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Working Foreclosures

Working Foreclosures. Kendall Tierney President, GRCA. The Language of Foreclosure. Varies by state Strict Foreclosure Deed in Lieu of Foreclosure Judicial vs. Non-Judicial Short Sale Trustee Sale Redemption. What should I ask?. What stage of foreclosure is the home in?.

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Working Foreclosures

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  1. Working Foreclosures Kendall Tierney President, GRCA

  2. The Language of Foreclosure Varies by state Strict Foreclosure Deed in Lieu of Foreclosure Judicial vs. Non-Judicial Short Sale Trustee Sale Redemption

  3. What should I ask? • What stage of foreclosure is the home in?

  4. What should I ask? • What stage is the foreclosure in? • What options have they explored?

  5. Making Home Affordable • Loan terms may be modified by reducing payments for distressed borrowers • Refinancing is intended to help owners who are current on payments, but have little or no equity in their home • Loans can be modified only one time • To be eligible, your loan must be owned or guaranteed by a government-backed mortgage company such as Fannie Mae or Freddie Mac

  6. Making Home Affordable • Plan starts immediately and is strictly for primary residences that are not vacant or condemned • There are no fees for this type of loan modification • Modification plan ends on December 31, 2012 • www.makinghomeaffordable.gov

  7. What should I ask? • What stage is the foreclosure in? • What options have they explored with their lender? • Are they planning to file bankruptcy?

  8. Foreclosure and Bankruptcy • Chapter 7 bankruptcy does not prevent foreclosure • Equity • Chapter 13 can prevent foreclosure • Post-petition debt • Loan modifications made by judges

  9. How Might Modifications Work? • Amends Bankruptcy Code section 1322(b) • What are the rules?

  10. An Example Under the current Chapter 13 laws: Parker, Chip. “How Will Mortgage Modification Work under the New Bankruptcy Law?” www.bankruptcylawnetwork.com.

  11. An Example Under the proposed Chapter 13 laws: Parker, Chip. “How Will Mortgage Modification Work under the New Bankruptcy Law?” www.bankruptcylawnetwork.com.

  12. What should I ask? • What stage is the foreclosure in? • What options have they explored with their lender? • Are they planning to file bankruptcy? • Does my government have a lien in place?

  13. What About My Judgment? • Deficiency judgments • First position v. Junior position • When a Junior lien holder forecloses • Do I need a new judgment?

  14. What should I ask? • What stage is the foreclosure in? • What options have they explored with their lender? • Are they planning to file bankruptcy? • Does my government have a lien in place? • What do I do now?

  15. Determine Property Ownership • What is the importance of the trustee sale date? • Homeowners are responsible for the property until the sale date • Trustco Bank, National Association v. Eakin (681 N.Y.S.2d 410) • What is the importance of having the deed recorded by the new buyer?

  16. The debtor says… • My house is in foreclosure. • I gave my house back in the bankruptcy. • I lost the property in foreclosure. • The bank kicked me out.

  17. Thank you for your attention. Kendall Tierney 877-724-GRCA Kendall.tierney@govcollect.org

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