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Posts under ‘Alex Speak’

The Myth of the Missing Note

Jul 31st, 2009
by Site.
4 comments

True or false? If your lender loses the original note on your loan, it can’t foreclose. The answer is: FALSE! That’s a myth, most of the time.
For the lender the note is the most important paper you sign at a real estate closing. Why? Because, if you don’t make your mortgage payments, the lender can’t [...]

Biggest foreclosure mistake

Jul 12th, 2009
by Alex.
14 comments

One of the biggest mistakes you can make after getting served with foreclosure papers is to do nothing, figuring you’ll “just let the house go.” Not only will you lose your home, but the bank will probably get a deficiency judgment against you; that is, a judgment awarding the bank money for the difference between [...]

Do not ignore Foreclosure papers

Jul 12th, 2009
by Alex.
No comments yet

Don’t ignore that foreclosure notice just because your lender is already “working” with you on your mortgage problem!
Too many people think that because their lender is working with them on a short sale, a modification, or some other workout option, they don’t have to do anything about the foreclosure papers they got served with.

Foreclosure Mediation

Jul 12th, 2009
by Alex.
No comments yet

If you get sued for foreclosure, remember that most courts give you the chance to “mediate” your case. In mediation, you, your lawyer (if you have one), and a representative of your lender who has the authority to get something done, meet with a mediator (a lawyer who doesn’t represent you or the lender, but [...]