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Avoid Foreclosure

Foreclosure Help Questions Answered

by Tony on December 9, 2009

A OneCaboodle experienced lawyer answers a few important questions about Foreclosure. Visit OneCaboodle.com today.

Tagged as: Avoid Foreclosure, florida foreclosure, foreclosure, Foreclosure Assistance, Foreclosure California, Foreclosure Help, foreclosure lawyer, one caboodle, onecaboodle, Prevent Foreclosure, stall foreclosure

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How to Avoid Foreclosure

by Tony on November 14, 2009

NeighborWorks America Senior Homeownership Specialist Milton Sharp Jr. offers tips to strengthen your resistence to foreclosure during tough economic times.

Tagged as: Avoid Foreclosure, foreclosure, foreclosure prevention, homeownership, neighborworks

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Avoiding Foreclosure: What Are Your Options as a Homeowner?

by admin on October 18, 2009

Avoiding Foreclosure, What are your options as a homeowner?

 

Do Nothing – The stress of facing foreclosure can push many homeowners into turning their head and letting the foreclosure process run it’s course. Doing nothing to save your have is the worst mistake you can make. You can avoid foreclosure with foreclosure assistance by a loan modification attorney. Saving your home from foreclosure should be your top priority. Homeownership is the key to financial wealth, personal health, and a stable family. Why do nothing when we can stop foreclosure today.

 

File Bankruptcy – While this option may of been very popular in the past new bankruptcy laws and restrictions make this once easy process very hard. Filing for bankruptcy may not relieve you of your obligation to repay your mortgage, foreclosures may still proceed, and it may damage your credit for the rest of your life. Avoid bankruptcy at all cost and consult a loan modification attorney before filing for bankruptcy.

 

Short Sale – A short sale typically is executed to prevent a home foreclosure. Often a bank will choose to allow a short sale if they believe that it will result in a smaller financial loss than foreclosing. The downside to a short sale is that it takes time to sell a home even at a bargain in such a defunct housing market. There are foreclosures on every block, housing prices are rock bottom, and selling a short sale is next to impossible. The entire time the home is on the market you are still responsible for your mortgage payment, taxes, and insurance. Can you truly afford this option?

 

Loan Modification – Loan modification has quickly become the best option for homeowners facing home foreclosure. Loan modification is not the only option for homeowners trying to avoid foreclosure due to late mortgage payments. However; it is an option that can save your home while putting you in a mortgage you can afford. So how does loan modification work and who is eligible for a loan modification? Here are some helpful tools and resources below to help you understand your options.

 

The most common loan modifications are lowering the interest rate, reducing the principal balance, ‘fixing’ adjustable interest rates, forgiveness of payment defaults & Fees, or any combination of these. A loan modification can help home owners who can’t refinance or afford their current mortgage payments. Getting an approved loan modification for troubled home loans can help stop the foreclosure process.

 

A loan modification with a loan modification attorney may offer a more favorable loan modification agreement than your mortgage lender will offer you directly. With so many home loans adjusting to higher payments a loan workout with a Loan Modification Attorney, can modify mortgage loan terms fast and effectively. Obtaining foreclosure help and proper legal advice from a loan modification attorney will get you a better loan modification agreement with your lender and preserve your credit. If you are already behind in your mortgage payments this may help stop the foreclosure process and help you avoid foreclosure.

 

A loan workout needs to perform for both parties; your lender does not want your home and to go through the foreclosure process. However, they may not want to accept your partial payment and threaten foreclosure if you are late or in default. A HUD housing counselor or a loan modification attorney can offer free foreclosure advice to homeowners that want to keep their home.

Peter is the nation’s leading authority on lossmitigation and loan modification. His firm The Loan Modification Network connects homeowners with a nationally recognized attorneys licensed in all fifty states to assist homeowners in foreclosure prevention strategies and loan modifications. Call 800-437-2185 or go to http://www.us-loan-modification.com to learn more.

Tagged as: Avoid Foreclosure, loan modification attorney

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Homeowners: Your Foreclosure Options Reviewed

by admin on October 1, 2009

Are you a homeowner who is facing foreclosure? If so, you may be unsure as to what your options are. Now is the time to find out. Why? Because you may be surprised how many ways there are to avoid foreclosure. When foreclosure is avoided you can either retain your home, keep your credit in good standing, or do both.

When facing foreclosure, the first step you should take is to approach your bank. It is best if you do this before the issue of foreclosure arises. Once it does, it is still not too late to schedule a meeting with the chief loan officer at your bank. If you can prove that you intend to get your mortgage back in good standing or that your financial troubles are only temporary, your lender may hold off on foreclosure.

Even if your lender is willing to work with you, keeping your home may not be in your best interest. If you are having long-term financial hardships, it may be within your best interest to sell your home before it enters into foreclosure. When making this decision, you may want to talk to your lender. They may agree to allow you to proceed with a pre-foreclosure sale. In fact, they may hold off on the process of taking your home, giving you ample time to find a new buyer. When selling your home as a pre-foreclosure, your home can be listed as for sale by owner or through a professional realtor.

Even if you do not consider a pre-foreclosure sale to be an option, you should expect to hear from hopeful buyers. When you are delinquent on your mortgage, especially to the point of foreclosure, this information becomes public knowledge. Some buyers, namely professional investors, seek out those in trouble. Although having a stranger appear at your door or call offering to buy your home may be rude, it is a decision that you may want to give serious thought to.

Another option that you, as a homeowner, has during foreclosure to hire the services of an attorney. When doing so, see those with specialties in foreclosures or real estate. A lawyer can advise you on what steps to take. They can help you understand the pros and cons of pre-foreclosure sales. In some states, attorneys can use bankruptcy as a tactic to stop the foreclosure proceeding. Although not a long-term fix, it may buy you more time to make a decision. It is important to note that bankruptcy, by itself has a whole list of pros and cons.

Most states have what are known as redemption period laws. These are designed to protect homeowners. They give you a grace period to reclaim your home. If you can make good on your mortgage payment, the foreclosure proceedings will stop. States that have these laws often enable you to reclaim your property even after it has been sold at a foreclosure auction. This is provided that you act within the allotted time frame.

If you reside in a state where you are not given a grace period or a redemption period, you always have the option of buying your home again. Anyone can place a bid at a foreclosure auction. With that in mind, placing a bid and being the winning bidder are two different things. It often takes a significant amount of cash to reclaim your home. Your financial lender will also likely attend waiting to pounce. If the bids are not high enough, they will buy your home themselves. This is done to minimize their money lost. Later, your home will be available for sale as a REO (real estate owned) home.

 

For limited time, the author is offering a free report on foreclosure. Get it now.

Tagged as: Avoid Foreclosure, foreclosure, home mortgage, Pre-foreclosure, Stop Foreclosure

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Many Homeowners in Foreclosure Believe in Magic

by admin on September 9, 2009

Foreclosure is a financial and legal issue. If you attack the issue from a financial standpoint, you must to have cash to pay your mortgage. If you attack it from a legal standpoint, you must be able to find a flaw in the foreclosure lawsuit to dismiss it. I don’t see any other way of stopping foreclosure.

If you are facing foreclosure at this moment, you are inundated by letters from foreclosure assistance companies that charge outrageous amounts of money to negotiate with your lender; the majority of these companies are a scam.

You also get creative letters from so-called “investors” offering free advice and with the intention to make you sell your home to them at a deep discount using deceptive kitchen table closings in which they make you sign mysterious paperwork (land trusts, etc) that basically transfer the title/deed of your home to them sometime taking over your mortgage payments and leaving the loan liability on your name. Some of this “investors” also offer very deceptive “lease-back” arrangements in which they let you stay in your home as a tenant, and they pray that you stop paying rent so that they can evict you so that they can take possession of your house. You also get letters from Realtors® who are trying to make you list your home for sale and paint a rosy picture of the real estate market and the value of your home (Read National Consumer Law Center’s report “Dreams Foreclosed;” one of the best studies recently written about the rampant theft of American’s homes through equity-stripping foreclosure rescue scams).

Last but not least dangerous, you get letters from nice attorneys offering free consultations to make you file Chapter 13 bankruptcy; what these attorneys don’t tell you is that based on research (see studies: The Realities of U.S. Personal Bankruptcy under Chapter 13, and Chapter 13 Bankruptcy: Successful Versus Unsuccessful Debtors) the overwhelming majority of Chapter 13 filers do not complete their payment plans and are not discharged.

You will also find on the internet a proliferation of eBooks that promise to stop foreclosure magically with names such as “Foreclosure Free Zone,” “The Fight Of Your Life: How To Beat The Foreclosure Demons Smart Solutions For Saving Your Home,” “Avoid Foreclosure And Fix Credit Problems,” ”Foreclosure Help – Don’t Let The Bank Take Your Home!“ In my research, I’ve even bought some of these type of eBooks just to see what’s so magical about them, and found that they don’t have any information that isn’t common sense and readily available for free online. All the advice in these books fall into these categories: 1) Talk to your lender, 2) Sell your home, 3) File for Chapter 13 bankruptcy protection, and 4) Refinance/Get a loan. None of these books, nor the Chapter 13 attorney, nor the Realtors®, nor the “investors” in their white horses tell you about your legal rights and how you can defend yourself from the abuse of the debt collector attorneys.

Foreclosure is a financial and legal issue. If you attack the issue from a financial standpoint, you must to have cash to pay your mortgage regardless of negotiating a payment plan with your lender yourself or through a foreclosure assistance/consulting company. Bear in mind that when negotiating a payment plan with your lender (sometimes called Forbearance Agreement) , you may be required to come up with a lump sum (usually half of your past-due payments) and proof of income. It’s very simple; if you have sufficient cash and/or income to pay your monthly mortgage obligation, it’s very likely you can negotiate something with your lender to stop foreclosure. If you don’t have the cash and/or the income, you will have to attack the issue from a legal standpoint.

If you attack the issue from a legal standpoint, you must learn about your legal rights and, preferably with the help of a consumer protection attorney (www.naca.net), find a technical or legal flaw in the lawsuit to have it dismissed. These flaws could be hidden in the lender’s debt collection attorney not following your state’s rules of civil procedures (for instance: You were served improperly) or by digging into the foreclosure complaint and court docket to see if there is an actual plaintiff’s proof of ownership of the promissory note, or if the original promissory note has been filed in the court records, or any of the other twenty-something reasons that that could render a judgment void or invalid.

There is no magic in foreclosure. If a homeowner doesn’t pay his or her mortgage, the lender will foreclose on their homes. There is no magical negotiation with a lender that can be done without cash at hand and/or ability to pay supported by proof of income. There is a lot of literature on the internet and in bookstores about the debt collection industry, on how to stop foreclosure negotiating with the mortgage lenders, about how debt collections works, about what to expect from debt collectors, etc, etc. However there is little information about how to navigate the legal system, on how to file pleadings and motions and on how to execute the steps necessary to win the debt collection/foreclosure battle in court. Almost nobody explains to homeowners in simple terms how the legal system works and how they can use it to your advantage to win debt collection lawsuits.

Julio Martinez-Clark has a Bachelor’s degree in Electrical Engineering (B.S.E.E), a Master of Business Administration (M.B.A.) and extensive domestic and international business experience in the telecommunications and real estate industries. Mr. Martinez-Clark has been a victim of the deceptive practices of the debt collection industry and has done extensive research on debt collection law. Mr. Martinez-Clark also publishes an informative newsletter called “The Truth Report” available at his website www.juliomartinezclark.com in which he exposes the truth about several life topics (money, law, health, etc), news and general information that you likely won’t see in the mass media. If it’s in the media, it’s probably not important for you to know it. He is also the author of a book titled “How To Legally Beat Debt Collectors.”

Tagged as: Avoid Foreclosure, Avoiding Foreclosure, Foreclosure Help, Foreclosure Services, Foreclosure Stopping, Stop Foreclosure

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How The Foreclosure Next Door Affects You

by admin on September 7, 2009

Your neighbor is facing a foreclosure. Not your problem, right. Think again. If you have a foreclosure in your neighborhood even if you are not struggling to pay the mortgage in your own home, it can spell trouble for your property. If you think the foreclosure crisis spells bad news for a number of individuals, but will have no impact on you, you are wrong. There are a number of reasons you should help your neighbor avoid foreclosure is you can.


Millions of Americans are losing their homes, but the impact is that these neighborhoods are drastically changing. If you live in a neighborhood that has seen a number of foreclosures, your property values could be at a standstill or worse dropped significantly. In addition, neighborhoods with heavy foreclosure statistics have been proven to see more vagrants, drug dealers and prostitutes as these people take advantage of the empty buildings. As more and more homes are seen to be empty, their friends pass along the word and the neighborhood will go downhill. This is just another reason for you to help your neighbor stop foreclosure.


When your neighbor has a foreclosure and the house is vacant, it is a welcome mat for vandals. Thieves love to frequent foreclosed homes, stripping copper wires, plumbing, carpet and more valuable items from the home, leaving it even more of an eyesore. All neighbors can do is watch helplessly as their neighborhood becomes less desirable to live in.


In addition, broken windows and overgrown lawns send a clear signal that the neighborhood has fallen on bad times and that message will include your home. Inner city problems like graffiti and drugs will enter the empty buildings and have a stronger influence than the rest of the well meaning neighbors.


As foreclosures spike, gang activity and crime accompanies the problem hand in hand. Studies have shown that for every 1 percent increase in foreclosures, there is an associated and accompanied 2.23 percent increase in violent crime and problems. There have been numerous examples of the impact of foreclosures on such cities as the hard hit Cleveland, whose Slavic Village had troubles with foreclosures over a decade ago. Las Vegas, Jacksonville Florida, Miami Florida, Orlando Florida, Stockton California and many other area will feel the same changes.


The foreclosures from high cost loans transformed the middle class neighborhood to a series of empty eyesores, encouraging crime, vagrants and drugs. As the quality of life disappears, so do the prices on the homes, trapping existing neighbors into a lower value home in a decreasing neighborhood. More and more homeowners feel the impact of the foreclosure tidal wave.


Roughly 3 percent of all homeowners are thought to go into foreclosures by the end of 2009. However, from this small 3 percent, 43.5 percent of all homeowners will feel the impact of foreclosure crisis. This means that nearly 40 million homeowners will see their home values plummet in the next two years due to foreclosures. For each home, that is an estimated loss of 8,771 dollars. This is a significant loss and provides a definite tangible effect on the economy as many homeowners have the majority of their portfolio in the equity of their home. If the neighborhood is in a state that is more likely to experience a foreclosure, the financial depression can be even worse, making the average loss drastically higher, no matter what the other homes are doing.


So what can you do to help stop the foreclosure crisis affecting your neighborhood. The first thing you can do it talk with your neighbor openly about the issue. Let them know that you are a helping friend and are willing to help with their financial crisis. I do not mean by paying their mortgage but by finding a home buyer for their property. After all if you find a buyer the home will not go vacant and your home value will not go down.


Help your neighbor or friend who is facing foreclosure by getting them in contact with a professional real estate investor who buys houses to stop foreclosure. The fastest way to contact them is by typing the words Local Home Buyer into Google and completing some online forms. You will be connect with a local home buyer in your neighborhood that will give you a free offer on your house at no cost or obligation, so you have nothing to loose.

Sell My House Fastto a local home buyer?

Tagged as: Avoid Foreclosure, Buy My House, Sell My House Fast, Stop Foreclosure, What Is My House Value

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Stop Foreclosure At All Cost In Hattiesburg Mississippi! – Your Options To Avoid Foreclosure

by admin on August 31, 2009

If you’re behind on your payments and facing a foreclosure, experts advise “ACT QUICKLY AND DON’T HESITATE ANOTHER MINUTE!” In Mississippi that’s really sound advice because once a lender decides to foreclose on your property it only takes them about 30 days to take your home. By law they can do it in 21 days. That doesn’t leave you much time at all. So in Mississippi you must ACT NOW or your home will be foreclosed on quickly and that foreclosure will negatively affect your credit rating for 10 years! Mortgage and credit experts say that, after bankruptcy, having a foreclosure on your credit report is the worst result and will reduce your credit score by over 250 points. You could also have to wait up to three years to qualify for a mortgage at a reasonable rate.

Life can be really challenging and there are many situations that cause good, hardworking families to go into foreclosure such as health problems, family death, rising mortgage payments, loss of job, divorce, medical bills to name a few. Prior to our current financial and credit crisis, the number one cause of foreclosures was health and medical problems.

Who We Are. MSHomeSolutions is a real estate investment and solutions company that specializes in working with families who are facing foreclosure. We work closely with homeowners like you to understand your situation and determine what options best fit your needs. We have experience and expertise solving difficult problems and we have helped many home owners who were in similar situations. In those cases where a homeowner wants to “SAVE MY HOME” and is financially capable we can work with the lender to negotiate an acceptable plan. In those cases where a homeowner is not financially capable of keeping their home or just wants to sell their home we can buy your home fast either outright or working with the lender to complete a short sale, take over the loan (even if there’s no equity), make up back payments, or come up with some other creative solution, including possibly giving you equity back out of your home. We serve Hattiesburg and the surrounding areas of Forrest and Lamar counties including Petal, Oak Grove, Purvis, Sumrall and many other areas throughout Mississippi.

If you are in a difficult situation now and are falling behind on your mortgage payments, and need help you can complete our Home Questionnaire and we would be happy to let you know what your options are. There’s no obligation or cost.

Whether your house is going to be auctioned off in a few days, or you just received your first notice from your lender, it is important for you to consider all your options and rights. For your help and convenience we have provided a summary of some of your options below.

Reinstatement Plan.
A reinstatement of your existing mortgage is to simply pay back the total amount your loan is behind by paying all of your back payments which may include monthly principal and interest, late fees and attorney fees to bring your loan current. By proving to your lender your ability to make up your back payments in one lump sum, your lender will usually reinstate the loan. Some possible sources of reinstatement money are retirement accounts, income tax returns, and close family members. NOTE: In situations where a homeowner comes up with the money to reinstate their loan, but nothing changes in the financial hardship that caused them to get behind in the first place, the homeowner is usually back in foreclosure within 6 months.

Workout Plan.
Your lender may consider a workout or repayment plan if you had a short term hardship that led to your financial difficulty. Basically, a workout plan lets you pay back the amount you’re behind, usually over 12-24 months plus your regular monthly payment. The lender will want you to pay some amount of your back payments upfront, usually about 25-50% of your total back payments. NOTE: Consider this option only if you can afford to pay more than your monthly mortgage payment, have upfront money to pay the 25-50% of your back payments now, and your financial hardship is short term. Beware if you are trying to negotiate your own workout plan. Our experience is that lenders are notorious for signing homeowners up to workout plans that put the homeowner into a worse financial situation that before and the homeowner is quickly back into foreclosure and out their upfront money.

Loan Modification.
In some cases a lender will allow you to restructure your loan which will stop the foreclosure process. A typical loan modification will add your back payments to the principal of the new loan. Loan modifications usually change your current interest rate and loan term so you can now afford the new monthly mortgage payment based on your new financial situation. NOTE: In most cases, you must qualify for a loan modification just like a new loan. Lenders are currently under pressure to perform more loan modifications to help homeowners avoid foreclosure today, but many lenders are telling homeowners that they don’t do them. It takes good negotiation skills to get a lender to do a loan modification and to negotiate terms that actually help the homeowner out of their financial difficulty.

Refinance.
Refinancing is a long term solution to stopping the foreclosure process. You must qualify for the new loan and depending on the financial difficulty that got you into this situation, that may not be possible. And, depending on your local real estate market and when you purchased your home, you may not have enough equity in your home to refinance. Get a recommendation from a friend or relative for a good mortgage broker or loan officer. A good mortgage broker will probably have more loan options. Typical costs for refinancing are 2-4% of the loan amount which pay for appraisal, lender commissions, recording paperwork, credit report, attorney fees, etc. NOTE: Stay away from pre-payment penalties and ARM’s (Adjustable Rate Mortgages), which got a lot of people into this mess to begin with.

Deed-In-Lieu Of Foreclosure.
A deed-in-lieu of foreclosure is where a lender agrees to take the property back, not foreclose and release you from the debt. You can only have one mortgage on your property. The property will need to be in good condition and lenders usually require you to have tried to sell your home. NOTE: In general, lenders do not like to take a property back and release you from your debt.

Sell Your Home.
If you are not financially able to keep your home and you don’t see any change in your current financial dilemma that would allow you to keep it with one of the above options, then the best option is to sell your house. Ray Martin, the CBS Early Show’s financial guru says “Lose the house, but not your credit.” If you can sell your home fast before your lender takes the property then do it. The impact of a foreclosure is great, especially if your goal is to be able to buy another home. The foreclosure shows up on your credit report as “debt discharged due to foreclosure” and will reduce your credit score by over 250 points and you may have to wait up to 3 years to qualify for a mortgage at a reasonable rate. Your options for selling your home are to list with a Realtor, sell it yourself as a for sale by owner (FSBO), or sell it to a professional real estate investor.

Selling through a Realtor is the traditional way that most people know how to sell their home. The difficulty in selling your home through a Realtor is that you need to sell your home fast and in today’s depressed market houses are sitting on the market month after month after month. You don’t have that much time. And in situations where a ‘Short Sale’ (See Short Sale below) is warranted, usually because of the lack of equity, the skills required to negotiate a successful short sale with a lender are usually opposite those of a Realtor.

Selling your home yourself offers the same set of problems as selling with a Realtor and also includes how you will market your property. A sign in the yard is one thing, but what about the cost of advertising in your local papers. You’ve got the get your home sold fast.

In order to sell your home fast, you should consider getting a free confidential no-obligation offer for your home from your professional real estate investor. Your professional “We Buy Houses” real estate investors are usually part of a local Real Estate Investment Association and have daily experience and expertise in working with homeowners in difficult situations.

Short Sale.
A short sale is basically a sale where the lender agrees to take less than or “short” of the amount owed. A short sale is negotiating with your lenders to accept less than what is owed. If there is not enough equity to sell your home, pay off the mortgages and cover the cost of selling, then a short sale is usually a good option to foreclosure. There are other situations where a lender will consider a short sale. A short sale can be VERY time consuming and complicated and requires good negotiating skills and understanding of the lender’s loss mitigation processes. If you have a second loan you usually have a better chance of doing a short sale with the second lien holder because if the first lender forecloses and sells the property at auction, the second lien holder only gets what’s left over from the proceeds of the sale after the first lender is paid off. Usually the second lien holder is wiped out. So you can see their willingness to negotiate.

We would not suggest trying to complete a short sale on your own. There are a multitude of details and paperwork involved in a short sale. Having a professional on your side can make or break the deal. Someone who knows the short sale process and paperwork is a requirement for a successful short sale.

One of the most important factors in starting the short sale process is having an offer. Lenders usually will not even begin processing the short sale package paperwork without a valid purchase and sales agreement. This is the primary reason we strongly suggest contacting your local professional real estate investor. Very few Realtors fully understand the process of a short sale and even fewer are willing to invest the amount of time it takes to complete a successful short sale, not withstanding the required negotiation skills. Listing your property and waiting for an offer takes valuable time needed to complete the short sale process. As the short sale becomes a more and more common vehicle for lenders to dispose of their non-performing assets during this mortgage crisis, more Realtors are listing homes as “short sales” and “negotiating” with the lender for a reduced price before they have an offer in the hopes that this will help them attract buyers. They don’t know where to price the house and typically price the house too high as they “talk” to the lender, asking them what they would take, thinking that this is “negotiating” a short sale for the home owner. It must be noted that this is not a short sale and the majority of these homes end up being foreclosed on for the lack of any buyers or the inability of the Realtor to negotiate a successful short sale for a buyer if they do get one. It’s not that the Realtor doesn’t care about their customer; Realtors and investors both care about their customer.

Because it only takes a lender about 30 days to foreclose on your home in Mississippi, time is of absolute importance. Real estate investors act fast, charge you nothing to buy your home and you don’t have to go through a foreclosure. With a successful short sale, everyone wins. For a free, no-obligation stop foreclosure consultation please vist our website at www.MSHomeSolutions.com and complete our Questionnaire.

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MSHomeSolutions buys houses in Hattiesburg, Petal, Oak Grove, Purvis and throughout the Mississippi (MS) Pinebelt in Lamar and Forrest Counties and can often do so in 7 days or less. We can pay all cash, take over your mortgage payments or come up with a custom solution to suit your needs. We are also specialists in working with home owners in foreclosure. We can help you SAVE YOUR HOME from foreclosure or we can buy it even if there’s no equity. For more information on how we can buy your house fast or help you avoid foreclosure, please visit our website at www.MSHomeSolutions.com or call 601-544-9400.

Tagged as: Avoid Foreclosure, Behind On Payments, foreclosure, Forrest, Hattiesburg Mississippi, house, Lamar, Real Estate, Save My Home, Sell My Home, Sell My House Fast, Sell Your Hattiesburg Mississippi Home, Sell Your Home, Sell Your House, We Buy Houses, We Buy Houses Fast

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Foreclosures Can be Avoided (or Prevented)

by admin on August 26, 2009

 

There are many ways to avoid and stop foreclosure.

The first step in avoiding foreclosure is to keep your mortgage company aware of your situation, continue to try and make some sort of payment, even if it is a partial payment.

If you get so far behind in payments that the lender files a Notice of Default, then your options get very limited and some mortgage companies are very reluctant to work out a repayment schedule after foreclosure has started.

At this point you will be given a certain amount of time to pay the delinquent payments current, any past interest that has accrued, costs of foreclosure filling fees along with all legal attorney fees.

Sometimes all these fees mount up so quickly that it is almost virtually impossible for home owners to face. It is often easier to walk away from their home instead of dealing with the situation. The sad part is, often they don’t realize there are other options available to prevent foreclosure.

Foreclosure laws differ from state to state, but for the majority it all works the same either on judicial foreclosures or non-judicial foreclosures. However, on February 13th 2008 the Foreclosure Act of 2008 was introduced to congress. The bill could help over 600,000 people stop the foreclosure process by allowing them to file for bankruptcy, and then the bankruptcy judge has the option to modify the home owner’s loan. There are many stipulations to this law and who qualifies. Not always is the home owner going to be able to save their house from foreclosure this way.

Foreclosure assistance is out there while many people are under the impression they must just let go of their home, and all of the equity they have built over a period of years, due to their financial situation. There are many companies out there that have the knowledge and understanding to help prevent foreclosure. Foreclosure prevention companies and loss mitigation companies have this knowledge specific for your state.

Not only will they work in your behalf to stop the foreclosure process, they will communicate directly with your Mortgage Company or lender. Often times these companies are able to negotiate lower monthly payments with smaller interest rates.

Many times these companies can help families to recover their life, and return to normalcy while staying in their home, when other wise they would have lost everything. There are many options that these companies can explain to you in your initial consultation. If you are one of the many home owners that are facing a foreclosure situation call a foreclosure prevention company to help you understand the foreclosure proceedings.

 

Has over 10 years experience in the Foreclosure assistance industry with a specialization in Residential Foreclosures. For free consultation on any foreclosure issues contact http://www.mortgagebuyerbasics.com/

Tagged as: Avoid Foreclosure, Bankruptcy, Delinquency, foreclosure, Foreclosure Assitance, Foreclosure Help, Foreclosure Laws, Lender, Loan Repayment, Loan Restructuring, mortgages, Real Estate, Redemptions, refinance, Stop Foreclosure

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All About Foreclosure Defense Secrets

by admin on July 10, 2009

It’s sad, but it’s true. Whether you are a homeowner who experienced a sudden loss of job or income, a first home buyer stuck with a mortgage you can no longer afford, a person who suffered a critical injury or illness and now has overwhelming medical bills, or even an investor who was unable to sell before the bubble burst, the skyrocketing numbers of foreclosures will devastate millions of people personally and financially, not to mention ruin their credit for many years.

There has never been a better time to be delinquent on your mortgage. The foreclosure epidemic has created tremendous leverage for homeowners, because banks do not want more homes. Liquidity has become a serious issue with banking institutions; therefore they are negotiating and offering home loan modifications with lower payments for homeowners.

This may sound obvious, but don’t skip your house payment. It takes only one missed payment to set the foreclosure procedure in process. Missing a mortgage payment is very serious compared with missing a credit card payment or any other unsecured loan payment. So if you need to prioritize which payments to make, mortgage ALWAYS comes first!

Foreclosure prevention specialists are available to assist you with foreclosure prevention options that may be available to you. You can also speak to a legal foreclosure attorney about loan modification, short sales, deed-in-lei and bankruptcy options.

Most foreclosure victims only “allow” the foreclosure to happen because they feel they have no other options. It’s not a decision like deciding to go to the mall for the day, or take a trip to Six Flags with the kids, and this decision is often based on false of incomplete foreclosure information. Homeowners have more options than they realize to prevent foreclosure, which is why it is important to get the most relevant foreclosure advice possible, and examine which options, besides refinancing, putting together a bank workout plan, or selling the property, would result in them being able to keep their homes and begin repairing their damaged credit.

Other things that can help you on your monthly payment:

You can have a home equity line of credit already in place. If you ever get into a financial bind, you may need to access funds quickly. Having a line of credit in place can give you that much needed resource. There are credit lines available that you do not need to make payments on unless you carry a balance so it’s a great resource if you don’t have an emergency fund built up.

It would probably be best if the foreclosure victims found a Realtor or investor who guided them in what to do about the summons on their own, and was just there to facilitate the short sale or other deal to stop foreclosure. Realtors already represent the homeowners if they are listing the house for sale or attempting to locate buyers — owners do not need to give them even more power to represent them in court, as well.

Short Sale for the home owner and the lender is one way to settle most of you debt with the bank. It consist of you putting the house up for sale at the current market value. In today market for many home owners that means selling your home for less than whats owed to the bank.

You will benefit from this foreclosure guide if you are…

- Facing foreclosure or you are currently in foreclosure,
- Concerned about the lender suing you for your mortgage balance,
- Attempting to workout your mortgage problem yourself,
- About to have your Adjustable Rate Mortgage reset to a higher rate,
- Burdened with an IRS tax lien on your real estate,
- Trying to sell your home but you don’t have any equity,
- A Realtor has listed your property but they are not getting results.

Until now, most homeowners have been lost regarding their number one investment. Well, I’m here to lead you down a path of truth on the subject and eliminate the mystery that appears to force so many borrowers down the incorrect path.

You have the choice of either hiring a loss mitigation company to represent you in negotiations with your lender, which can cost $1200-2500 or more, attempt to resolve your mortgage problems on your own and risk the lender moving forward with the foreclosure anyway, or do nothing and hope the Sheriff doesn’t knock on your door and tell you to vacate your property in the next 24 hours!!!

Or, you can take matters into your own hands and follow the easy program I have developed in Foreclosure Defense Secrets that will help you to keep your home!!!

Most foreclosure victims only “allow” the foreclosure to happen because they feel they have no other options. Homeowners have more options than they realize to prevent foreclosure, which is why it is important to get the most relevant foreclosure advice possible, and examine which options, besides refinancing, putting together a bank workout plan, or selling the property, would result in them being able to keep their homes and begin repairing their damaged credit. Find out more about Foreclosure Defense Secrets

Paul Rodgers specializes in marketing online

Tagged as: Avoid Foreclosure, Avoiding Foreclosure, Foreclosure Help, how to stop foreclosure, Loan, mortgage foreclosure help, negotiate with the bank, Prevent Foreclosure, save your home, Stop Foreclosure, Stop Foreclosure Now, stop mortgage foreclosure, your property

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The Basics of the Foreclosure Process

by admin on June 28, 2009

The Federal Deposit Insurance Corporation (FDIC) has compiled information from different sources on the rate of foreclosures in America and the outlook is not promising. According to the report, the Mortgage Bankers Association (MBA) reported that every three months 250,000 families enter into foreclosure in the U.S. That translates into one out of every 200 American homes. Mortgage default has reached epidemic proportions in our country and an ever-increasing number of families are facing homelessness or at least the loss of their homes and financial uncertainty.

HUD Suggestions to Avoid Foreclosure

U.S. Department of Housing and Urban Development (HUD) offers some tips to try to avoid foreclosure, they include:

  • Do not ignore the problem – The further behind a borrower gets in their mortgage payments, the harder it will be to reinstate the loan and the more likely the borrower will lose his/her home.
  • Contact the lender as soon as possible – When a borrower realizes he/she will have a problem making the mortgage payments he/she should let the lender know immediately. Lenders can offer options to help borrowers through difficult financial times. They do not want to repossess a home.
  • Open and respond to all correspondence from the lender – Lenders usually include information that may help a borrower keep his/her home in the first notices they send out. This information could help the borrower avoid foreclosure and it usually includes default prevention options.
  • Know the rights afforded to a borrower – A borrower should review the loan documents so he/she may have a clear understanding of the lender’s options if he/she cannot make the mortgage payments. Learn the local foreclosure laws and action timeframes of the jurisdiction where the residence is located.
  • Understand the foreclosure prevention options – A borrower can contact his/her lender to find out what loss mitigation or foreclosure prevention options are available to help them avoid foreclosure.

HUD suggests that a borrower prioritize his/her spending if they are having trouble keeping up with their mortgage payments. They recommend that the borrower’s first order of priority should be healthcare and after that, it should be to keep his/her home. They should review their finances to see where they can cut spending in order to make the mortgage payments. The individual should make a budget and sacrifice nonessential spending until he/she can catch up with the mortgage payments. HUD also recommends sacrificing assets in order to keep the home. The liquidation of assets such as a second car, jewelry, or a whole life insurance policy can help reinstate the loan.
Steps to Foreclosure

If a borrower defaults on his/her mortgage, the mortgage holder can typically initiate foreclosure according to the timeframe specified in the mortgage agreement. That period of time can vary but it will be specified in the mortgage agreement. There are two basic types of foreclosures recognized across the country but there are also regional foreclosures that are used in some jurisdictions. Most foreclosures are conducted in state or local courts but a few are conducted in Federal courts. A foreclosure is a legal action and all parties involved must be notified, even though requirements for notification vary from one jurisdiction to another.

Any profits from the sale of the property are used first to satisfy any outstanding taxes then to pay the outstanding mortgage and any legal costs of the lender. After that any funds that are left are use to compensate other liens against the property. The borrower is allowed the remaining proceeds if there is any money left after all debts are satisfied.
Types of Foreclosures

The different types of foreclosures include:

  • Judicial Foreclosure – This type is available in all fifty states and it requires a court-supervised sale of the mortgaged property. A Judicial Foreclosure allows the borrower a one-year “right of redemption” where he/she can buy the property back from the bidder. This type of foreclosure allows the lender to file a deficiency judgment against the borrower for the balance of the money owed if the proceeds from the sale fail to cover the mortgage.
  • Foreclosure by power of sale – This type is allowed in twenty-nine states if a power of sale clause is included in the mortgage agreement. Foreclosure by power of sale involves the sale of the mortgaged property by the mortgage holder without court supervision. Typically, this is a more expedient way of foreclosing on a property. This type of foreclosure does not allow the mortgage holder to seek a deficiency judgment against the borrower.
  • Strict Foreclosure - This type is handed down through a decree and is only available in a few states. In this type foreclosure, the property is not sold but the borrower is ordered by the court to pay the amount owed within a specified period. If the conditions are not met, the lender has the right to take possession of the property. Once the lender has the title, the property can be sold to satisfy the loan. If the profits from the sale do not satisfy the amount owed, the lender can file a deficiency judgment against the former borrower.
  • A Trustee’s Sale – This is an easy form of Foreclosure and a trustee under the stipulations of a Deed of Trust performs the sale. In this process, the borrower grants a trustee the power to sell the property through a trustee’s sale if the borrower defaults on the mortgage. Any proceeds from the sale are dispersed according to the priorities outlined in the deed of trust. This is a quick and economical way of foreclosing on a property but it does not allow for a deficiency judgment against the borrower.

Reasons for Foreclosure

Hundreds of thousands of U.S. families are losing their homes to foreclosure every fiscal quarter making this a foreclosure and financial plague on our society that will be reeling for years to come. The FDIC published information from a study conducted by the Homeownership Preservation Foundation (HPF) on some of the reasons for the high rate of foreclosures in America. The study suggests that many U.S. households are at a financial tipping point and many families are on the verge of losing their homes.

The economic tipping points for American families in danger of losing their homes outlined by the HPF include:

  • Thirty-two percent are because of the loss of employment.
  • Twenty-five percent are because of a healthcare emergency in the family.
  • Eighty-five percent of households are behind one mortgage payment.
  • Fifty percent of households are behind two payments.
  • Most Americans households do not have any savings, do not have any credit available, and their extended families are in a similar situation.
  • Most U.S. homeowners are first-time mortgagors, and most home mortgages are less than three-years old.
  • Many American households have refinanced their homes two or three times.

The HPF estimates that forty-three percent of U.S. households live beyond their means and that almost half of all homeowners in this country spend more than they earn. The foundation calculates that approximately fifty-two percent of American employees live paycheck-to-paycheck and that roughly forty-two percent of Americans do not have enough liquid assets to support themselves for the recommended three months should they have a financial crisis.

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Tagged as: Arm Loans, Avoid Foreclosure, Bankruptcy, foreclosure, Predatory Lending, Real Estate

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