Posts Tagged ‘stop foreclosure’

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.

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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.

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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.

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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.

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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.

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How to Stop a Foreclosure

Saturday, June 13th, 2009

In 2008, millions of home owners received a notice of default. Most simply did not take the actions necessary to stop a foreclosure and lost their house. It’s expected that another 3 million foreclosure notices will go out this year.

Have you received a foreclosure notice due to a financial hardship? Do you owe more than your house is appraised for? Are you finding it virtually impossible to afford your monthly payments?

If so, the exciting thing to realize is you may be able prevent a foreclosure and reduce your mortgage by filing a loan modification request.

What is a Mortgage Loan Modification?

A mortgage modification is a reconstructed agreement between you the note holder and lender with new terms, interest and payments. Mortgage loan modifications can be the perfect solution to stop a foreclosure for borrowers who are considering a foreclosure or bankruptcy due to financial hardship.

Do You Qualify for a Mortgage Modification?

Perhaps you’ve lost your job, have incurred unexpected medical expenses, or your current adjustable rate mortgage adjusted up so you can no longer afford the bill. You’ve made every effort to pay the bills and save your home, but have simply run across unfortunate times and now find yourself bordering on the brink of bankruptcy.

A mortgage loan modification may be the solution! Every lending institution has their own mortgage loan modification standards.

Here are the most common:

* The unit is your main residence

* You have experienced hardship or a change in financial circumstances

* You’ve missed two or three payments

* You have not filed bankruptcy

* You are missing payments only to qualify for a loan modification

* You are willing to be honest, and provide all required paperwork If you have not yet missed a monthly payment you may still qualify for a mortgage modification if you can prove you are on the edge of suffering a hardship. Meaning, due to the current circumstances, you will eventually miss loan payments if you don’t get some type of financial relief.

How to Lower Your Payments Now!

Free Loan Modification Insider Report outlines what you need to know to dramatically reduce your payments and save your home from foreclosure.

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Learn how to stop your foreclosure today

Saturday, May 30th, 2009

Are you in need of assistance to stop your foreclosure but you do not know if there is help available? If you are willing to work towards avoiding foreclosure on your property, it is important that you know that there is help available to avoid it and to improve your personal finances as much as possible.

The available assistance you can rely on depends on the type of loan you are holding and your particular circumstances. As a matter of fact, lending entities like banks are not willing to repossess your property unless there is no other choice. They would rather work with you and get you back on track with your mortgage.

Following we present some ideas that you can implement to stop your foreclosure quickly.


Calling your lender to stop your foreclosure

If you want to stop your foreclosure, call your lender right away. You need to deal with your lender instead of avoiding them. Your lending company is the first recourse before you attempt something else. Together you can come up with an alternative way to catch up.

If you get behind on your house payments, your lender will begin the process of foreclosing on your home. You do not want to let it get to this point if you can help it.

Talk to your lender as soon as you miss a payment. They could assist you to prevent foreclosure in any of several manners:

  • Letting you make the payments at a later date so that you are back on track.
  • Changing the mortgage loan to a fixed rate loan. Adding more years to the loan repayment period and lowering the interest rate. This alternative can translate into a smaller monthly payment.
  • Allowing you to add the missed payments at the end of the mortgage loan.

Working with your lender is certainly a practical recourse, but you have other options to choose from.

Consider an Investor to stop your foreclosure

If the negotiations with your lender are not fruitful, you can try to find an investor that helps you lower your debt and prevent foreclosure. Although, as we said, talking to your lender first is a better option.

If selling your house quickly is what you need, an investor can help in this operation. An investor may be able to take over your loan and your payments or they may purchase the home for whatever your balance on the mortgage is or just a little more.

You will lose your house but at least you will not have to experience the stressing foreclosure process and there will not be any more negative impacts on your credit report any more.

“I really want to stop my foreclosure”

As you may realize, there are some alternatives. Be as proactive as you possibly can, talk to your lender, see if you can get help from government agencies or consumer organizations to stop your foreclosure.

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