Posts Tagged ‘foreclosure’

« Older Entries

How To Stop Foreclosure - 3 Legitimate Solutions

Sunday, December 13th, 2009

A great resource: Stop Foreclosure Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

Tags: , , , ,
Posted in General | 1 Comment »

How To Stop Foreclosure - 3 Legitimate Solutions

Tuesday, December 1st, 2009

A superb resource: http://realestate.bryanellis.com/1565/stop-foreclosure-in-houston-3-legitimate-solutions/

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

Tags: , , , ,
Posted in General | No Comments »

How To Stop Foreclosure - 3 Legitimate Solutions

Monday, November 23rd, 2009

A great resource: Stop Foreclosure In Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

Tags: , , , ,
Posted in General | No Comments »

How To Stop Foreclosure - 3 Legitimate Solutions

Saturday, November 14th, 2009

A great resource: Stop Foreclosure Houston

To Stop Foreclosure in nearly any city in the United States of America, there are basically only a few legitimate options. Some of these you’ll know, and some will be brand new to you.

Here are a few directions you can take:

  • Sell your house prior to the foreclosure auction. The value of this idea will vary heavily depending on the nature and quality of your local real estate market. If you’re in a market that still has very slow resale rates, selling your home could be a challenge. Ask a local real estate agent to determine the average number of days on the market for properties in your area.
  • Initiate a loan modification. A loan modification is a process through which your lender changes the payment terms of your loan to more closely match your ability to pay. While this is not a guarantee, loan modifications have become more popular in the last 12 months.
  • Refinance the property. If you are not yet fully into the foreclosure process but have reason to expect you will fall behind on your payments, it may be wise to try to refinance your mortgage to a lower rate. If your property is worth less than the balance of the mortgage, you’ll want to inquire regarding a “short refinance”, which is when a lender forgives a portion of the debt against you in order for you to refinance your property and pay off the remainder of the debt you owe.

When you’re trying to stop a foreclosure, the key is fast action.

Warning: Be very wary of people who aggressively attempt to purchase your home for investment purposes. While there are many legitimate real estate investors, there has been a significant amount of fraud with “Stop Foreclosure” scams, and it is wise to be very, very careful.

Please remember: The crisis you now face will soon be over. As a foreclosure survivor myself, I’d like to encourage you to remain hopeful, and to understand that your future does not equal your past!

Thanks for reading this information about how to stop foreclosure. I hope you’ve found value here.

Tags: , , , ,
Posted in General | No Comments »

Homeowners Try to Hold on while Prevention Programs on Foreclosure Slowly Moves

Friday, October 16th, 2009

The administration of Obama said that the program is going to give help to over 4 million homeowners for them to make loan modifications. According to the Treasury Department, over 200,000 of these loan modifications are offered to date. This will just signify that millions of people are still hanging around for their turn. This could also mean that if these trouble homeowners are not reached on time, more foreclosure news will be heard.

One of the many homeowners who waited for the loan modification was Deborah Sherman. She applied for the government program in March 4, a day after it was announced.

From that day, she always hears her loan servicer or Chase that the program she applied for will cover up to 90 days processing so she is still waiting for her turn up to now.

Sherman’s story is not one-of-a-kind. The government program last June started uncontrollably because a large number of homeowners all around the country have been overwhelming the staff by jamming their phone lines. Because of the confusion and delays regarding eligibility requirements, disappointments build up among homeowners and housing counselors.

During the latest press briefing, President Obama expressed his frustration with the said government program. He said that the mortgage program implemented helped a lot of people in mortgage modification, however it had not been keeping pace even a lot of foreclosures are already taking place. Because of that reason and due to the fact that a lot of complaints from the home owners are already attacking him, he was asking his staff to put into practice more forceful actions.

Congressional Oversight Panel’s Chairwoman Elizabeth Warren echoed the remarks of the president at a current congressional hearing. The answer of the Treasury Department with regards to financial crisis has supervised by Chairwoman Warren. She also said that the program set off for a couple of weeks and they are now taking fast actions on it.

“I think it’s important that the public realize they don’t have to have missed a payment on their mortgage to get help. If they see that they have a problem … they should get in touch with their servicer” says Warren.

Numerous homeowners who had applied for the modification of loan also get similar response like Sherman. Their respective servicers also said that the process will take longer time than expected. As the processing time of these modification requests get longer and longer, most trouble homeowners result to giving up and making foreclosure news rise.

Some federal officials also expressed frustration with the program stating that people involved should need to do a better job in order to meet the public’s expectations.

As long as these needs for loan modifications are met, we may expect to hear more foreclosure news as more and more troubled homeowners fail to salvage their properties.

More information on ms foreclosures and foreclosures in general (often miss-spelled ‘forecloser‘) can be found at http://bestforeclosurenews.com.

Tags: , , , , , , , ,
Posted in General | No Comments »

Impending Threat of More Foreclosures

Thursday, October 15th, 2009

In 2006, the housing boom in the US began to cool down and increasing foreclosure news has dominated the media ever since.  Many of today’s homeowner’s (maybe as much as 10% of them) simply cannot keep up with their payments.

In cities where subprime mortgages are prevalent, foreclosure of homes also became widespread.  MS Foreclosure are just one example. Unfortunately this has led to a decrease in home values as well which just adds fuel to the fire.  Additionally, state and most local governments were forced to cut back on their spending because the drop in the value of these properties sharply decreased their tax bases.

There were signs of this coming however, three of them in fact.  First was the bailing out of property owners due to the plummeting prices of real estate.  The second sign was all of the sub-prime loans and adjustable rate mortgages beginning to implode.  Lastly, the third sign has been the fact that even prime rate loan holders are losing their homes now due to job loss and the economic crisis.  Most of them even have good credit ratings.  It is expected that unemployment would contribute to almost 60 percent of mortgage defaults.  Unfortunately, this means that even more foreclosure news will be heard through the rest of this year.

According to an analysis made by New York Times in February 2009 (data provided by First American Core Logic), the number of prime mortgages that have delinquent payments exceeded 1.5 million with loans totaling to 4 billion.  On the same month, delinquencies on subprime mortgages reached 1.65 million while the Alt-A loans rose to 836,000.  In all, a total of 7 billion worth of loans were recorded in February – this is an increase of 60 percent from last year.  These foreclosures spelled catastrophe for Wall Street due to the mortgage bonds that they are securitizing.  These also lead to bank loses of hundreds of billions. (Note: Search on ‘forecloser‘ as well because it is a very common miss-spelling of foreclosure and is prevalent in the foreclosure news posts.)

The Obama administration announced in February that they will be spending billion to save as much as four million homeowners from foreclosures through mortgage incentives and reduced payments.  Unfortunately it may take months before anything ever comes of the plan and for many that will be too late.  Until that time comes, you will need to brace for the storm and all of the foreclosure news that is still looming out there.

Tags: , , , , ,
Posted in General | No Comments »

Increase in Bank Foreclosure Listings Attract Homebuyers

Tuesday, October 13th, 2009

In areas around the country where Bank Foreclosure Listings have surged, the number of homebuyers also increased. Ms foreclosures, is just one example of such an area (Mississippi). This is credited to several factors: low market values, a federal tax credit given to first-time homebuyers amounting to ,000 and the lowered interest rates. The amount of people aggressively seeking out foreclosed homes levels to the number of speculators during the housing boom several years back. So if you are living in areas where foreclosure news is on the rise, you may expect to see more homebuyers checking out homes in your neighborhood.

Buyers who just disappeared for years have increased in number to places with utmost foreclosure rates such as Phoenix in Arizona, South Florida, Las Vegas in Nevada, and Riverside and San Bernardino in South California. MS foreclosure rates also continue to increase.

Numerous bids between homebuyers are turning out to be occurring commonly. They attempt to contend with other bidders in getting properties that are recorded under Bank Foreclosures due to the fact that house values had fall down to almost 50 percent from the original price.

According to the most recent data, properties that are foreclosed are arranged to 40% to 80% of Foreclosure Listings in Bank. A lot of the properties listed are traded equally at the amount of money used on construction.

With the rise in the number of bank foreclosed properties being sold in the market, industry experts say that homeowners who are planning to sell their properties may be facing difficulties because of the competition. This may result to further foreclosure news since these troubled homeowners will not be able to sell their properties to cover mortgage payments.

A third of the total home sales in May are accounted to foreclosed properties which, in turn, affected the median price of homes at the present. According to the National Association of Realtors, there was a 16.8 percent drop in Median home price – down to 3,000 – in comparison to the previous year.

Last year (2008), Florida and Miami became number one of all the states where home sale values decreased. The percentage dropped for almost 30 was based first quarter estimates.

In the counties of San Bernardino and Riverside, selling prices of properties in Bank Foreclosure Listings were comparable to values back in the year 2000. On the other hand, Las Vegas and South Florida’s foreclosed home prices were comparable with year 2003.

Recovery in the housing market is still quite unreachable as unemployment rates continue to rise as well as higher adjusted mortgage rates. These issues would absolutely give rise to more foreclosure news someday.

 

 

 

 

 

 

 

 

 

 

Tags: , , , , , , , , , ,
Posted in General | No Comments »

Saving Homeowners from Foreclosure

Friday, September 11th, 2009

Foreclosure is a major problem in the real estate market nowadays because lots of people have lost their jobs. One way to get out of foreclosure is to do a short sale. When a homeowner has no way of paying his or her mortgage payments, a real estate short sale may be a viable solution for the homeowner. You do not have to be late on your house payments to start the short sale process. Find out what is a short sale and consult a Realtor early about doing a short sale when you know that you might not be able to keep up with house payments in the near future.

Understanding What a Short Sale is

A short sale is defined as a sale of real estate in which the proceeds from the sale fall short of the balance owed on a loan secured by the house sold. In a short sale, the bank or mortgage lender accepts an amount that is less than a balance of a loan because of an economic or financial hardship sufferred by the mortgagor. This negotiation is almost always done through communication with a bank’s loss mitigation department.

How to Stop Foreclosure

A short sale typically is executed to avoid foreclosure. Often a bank will allow a short sale if they think that it will result in a smaller financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A short sale is usually faster and less expensive than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. It does not wipe off the remaining loan balance unless settlement is clearly indicated on the acceptance of offer.

Learning about Short Sale

There are many books on the subject of short sale. Some books are for homeowners facing foreclosure. These books explain to them what a short sale is and how it can help them save their properties from foreclosure. There are also books for real estate investors wanting to take advantage of the foreclosure market. Foreclosed homes are often cheap so new home buyers and new real estate investors can buy them fairly easily. Examples of books on short sale are The Art of the Short Sale, Short sales: An Ethical Approach, Doctor Foreclosure: The Secret to a Successful Short Sale, and Short Sale: A Practical Approach.

Tags: , , , , , , ,
Posted in General | No Comments »

Using Real Estate Short Sale to Prevent Foreclosure

Monday, September 7th, 2009

Foreclosure is a big problem in the real estate market nowadays because lots of people have lost their jobs. One way to avoid foreclosure is to do a short sale. When there is no hope that a homeowner can pay his or her mortgage payments, a real estate short sale may be a sound solution for the homeowner. You do not have to wait until you are late on your house payments to start the short sale process. Learn about what is a short sale and ask your Realtor early about doing a short sale when you think that you might not be able to keep up with your mortgage payments soon.

Understanding What a Short Sale is

A short sale is a sale of real estate in which the proceeds from the sale are smaller than the balance left on a loan secured by the home sold. In a short sale, the bank or mortgage lender accepts an amount less than a loan balance because of an economic or financial hardship experienced by the mortgagor. This negotiation is done through communication with a bank’s loss mitigation department.

Stopping Foreclosure

A short sale is often done to stop the foreclosure process. Often a bank will allow a short sale if they think that it will result in less financial loss than foreclosing as there are carrying costs that are associated with a foreclosure. A short sale is typically faster and more cost effective than a foreclosure. In short, a short sale is nothing more than negotiating with lien holders a payoff for less than what they are owed, or rather a sale of a debt, generally on a piece of real estate, short of the full debt amount. The process does not wipe off the remaining loan balance unless the bank expressedly states it in writing.

Learning about Short Sale

There are many books written about short sale. Some books are aimed at homeowners who are in foreclosure. These books explain to them what a short sale is and how it can help them save their homes from foreclosure. There are also books aimed at investors wanting to take advantage of the foreclosure market. Foreclosed homes are often cheap so new home buyers and new real estate investors can buy them fairly easily. Examples of books on short sale are The Art of the Short Sale, Short sales: An Ethical Approach, Doctor Foreclosure: The Secret to a Successful Short Sale, and Short Sale: A Practical Approach.

Tags: , , , , , , ,
Posted in General | No Comments »

The Truth about Real Estate Market

Tuesday, June 30th, 2009

Since there are so many people unemployed right now, a lot of homeowners find themselves unable to keep up with their regular mortgage payments. Some people have good rates but still, without income, they still cannot keep paying. Some homeowners are worse off and have adjustable rate mortgages and find their home payments adjust to twice what they were paying. Many homeowners cannot afford to stay in their current homes so they need sell and move on. The problem is that, with falling home prices, they also find themselves with upside down mortgages. That means, they owe the banks more than their homes are worth. So, what can they do?

Is Selling an Option?

The first option that comes to mind for lots of homeowners is to sell and move on. However, if they were to sell their homes, they are likely to get less for them than what they owe the mortgage companies. So, selling may not be the best choice. But, it is often a good idea to consult a Realtor to make absolutely sure that there is no way to sell and walk away free and clear without having to come up with the rest of the money for the mortgage balance later on.

Choosing to Refinance

Usually when you owe more than your home is worth, banks will not lend. However, there could be options that allow you to refinance your house or modify your loan especially when the rates are really low right now. If you have good or fair credit and want to explore the option of refinancing or have any home loan questions, call your bank as well as other lenders for comparison. Sometimes, your own bank might not have the resources to help you but other banks may be able to.

Debt Relief Act After Foreclosure

Lots of homeowners cannot sell their homes, cannot refinance and cannot modify their loans. Then their mortgage companies try to foreclose on them. Foreclosure severely hurt your credit so you should call your bank and try to negotiate with them before they foreclose. If they do go ahead with foreclosure, however, there is the new Mortgage Forgiveness Debt Relief Act of 2007 that will help you a little bit. This Act allows taxpayers to exclude income from the discharge of debt on their principal residence. Debt reduced through mortgage restructuring, as well as mortgage debt forgiven in connection with a foreclosure, qualifies for the relief.

Tags: , , , , , , ,
Posted in General | No Comments »

« Older Entries