Parmdeep Vadesha is a property investment expert and founder of the largest community of property entrepreneurs on the web who buy below market value properties from distressed homeowners facing repossession, divorce and bankruptcy. He writes a monthly newsletter for over 70,000 property investors worldwide – http://www.Property-System.com
Archive for stop foreclosure
Dec
16
Is the Quick Sale Scheme Right for You?
Posted by: | CommentsSan Diego Foreclosures For Sale
Dec
10
Deed-in-lieu-of-foreclosure and Keeping Good Credit
Posted by: | CommentsSan Diego Foreclosures For Sale
Nowadays a lot of people are investigating deed in lieu of foreclosure.
In this process which is also called grant deed in lieu of foreclosure, or just deed-in-lieu, you give your property back to your mortgage lender the easy way. You sign a grant deed transferring title to your lender.
In return, the lender stops the foreclosure that is going on.
You do not need to be in foreclosure to do a deed in lieu. But lenders won’t pay attention to you in many cases unless you are in foreclosure or at least are delinquent. This is not always the case, though, depending on the lender.
What people do not realize is that certain points must be negotiated when you talk about a deed in lieu with your mortgage lender.
How will they report your credit to the credit bureaus?
Most of the time, unless you negotiate otherwise, a deed in lieu is reported as a foreclosure. It’s no better on your credit report than letting your house go to a trustee sale or sheriff’s sale.
The mortgage company will insist that they can’t do anything about this, but they can. They can report, ideally, “PAID – SATISFACTORY” but if they are unwilling to do this, “PAID – SETTLEMENT” is okay too. You don’t want a foreclosure on your record. The lender can’t do anything about a public record but they can change how they report your credit.
Ask them about “unrated” or R0, which is even better. The loss mitigation person may not know what this is but it is really nice because it removes any late payment reports and other derogatory information.
The other thing you can negotiate is that they will not pursue you to cover the deficiency in what they get when they finally sell your house, and what you owe. This is crucial because otherwise what is the sense of doing deed in lieu of they expect you to pay for their financial losses?
Remember that deed in lieu doesn’t solve your lender’s problem. They want the money not your house. If they accept your deed in lieu of foreclosure, they must fix your house and sell it. That can cost them a lot of money.
Some estimates are that lenders recover only $0.68 on the dollar lent out when they do a foreclosure. So you can see why the last thing they want is your house.
That’s why I suggest you check out options. Consider whether you should instead do a short sale or a deed in lieu of foreclosure or perhaps must sell your home in nine days even where there are seemingly no buyers
I wish you the best of luck in your situation and although I wish I could be more encouraging about a deed in lieu of foreclosure, short sales are more likely to pan out for you these days.
And take Richard Geller’s instant free 20 minute online course at http://www.HomeSaleRelief.com that many others have found helpful — inside information on how to stop foreclosure, improve your credit, slash your other bills without bankruptcy, even buy a new house with little or no money down.
Nov
28
Stop Foreclosure – We Buy Houses
Posted by: | CommentsSan Diego Foreclosures For Sale
The term foreclosure refers to the circumstances, which arise due to the nonpayment of loan to the lender. When the borrower failed to pay back the money borrowed to the lender, then the lender will transfer the ownership of house property to him. The foreclosure arises when the owner of the property failed to make payment to the lender, the property will be seized. Losing the house property for not paying of foreclosure is a ridiculous task. Some steps can be followed to avoid foreclosure. There are so many alternatives available to avoid foreclosure.
Foreclosure Involves Many Stages
Stopping foreclosure is not the difficult process. There are several stages involves to pay off the current loan and avoid foreclosure. When the owner failed to pay money for a long period say 5 to 6 months then the lender ask to obtain a notice from the county record office. This notice will make the borrower to face the foreclosure and starts with replacement period.
If the borrower fails to correct the foreclosure within few months, say three months then foreclosure date for sale will be intimated. The notice of sale will be issued to the homeowner and this notice will be posted on the property. The notice of sale will recorded in the county record office and also published in the newspaper.
The foreclosure occurs where the property is located. In the notice of sale the time and location of the foreclosure will be properly designed. In the sale, the property is auctioned to the highest bidder.
Foreclosure Auction
In the auction the opening bid for the property is foreclosed by the foreclosing lender. The opening bid will be equivalent to the outstanding loan, interest accrued, additional fees and attorney fees related with the trustee sale. Compared to the opening bid, if no bid is higher than the property, the property will be purchased by the attorney who conducts the sale for the lender. The property will be deemed as REO if the opening bid is not met. It occurs because many of the properties listed for sale at the foreclosure auctions are worth less than the total amount payable to the lender. When a property has been purchased in the foreclosure auction sale, all small liens other than the property taxes will be swabbed out. The priority of lien will be determined by the date of recording.
Buying Homes On Foreclosure
Buying homes on foreclosure is said to be good purchase. If you are interested to buy a property on foreclosure, then you can search either on online or through professional realtor.
1. Search the foreclosed property either on online or through a professional realtor. The realtor will help you to find a successful foreclosed property. The realtor may always be updated with the real estate information.
2. If you are searching a foreclosure property through a selling agent you have to pay a commission to him at the time of purchase. But if you obtain a foreclosed property through a realtor you need not want to pay commission and find good foreclosed property.
3. Time is essential for purchase of foreclosure property. If you are paying for a foreclosure property through a loan or through cash, maintain proper records.
4. While purchasing a foreclosed property obtain some few bids from different contractor to estimate the cost.
5. If the property is going to be sold in the market, then ask the realtor to estimate the market value of the property going to be sold.
6. Additional cost or maintenance cost can be estimated to the tax department to get exemption or deduction.
7. After purchase of the foreclosed property, the purchaser receives the title under the special warranty deed. This title protects the buyer. Each lender obtains an insurance protection from the loan.
8. Foreclosure properties are highly profitable. But it requires more alertness while collecting details. The experienced realtor will handle the situation more carefully.
Ron Victor is a Expert Author for We Buy Houses. He written many articles in various topics like Buying Homes Fast and Stop Foreclosure online. For more information visit Buy House for cash. Contact him at ron.seocopywriter@gmail.com.
Nov
25
Feldman Law Center – Are Subprime Mortgages Returning?
Posted by: | CommentsSan Diego Foreclosures For Sale
There is a great quote regarding history that goes – those who do not study history are doomed to repeat it. However, it seems that even as we are watching history play out, we are seeing people repeating it again and again. A huge portion of our current economic crisis was caused by subprime mortgages and predatory lending practices. Unfortunately, some companies are going back to the subprime concepts. Toll Brothers Inc. is using a subprime tactic to lure new home buyers, offering a 3.75% interest rate for seven years on conforming loans. Many companies are expected to copy the concept, in spite of how badly the economy collapsed because of it. During the housing boom, home buyers were tempted by loans that offered shockingly low rates, only to see them reset higher, sometimes very quickly, which resulted in crippling payments two and three times the original amount. People who were banking on a home increasing in value were sorely disappointed. This tactic is once again being used by mortgage companies to attract prospective homeowners, ignoring how this very tactic crushed large portions of the nation’s economic vitality. If you would like to witness for yourself just how bad the financial carnage is, go to the office of any loan modification attorney and see the long lines of people hoping they can get some help in avoiding foreclosure and stay in their homes. People with ARM loans which have adjustable interest rates watched their monthly payments spike, often sapping them of any financial security they had. People paying two or three times as much for their monthly mortgage payment meant less money spent on food, clothes, healthcare, cars, etc. This hurt homeowners as well as the economy as a whole. The number of foreclosures in certain neighborhoods, especially in California, went through the roof, as people from San Diego to Eureka and from Needles to Santa Monica had to walk away from homes they’d lived in for years. California loan modification attorneys have seen serious fallout from all the foreclosures; people who were once pillars of their community had to move to lower income housing in other neighborhoods because they could no longer afford their mortgage payments. Sometimes, whole communities seemed to be uprooted, and entire blocks were just covered in “for sale” signs. City and state governments were crippled because they were not bringing in property taxes and as a result municipal services shut down. Much of this was caused by subprime mortgage practices, and the thought of these practices returning is terrible. California loan modification attorneys have been working night and day since the economic crisis began to help people affected by the subprime mortgage crisis, and other homeowners as well. Foreclosures ruined entire communities, and even with loan modification attorneys working tirelessly, sometimes it seemed like a never ending battle. For many people facing foreclosure however, a California loan modification attorney might just be their best friend. Loan modification attorneys can negotiate with lenders, file paperwork and effectively fight to keep people in their homes and off the streets. Trying to do a loan modification on your own might be a losing battle because of how much work it takes. However, having a seasoned loan modification professional could save you tens of thousands of dollars in the long run.
Visit us at http://www.feldmanlawcenter.com or call 800-588-0425.
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. Author: Greg Feldman
We are the #1 website for FREE loan modification help and mortgage assistance programs to stop foreclosure. Loan Modification Help Center has information about loan modifications and resources to help you with your home loan modification Learn what agreement, and government help is available today!
Nov
09
Short Sales – an Alternative to Foreclosure
Posted by: | CommentsSan Diego Foreclosures For Sale
An Alternative to Foreclosure – Short Sales
For those of you who now find yourselves upside down in your mortgage, facing foreclosure and sometimes even bankruptcy here are a few facts to know.
A short sale is something that the lending market has recently come to terms with as a alternative solution for foreclosure. With the alarming rate of foreclosures coming into the real estate market this step seems to ward off the inevitable and save the seller’s credit.
Most sellers are now finding themselves in the horrible situation of losing their American Dream. When they first purchased their house it was explained to them that when the adjustable rate mortgage kicked in that they could easily refinance the house to a 30 year fixed note with their equity in place. However, the market has turned and now these homeowners are finding themselves with a mortgage that is far in excess of what their homes are worth and lenders are not readily available to refinance. In most instances their loan has been sold and they are stuck with a mortgage that continues to escalate.
A short sale is a process in which you list your house with a realtor familiar with the process. They garnish an offer and submit it to your lender for review. All fees are paid by your lender and in most cases the loan is reported as satisfied. It’s important to remember a few things about the short sales.
1. Sometimes your second mortgage will require you to sign an unsecured note for the balance of the loan. Be prepared for this. Not all lenders do it and I sometimes suggest that the borrower go back at a later date to renegotiate the note.
2. Do not ignore your HOA fees. Your homeowner’s association can and will put another lien on your home and that lien will have to be cleared before the short sale is accepted. You lender will not be willing to pay these fees and in most instances neither will an interested buyer.
3. Most lenders request a financial worksheet, 2 most recent copies of pay stubs, tax returns, bank statements and a hardship letter.
4. Ensure your realtor is familiar with the process and let them know your home is in distress.
5. Short sales take time. Be patient and ready and willing to show your home on a moments notice. Your showing records are very important.
6. Don’t give up! Short sales typically take 60-90 days while the loss mitigation department reviews your short sale.
For more information on the process you can visit my website www.fortbendland.com or contact me directly at Linda@fortbendland.com.
Linda Landman is a real estate agent in Richmond Texas. She specializes in Short Sales and Land sales and acquisitions.