Tag: Mortgage loan

Dayton Bankruptcy Attorney: Mortgage Loan Modifications

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Mortgage Loan Modifications

English: Mortgage debt

Under water! When your mortgage is more than the value of your home, you can feel like you are drowning.  Contact Bankruptcy Lawyer Zachary Bushatz about obtaining a mortgage loan modification.  Mortgage loan modifications allow you to stay in your property while reducing your monthly payments to a livable rate.  This fresh start can also help bring your mortgage up-to-date if you have missed some payments.  To be eligible, you must demonstrate that any outstanding balance owed is because you suffered a setback that has since been resolved and you are now able to make payments at a lower level over a longer period of time.Through solid negotiation and proper planning, Zachary Bushatz may also be able to lower your interest rate, fix adjustable rates, reduce your loan balance, erase debts caused by delinquent bills and get you lower payments over a longer period of time.  You can also explore if a bankruptcy filing might be right for you.

Mr. Bushatz has an understanding of Ohio Bankruptcy Law.  He can prepare all necessary applications and represent you and your financial situation accurately.  He will work with you and your lender to a reasonable payment rate.  He can navigate you through the relationship between bankruptcy and past due mortgages and will work to save your home by securing a mortgage modification or using appropriate bankruptcy protections in a bankruptcy filing.  Contact Zach today at (937)318-1529 or visit www.DaytonBankruptcyAttorney.com.

“I fight every day to help people who are struggling. There is no greater feeling than seeing that look of hope and relief return to a client’s face.  That is why I do this.”

-Zachary Bushatz-

Dayton Bankruptcy Report: Banks Ramp Up Foreclosure Process in Third Quarter

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After a drop in foreclosures the first part of this year, the number of U.S. homes that received a first-time default notice during the July to September quarter increased 14 percent compared to the second quarter of the year, according to RealtyTrac Inc.  This increase signals that banks are moving more aggressively against borrowers who have fallen behind on their mortgage payments since last fall when foreclosure processing problems emerged.  Foreclosure activity began to slow in the fall of 2010 after problems arose with the way many lenders were handling foreclosure paperwork.  Shoddy mortgage paperwork comprising shortcuts collectively known as “robo-signing” had resulted in a sharp drop in foreclosure activities from last fall through the beginning of this year.

This surge in default notices means homeowners who have not kept up on their mortgage payments could end up in foreclosure sooner.  The initial default notices banks send to delinquent borrowers are the first step in the process that can eventually lead to a home being taken back by a lender. This up-tick in foreclosure activity could stall any turnaround for the U.S. housing market.  Experts say a revival is not likely to occur as long as there remains a glut of potential foreclosures hovering over the market.

The increase in initial default notices during the July to September period is significant because it is the first increase after five consecutive quarters of declines.  This suggests that banks are gradually addressing their backlog of homes in foreclosure and are beginning to move to more recent home loan defaults.  RealtyTrac CEO James Saccacio said that “while foreclosure activity in September and the third quarter continued to register well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.”

Still the process of foreclosing on property, from the initial default notice to being on foreclosed on is taking almost a year.  According to RealtyTrac, in the third quarter, it took an average of 336 days, or 11.2 months, for a U.S. home to go from receiving an initial notice of default to being foreclosed by a lender.  In all, 195,878 properties received a default notice in the third quarter.  Banks are on track to repossess some 800,000 homes this year, down from more than 1 million last year, Saccacio said.  RealtyTrac had originally anticipated close to 1.2 million homes would be repossessed by lenders this year.

If you have received a notice of default, or are even further along in the foreclosure process, it is not too late to save your home.  Contact the law office of Zachary Bushatz today to see how I can help you stop the foreclosure process and bring your payments current with the bank.  Call 937-879-9542 today.