Even if you’re keeping up with payments on your first mortgage, falling behind on a home equity loan or home equity line of credit (HELOC) can still put your home at risk. Many homeowners don’t realize that defaulting on a HELOC can lead to foreclosure, even if their primary mortgage is paid. Because your property…
If you’ve fallen behind on your mortgage payments, you may have already reached out to your lender for a loan modification, forbearance, or repayment plan to help you prevent foreclosure. While your request is under review, lenders are legally required to stop the foreclosure process. Moving forward with foreclosure while reviewing loan modifications or other…
Lenders make mistakes or violate the law more often than you realize, which can hurt you financially and even lead to bankruptcy or foreclosure. In this article, we’ll break down the common reasons to sue a mortgage company, so you know what to look out for. If you believe your mortgage lender has participated in…
Serving in the U.S. military is an important and often dangerous job. To recognize that sacrifice, servicemembers and their families are entitled to important legal and financial protections, especially during active duty. In 2003, the Servicemembers Civil Relief Act (SCRA) was passed to update and expand protections for servicemembers. The protections under SCRA focus on…
Loan modifications can be a great option to avoid foreclosure if you are struggling to make your payments. Even if you qualify for a loan modification and your application is approved, the loan modification process isn’t over yet. Before your loan modification can be officially applied to your mortgage, you must complete a trial payment…
As a homeowner, you have legal protections under the Real Estate Settlement and Procedures Act (RESPA) that give you the right to sue your lender if they make an error in loan servicing and refuse to fix it. In this article, we will discuss what the Real Estate Settlement Procedures Act is and how you…
A judgment refers to the court’s final decision. When someone says a judgment has been made, it means that the court has decided the outcome of the case. In a foreclosure case, once a judgment is entered, your options to stop foreclosure are limited. One option to stop foreclosure after a judgment is to file…
If you’re behind on mortgage payments and facing foreclosure, bankruptcy can feel like the only option to protect your home. One of the benefits of filing for bankruptcy is the automatic stay, which prevents creditors from taking collection actions and pauses any foreclosure proceedings. While an automatic stay in bankruptcy can temporarily stop foreclosure, it…
A Small Business Administration (SBA) loan is a government-backed loan provided through private lenders to give small business owners access to funding they might not otherwise get. Business assets and a personal guarantee from the business owner back most SBA loans. This means that if the loan defaults, the business owner is held personally responsible…
VA loans offer many benefits, but they do not protect you from foreclosure. One of the most common misconceptions is that the Department of Veterans Affairs (VA) can stop a foreclosure. The VA guarantees a portion of your loan, but the loan itself is provided and serviced by a private lender. Falling behind on your…