Archive for June, 2010

Tuesday, June 29th, 2010

into foreclosure
Igor Mosyak asked:


The foreclosure process may be initiated when a given property owner defaults on his or her mortgage loan. It is initiated by the lender and can result in the seizure and sale of the property. There are different stages of the foreclosure process to consider. These stages present the borrower with opportunities to bring the loan back to a current standing and negate the foreclosure. The time periods for each stage may vary from state to state as well.

After a specified time period, normally 90 days, the lender files a Notice of Default at the Circuit Court in the county in which the property is located. This serves as an alert to the borrower that the foreclosure process is beginning. This should come as no surprise in the vast majority of cases. This is the time to request the advice of a professional foreclosure consultant. They can help you understand how to save your home from foreclosure. Learn more at Stop Foreclosure Help Today.

The Notice of Default also marks the beginning of a period in which reinstatement is possible. This reinstatement period lasts as long as up to one day before the actual sale of the property. With foreclosure rates at record high levels country-wide, both the lenders and state governments are attempting to give borrowers every opportunity to bring their loans current. Since October, 2007, there has been a 71% increase in the amount of foreclosures filed. There were 81,312 foreclosures filed nationwide in September of this year alone.

If the loan is not brought current during this reinstatement period, a sale or auction date is then established. The borrower is presented with a Notice of Sale, normally via both first-class and certified mail. The Notice of Sale is also to be posted at the property in question. It is normally taped boldly to the front door. The lender is also required to run an ad in the local newspaper notifying the public of the sale for three weeks in advance of the sale date. State dependent, borrowers are still able to intervene in the foreclosure process. Most states allow the borrower to bring the loan current until the day before the sale or auction.

If the loan is still not brought current and the sale is held, the opening bid is normally set at the amount of the balance of the defaulted loan plus interest accrued and any other fees associated with the sale. Of course, having a skilled foreclosure consultant in your corner goes a long way towards saving your home from foreclosure. They can deal with lenders, court systems and all other involved parties on your behalf and find ways for you to be able to stay in the home that you have worked so hard to acquire. Remember that the initiation of the foreclosure process doesn’t necessarily mark the end of your home ownership.



Monday, June 28th, 2010

foreclosure
Heather Seitz asked:


 

Have you ever imagined owning a piece of land and building your dream house on it? Deciding if you want to build near neighbors or not? If so, investing in land foreclosure property may be the right choice for you.

 

Land foreclosure is property that was once financed, and due to default payment of the loan, repossessed by the lender. However, the lender does not want to sit on the property. The land foreclosure property will be marked below appraisal value in order to get the property sold quickly. The longer the lender has possession of the property the more money that will be lost. The lender will be responsible for any new taxes or old taxes on the property. Due to these facts the lender wants to get the land foreclosure sold as quickly as possible. This is a great opportunity for new home buyers and investors.

 

There are three types of land foreclosure sales: pre foreclosure, foreclosure auction, and lender owned sale.

 

Pre foreclosure means that the process of the land foreclosure has begun but is not finalized. This gives the original owner a chance to redeem his or her name with the bank. He or she can do this by either paying the defaulted amount of the loan or selling the property to pay off the loan. During the pre foreclosure process, investors and property buyers have a great chance at getting a significant deal on the pre land foreclosure property. The owner of the property is facing an ultimate crisis. The owner is on the verge of losing the property, devastating credit, and other financial burdens. For this reason he or she will be prepared to accept any help that is reasonable.

 

In most cases, an investor can save up to thirty percent off the appraised value of the pre land foreclosure. Not to mention, the ability to inspect the land before making an offer. It is in an investor’s best interest to have financing pre approved before discussing purchase with the property owner. The property owner may not want to discuss any offers if financing is not already pre approved.

 

A foreclosure auction is final process of land foreclosure. The owner no longer has ownership of the land. Nevertheless, purchasing land from an auction requires an investor to be educated on the process and experience. It is not the law, but it is more beneficial to the investor to know what he or she is doing, and can make the difference between making a profit and losing money. The down fall to purchasing land at a foreclosure auction is that the property now cannot be inspected and payment for the land foreclosure is expected at the time of auction.

 

Lender owned sale is a different type of land foreclosure sale. The lender has ownership of the land. The lender will sell the property in a more formal sale at a lower value in order to take a lower risk. However, an investor can expect to save at least twenty percent of appraised value on property. On the other hand, pre foreclosure land or a foreclosure auction may be the most beneficial route for investing in land foreclosure. Though anyone can invest in land foreclosure sale, a smart investor is an educated investor. Do the research and homework before investing.

 



The Top 7 Foreclosure Assistance Solutions Options

Monday, June 28th, 2010

foreclosure
Peter Baptiste asked:


What can I do to stop foreclosure? Are there foreclosure assistance solutions available to help me? These are top questions that many Americans are finding themselves asking today. With so many foreclosures occurring, it leaves families in precarious positions, looking for foreclosure assistance solutions in lieu of foreclosure. Thankfully, there are some great solutions available.

John and Mary were an average couple. Both had jobs, a nice home, two cars, and were doing pretty well. However, John’s company was getting squeezed by the economy, so they laid him off, and at the same time the interest rates on their adjustable rate mortgage jumped, making their payment more than ever before in a time when they had less income than every before. Soon they were missing payments and facing foreclosure, frantically looking for foreclosure assistance solutions to help.

When you’re looking for foreclosure assistance solutions, there are several things to keep in mind. You want to make sure you choose the right solution for your needs, so here are several things to look for when searching for a foreclosure solution.

- Look for an Option That Will Help You Save Your Home – When you are weighing the various solutions available to you today, look for an option that will help you save your home if possible. This is not always possible, but the best choice.

- Make Sure You’re Not Getting Involved in a Scam – There are many scams out there, and when you’re trying to find the right foreclosure assistance solutions, keep your eyes open for scams.

- Don’t Pay for Help – There are many solutions out there and you shouldn’t have to pay for them. So, if they are asking for payment, this is not the right solution for you.

Solution #1 – Talk to Your Lender – Probably one of the best foreclosure assistance solutions to employ if you are facing foreclosure is to start out by talking to your lender. You need to let them know what the problem is. They don’t want to foreclose and can often offer you other great solutions to help.

Solution #2 – Loan Refinancing – Loan refinancing is another of the many foreclosure assistance solutions that is a great option for you. When you have an adjustable rate mortgage, this is definitely a top solution, since you can often save quite a bit in interest. This is a top way to avoid foreclosure but is not always an option.

Solution #3 – Forbearance – Forbearance on your loan can help you reduce your mortgage payments or even delay them for a time period without legal action. If you have dealt with a job loss or extreme financial problems, this is one of the top foreclosure assistance solutions to check into.

Solution #4 – Pre-Foreclosure Sales – If you are not interested in keeping your home and you’d rather make sure that you save your credit and avoid a foreclosure, pre-foreclosure sales can provide you with an excellent option.

Solution #5 – Repayment Plan – Some companies will offer special repayment plans that are great foreclosure assistance solutions. This is a very common method used and includes your lender allowing you to repay the past due amounts by adding part of it to your monthly payment each month so you can get caught up.

Solution #6 – Short Sale – A short sale is not one of the top foreclosure assistance solutions, and it means you’ll be giving up your home, but it is a good option as a last resort. It allows you to sell your home for less than the mortgage amount, but you’ll have to get your lender to agree to it.

Solution #7 – Deed in Lieu – Last of all, deed in lieu is another one of the many foreclosure assistance solutions available, but there are some big disadvantages. While it does help you to avoid foreclosure, it can still damage your credit.

These are just a few of the top foreclosure assistance solutions options that you have today. It’s important that you understand your options and how they work so you can make sure that you don’t get caught off guard by foreclosure. There is help for you if you are dealing with a possible foreclosure, so take the time to find out more about these solutions that are available to you.



Sunday, June 27th, 2010

foreclosure
Thomas Bladecki asked:


A foreclosure is the process by way of which a lender can take over the property of a person who has taken a loan. There are many reasons for the owners inability to pay the loan; death of an earning family member, divorce, loss of job and employment, mental illnesses, alcohol or drug addictions and many more.

Foreclosures happen when banks, credit agencies or any other financial institutions repossess property. You can find foreclosure listings for properties that include homes, condominiums, residential properties and commercial properties. The foreclosure process begins when for some reason; the owner of the property fails to pay back the loan amount, the mortgage amount. The lender then takes the property back and forecloses the lien on the property that the lender had placed. Investors find foreclosure listings on website that specialize on finding, listing and maintaining foreclosure listings. You can also use real estate agents that specialize in foreclosures.

To find foreclosure listings is relatively easy these days, as foreclosures are increasing very rapidly in today’s market. Most experts think that this year foreclosures will reach record highs. An investor can find foreclosure listings for all parts of the country on foreclosure websites that have a nationwide database.

Traditionally April is considered a month where the new home sales pick up. However, the real estate market is very slow as potential buyers are on edge about buying real estate. New sales are down compared to the number of foreclosures. Since foreclosures are nearing an all time high in the United States, an investor or a buyer can make money when they find foreclosure listings.

When an investor can find foreclosure listings and make money, they can buy at discount prices; many of the homes are available at 10-50% below the current market prices. To do this they find foreclosure listings for such homes. There is also a glut in the market and this is the right time to buy and this is true for the entire country. Investors find foreclosure listings as there are more and more properties that are been foreclosed.

You find foreclosure listings at websites that list information about foreclosures and the current real estate market. The first thing to know is where to find the properties that you can invest and make money. These properties are available with various agents and a growing number of resources on the internet. In order to find foreclosure listings where you live find a website that has a nationwide database. This means that you can find foreclosure listings about all the foreclosed properties in the various cities and states in the United States.

For the investor, buying at these low prices will enable them to make money in foreclosures, since they can resell the properties later when the market comes back up. While the home owner can benefit from buying the property and save money too. They can use the money for other purposes such as renovating the property or even fund the education of their children.

You can also find foreclosure listings for Bank foreclosures known as REO’s (Real Estate Owned); properties that are owned by the bank. When bank foreclosures take place, the prices are typically set at the remainder of the amount of the debt or the loan amount. Find foreclosure listings for them on the websites too banks are sometimes willing to take less then what is owed, this is called Short Sale. Depending on which state you are in, the foreclosures deals can take 6-12 months.

You can also find foreclosure listings through the county office these lists are also available on many of the foreclosure websites. It can be difficult to find a reliable source where you can find foreclosure listings giving complete and vital information. Make sure the website where you find foreclosure listings that are updated daily.

For many homeowners it can be an investment in second homes too, when they find foreclosure listings for the right property. Many websites also gives useful tips about when to purchase properties and how to purchase the properties.

Find foreclosure listings from such websites that enable you to locate and find the brokers and agent information as well. When you find foreclosure listings that give you every detail about the foreclosures it will make it much easier to research and purchase the property. The process of buying the foreclosed property is not very difficult. It just takes a bit of research, time and effort to find foreclosure listings that are reliable. Then the prospective buyer or investor can give a written contract to the lender such as the banks or any other credit institutions to start the process of purchase.

Depending on the policies of the banks or the credit institutions, down payments can range from as low as $500 or up to 10-20% of the total amount of the outstanding mortgage amount.

This means that if the outstanding mortgage amount is $156,000, then the investor would need to deposit $15,600 in order to start the purchase process. The remainder of the funds and the financing needs to be worked by the investor. The mortgage rates currently are extremely low and can range from 6% – 6.8%. Depending on your credit history, date, price terms and conditions, great deals can be worked out between the lender and the investor.



Tips On How To Avoid Foreclosure

Saturday, June 26th, 2010

foreclosure
Susan Jan asked:


Foreclosure occurs when you fail to make your payments and the mortgage company takes legal action to repossess your home or property. Mortgage foreclosure may take place if a homeowner, who has taken out a loan, defaults on the mortgage payments. Through the process of mortgage foreclosure, the lender company can take possession of the defaulted home. In case the value of the home is less than the mortgaged amount, the borrower may have to face the ‘deficiency judgment’ to pay the balance amount. Mortgage foreclosure also has a negative impact on the homeowner’s credit score.

Even though you may be facing mortgage foreclosure does not mean you have to lose the house. There are many ways to stop foreclosure when you are faced with mortgage foreclosure on your home. Some ways to avoid foreclosures include forbearance, loan modification, mortgage refinancing, sale of the property, etc.

It is also important that you save your house from mortgage foreclosure in order to maintain a good credit rating. If you have trouble making your mortgage payments, the first thing you need to do is contact your mortgage company and let them know. Prepare all your financial information such as tax returns, bank statement, etc. and do not abandon the property to avoid mortgage foreclosure. You can even have an option to go for a ‘pre-foreclosure’ sale where you simply sell your home before the bank completes the mortgage foreclosure.

To stop foreclosures, there are several other things that a homeowner can do. Homeowners can try and apply for Special Forbearance to avoid foreclosure. This may lead to a revision of the repayment schedule and in some cases the payment may either be revised or suspended. Your lender is not in the business of taking homes through mortgage foreclosure; they make more money by lending your mortgage payment to other homeowners.

If you are familiar with the foreclosure listings in your area, it will make things easier for you when you discuss with your lenders. Foreclosure listings are the lists of foreclosure homes, with comprehensive information and details geared towards potential buyers interested in buying a foreclosure property. Foreclosure listings provide detailed description on various aspects such as the property details, foreclosure information, neighborhood information, sales history, tax information and also the contact information. To find out more on foreclosure listings, the internet is a good place to learn more on the subject.



Homeowner Accused of Burning His Foreclosed Property

Saturday, June 26th, 2010

kcratv asked:


Contra Costa County investigators arrested home owner Joel Atwater for the alleged arson fire at his foreclosed property.

Friday, June 25th, 2010

into foreclosure
Greg Watson asked:


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

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

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

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

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

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

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

 



Wednesday, June 23rd, 2010

foreclosure
DCFawcett asked:


Where do most investors turn to when they seek foreclosure opportunities? Sure, they take a look at free foreclosure listings or even sources of foreclosure listings that they pay for. While these sources may lead to productive and profitable deals, investors often shy away from what I think is an untapped market in the world of foreclosures and foreclosure investing. What is this market? What do you need to know in order to tap into these preforeclosure opportunities.

This often overlooked market niche in the world of foreclosure investing is luxury home foreclosures. Many investors shy away from them, even if they represent good short sale opportunities, because of the bigger price tag. Folks, foreclosures are like any other type of real estate in that it comes down to the quality of the deal. If luxury home foreclosures mean getting deals 30-50% below market value, aren’t these foreclosures at least worth considering?

Foreclosure investing is an amazing opportunity but there are many aspects to consider, especially if you are really going to learn real estate short sales or venture into the deep end of the pool with profitable luxury home foreclosures. Good foreclosure training and good short sale training programs cover all the features you need to learn, including marketing, negotiations, raising capital, and even the emotional aspect of the sale, a natural by-product of foreclosures that can often complicate short sale deals.

My efforts here are to assure you that there are indeed unlimited deals to be found within the realm of foreclosures, and that includes properties of all shapes and sizes. Whether you’re just curious how to make money with foreclosures or really dive in and engage in serious short sale training (sometimes called loss mitigation training), then you owe it to yourself to check out my Preforeclosure Cash Flow System and the many short sale training modules within it that cover how to really launch your foreclosure business.

In closing, the entirety of the foreclosure process is ripe with deals that are there for the picking. In today’s market, the short sale process is as much as part of foreclosures as any other part of the business. This is especially true when it comes to luxury home foreclosures. When you are serious about really building your business, take my advice, and commit yourself to real estate short sale training. You will learn how to make money with foreclosures and you will also learn how to master short sales like a business pro. I wish you the very best in success in real estate investing.

To get a Free Online Foreclosures Training Course in Short Sales



Wednesday, June 23rd, 2010

foreclosed homes
Fiona Livnat asked:


The largest city in the state of North Carolina, Charlotte has developed into a popular residential destination over the years. So if you are a homebuyer on the lookout for a quality house in one of the upcoming cities in the country opting for a property through Charlotte foreclosed homes maybe just the right thing for you.

If you are a prospective homebuyer, there are various reasons why you should consider buying a property through Charlotte foreclosed homes which are listed below:

Diverse residential options – With a total of 199 neighborhoods spanning from Uptown to Ballantyne, the city has well serviced residential localities with top notch utilities. Forbes has reviewed the region as having some of the best and the most undervalued real estate in the country which makes buying a property through Charlotte foreclosed homes a great choice.  

Good housing –  The city has been voted as the best place to live in America by relocate-America.com based on factors including good employment opportunities, very low crime rates, and housing affordability.

Business hub – With its various business friendly communities and fortune 500 companies like the Bank of America, Duke Energy, Sonic Automotive, Goodrich Corporation, Time Warner Cable and several others the city has received excellent reviews by CNNMoney.com.

Great outdoor appeal – Ranked as America’s “Best Walking City”, the region has some great attractions like Public Art Walking Tour, accessible museums such as the Mint Museum of Craft and Design, and nearby outdoor excursions like the U.S. National Whitewater Center.

Finding a quality home at a great bargain through Charlotte foreclosed homes can be an easy task by keeping the following pointers in mind:

•    Compare prices of properties through online foreclosure listings to find the best deals available in the market.

•    Learn about the various foreclosure procedures to understand the market trends and determine the best bargains.

•    Contact the REO department of various banks to get the latest information on foreclosed properties.

•    Visit the local county office as well as search through newspaper classifieds for Charlotte foreclosed homes for sale.

•    Carry out a sound inspection of the property to assess its value before making an offer.

•    Always remember that the lenders are keen on selling the property and there is a wide room for negotiating on the asking price through Charlotte foreclosed homes.



Tuesday, June 22nd, 2010

foreclosure
kent harper asked:


The scenario regarding foreclosures is evolving daily. Many of foreclosures are occurring due to the economic downturn. There are a lot of unique foreclosure situations such as land foreclosure, bank foreclosure, home foreclosure, property foreclosure etc. A regional real estate agent can aid you with the foreclosure process -and your options.

Many real estate services can also provide foreclosures info and foreclosure listings, advice on how to stop foreclosure and the foreclosure process in general. As many experts will confirm, foreclosure homes often create perfect investment property. Some experts can advise individuals on bank owned, short sale, HUD foreclosures, real estate investing. A few ineligible for refinance will go into foreclosure with bankruptcy. And, tax foreclosure type questions for may be answered too. Foreclosure listings are usually comprehensive and often evolving.

Free real estate foreclosure listings, foreclosure information are offered from many local real estate agents. Finding data has never been more simple or more needed. Many need info on confusing subjects such as foreclosure sales, government foreclosures, real estate foreclosure, bank foreclosures etc. Foreclosure prevention will go a good way to avoiding foreclosure, which is not a fun topic, while it is incredibly pertinent. Real estate foreclosures have unique regulations in each state, isn’t different. Foreclosure services will allow you make sense of it all.

Seized homes or seized real estate are not infrequent. Many seek to avoid this result, announcing “buy my house!” to those that advertise, “I buy houses”. You are probably aware of these advertisements. Short sales will be a type of  loss mitigation too. There are different ways through the situation if you know who to consult with, namely a foreclosures expert.

To invest well in foreclosures, you’ll need data, info sources and expertise.  Maybe locate a local investment club, inquire where and at what time they get together, attend the majority of meetings, absorb all that possible and make contacts.  Look through the books and info you have seen, pick a source and start reading.  Read the web forum groups, magazine articles that include references and real data and save them.  Check out all the sources you may find on various web pages, it will of course increase your knowledge.

Most significant real estate companies offer paid Real Estate schooling.  It’s an excellent method to be an excellent foreclosure investor. If you do not have a history in the field, this is a fairly cost effective way to get skill regarding the intricate procedures included, whats necessary to purchase a home plus all kinds of  additional knowledge.  Many companies demand a larger fee if you do not get the license and work for that company, do plan to shop around, the school might be inexpensive.  Look in the phone book in Real Estate Colleges.  Remember that when you actually obtain your license, you have various legal considerations than when you’re with no license.  Just because you don’t actively sell real estate full-time, when licensed, you’re considered as a real estate professional.

If you think that you are going to be involved in foreclosure in some way -whether through purchasing hoses or going through the proceedings- meet with a city foreclosure consultant or real estate specialist to fully appreciate the choices. Since this is an especially detailed process, it is a worthwhile investment to meet with an expert.