May 24, 2012
Homeowners facing Freddie Mac foreclosures ought to become familiar with programs that can help keep their house or exit gracefully. There are several programs that offer foreclosure assistance, but it's important to become proactive at the first sign of financial distress.
The first step to avoid Freddie Mac foreclosures is to get in touch with your lender. You will have access to more options by opening the line of communication with the bank. Options include refinance, mortgage forbearance, reinstatement, repayment plan, and loan modification.
It's important to become educated about the pros and cons of each option. Homeowners can obtain free housing counseling through community agencies approved by HUD. Housing counselors can review your situation to determine which programs you might qualify for.
December 14, 2011
The Nevada Foreclosure Mediation Program is worth investigating if you're a homeowner and resident of the state and in need of foreclosure prevention assistance. Thus far, this program has helped nearly 8,000 property owners avoid foreclosure through loan modification, mortgage refinance, and foreclosure alternatives.
To take advantage of the Nevada Foreclosure Mediation Program requires homeowners to be proactive the moment they receive a Notice of Default from their bank. This program requires homeowners to remit an application within 30 days from the date they receive the notice.
The cost to participate in this program is $200. This covers the cost of mediation services and can expedite the approval process. Anyone who has attempted to work with their lender to stop foreclosure knows how challenging it can be to talk to a helpful person. Using mediation services forces lenders to engage in conversation to resolve the issue.
July 12, 2011 | Comments: 1
"Strategic foreclosure" is the newest phrase circulating throughout the media. It refers to homeowners who elect to walk away from their underwater mortgage even if they can afford payments. As property values continue to decline, experts predict many homeowners will elect to walk away.
The problem with strategic foreclosure is walking away does not give homeowners immunity from paying their mortgage. In fact, those who engage in this strategy could end up owing money on property they no longer own.
May 02, 2011
Improper foreclosure is something you'll be hearing about a lot. The media is abuzz over bank regulators launching a plan to provide monetary compensation to homeowners whose homes were illegally seized.
Improper foreclosure occurs when banks do not have proper mortgage assignment documents. In recent weeks, much has been publicized about mortgage lenders hiring robo-signers to forge signatures on loan documents; allowing banks to foreclose via fraudulent means.
April 26, 2011
ForeclosureGate is the latest term being used to describe the mortgage fiasco. In recent weeks, numerous reports have surfaced claiming banks are responsible for the chaos and that things will only get worse for American homeowners.
ForeclosureGate seems an appropriate term considering the level of cover-up, lies and deceit which are being brought to light. An investigation into the mortgage debacle began in October 2010 after Attorney Generals from all 50 states demanded answers.
Last week, the Office of the Comptroller of the Currency, along with the Federal Reserve completed their investigation. The report claims over $535 billion in real estate mortgages may require foreclosure review due to fraudulent loan documents.
March 17, 2011
If you're facing house foreclosure chances are you are uncertain of what to do. No one wants to lose their home, but sometimes there are no options left besides throwing in the towel. Believe it or not, even if you cannot save your home you can overcome this hurdle.
Let's face it. House foreclosure is scary. Not only do you lose a valuable asset, foreclosure has a tendency to strip away confidence and often leaves people feeling like a failure. As one who frequently talks to people facing tough decisions, I almost always recommend sitting down with a calculator and figuring out if saving your home is worth the effort.
December 16, 2010
Preforeclosure is the last opportunity borrowers have to cure mortgage arrears or work out a payment plan with their lender to avoid foreclosure. This phase takes place once lenders send out a Notice of Default, which normally occurs when borrowers are 60 days delinquent with loan payments.
Once mortgagors enter into preforeclosure they may limit eligibility for foreclosure prevention strategies. Therefore, it is important to attempt to work out a payment plan the moment borrowers realize they will not be able to fulfill their loan obligation.
August 23, 2010
An excess of foreclosure property could be the yellow brick road to the pot of gold for savvy real estate investors. A recent report published at CNNMoney.com deems investors who sweep in to purchase distressed properties as 'vulture investors', but in reality these individuals have learned how to capitalize on a downturned market.
Foreclosure property can consist of single- or multi-family residences, commercial real estate, or raw land. Previously, investors purchased foreclosure real estate primarily for the purpose of house flipping. Today, these properties are being purchased as rental homes to accommodate the millions of homeowners who lost their home to foreclosure and incapable of qualifying for mortgage loan.
August 16, 2010
Foreclosure auction refers to selling real estate at public auctions so banks can recover financial losses associated with the foreclosure process. While it is true real estate can be purchased below market value, buyers should take time to understand the process involved and engage in due diligence prior to placing bids on distressed properties.
A foreclosure auction usually takes place at a public location such as county fairgrounds and local courthouses, but can also occur at the property being auctioned. Public auctions offering multiple homes for sale allow buyers the opportunity to scout out potential deals.
July 30, 2010 | Comments: 1
The foreclosure process will vary depending on the state of residence and servicing mortgage lender. However, the process begins when banks send borrowers a breach of contract or payment collection notice. This is referred to as the preforeclosure phase. If mortgagors can cure mortgage arrears and make future mortgage payments, the process could end at this stage.
The foreclosure process continues when borrowers ignore collection letters or are unable to enter into foreclosure prevention strategies offered by the bank. Once borrowers receive a notice of default it is in their best interest to immediately contact their lender. Ignoring the situation only escalates the process.