The Fallout of the Foreclosure Crisis
January 7th, 2010 by adminBuying a house you couldn’t afford, accepting a subprime mortgage from a lender, losing your job, or experiencing health problems are just a few of the reasons that people can end up in foreclosure. Regardless of the reason for their money troubles, thousands of people are losing their homes, damaging their credit, and facing the possibility of homelessness. While foreclosure can clearly have a huge impact on economic health, they can also threaten a person’s mental well-being. Depression, anxiety disorders, divorce, and violence are just some of the more insidious aftershocks that can be felt in communities all around the country.
As homeowners struggle to cover their mortgage payments, utility bills, childcare costs and food bills, the accompanying tension and anxiety can wear down a person’s ability to cope. Prolonged periods of stress and hardship can quickly turn into an anxiety disorder or to full-blown depression.
Depression is often characterized by physical and mental fatigue, lack of ambition, sadness, and worst of all?hopelessness. This lack of hope can make it extremely difficult to look at one’s situation with a clear head. Feelings of shame and failure can overwhelm a person and convince her that the situation will never get better. Negative thoughts can ambush her psyche, dispensing blame and criticism at every turn. She may think “I failed. Here’s proof that I can’t take care of myself. I’m a disappointment and a loser.”
Depression can also cause inaction. If a person has lost her job or has other personal problems mounting on top of the foreclosure, she may simply stop trying to pick up the pieces, and let the dark cloud wash over her. Her destructive thoughts will inhibit her ability to deal with her problems head-on. If she needs to find a better paying job or look for a place to live, the task may seem monumental. This paralysis inevitably leads to worse financial problems, leading to lower self esteem. Her reduced self esteem only makes it that much harder to move onward and upward, and so the cycle continues.
There’s also embarrassment and the feeling that no one will want to help her. Believing that she doesn’t deserve to be helped, she doesn’t contact the bank for assistance. She then misses the window of opportunity to save her home.
Along with depression, struggling homeowners may find themselves turning to food, alcohol or drugs to deal with the stress. Others will turn to gambling with the hopes that they will win enough money to get the house back. These self-destructive behaviors of course only exacerbate the problem, and can have a huge impact on families.
Anxious children, marital spats, separation, and divorce are all common side effects of the foreclosure problem. Unfortunately, things can escalate quite quickly from partners simply blowing off steam, to full-on domestic violence.
As the number of foreclosures continues to rise, the number of abuse cases quickly follow suit. One national survey has cited “financial issues” as a major contributing factor to the increase in violence in homes across America, and Brian Narney from the National Network to End Domestic Violence said that the financial stress in an economic crisis is “not a cause of domestic violence, but it can intensify it.”
While some people turn their frustration outward, others turn on themselves. With no hope on the horizon, some homeowners choose to end their own lives rather than endure any more pain.
There have already been a few cases of suicide attempts among homeowners facing foreclosure, including a 91 year old woman from Ohio who shot herself before facing eviction. There was also an Oregon couple who were days away from losing their home when they killed themselves and their three dogs via carbon monoxide poisoning.
A study conducted in Australia has determined that “economic trends are closely associated with suicide risk, with men showing a heightened risk of suicide in the face of economic adversity.” A California psychologist also noted that “one’s house is very much a projection of one’s self. To have a home taken away is tantamount to having part of yourself taken away.”
The picture is indeed bleak, but it doesn’t have to be. There are options available for homeowners who are struggling to make their mortgage payments, such as refinancing or getting an extension on their loan. If you’re facing possible foreclosure, it’s critical that you contact your lender right away. As for taking care of your mental health, there are resources available to help. See the continuation of the article, titled “Dealing with the Emotional Aftermath of Foreclosure” for more information.
Investors – Finding Foreclosure Records
January 5th, 2010 by adminIn this article, I am going to be talking about the county offices. Today county courthouses are the means to provide the ever important need for information. The need to understand the basics for what goes on in the courthouse is a MUST for any serious real-estate investor; how the records are kept, how they are protected, what laws affect us and how to determine ownership is knowledge not only important, but essential. The real point here is that the real estate professional has certain questions concerning a property such as: ‘Who owns it?’ ‘Who financed it?’ ‘Are there any liens or judgments against the property?’ ‘What type of property is it?’ Real estate investors then go to the county courthouse to get the answers.
There are two offices of the county that have the information that we need: 1) The county assessor’s office and 2) The county recorder’s office. The county recorder’s office is sometimes called the register of deeds or even the land title office. These are generally open from 8:30 a.m. ? 4:30 p.m. in most parts of the country. However, many investors are unable to go down to the courthouse during these hours to look up the records. Therefore, this requires that the person can find out if these county records can be found using his/her home computer. A simple call to the assessor’s office will let you know if they are online and how you can access that information. Keep in mind that sometimes they do charge a fee to obtain that information, but it is a tax deduction.
The records that the assessor has on file are for public view; they have information sheets on every property in the county that is accessible by knowing the name of the owner, or the address of the property, or the legal description of the parcel and the parcel number. Any one of these should bring up the information desired. The investor should be aware that the property information will list the property size, the owner of record, the address of the owner, the legal description of the property, the improvements on the property (like buildings), the value for tax purposes, which is called the assessed value and sometimes you’ll get a picture of the property.
The parcel number is of significant importance to the active investor looking for information at the recorder’s office because it accesses the original loan documents that were recorded, who actually owns the property, who financed the purchase (whether it is the seller or the lender) and whether there are judgments or liens against the property. It also will show if there are any liens by the IRS ? a word of advice ? investors should have no involvement with properties with IRS liens until there is a certified copy of the paid receipt that the lien has been cleared.
Hopefully this article has helped determine where to find the records before buying a foreclosed property. In another article, I will address where you might want to get your Pre-foreclosure information that is reliable and accurate. In the interim, please feel free to visit my website for a FREE, immediate access, 7-day course on how to make money with bank-owned foreclosure properties:
http://www.bankforeclosuremoney.com
Thanks for your time! Stephanie Jewett, RN, MBA
Where to find home foreclosure listings
December 21st, 2009 by adminReal estate is not an easy domain and only the most experienced persons and the ones with the most accurate information manage to survive and to make profit. At present, there are many foreclosure websites that offer valuable information to prospective buyers. Besides putting at your disposal home foreclosure listings, websites also provide affordable programs, meant to take you step by step through the foreclosure process. However, this necessary information is not for free and it is up to you to decide on which site you will sign up and what fee they can afford to pay for this information.
Nowadays home foreclosure listings cover all sorts of properties for sale announcements such as auctions, homes, bank home sales and others. All these properties represent a great opportunity for investors and home buyers because they offer them the chance to buy these properties for less than their normal market value.
Dealing With The Emotional Aftermath of Foreclosure
December 15th, 2009 by adminIn the article titled “The Fallout of the Foreclosure Crisis,” I talked about the devastating effects a foreclosure can have on a person’s life. Financial hardship, destroyed credit, and displacement are the more obvious repercussions that a foreclosure can have, but depression, addiction, and marital strife can all surface from the strain.
Dealing with depression on one’s own can be extremely challenging. Not only is a person’s head swimming with self-defeating thoughts, but there are physical symptoms as well. Getting outside your head and asking for help are critical to improving your quality of life. Unfortunately, many people facing foreclosure can’t afford private therapy or appropriate medications. This leaves many people out in the cold and left to their own ability to deal and survive. Many won’t be able to handle the situation on their own and will sink further into the abyss. Those who are able to find help on the other hand, face a very bright future.
There is no one way to heal depression and anxiety. Yes, a private therapist is extremely helpful. And yes, medication is a lifesaver for some people. However, if these aren’t options for you, most communities have free or low-cost resources such as short term counseling, as well as group counseling and personal growth workshops. There are also crisis lines that can connect you with mental health services in the area, and provide an empathetic ear. In fact, crisis lines are seeing huge increases in calls as the economy continues to struggle. Crisis lines are free to call, confidential, and are manned by trained personnel.
If you feel uncomfortable talking to a counselor, there are numerous websites that feature articles and discussion groups focused on emotional well-being. Sometimes even talking to strangers on an online message board can provide comfort and support. Going online and seeing how many other people are going through the same thing can also help simply because you realize that you’re not alone.
Speak with your friends as well if you can. Many people are embarrassed by foreclosure, but needn’t be. Everyone makes mistakes, and sometimes events happen in our lives that are beyond our control. Good friends want you to lean on them when you’re having a hard time, and the simple act of talking to someone might be enough salve on the wound to make the situation appear less dire.
In addition to talking to people, it’s also a good idea to exercise and eat right. While depression and anxiety can sap a person’s energy, exercise will boost endorphins and give you feelings of buoyancy and renewal. Activities like walking are also excellent for meditation and problem solving. So get outside and enjoy the scenery!
Taking care of your physical body can go a long way in taking care of your mental health. It’s also important to see friends regularly, to have relaxation time, and to take note of all the things you’re grateful for in your life.
If you’re unemployed, consider volunteering on the days that you’re not job-hunting. Volunteering will help you acquire new skills and can make you feel amazing. By helping someone else, you’re proving to yourself that you have the power to change your life. It can help you see things from a fresh perspective, and can also help you connect with people in your community.
The more you put yourself out into the world, the less scary the world becomes. Foreclosure and eviction are incredibly stressful situations to deal with, and you don’t have to deal with it on your own. Seek out friends or connect with others in the same position as you. You’ll soon see that this is a temporary setback, and that you have the power to get back on your feet. You deserve to be healthy, happy, and living in a home that acts as a true sanctuary for you. You may not be able to buy a new home right away, but you’ll get there soon; I have faith in you.
Three Different Strategies to Stop Foreclosure on a Home
December 15th, 2009 by adminThree Different Strategies to Stop Foreclosure on a Home Stopping a foreclosure is no easy task, but it’s not impossible either. There are three methods that are commonly used to stop foreclosure: bankruptcy, refinancing and loan modification. Each of these methods tackles the problem of foreclosure from a different angle. The first method you can use to stop foreclosure on your home is to refinance your mortgage. When you refinance, you get a new loan to replace the old one, and the original mortgage is paid off. If you are able to refinance your home, your old lender will have to stop foreclosure proceedings because you no longer owe them any money. Your mortgage is now with the new lender. If you want to try refinancing your home, it is best to do it as soon as you know you are going to have problems keeping up with your payments. You will have a better chance of qualifying for a new mortgage loan if your credit report still shows you up-to-date on your current mortgage. Time is of the essence when considering this method. It works best as prevention. You can also halt foreclosure proceedings by filing for chapter thirteen bankruptcy reorganization. This procedure can sometimes save a home from foreclosure because it allows you to come up with a plan for paying off your debts that creditors must go along with.
However, when you file for bankruptcy, it can stay on your credit report for ten years. If your concern is more for remaining in your current home than keeping your credit report from getting too filled up with negatives, this solution might be right for you. You should talk about your situation with a qualified bankruptcy attorney who has plenty of experience representing people who are going through foreclosure. You may be able to get a free consultation so that you don’t have to pay the attorney unless you go through with the bankruptcy. The third method that can stop foreclosure on a home is loan modification. That is the process of making payment arrangements with your lender that change the payment terms on the loan so that you are able to make the payments. Most lenders require you to be behind on your payments before they will talk to you about a loan modification.
However, if you wait too long they will not work with you either. Loan modifications can be tricky, so you might want to work with a loan modification company to help you get through the process. You can also buy books that contain instructions to help you fill out the forms that you will be required to complete during the loan modification process. Hopefully, one of these three methods will help you stop the foreclosure on your house so that you can remain in your home. Research all of the methods carefully to determine whether they will help you with your situation. Each method has its own set of risks, and only you can decide which course of action to take.
Life After Foreclosure
December 9th, 2009 by adminRecent statistics showed that foreclosure filings reached one million in May with indications that the number could swell to 2.4 million by the end of 2009. Unfortunately, much like filing bankruptcy, the ramifications of a foreclosure filing will follow these families around for a long time. The first issue following a foreclosure, however, is an immediate one; finding a new place to live. Many families, in the battle to remain in their home, will use up most or all of their funds prior to foreclosure. That leaves them empty handed once the foreclosure is done. Combined with a credit score that reflects the foreclosure, the lack of funds can make a prospective landlord queasy about approving an applicant in this situation. Solutions include:
* Writing a letter of explanation to accompany the lease application. Putting a story behind the current situation, along with a detailed solution can go a long way.
* Offering a larger deposit than required. It may have to be borrowed or saved during the last stages of the foreclosure but the offer of a larger deposit will serve to lessen the risk perceived by the landlord.
* If there is a solid income history, leasing a property at a small fraction of the total income will ease the concerns of a landlord.
The second issue is the inevitable hit on the homeowner’s credit score. Credit scoring is now integrated so that a foreclosure will not be an isolated event. Once a foreclosure hits a report, credit card interest rates will skyrocket and credit limits will be slashed. Carrying a high balance on credit cards can be prohibitively expensive at interest rates above 27%. It will also be difficult and expensive to get approved for any other type of loans. Solutions include:
* Debt settlement ? Defaulting on consumer debt and then doing nothing doesn’t make it go away. Additionally, staying current on your cards with rates at 30% is going to take precious money away from lease deposits, etc. If your credit score is going to take a pounding anyway, entering a debt settlement will cut your payments in half and pay the debt off within 48 months.
* Be proactive regarding your credit score. Be sure to note your scores when balances are paid off. Your credit score can be re-built over time as you get out of debt.
Like bankruptcies, prospective employers are now focusing more attention on foreclosure filings in terms of judging the character and financial responsibility of the applicant. Credit checks are now a regular part of the screening process, especially when there are a number of applicants. A foreclosure can tip the scales if everything else is equal between two applicants. A possible solution is to have a letter of explanation detailing the events that led to the foreclosure. Total honesty is going to be the best approach here and, who knows, if the person hiring you is going through his own set of financial challenges you may just find some common ground which to you getting a break.
The IRS considers the amount of money owed on the mortgage that is not recovered from the sale of the property as income for the homeowner. In any case where debt is forgiven, the amount not paid back will be taxed as income. Solutions here include a congressional pass that exempts the owners of foreclosed property from a tax hit if it was their primary residence and the property wasn’t refinanced with a cash out loan. The tax bill can also be avoided by proving insolvency. If your debts are greater than your assets you’ll be allowed a pass on money owed for forgiven debt.
In the end, the mental toll of being forced from your home and community could be the greatest cost. The best solution is to focus on learning from mistakes, putting the past in the past, and moving forward. Lastly, like filing bankruptcy, the stigma of filing foreclosure doesn’t carry the baggage that it once did. As widespread as foreclosures are and with delinquencies occurring in 12% of homes across the country, they are quickly becoming seen as another part of life, not some sort of massive failure.
Loan Modification Help Center – Learn Your Options For Stopping Foreclosure Now
December 6th, 2009 by adminRegardless of where you are at financially, it is almost never too late to avoid losing your home to foreclosure. Qualified loan modification attorneys know that while it is easy to lose hope and fall into a place of inaction, you have many tools at your disposal.
Options
Contact your existing lender and see if you can get a forbearance, a payment plan or a deed in lieu of foreclosure. A forbearance is an agreement between the lender and the borrower that reinstates the delinquent loan through the payment of a lump sum or a schedule of payments over a period of time. A payment plan is similar to forbearance; in some cases, the lender may agree to a short term payment plan if you can prove you’ve had a hardship (loss of a job, medical bills, etc.). A deed in lieu of foreclosure is a voluntary transference of title to the lender. Most often, this is used as a last ditch effort by the homeowner to avoid the negative consequences of foreclosure.
The problem with all of these options is that they require a great deal of cash on hand, something you most likely do not have available. Foreclosures can be a challenging situation because most people facing foreclosure are not simply lazy people who forgot to pay a bill, they are hardworking people who are facing some sort of financial crisis. These might be options if you have $10,000 or $20,000 on hand, but odds are you do not. With a deed in lieu of foreclosure, the ultimate problem is you no longer own the home, and so now you’ve lost any equity in the house and you are not in control
Other options include refinancing, although that depends upon your credit history which could have taken a massive hit from your financial problems. If you do not have an outstanding credit history, or if your financial challenges are more than short term, a refinancing probably will not happen. A short sale is an option, although there is no guarantee that the lender will forgive whatever debt remains from the short sale. There is also always bankruptcy, but there are so many challenges before, during and after a bankruptcy that it can be a complete waste of time. A bankruptcy will stay on your credit history for up to a decade and provide nothing but headaches during that time. Even afterwards you can face financial challenges, career challenges and legal challenges stemming from the bankruptcy.
Quite possibly your best option when facing foreclosure is a California loan modification. A loan modification is a change of the terms of the original mortgage loan; the change could be to the interest rate, the length of the mortgage, the principal balance, the late fees or some other part of the original agreement. To get a loan modification, you can attempt to deal with the lender yourself or hire a California loan modification attorney to negotiate on your behalf. A loan modification attorney will often get a quicker response from a lender because he or she will have the law on their side. A lender will consider a loan modification when foreclosure is eminent and the borrower’s income has been decreased, but if the borrower will be able to keep paying the mortgage at a lower monthly rate.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Real Estate Bad Guys: A Day in the Life of a Foreclosure Specialist
November 30th, 2009 by adminThe view from the other side of the foreclosure door
Walking up to a person’s home to evict them is never an easy job. Even though those of us in the foreclosure field are not the ones who have made the bad choices, or caused the bad luck, leading to this terrible moment, we are still regarded as the bad guys. It is definitely one of those cases when just by being the messenger, you take the brunt of emotions the people you are dealing with are feeling. The typical day for a foreclosure specialist is filled with bargaining, tears, threats and sadness.
How it all begins
Here is how it all starts. Homeowners have defaulted on their mortgage, they are no longer able to make their monthly payments and haven’t for a while. The bank with the home loan contacts a foreclosure specialist in the area and hands over the case. The ball is in our court. We must now run an analysis on the property in question. Next, we contact the homeowner and give a choice of two options. The homeowner can take us up on a cash for key incentive, meaning they have an offer like two weeks to be out of the home in exchange for $1000. The alternative is that we will bring the local sheriff to assist with evicting the former owners.
I’ve experiences the gamut of the human race in this field. I’ve see a range of emotions pass the faces of those who are losing their homes. There are the ones who appear strong, who hold it in and regard you impassively as you deliver the spirit-breaking news. Yet, so many of those I face with the news will break before my eyes. I seen tears from men you wouldn’t think were capable of crying. One of my worst experiences was evicting a family during the Christmas season, while their Christmas tree was still up, lights and all. The worst can be the fact that you know there are children losing the only home they have ever known.
You Can’t Take it With You
On occasion, former homeowners refuse the cash for key offer, but take everything else. When we, the foreclosure specialists, check the house on the pre-set eviction day, we find that they have taken everything that is not bolted down: water heaters, light fixtures, stoves and refrigerators. To show even more anger they will knock holes in the walls and turn water on to warp the floors. There have even been cases where upset individuals left a gift of feces in the middle of the living room floor. The only thing I can do is photograph the evidence and send it to the bank.
Of course my first response is “OLD SHIT”
Foreclosure is unpleasant for all concerned. Even those of us who work in the industry are just trying to survive the economic downturn, like everyone else. The U.S. housing market has been on a downward spiral for quite a while and it has taken many casualties with it. The only honest answer to this situation is education and participation by all. It is essential to focus on educating the home owning public, and especially minority homeowners and those who live in the inner city. This is what will ultimately make the most difference in our economy. Education is essential to turning around the lives of those otherwise destined to foreclosure. Participation of all parties; Real estate Brokers, lenders, mortgage brokers; non-profits, title companies, attorneys, escrows, many others in the business sector will move this issue on.
The real estate foreclosure specialist is not the bad guy, we are just working to feed our family.
Foreclosure Plan Wrong for Evolving Mortgage Crisis
November 29th, 2009 by adminEven with loan modification programs now in place, the Obama administration’s housing-rescue efforts are increasingly ill-suited to address the changing nature of the foreclosure crisis, according to a report released by a watchdog panel. The report, from the Congressional Oversight Panel was created to oversee the government’s $700 billion financial bailout. This report concluded that the financial bailout plan isn’t set up to help the current drivers of foreclosures: borrowers with good credit who have lost their jobs and those with complex mortgage. Under the Home Affordable Modification Program, or HAMP, eligible borrowers who are behind on their mortgage payments can reduce their monthly payments. A companion program allows eligible homeowners to refinance their home loan if they have little or no equity in their home. But modifying loans for unemployed borrowers who are unable to afford even reduced payments will likely lead to even more foreclosures in the future.
The report was released one day after the Obama administration said it had met a key benchmark for the housing-rescue program by offering trial loan modifications to half of a million homeowners. HAMP The report stated that Obama’s program is targeting the housing crisis as it existed six months ago, rather than it’s current state. Even trial loan modifications might not lead to a permanent fix, and the homeowners who do receive a permanent mortgage modification will see payments rise after five years. This will likely lead to a foreclosure delay rather than prevention. Foreclosure efforts so far were designed to modify subprime adjustable-rate mortgages and other risky loans that were becoming delinquent as interest rates adjusted, dramatically increasing monthly payments. By reducing the interest rate or extending the loan over a longer term, monthly payments may become more affordable. The current wave of defaults is being driven by borrowers with good credit who have lost their jobs and can not afford to make any mortgage payments. Another category of troubled borrowers have complex home loans that can’t be easily modified without writing down the loan balance, which is unlikely due to the financial crisis.
There has been some motion generated by this report. The oversight panel, which approved the report on a 3-2 vote, called for the administration to update the strategy to address this new wave of borrower defaults. The Treasury Department said that they continue to study further ways to help unemployed homeowners. Senate Democrats introduced a bill to offer federal funds for states to offer mortgage assistance to unemployed borrowers. Policy makers are also considering proposals that would allow lenders to lower payments beyond the requirements of the HAMP program for unemployed homeowners. The vast majority of modifications have not included writing down loan balances, which many experts believe would lead to more successful modifications.
Loan Modification Help Center – Understanding The Foreclosure Process
November 27th, 2009 by adminVery often, when someone contacts a loan modification attorney they really do not understand how the foreclosure process works or how to stop it. People who do not understand foreclosure proceedings are often scared, timid and unwilling to do what it takes to stay in their homes. Many think that if they just ignore their lenders, they will go away. However, inaction is not any way to respond to a potential foreclosure. The only way to mount a successful defense to foreclosure proceedings is to know how the process works, and talk to the loan modification attorneys who know how to stop it.
Foreclosure Process
The first step in the foreclosure process begins when a lender files a “Notice of Default” with the county recorder. This often proceeds a period of non-payment by the borrower, meaning the homeowner is defaulting on the loan by not making payments. This notice is mailed to the borrower and any other affected parties. This is in no way the end of the process; in fact, up to five business days before the trustee’s sale, the borrower can pay off the default amount plus any addition fees and/or fines and stop the foreclosure process. Obviously, very few people can simply cough up the thousands or tens of thousands of dollars it would take to pay this amount.
The second step comes ninety days after the Notice of Default is recorded. A “Notice of Sale” must be posted on the property and in one local public location, such as a library or town hall. The Notice of Sale is also published once a week for three weeks in a newspaper of some sort in the area. The Notice of Sale must clearly state the date, time and location of the sale, as well as the property address, the trustee’s contact information and any other pertinent information.
Step three usually occurs about four months after the foreclosure process began. The Trustee Sale Auction is held as a public auction at the time and place designated by the Notice of Sale. It is conducted by the lender’s representative, almost always an attorney, and the successful bidder must pay immediately with cash or a cashier’s check. The lender often bids in the amount of the balance due plus costs. If no one else bids (which is usually the case these days), the property reverts to the lender.
Contrary to popular belief, the lender or bank you got your mortgage from does not want your house back. The entire foreclosure process costs the lender far more than it is worth. The lender is not only losing money on the four months you aren’t paying your mortgage, but will most likely lose money paid to the attorney who runs the auction. A loan modification attorney can help you avoid foreclosure and stay in your home. Both you and your lender are interested in you keeping your home, and a loan modification attorney can help you avoid the headache, heartache and embarrassment of a foreclosure.
Visit us at http://www.loanmodificationhelpcenter.org/ or call 800-359-6941.
Legal Disclaimer
The information contained herein is provided for general information and advertising purposes only and is not intended to convey a legal option nor legal advice for any particular case or situation. Nothing in this article shall create an attorney-client relationship. Nothing sent to this law office via e-mail shall constitute an attorney-client relationship. Nothing contained in this article shall be construed to be a guarantee or prediction of result. Prior results are provided for general information purposes only and do not guaranty, warranty or predict a similar outcome with respect to any future matter. Results achieved depend on individual circumstances and not everyone will qualify or be successful in restructuring their mortgage loan.
Three Different Techniques to Stop Foreclosure on a Home
November 26th, 2009 by adminThree Different Techniques to Stop Foreclosure on a Home If you are about to lose your home to foreclosure, you may be searching desperately for a solution that will allow you to save your home. I wish I could tell you the task you face is easy, but it isn’t. You may be facing an uphill battle, but there are three ways that you might be able to stop foreclosure on your home. First, you can try stopping the foreclosure process by refinancing your mortgage. This is the process of obtaining a new loan to replace your current mortgage. If you qualify, your old lender will be paid off during the loan closing process for your refinance loan, and the foreclosure will be terminated. Since you must qualify for a new mortgage in order to refinance your home, it makes sense that it would be easier to be approved if you start applying for a refinance loan early. In order to improve your chances, you should start applying even before you fall behind on your mortgage payments if possible. Refinancing before you get into trouble can head off a foreclosure before it starts. Another option to stop the foreclosure on your home is to file for bankruptcy. The type of bankruptcy we are talking about is chapter thirteen bankruptcy reorganization. It is sometimes possible to use this type of bankruptcy to come up with a debt repayment plan that allows you to stop the foreclosure process and keep your home. This will have an adverse affect on your credit report though. The bankruptcy can remain on your credit record for up to ten years. Of course, credit is not always the most pressing concern of those facing foreclosure.
After all, your credit is already damaged. If you really want to keep your home, a bankruptcy reorganization may be your best choice. You should be able to get a good idea of whether this option will help you by talking to a bankruptcy attorney about your financial situation. A loan modification is the final option for stopping foreclosure. You may be able to get your mortgage holder to agree to accepting modified terms on your mortgage. This benefits the lender because they avoid the legal fees associated with foreclosure, and it benefits you because the new terms will make it easier for you to keep up with your payments. Your best chance for a loan modification comes after you have fallen behind on your payments but before the lender has started formal foreclosure proceedings. Negotiating a loan modification can be difficult, but there are experts available who can help you get your loan modification approved. If you are a do-it-yourself kind of person, you can purchase a book that tells you what to expect and explains how to fill out the forms that your lender will require. All of these methods can be helpful to help prevent or stop foreclosure on a home. It’s a good idea to get as much information as you can about each of the methods before determining the strategy that is best for your situation. There is no one-size-fits-all answer to stopping foreclosure. Different strategies will work better some people than others. Once you have analyzed the methods for stopping foreclosure, you can choose the option that you feel best suits your needs. – Adam Whazzer has been a mortgage guru for years” Adam has offered End Foreclosure and foreclosure help to foreclosure victims for nearly 5 years. If you are facing foreclosure, stop by for More Info On this Subject
Know All of Your Possibilities When Shopping For an Orange County Foreclosure!
November 25th, 2009 by adminOrange County is by far the second most populous county within California. As one of the state’s economic centers, Orange County has become home to a very active real estate market during these slow and trying economic times. With Orange County’s sales expected to stabilize once again there will more than likely be a very positive effect on the demand for Orange County foreclosures.
There is no doubt that today’s market has presented house shoppers with the opportunity to find an amazing deal on their dream home or next new home. As a house shopper your choices are virtually endless. Whether you are looking into Townhomes, Condos, Flats, Luxury Apartments, Ranches, Estates or single family homes, big or small, there is an Orange County foreclosure out there for you. But how do you narrow down your selection with so many to choose from? With the help of the OC-REO Team, you are sure to have all the assistance you will need as you search for your new dream home or your next new home.
At OC-REO Team we take pride in helping our buyers find the absolute perfect Orange County foreclosure at the right price for them. We know where all of the best Orange County foreclosures can be found on top of when and where new foreclosures in Orange County will enter the market.
With over 20 years of experience behind us in the Orange County real estate market we have come to believe in delivering quality service and professionalism as we work tirelessly in managing, marketing and closing the deal on one of the foreclosures in Orange County for you. So whether you are in search of a beautiful home in Newport Beach, San Clemente, Santa Ana, Huntington Beach, Anaheim or any other city within Orange County, be sure to contact the foreclosure specialists of the OC-REO Team at www.OCREOTeam.com.
We have a FREE and up to date property search tool that will allow you to browse through a complete and up to date listing of Orange County foreclosures, Orange County bank homes and Orange County short sales available on the market. This search tool will provide you with photos, property descriptions and directions to any and all of the foreclosures in Orange County in our data base. You can also request a showing or get a head start by applying for financing and even view a community profile of the home or homes you are interested in!
The Pain of Foreclosure Could Last Years
November 23rd, 2009 by adminthe American housing market could prolong the recovery of the economy by delaying home foreclosures. This has been the topic of debate over whether it is best for America to face millions of foreclosures immediately, or to control the process over several years. The major argument for allowing the processing foreclosures to all happen quick, is that there will be a purging of bad loans followed by the beginning of the mending process for the industry. The opposing argument is that by slowing the foreclosure logjam, the economy and housing demand will have time to recover. It appears as though we are taking the latter course, for better or worse. Since the crash of the housing market, economists have predicted an uncontrolled surge in foreclosures. “Like everyone else, I’ve been waiting, but we’re not seeing the big influx that was expected,” said Jim Summers, an agent with Re/MAX Golden Empire. “At this point, I wouldn’t bank on anything.” Many real estate experts now say it’s not clear that the massive second wave will even come.
This would mean that the approach we are taking appears to be successful. Of course, foreclosure’s are not in anyone’s best interest because they drive down home prices, and keep banks skiddish about their lending practices. Right now, mortgages are much more difficult to obtain as a result of an over-conservative lending psyche The government is trying to control the downward pressure on the nation’s economy that the millions of foreclosures have caused. Lenders are fighting to keep value of their mortgage assets high, and cities don’t want their communities to suffer the massive losses from mortgage defaults. “As long as interest rates stay low, I think banking and government interests will be able to maintain some degree of market stability,” Conway said. The home foreclosure process now takes twice as long as it used to. A large reason for the longer delays are loan modification efforts to keep borrowers in their current home mortgages. These loan modifications are a noble effort in the short term, but a majority of them default on their modified mortgage within a year. The foreclosure process is also being slowed by staffing shortages at lending agencies and bankruptcy filings.
In states where foreclosure is a judicial process, it now takes an average of 2 years, and in other states it takes an average of 14 months. The slow foreclosure process has two consequences. First, it keeps families in the home longer during the foreclosure process, which is good for any troubled family. However, this is costly for banks, and it is slowing down the economic recovery, possibly by as much as 5-10 years. Regulators insist that banks have an incentive to stall the foreclosure process. When lenders have foreclosures on their books, they bulk up reserve funds to cover toxic assets. after the dust settles, and foreclosures are less prevalent, they will have the liquidity to lend again. Until mortgage lenders feel comfortable with their liquidity, and have legislative support, they will not finance mortgages for any candidate that is not absolutely perfect.
Obtaining Government Foreclosure Help
November 21st, 2009 by adminFor many people, a mortgage is the only solution to avoid financial difficulties and impending debts. However, there may be times when even paying the mortgage is a hard thing to accomplish. If you are interested in mortgage help, then you should know that there are some pretty interesting solutions available. We can teach you about existent regulations and how to benefit from government foreclosure help. You just have to listen and put all the given advice into practice.
Foreclosure is one of the words we dread the most, encompassing all the legal proceedings taken by a creditor to recover the money owed by the borrower. Mortgage foreclosure happens rather too often and it’s not for nothing that so many people are interested in foreclosure help. Did you know that if the lender does not respect the existent regulation you might be able to defend yourself against mortgage foreclosure? This is the kind of government foreclosure help you really need. Any violation on behalf of the lender and you might have a case, thus avoiding the foreclosure part completely.
The most important thing that you have to keep in mind is that knowledge is power. If you want to escape the debt situation and report a violation, then you better know the law and learn how to apply it. It is in your best interest to contact a qualified accountant and ask him/her to review the loan records, analyzing all the documents that might be useful to your case. This means all the letters, records of your loans and any monthly bank statements that might prove out to be beneficial to your situation. Who would have thought that you have a chance to annul the mortgage through such means?
The Internet is a perfectly good resource if you want to find out more information about foreclosure help. You can easily go online and find out what are the existing laws regarding loans. Lenders have been known to violate important regulations, including those involving mortgages and credit borrowing. If you know these laws, then you might be able to improve your current financial situation. All you need is a professional to stand by your side and pinpoint how you can benefit from government foreclosure help. Don’t deny yourself that right and pay increased attention to everything that professional has to say.
Before deciding if your lender has violated any laws, try and answer yourself to a few questions. This might prove out to be pretty useful. If you have refinanced a loan several times, if your rate has increased after the new loan was obtained or if the interest rate is incredibly high, then there might be certain violations involved. Foreclosure help is available in all these situations and in many others, including if you had problems with the lending company or the terms of the loan were changed on the spur of the moment. Talk to an auditor about such difficulties and be sure to find out extensive details on government foreclosure help!
Facing Foreclosure? Is a Recent Job Loss Causing Financial Distress?
November 21st, 2009 by adminMillions of people have lost their job opportunities, or have experienced a reduction in their annual incomes over the past few months. While many individuals have relied on second incomes or savings over the short term, others have been unable to maintain their financial threshold and are facing foreclosure on their properties in the event that something does not change quickly. If you are currently in this situation, you do have options available for consideration.
Some of your options include searching for additional employment, trying to negotiate a change in your current mortgage with your lender, listing your property for sale and short selling. If you are unable to secure additional income or your lender will not modify your loan in such a way that you can afford to make ongoing mortgage payments, short selling your home may be the best financial option.
What is Short Selling?
A short sale refers to a real estate transaction in which the property sells for a price below what is currently owed to the lender. Many people are unfamiliar with this financial option, as it often does not seem like common sense for a lender to allow a property to sell below what is currently owed. But, during a downturned economy, many lenders would prefer a short sale to a foreclosure. When a property goes into foreclosure, the lender must maintain the property, covering the mortgage note and maintenance costs and other carrying costs until the property sells. So, in the event that it makes better financial sense to facilitate a short sale, the lender will often agree to this with the current borrower.
If you are in a distressed financial situation with your property, a short sale may be a viable option for you to consider. To find out more about this option, order your FREE Short Sale Report and Markey Value Analysis by visiting http://relieftohomeowners.com.
