please explain as to what exactly is your situation. how did predatory lending made you leave your home? and how do you know it's predatory?
usually none can refinance a home after foreclosure. but yes, in some states, the borrower can get back the home provided he comes up with the judgment amount, if any, within the redemption period.
take care
Hi Caseyd,
After foreclosure, when judgment is granted by the court, the redemption period starts. If within that redemption period, you pay off the judgment amount, you can get back your property. And then you can do the refinance.
After foreclosure, when judgment is granted by the court, the redemption period starts. If within that redemption period, you pay off the judgment amount, you can get back your property. And then you can do the refinance.
Predatory lending is illegal and yes if you were a victim of it you have rights.
Please explain a little more about your situation.
If you are one of the people with an adjustable rate that just skyrocketed and you fell behind on payments, that is not predatory lending. That is an Adjustable rate mortgage that did not go the way you had hoped. Not trying to discount your situation it is just the most common thing these days. When you tell a client that this rate can (and I usually said can and will) go up all they here is "my payment is X". Even when ARM's were paying a lot better than Fixed rates I still tried everything I could to get people to go fixed. Unless they would swear to me that they were definately moving in 2-3 years.
If you were cheated by a lender though there are very strict penalties for them and your state attorney general would be more than happy to help you.
Please explain a little more about your situation.
If you are one of the people with an adjustable rate that just skyrocketed and you fell behind on payments, that is not predatory lending. That is an Adjustable rate mortgage that did not go the way you had hoped. Not trying to discount your situation it is just the most common thing these days. When you tell a client that this rate can (and I usually said can and will) go up all they here is "my payment is X". Even when ARM's were paying a lot better than Fixed rates I still tried everything I could to get people to go fixed. Unless they would swear to me that they were definately moving in 2-3 years.
If you were cheated by a lender though there are very strict penalties for them and your state attorney general would be more than happy to help you.
Yes, let us know why you feel that you became victim of predatory lending practices. We will then be able to tell you whether it will actually be considered as predatory or not. And if it was a predatory lending scheme then how you can complain to legal authorities against it.
Miller
Miller
"Yes, let us know why you feel that you became victim of predatory lending practices. We will then be able to tell you whether it will actually be considered as predatory or not. And if it was a predatory lending scheme then how you can complain to legal authorities against it. "
Not to mention help anyone else who may be facing the same situation.
Not to mention help anyone else who may be facing the same situation.
Maybe...
If you are in default due to a ARM adjustment, you could investigate whether you qualify for FHA Secure---it allows qualified homeowners that are in the throws of losing there home to refinance using a 30 YR FHA mortgage.
If there is significant equity left in your home (approx. 30%), you could consider using a foreclosure bailout loan/hard money loan (although this isn't a solution but a short term band-aid that rarely serves its purpose [lowers your payment]).
A more creative approach is what is called a lease option---you sell the property to a friend/investor, they get a new mortgage and then lease back to you with the option to buy back.
Regards,
Scott Miller
If you are in default due to a ARM adjustment, you could investigate whether you qualify for FHA Secure---it allows qualified homeowners that are in the throws of losing there home to refinance using a 30 YR FHA mortgage.
If there is significant equity left in your home (approx. 30%), you could consider using a foreclosure bailout loan/hard money loan (although this isn't a solution but a short term band-aid that rarely serves its purpose [lowers your payment]).
A more creative approach is what is called a lease option---you sell the property to a friend/investor, they get a new mortgage and then lease back to you with the option to buy back.
Regards,
Scott Miller
after the house is forclosed on no bank will refinance or finance you for 7 years. Due to the market know because of predatory lending and foreclosure financing subprime is becoming obsolete.