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27 Tag Results
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September 03, 2009
Mortgage Refinance
Entering into mortgage refinance allows homeowners to reduce their monthly mortgage payment or obtain cash from accrued equity in their home. However, it is important to gather all the facts and shop around for the best interest rate and lowest closing costs.
The first step of mortgage refinance should be reviewing the current mortgage note. Financial experts recommend refinancing when homeowners can obtain interest rates at least 2-percent lower than what they are currently being charged.
Real Estate Investing article on "Mortgage Refinance"
August 07, 2009
Broker Price Opinion
Broker Price Opinion refers to the process used to obtain property values. Mortgage lenders and bank loss mitigation departments utilize BPO reports in lieu of traditional property appraisals to obtain estimated property values of real estate which is entering into foreclosure or when borrowers wish to obtain a loan modification.
Broker Price Opinion is not the same as a traditional property appraisal. As the name suggests, the appraised value is an opinion based on a variety of predetermined factors. These can include the area where the property is located, square footage of the home, lot size, and the condition of other homes in the area; including the percentage of foreclosure or bank owned properties.
Real Estate Investing article on "Broker Price Opinion"
August 02, 2009
Short Sales vs Foreclosure
Short sales vs. foreclosure is a hot topic in the world of real estate. These two options might be the only thing left for borrowers struggling to make ends meet. Both can resolve financial challenges or create an entirely new set of problems.
The primary difference between short sales vs foreclosure is with short sales homeowners have the opportunity to sell their property for less than is owed on the mortgage note. Borrowers must meet certain criteria to obtain short sale approval from their lender.
Real Estate Investing article on "Short Sales vs Foreclosure"
July 10, 2009
Owner Will Carry
Owner will carry is a becoming a popular way to finance the purchase of real estate. With the current credit crunch, many sellers are now offering to finance all or a portion of the purchase price in order to attract buyers. Also referred to as seller carry back, this type of financing is beneficial to both buyers and sellers.
Sellers who offer owner will carry financing open the doors to more buyers. Since many people are unable to qualify for a traditional mortgage loan, seller carry back provides buyers with the opportunity to purchase property without obtaining funding through a bank.
Real Estate Investing article on "Owner Will Carry"
June 26, 2009
Short Sale Foreclosure
Short sale foreclosure properties include residential homes, commercial buildings or raw land that has been returned to the bank because the property owner became delinquent on their mortgage note.
Short sale foreclosure is also an option given to borrowers allowing them to sell their property for less than they owe on their mortgage loan. Short sales can be a saving grace to borrowers unable to refinance or obtain a loan modification. The process generally takes four o six months to complete, but allows the borrower to walk away from their home without owing further monies.
Real Estate Investing article on "Short Sale Foreclosure"
June 21, 2009
Mortgage Short Sale
A mortgage short sale is one option available to homeowners facing foreclosure or unable to continue making their mortgage payments. With the current economic turmoil, millions of Americans are struggling to make ends meet. Many must choose between paying their mortgage and putting food on the table. Once they become delinquent on their mortgage note it can be next to impossible to get back on track.
The first step to obtaining a mortgage short sale is to contact your lender. Short sales are usually handled through the bank's loss mitigation department. A loss mitigator will be assigned to handle your case and will work with you throughout the process.
Real Estate Investing article on "Mortgage Short Sale"
June 19, 2009
Prevent Foreclosure
Prevent foreclosure is on the minds of many Americans. The foreclosure crisis is causing unsettling economic turmoil. Every community in the United States is affected in some manner. Housing prices are rapidly falling. People owe more on their mortgage than their house is worth. It's not a good situation.
There are many reasons to prevent foreclosure. The most obvious is no one wants to be homeless. Another major factor is foreclosure wreaks havoc on your credit history. It can take years to recover from the financial fallout.
Real Estate Investing article on "Prevent Foreclosure"
June 17, 2009
Short Sale Home
A short sale home is a house that is being sold for less than is owed on the mortgage note. Borrowers facing foreclosure can sometimes engage in short sales with lender approval. The short sale process is pretty complex and requires a tremendous amount of paperwork, but can allow homeowners to walk away without owing additional money.
A short sale home isn't any different than other homes for sale. In fact, these properties can be quite profitable for real estate investors or buyers looking for a good deal. The downside of purchasing short sale homes is the transaction must be handled through the borrower's mortgage lender.
Real Estate Investing article on "Short Sale Home"
June 15, 2009
Avoid Foreclosure
If you need to avoid foreclosure, you don't have any time to waste. Although lenders are doing their best to help financially-strapped borrowers keep their house, there are only so many options available. Unless you have the financial means to cure mortgage arrearages and stay on track, you might not be able to stop the foreclosure process.
There are steps you can take to avoid foreclosure, but you must take immediate action. If you haven't already done so, now is the time to contact your mortgage lender. The longer you procrastinate, the harder it will be to convince your lender to work with you.
Real Estate Investing article on "Avoid Foreclosure"
June 13, 2009
Bank Short Sale
A bank short sale refers to real estate that is either in foreclosure or has been returned to the bank. With the massive influx of foreclosure real estate, many mortgage lenders are beginning to engage in short sales to avoid the expense of the foreclosure process.
Bank short sale properties can consist of single family homes, condominiums, mobile homes, manufactured homes, commercial real estate or vacant land. When borrowers become delinquent on their mortgage note and unable to fulfill their financial obligation, lenders might allow them to engage in a short sale.