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May 11, 2011
Anyone requiring HUD housing counseling should jump in now before budget cuts obliterate the program later this year. Remember the looming government shutdown in early April? Well, the Republicans and Democrats decided one way to balance the budget was to slash HUD funding for counseling services that have helped thousands of homeowners avoid foreclosure.
I've referred many people to HUD housing counseling. Especially, those participating in Obama's Making Home Affordable program. MHA originated in 2009 as a way to help "millions" of homeowners stay in their home via loan modification. The program hasn't been very successful and is likely to be scraped as well.
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.
September 13, 2010
How does a short sale work is one of the most common questions people ask. As more people face foreclosure, the need for short selling has increased. This strategy allows mortgagors the option to sell their home for less than owed on their home loan. However, short selling can lead to additional financial problems if not properly orchestrated.
In order to understand how does a short sale work, borrowers should contact their bank's loss mitigation department. Each banks' short sale policies can differ, but all require bank approval before listing the property for sale at a discounted rate
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.
July 30, 2010
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.
May 06, 2010
As with any realty investment, buying bank owned properties should be carefully scrutinized. While it is true bank owned homes are priced below market value, they may not be as good of a deal as buyers anticipate.
Buying bank owned real estate is no different than buying properties listed through any independent real estate agent. The primary difference is banks hold the property title and negotiations are held with the servicing lender's loss mitigation department.
May 03, 2010
The Prudential real estate buying bank owned foreclosure list is an excellent resource for locating discounted properties across the nation. Foreclosure properties are quickly becoming a favored choice amongst home buyers and real estate investors because they oftentimes provide instant equity and are nearly always priced below market value.
Home buyers can utilize the Prudential real estate buying bank owned foreclosure list to scout out all types of properties. Whether you're looking for a single family residence or commercial real estate, chances are you will find a perfect match via the Prudential foreclosure list.
March 13, 2009
The term, 'fail out of bankruptcy' refers to the debtor's inability to adhere to their bankruptcy repayment plan. Personal bankruptcy includes Chapter 7 and Chapter 13. With Chapter 7, outstanding debts are discharged, while Chapter 13 allows debtors to reorganize their debt and repay it over an extended period of time.
One missed payment can cause a debtor to fail out of bankruptcy. When this occurs, creditors are allowed to petition the bankruptcy court and request dismissal. In most cases, the judge will allow the debtor to explain why they missed their payments. However, if the bankruptcy is dismissed creditors can commence with collection proceedings
March 11, 2009
A deed of trust is a legal document used to secure interest in real estate. Some states use trust deeds instead of mortgages. Although these two documents are similar in nature there is one primary difference. With a deed of trust the lender retains the property title until the loan is paid in full. With a mortgage, the buyer holds the title while the lender is provided with a property lien.
Deed of trust mortgages involve three parties and include the borrower, lender and trustee. The borrower is provided with a mortgage loan through the lender and must designate the lender as beneficiary to the legal title. The trustee retains the property title throughout the duration of the loan.
June 11, 2008
Foreclosure process varies from state to state. It is the process used by mortgage holders to retrieve property on which they have a lien. The foreclosure process is an emotional roller coaster for the homeowner and timely and costly for the mortgage holder.
Before the foreclosure process begins, delinquent accounts are in pre foreclosure. Once a mortgage payment is 30 days late, the lender sends out a notice of a past due payment. When the second payment is missed, the account becomes 60 days past due another letter is sent to the homeowner. During the pre foreclosure process after the second past due letter is sent and the homeowner does not respond, the mortgage holder can demand payment in full.