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Foreclosure Freeze

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With the continuing steep increase in foreclosure fraud cases and steadily piling up lawsuits, many banks have now resorted to foreclosure freeze, a major one being the Bank of America. By definition, it means that they have halted all foreclosure processes so as to investigate the accusations of fraud and violation of laws and that only after proven results will the proceedings continue. A significant question revolves around the freeze process due to its diverse effects on different stakeholders. Homeowners, however, are evidently the ones at benefit in such a situation. There are a number of factors that can be take advantage of to save themselves and their homes. First off, a foreclosure freeze naturally limits or stops the buying and selling activity, since not many would be eager to buy a house in foreclosure through short sale. This is because they can not be sure about the time the procedure might take and what the value of the house will turn out to be once it has ended.

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Foreclosure Fraud

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With foreclosure fraud cases multiplying in number every day, it can be assuredly said that the need to fighting these illicit practices back could not have been more pressing. While the state contemplates methods of investigations resulting in shutting down of fraudulent banks, it is essential to understand the extensive time this might take, especially in case of methods like foreclosure freeze. What is needed in such a situation is for homeowners to learn how to fight this unfairness back, or to hire paid professionals who are willing to do the job for them. Before, however, homeowners can initiate their resistance, it is necessitous for them to go through significant things that they must know.

Since fighting back foreclosure can result in either winning your home back or losing it, the importance of foreclosure defense  is indisputable. First and foremost, you must understand the requirement of your involvement in the proceedings. In addition to your commitment to finding justice, being equipped with information on the matter is essential. It is all you can do to make sure that your lack of knowledge does not once again lead you into unknowingly losing your home and to ensure that your case is strong enough to be presented for defense. Work with your attorney to understand the laws, processes and the options you have, for nothing can empower you more than the knowledge of your rights can.

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Foreclosure Fraud

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While foreclosure fraud is usually known as a financially and emotionally stressful condition for families, it is much more than just that. Sure enough, it is devastating to be a victim of foreclosure and to fall into a scam too, possibly losing your house. Since the knowledge of the process is painfully but naturally limited, the effects for most of the victims are extreme. They, however, extend further than individual homeowners, leading up to major devastating effects on the country’s economy.

According to estimates on the basis of mortgage fraud cases in the last half of the decade, on in five loans is predicted to be fraudulent and to end up in foreclosure. Unknown as it is, a foreclosure does not only effect the house targeted, but spreads over the entire neighborhood, since the incident in the area leads to unpopularity and the value of the surrounding houses falls simultaneously, thus worsening the already overwhelming financial crisis in the housing market. In fact, the Center for Responsible Lending has estimated a $233 billion lost of home equity in the next few years. The worse part of these frauds, which initiate as instances of predatory lending, is the fact that many do not realize the damage they are being pulled into until they are trapped waist-deep into it.

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Foreclosure Freeze

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By the past few years foreclosure freeze is being ruled in most of the states after facing mortgage litigation against every fourth or fifth file claiming foreclosure. Many companies have suspended thousands of suspected foreclosures until the controversial documents have fair status. Admirers of this activity are great in number but not more than those in contradiction. Higher scale of disadvantages in comparison with advantages nourishes confusion in the minds of people about the validity of this term. Today, our aim is to elaborate how the moratorium is seen in different aspects.

The category of people benefited most by this legal action is the borrower’s. When foreclosure-activities are suspended they certainly get enough time to readjust their budget to start making their monthly payments on regular basis once again. For sure, both the deceptive borrowers (who were not making their payments deliberately having some mortgage fraud in their minds) and who were paying but have no record of their payments to prove their righteousness. This might be because of robo-signing issue or malice of the lender.

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