Comments on: Can You Stop Foreclosure & Get Your Debt Canceled?

By: Earl Fischer

Earl Fischer — Thu, 25 Nov 2010 05:56:54 +0000

I’m sorry to hear about your illness, John. I hope you get well soon in case your illness is still bothering you. It would not be proper to answer your question because you said you already have a lawyer so you should ask your lawyer. Also, different states have different laws on mortgage. Check with your state or local laws on mortgage modification. Bear in mind that mortgages basically involve contracts between 2 parties. A judge either enforces the contract or declares it invalid or unenforceable, in whole or in part, depending on whether the contract as a whole or some of its clauses contravenes the law or some other public policy consideration. Pardon the very general character of this response. Like I said above, you will have to check with your lawyer. Good luck!

By: John

John — Tue, 23 Nov 2010 17:13:03 +0000

Can a Judge force a bank to modify a mortgage? I became ill over the last 3 yrs.Got hit with foreclosure and hired a lawyer.My lawyer wants to modify the mortgage on my yearly income(What I’m taxed on,what I made). Not a projected 12 months @ 5000 a month. Being ill I missed alot of work and pay.I made an average of 30,000 a yr for the last 3 yrs.The bank wants the 12 months figured in the modification even though I make much less.
Thanks.

By: Larry Fleckinger

Larry Fleckinger — Wed, 21 Jul 2010 18:09:44 +0000

In my experience many banks will forgive your deficiency; credit unions do not want to play ball though.

By: bluegrass filly

bluegrass filly — Mon, 12 Jul 2010 17:21:23 +0000

I have witnessed several judges who are receptive to allowing a debtor in default to re-negotiate the loan, in order to avoid foreclosure, provided the defendant-debtor

(1) timely responds to complaints for foreclosure;
(2) shows the judge repeated efforts and attempts to reach a settlement with the bank;
(3) provides the judge with written communication the debtor has had with the bank’s loan servicing department.

Hope remains to a responsible debtor. Many times, the bank’s legal department or outside counsel handling foreclosure proceedings is not aware of the renegotiation already going on between the defendant-debtor and another department within the bank. An unfortunate case of the right hand not knowing what the left hand is doing. These details can help persuade the judge that the responsible debtor is entitled to a second chance.

By: Dennis

Dennis — Mon, 12 Jul 2010 05:32:05 +0000

Very useful information for guys like me who are clueless on what to do with a notice of foreclosure. Simply said and easy to follow.

Thanks!

By: ET

ET — Sat, 10 Jul 2010 23:28:47 +0000

The tips are sound and yes, I have had actual experienceing negotiating when matters of money are concerned. Granted, not in the magnitude of a home mortgage, but overall, if you take the initiative and appear to not be the type who is just looking for a handout or a freebie, then the loan holders turn a softer heart and ear…problem minimized if not solved.

By: Elliot Zshornack

Elliot Zshornack — Sat, 10 Jul 2010 21:26:44 +0000

Great Stuff!!

One of the reasons people fear going into mortgage is the uncertainty with the country’s economic condition and with their economic condition. Its nice to hear that all may not be lost when the worst happens. This article gives a little bit of information of an actual case where it did happen. Someone was able to cancel the mortgage and it gives a bit of an insight on what led to the cancellation of the mortgage. It also gives us a bit of an idea on how the law works and how judges make decisions.

By: edward gold

edward gold — Sat, 10 Jul 2010 14:29:36 +0000

I hope the legal environment I’m reading about in New York is not representative of the country. There must be more to this case. Was their malfeasance involved by the bank?