I really need to find out because I thought it was 60 days before they could proceed with the next auction but WF bank is telling me that is 30 days. If anybody knows what are the regulations are in the state of California please let me know and please let me know where I could find this information!
Thanks

They are not stopped, they are delayed, it is 30 days in CA.

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Tired of getting scammed and tired of being declined loans just need to get out of a hole. I work hard and I just finished school to get my bachelor’s degree, so I will be okay as soon I can get back on my feet. I know God is going to take care of me and I understand things don’t come easy, but if there are any useful suggestions, I’m open.

You need to talk to a Cetified Distressed Property Expert who is local to you.

http://www.cdpe.com

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Do you know District of Columbia Foreclosure Laws?
Visit http://www.snurl.com/ForeclosureGuide

AVOID FORECLOSURE & GET YOUR LIFE BACK!

More and More People Are Facing The Prospect Of Foreclosure
DON’T LET FORECLOSURE HAPPEN TO YOU!
Take the Steps to Preventing Foreclosure. Visit http://www.snurl.com/ForeclosureGuide
Chances are that you, like other people, are aware of the problems in the real estate market. Foreclosures are at a record high. You may even have been suffering from foreclosure fever a little yourself. Perhaps you have a loan with an adjustable rate that has gone up sky high? If that's the case, then you may be struggling to make your mortgage payments and wondering if you will soon be joining the dismal statistics of those who are in foreclosure. In some states, such as California, Florida and Nevada, foreclosures run into the hundreds of thousands.

Here's what you will learn from the guide on this website:
* The warnings of foreclosure
* What foreclosure does to you
* The …

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Almost a third of all property that is now on sale is owned by banks due to the rise in foreclosures and repossessions. Due to this continuation house prices are being pushed down and driving an expansion in this niche market. In the 2nd quarter of 2008 alone around 740,000 US homes entered into foreclosure. The number of US foreclosures has almost doubled over the years, especially due to the current economic situation.

The wave of foreclosures that has been and is continuing to sweep through the US comes in the wake of the sub-prime mortgage lending crisis. These issues could be the factors that end up destabilizing the US housing market and may also lead to further turmoil in financial institutions.

The biggest reason that people end up having to face a foreclosure is due to falling behind or failing to pay their monthly mortgage repayments. There are of course several reasons as to why this happens such as being laid off work or being fired, suffering an inability to continue working due to medical conditions, having excessive debt and mounting bill obligations and divorce as well as having a job transfer, which takes you to work in another state. Whatever the reason the consequences are sadly severe but now more than ever is the time to take action.

The concept of a foreclosure refers to a procedure that allows a lender to recover the amount that is owned to them on a defaulted loan by selling or taking ownership, which is known as repossession, of the property. So just how does the foreclosure process start? Well the way it starts is generally the same for most people. If a borrower/owner defaults on loan payments, which are generally mortgage payments the lender will then file a public default notice, which is known as a Notice of Default or Lis Pendens. Even though the way in which a foreclosure procedure starts is the same, it can end in one of four ways, which are as follows:

• The property is placed on a public auction at the end of the pre-foreclosure period and a third party buyer purchases the property

• The borrower or owner restores the loan by paying off the default amount during a period that is determined by state law; this period is known as the pre-foreclosure

• If the property is sold by the borrower or owner during the pre-foreclosure period; this sale allows the borrower/owner to pay off the loan and avoid having a foreclosure placed on their credit history

• If the lender takes up ownership of the property; this is usually done with the intent of re-selling the property on the open market. The way that the lender can take ownership is either through an agreement with the borrower or owner during pre-foreclosure or by buying back the property at the public auction.

If you are in the mist of facing foreclosure then it may be a good idea to speak to a real estate agent or a buyer specialist who will be able to advise you on anything that you are able to do to stop the foreclosure from happening and even if this isn’t the case they will be able to guide you through the process and help you get back on the property ladder. So get in touch with one today and start receiving the specialist help that could make all the difference.

MARK Z.
http://www.articlesbase.com/real-estate-articles/what-is-involved-in-a-foreclosure-707646.html

www.foreclosureindustry.com Christine explains the concept of recission and how it relates to foreclosure and loan modifications.

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Many homeowners are underwater (owing more than the house is worth). Most of these homeowners would stay in the house and continue paying their mortgage IF the bank would lower the value of the house. BUT the bank would sooner foreclose on the homeowner, drop the house value and sell it again at the lower value but never to the original homeowner. Can someone make sense out of this stupidity.
I don’t see why responders don’t see that the ONLY solution to the housing crisis is to stop the foreclosures as quickly as possible.

You seem to have forgotten the simple fact that the bank gave the homeowners cash money to buy the house. The house has been purchased, the mortgage is not buying the house, it is repaying a cash loan. This is not stupid, as you are the one over looking the fact that the bank already gave the homeowners money. Loans are repaid based on the amount borrowed, not the present value of the item purchased.

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I heard there is a new law, to help unemployed people, who are in foreclosure. If the Notice of Default has been received, how can I stop the sale?

As of right now, there is no law…. But there is one that is on the table, and is expected to be formally introduced today. The law would require mortgage lenders to reduce a homeowners mortgage payment to a maximum of 31% of the borrowers income if unemployed (this would typically be 31% of their unemployment benefits) for 3-6 months.

In addition to payment relief, there are 4 other key components of the plan. First is that the government will provide incentives to lenders to lower the payments of mortgages that exceed 15% more than the value of the home. So if the home’s value is $100,000… and you own $115,000 on it, banks will be given bonuses if they reduce the loan to less than $115,000.

Secondly, the government will double the amount it gives to lenders to help modify second mortgages and piggy back loans that are a burden on homeowners. So if you have a second mortgage and are struggling to make the payments, the government will be providing more money to help the bank restructure the loans to make it more managable for you to make payments.

Thirdly, the government is looking to provide incentives to banks for helping homeowner who would not qualify for government assitance (for example, they are employed and their mortgage payment is less than 31% of their income) to find other alternatives. As an example, the banks would help in providing assitance for the homeowner to make a short sale of their home.

Finally, the government is looking to expand FHA programs to reduce FHA loans as much as 10% for homeowners who ARE managing to keep their head above water and are making payments.

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