WORD: Non-Recourse Loan

And the WORD for Today Is …

Non-Recourse Loan

His bark is worse than his bite. You’re familiar with the expression but who knew that it applied to banks as well. If you are behind on your mortgage—and millions of people are—you have probably been barked at by someone at your bank. It is reasonable that they make an effort to collect the funds which you owe them, but when you are unable to do so, you have conveyed that you are unable to do so, frequently some barking gets started.

A non-recourse loan means the bank has NO BITE. They have no recourse, or option to do anything else to you after they take the house. They cannot seek a deficiency judgment. Without a deficiency judgment there is no way for them to:

1. Attach your pay check (/garnishment/)
2. Pursue any of your other assets
3. This includes any/all retirement accounts

Once they acquire the home/property, whether that is via foreclosure, a deed-in-lieu or by trustee auction when the home was secured by a deed of trust, ALL THAT THEIR BANK CAN EVER GET IS THE HOUSE. There is no legal provision for them to ever come after the borrower for anything else.

The states listed below are generally non-recourse states:

• Alabama (some exceptions apply)
• Alaska
• Arizona
• Arkansas
• California (as long as non-judicial foreclosure is used, which is the most common)
• Colorado
• District of Columbia (Washington DC)
• Georgia
• Hawaii
• Idaho
• Mississippi
• Missouri
• Montana (as long as non-judicial foreclosure is used)
• New Hampshire
• Oregon
• Tennessee
• Texas (but even in a non-judicial foreclosure, the lender can pursue a deficiency judgment)
• Virginia
• Washington (as long as non-judicial foreclosure is used, which is the most common)
• West Virginia

*It is critical that the homeowner do several things:

1. Seek legal counsel to be sure they understand the implications, based the specific mortgage or deed of trust involved
2. Consider the specific financial resources and have clarity on what is at stake
3. Evaluate the total picture,  then make a decision based on a full assessment of  the situation

***This should not be construed to be legal advice.  SEEK COUNSEL.

"Remember, knowledge can be empowering!"

Mildred

Host: Home Ownership Matters Preservation Center, Inc. www.HOMPCI.org

Copyright © 2010. All Rights Reserved. Mildred Wilkins Consulting, Inc.

Myth vs. Reality: Short Sale During Bankruptcy

Myth: There is a widespread misconception that since the consumer still owns the house they have the option of putting it on the market anytime they want to, including when they have filed for bankruptcy protection. Sadly, there are some attorneys who will tell the consumer that there is no problem since they are ‘just marketing’ and will get approval from the Trustee for any eventual sale. Too many real estate salespeople are afraid they will miss the opportunity for the listing unless they go ahead and sign a listing contract sooner, rather than later. Everyone is feeling pressured and so a decision is made which is directly contrary to the law and is almost certain to anger the Trustee when they are made aware that a listing is in place. Since Trustees are people, this is not likely to bode well for the debtor.

Reality: All assets are considered frozen from the time the consumer officially files for the bankruptcy. A consumer is prohibited by Federal bankruptcy law from transferring or selling ANY assets until a determination has been made by the Trustee about which assets are to be sold or relinquished to satisfy creditors and which can legally be retained by the debtor. In the meantime, ANY asset advertised as available for sale clearly constitutes an attempt to dispose of that asset in direct violation of the law.

WARNING: If you are a REALTOR, you should be careful to explain to any borrower who is in default and becomes a listing client what is covered above and further, let them know that you will need to remove the listing from the market should they decide it is in their best interest to file for bankruptcy. A licensee should never have a property on the market unless and until the Trustee of the court has given a specific release (in writing) which says that the listing has the approval of that court. Your worst nightmare as a real estate agent could be getting an offer on a property which is, in fact, not available because it has not yet been released by that Trustee. You will have placed the listing client in an impossible position: an inability to close, which would open them up to the possibility of a lawsuit for “failure to perform.” Essentially I am saying this is one of those times when you cannot take matters into your own hands—EVERYONE should wait for the official determination of the Trustee of the Court. Once this has been handed down, provided to all interested parties in writing, then move forward based on the latitude you have been given.

Copyright © 2009, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

WORD: Redemption Right

And the WORD for Today is...

Redemption Right – is outlined in state statutes and varies from state to state. Many consumers sign away their redemption rights without knowing they had any. A telephone call to the sheriff or trustee’s office in your area will provide you with information concerning timeframes and the specific procedure necessary to redeem your home. Good Luck!

Copyright © 2009, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

WORD: Trustee's Deed

And the WORD for Today is...

Trustee’s Deed – a deed issued by a trustee under a deed of trust, given to a purchaser of a home at an auction, pursuant to foreclosure. Depending upon state law, the transfer may still be subject to the redemption rights of the borrower who lost the home through foreclosure.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased atwww.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

Q&A: Is the Seller Responsible for back taxes?

Q: When selling their home, is the seller responsible for paying the back taxes or tax liens?

A: Short answer: YES, to both.

Individual sellers of real estate are required to provide a clear chain of title and that requires that any back taxes or tax liens would have to be satisfied prior to or at the closing. In order to demonstrate that there are no outstanding debts against the property, the seller signs a vendor’s affidavit which affirms that there are no outstanding obligations which have not been paid. Additionally, they provide the purchaser with a general warranty deed further guaranteeing that a clear title has been conveyed.

Buyer Beware—Bank-owned sellers

The use of the word ‘their’ in the question above indicates you are talking about buying a home from an individual rather than an REO (bank-owned property) from an insurer such as HUD, VA, Fannie Mae or Freddie Mac. While these insurers are required to pay back taxes and Federal tax liens before they transfer title, they are NOT required to cover all liens and consequently you will most often receive what is called a “special warranty deed”, “sheriff’s deed” or “trustee’s deed”. Irrespective of what it is called, any of these types of deeds will be transferring “marketable title” but not necessarily “clear title” to you. You owe it to yourself to get clarity on all the words highlighted in this section before you purchase a home which is being offered for sale by an institution rather than an individual.

Pass it on! your ‘contingency’ and move to a closing.

What are contingencies?

They are stumbling blocks which must be addressed before you can close on the new home purchase. It might be that you have a home you must sell first. It might be that you need to get money from a 401K and have not yet applied for that to be released. You might need to pay off some outstanding judgments in order to get final loan approval to complete this transaction. It could be that you are awaiting a final answer from your employer about a possible job transfer or any one (or ten) other things.

Most important is to discuss with your agent whether or not there are conditions in the content of your offer, (probably under further conditions) which grant the seller permission to continue to show the home. If there are NO contingencies then I would say the home should have been pended and no, there should be no further showings.

Real estate contracts are somewhat complex but you really can understand them if you take the time to understand what the words really mean. Read your specific contract and see what they can and cannot legally do until the closing actually occurs. Best of luck.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

Q&A: Clear Chain of Title

Q: When selling their home, is the seller responsible for paying the back taxes or tax liens? I have always assumed that they would be.

A: Short answer: YES, to both. More accurate answer is: Depends on whether the seller is an individual or an entity.

Individual sellers of real estate are required to provide a clear chain of title and that requires that any back taxes or tax liens would have to be satisfied prior to or at the closing. In order to demonstrate that there are no outstanding debts against the property, the seller signs a vendor’s affidavit which affirms that there are no outstanding obligations which have not been paid. Additionally, they provide the purchaser with a general warranty deed further guaranteeing that a clear title has been conveyed.

Buyer Beware—Bank-owned sellers

The use of the word ‘their’ in the question above indicates you are talking about buying a home from an individual rather than an REO (bank-owned property) from an insurer such as HUD, VA, Fannie Mae or Freddie Mac. While these insurers (as well as other guarantors) are required to pay back taxes and Federal tax liens before they transfer title, they are NOT required to cover all liens and consequently you will most often receive what is called a “special warranty deed”, “sheriff’s deed” or “trustee’s deed”. Irrespective of what it is called, any of these types of deeds will be transferring “marketable title” but not necessarily “clear title” to you. You owe it to yourself to get clarity on all the words highlighted in this section before you purchase a home which is being offered for sale by an institution rather than an individual.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

Q&A: Leaving the House

Q: We have been notified that our mortgage is in default and that the lender can start to pursue foreclosure. They did not say how long this process will take or tell us we had to move, but we are sure it won’t take forever and wondered if we should just move out. Will the lender contact us to tell us when we need to get moved? What should we do?

A: STAY PUT. It is not in your best interest to vacate as soon as you receive the default notice. No matter what state you are in there has to be “due process” based on the default before you will need to vacate. How long you have will depend on a number of variables including whether you have a deed-of-trust, which allows for a trustee sale instead of judicial foreclosure, OR if you have a mortgage and live in a state which requires judicial foreclosure. Judicial foreclosure takes longer (several months).

Check with your state’s attorney general’s office to get the particulars on foreclosure in your state. Get clarity on when you MUST vacate (usually just prior to the actual sale date). BIDE YOUR TIME, in today’s climate, almost anything could happen.

Be cautious about making another financial obligation too soon, since the date could get pushed back, the lender could go belly up and not be able to move forward with foreclosures for months, the government could step in and mandate a moratorium on foreclosures, or your state could take some action which grants you more time.

*** Borrowers who hold mortgages which are backed by Fannie Mae and Freddie Mac can breathe a sigh of relief that both entities are now required to aggressively pursue modifications whenever feasible.

In any case, if all else fails, then the local sheriff’s office will notify you when you absolutely must move. Best of luck.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

WORD: Trustee in Bankruptcy

And the WORD for Today is:

Trustee in Bankruptcy—the individual who is appointed by a bankruptcy court. The property of the borrower who has filed for bankruptcy protection is under the control of the trustee once a petition has been filed. The trustee holds the property in trust, not for the benefit of the consumer, but for the creditors of the borrowers. 

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

WORD: Trustee

And the WORD for Today is:

Trustee—a person or business who assumes the responsibility of managing assets for someone else. In a bankruptcy filing the trustee of the Federal Bankruptcy Court has the job of overseeing the management and/or possible disposal of a borrower’s assets to maximize recovery for unsecured creditors.

Someone who is appointed, or required by law, to execute a trust.

May also refer to one who holds title to real property under the terms of a deed of trust.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

You can find more helpful definitions of WORDS like these in Your Real Estate Advisor which can be purchased at www.DovePublishingHouse.com.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

Q&A: Bankruptcy "Stay" and Short Sale Listing

Q: We have not been able to keep up our mortgage payments and finally decided to list the house for short sale so maybe we can save our credit by not having a foreclosure on our record. Nobody seems to be buying houses in our area and several folks have said we just need to go ahead and file bankruptcy but keep the house out of it. Is this possible?  We don’t want to make a mistake while trying to resolve this issue.

A: You can’t file bankruptcy and ‘keep the house out of it’. The house is an asset and the Trustee of the court will ultimately decide what will be done with any and all assets. The closing of a short sale can not be completed while a home is still in bankruptcy. Only after the Trustee has made a decision to allow removal of the home from the petition and allow it to be placed (or put back) on the market should this be done.

If a borrower has a home listed for a potential short sale and then files for bankruptcy protection an “automatic stay” goes into effect as soon as the bankruptcy is filed. The “stay” means several things. Including;

1. All creditors are prohibited from calling or harassing the borrower until there is a disposition of  the bankruptcy
2. All assets are “frozen” until the court has made a decision about what is to be done with them
3. All loss mitigation discussions must cease until the bankruptcy is completed (that includes a possible short sale)
   

Deed-in-lieu dilemma

For the reason just discussed, a person who believes they might be able to complete a short sale would be ill-advised to file for bankruptcy protection since it blocks this option. Additionally, since the Trustee of the Bankruptcy court might order a deed-in-lieu (forcing the person to relinquish the house) you should make this your last, last option.

You relinquish any control of the situation by filing bankruptcy. Additionally, there is the possibility that if you are required to sign a deed-in-lieu of foreclosure that you might later be faced with a deficiency judgment which you might have negotiated away if you had worked directly with the lender to complete the short sale.

I would encourage you to work aggressively with your real estate agent and your lender to try to get the short sale approved. In the meantime, stay in your home, no matter how far behind you are in the mortgage payments.  

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

Q&A: Sheriff's Sale/Redemption

Q.  We have been trying to save our house from foreclosure but could not come up with enough money to stop the bank from foreclosing. We have just received notice of the sheriff’s sale for next month. We are not sure what to do. Are we supposed to go the sale? How long do we have to stay in our house now that the sheriff’s sale is scheduled? Seems just when we think it can’t get any worse, it gets worse.

A: Foreclosure sales are all too common these days. First, there is no real need for you to attend the sale. If you have been able to pull together enough money to redeem your home (and keep it), then you would have needed to make arrangements PRIOR to the sale date. 

The exact amount of time will depend on the foreclosure laws in your state and specific redemption rights. These vary from state to state. You may have until the day before the sale or it could be that you must pay several days before the sale. A few states will allow you a redemption option even after the actual sale has been completed, whether someone bought the home or not.

Typically, on the day of the sheriff’s sale the clerk of the court (or trustee) will conduct a very formal process of offering the listed properties at a minimal amount preset by the mortgagee as a starting bid. The amount which can be received will also be impacted by local foreclosure guidelines. Bidders must have provided documentation that they can complete the transaction within a short period of time (perhaps 30 days +/-) and will typically have to bring guaranteed funds for at least 10% of the amount they are prepared to bid.

The amount of time you will have to stay, after the sheriff’s sale, is also determined by state law. There is no universal answer of 10 days or 30 days across the country. Find out what the timeframe is in your city. If you are unable, financially, to move without some help, please be aware that you are very likely to be approached by a representative from the lender or servicer, or even a new buyer, within a few days after the sale wanting to know when you will vacate. Asking them to help you in the form of “cash for keys” is a good option. You may be able to get as much as $1000 to $1500 in most parts of the country to help you move on. Cash for keys can be paid to tenants as well.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

Fast Fact: Bankruptcy Clarity

FACT: It is not a well known fact that when you file bankruptcy the decision as to whether you will be in a Chapter 7 or a Chapter 13 is NOT determined by the attorney who files the paperwork for you, nor by you.

The decision as to whether you will be allowed to declare a 7 and walk away from your obligations, or if you will be required to participate in a Chapter 13 and make payments to the court which will be forwarded to your creditors over a period of years, will be made by the Trustee of the Court.

The Trustee will evaluate your situation and make a decision as to what he/she believes is best given your resources and ability to honor the obligations you made. It is not, nor should it be seen as, a slam dunk to walk away from debts. You need to know this before you file. Bankruptcy can be the solution you need, under certain circumstances. Following my divorce it was the option which allowed me to declare a Chapter 7 and be released from the obligation to pay back a deficiency of $8,000 on a $10,000 can and another $28,000 on a house barely worth 100,000. But it was the trustee who looked at my income and made that choice, not my attorney. Attorneys present recommendations; TRUSTEES MAKE DECISIONS. Clarity is good, it helps you be prepared.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please E-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have! We appreciate all comments and feedback, so please don't be shy.)

From the Desk of: Buying T-I-M-E

Never before has the expression “If I could just buy some time” meant so much to people. When you are facing foreclosure you need time to discover your options, analyze your situation and implement an action plan. Your most precious commodity is time…And it’s running out.

When your money is running out…

You don’t have time to wait for the trickle down effect of the stimulus package to make a difference in your personal situation. While the package will make a significant difference over the long haul for thousands of Americans, anyone who thinks it is going to quickly make a difference for EVERY American is kidding themselves. Facing reality is hard, but necessary. As a country, we have ignored hard truths with disastrous consequences for too long. Nothing will be gained by continuing to point fingers. However, we must immediately recognize that each of us has a role to play in correcting the serious housing problem we face as a country. (Even if your home is paid off, FREE and CLEAR). The housing market holds the key to stabilizing our country, so anything we can do to keep people in their homes is a step in the right direction.

First thing’s first...

DO NOT ABANDON YOUR HOME. Even when you are behind on your mortgage, no matter how far behind you are, DO NOT abandon your home until the entire legal process has been played out. You can stay in YOUR house until your right to possession has ended. Exactly when that time is will be determined by three (3) factors:

1. Type of foreclosure in your state: judicial or non-judicial
2. Whether you have a mortgage or a deed of trust
3. State statutes regarding sheriff or trustee sale and possession timeframes

Find out the answers to items 1, 2 and 3, and then abide by them. Make sure your lender abides by them as well. Things could improve while you are holding out. Hold on.

Things are changing radically and very quickly because of the magnitude of the housing problem. Your local courts could dramatically change the way they process pending foreclosures so that you have a chance to work things out with the lender. Stay in our home and fight for the chance to work things out. More banks are willing to work with borrowers today simply because they really can’t manage the huge backlog of homes which have already been lost to foreclosure. If you can present a viable plan, your chances of retaining home ownership are pretty good.

Second thing’s second…

I know you know that, but I needed to get your attention. Probably the second most valuable thing anyone will ever tell you to do to save your home from foreclosure is to

1. Demand the lender or servicer who is threatening to sue you for foreclosure produce the original note/deed of trust which says you owe them. In legal terms you are asking them to demonstrate that they are the “real party of interest.” In common language that means, prove I owe you. Prove you have the right to demand payments from me.
   
2. The most effective way to demand this documentation is with a “qualified written request”. You are entitled to request that and any other information you want which is related to servicing on your loan (any mortgage loan in the United States) under federal RESPA regulations. Details are taught in the workshop.

What Choices do I have????

Let’s consider the answer to that question. It is critical that you start with an honest inventory of your situation. How far behind are you? Do you have the resources to resume payments? If not now, when will you be able to do so? What do you want to do? What are you ABLE to do? Why should the bank consider your proposal? You’ll need to able to defend it as being reasonable, based on your current circumstances.

Space in this article will not allow me to go into detail but I will provide you with the options you can consider. Do further research on each of them, online, in the library, on websites such as HomeOwnershipMatters.com Or at the blog: HomeOwnershipMatters.blogspot.com.

1. Options to keep the house—special forbearance, loan modification or a partial claim. You need to learn what each of these means and how it works
2. Options to let the house go—short sale, assumption or deed-in-lieu. All of these options are better than foreclosure but you need to know exactly how they work to avoid creating yet another problem for yourself down the road.
3. Reverse mortgage could be considered, it could be your solution. Be sure to use a government backed reverse mortgage if you decide to use this option.
4. Receiving disability payments (if you have a claim pending) could make the difference. Hold on until you know what you will be receiving
5. Acquiring a roommate could change your finances—get started working on it (I mean a roommate who will PAY—not one who will add to your expenses)
6. Selling unnecessary items in order to cover the gap until you get a permanent solution. Ebay or Craigslist could bring in some immediate cash. (Stop crying—we are trying to save your home and Buy “T I M E”).
7. Some other solution which has not even occurred to me

“Answer” the summons

The summons is your official notification that the lender has moved to legal action. The court notifies you via the “summons”. Your response should be to the clerk of the courts, the lender/servicer and their attorney. It is critical that your answer be received within the legally stipulated timeframe in your state. It is strongly recommended that the answer be sent by certified mail, with a signature required. This is a task which you can handle on your own, with a little coaching.

Basically, an answer should acknowledge that you are aware of your situation and that you are working with the lender on a plan. Specify what that plan entails. If you are challenging whether or not the lender has the legal right to foreclose (due to failure to produce the original note or demonstrate that they are the “real party of interest”) this is your time to say so. The foreclosure is likely to be stalled based on the quality of a timely, well prepared “answer”.

Buying “T I M E” workshops offered…

Workshops to teach consumers what they can do to “save themselves” will be offered in cities across the country beginning in March. All workshops will be posted to the HOM calendar as soon as they are confirmed so look for one in your area soon. These workshops are 3 hours in length with an hour after for questions and answers. Attendees will leave with a comprehensive packet which details all the options outlined above as well as a sample “qualified written request” with complete instructions on how to use one most effectively. Each borrower who attends will also walk away with clarity on how to prepare an “answer” since this is also critical if legal action has begun.

Want to host a workshop in your town?

The commitment is simple and inexpensive. A workshop can be offered anywhere in the country if a host is willing to provide a suitable space and advertising to let the public know that the event will be held. There is no fee for the speaker (donations will be accepted) but expenses to the event must be covered. For a nominal expense you can offer a very valuable training which can save homes in your community. For details about what is required, please send an email to Heather at meade.heather@gmail.com.

Local initiative is needed

We all have high expectations of the new administration but our President has said repeatedly, and has demonstrated with his grassroots campaign, that the masses can make a difference, when they choose to become involved. If every person who reads this article would share it with the people in your personal database, you would help several people to avoid foreclosure.

If the leaders of organizations would share the articles and the link to the blog with your entire company, you might save not only their home but the home of some of their family members or friends. Driving people to the blog and website so that they can get practical, easy to understand information to help them with their personal choices could make a big difference. Anyone reading this who has the connections to have a workshop in your city or a program aired on Public Access or Government Access television or local radio show could reach thousands of folks with some concrete/self help which could make all the difference in your community. I am a teacher and a writer. I know the role I am to play. I ask each of you to find your role in helping our country get back on its feet. We must find some resolution to our housing problems.

“Working together, we can make a difference”

Copyright © 2009, Home Ownership Matters, LLC. All Rights Reserved.

(Please e-mail Heather at homeownershipmatters@gmail.com with any questions, comments, or concerns you might have. We appreciate all feedback, comments, and especially your questions. Don't be shy!)

Myth #6

Myth #6: It is okay to list a home even though the consumer has file bankruptcy because the attorney told you (or your client) to do so.

Reality: When a consumer files a bankruptcy petition all creditors are now prohibited from having any interactions with the borrower or their representatives. All borrower assets (including the aforementioned house) are frozen. Nothing is to be liquidated with the express approval of the trustee of the court.

Reason: All of the things stated above; additionally, it would be unfortunate for you to have a listing which is a “frozen asset” by a Federal court which someone wrote an offer on. Check the questions on your state “Seller Disclosure Form” “Is there any threatened or pending litigation?” The trustee may put the consumer into a Chapter 13 or may require they sign a deed-in-lieu. In either case, there is now no house to be sold.

Copyright © 2008, Home Ownership Matters, LLC. All Rights Reserved.

(Please e-mail Heather at homeownershipmatters@gmail.com with any questions, comments, or concerns you might have. We appreciate all feedback, comments, and especially your questions. Don't be shy!)

Fast Fact #5 & #6

5. Lender is required to response in 5 business days on FHA backed loans, by Federal regulations

6. If the consumer has already filed bankruptcy, there is nothing you can do until trustee has discharged the file

Just thought you'd like to know.

© Copyright 2007, Home Ownership Matters, LLC. All Rights Reserved.

(Please e-mail Heather at homeownershipmatters@gmail.com with any questions, comments or concerns you might have. We appreciate all feedback, comments, and especially your questions. Don't be shy!)