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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.
February 22, 2010
A real estate short sale is a type of agreement sometimes offered by mortgage lenders to borrowers who have fallen behind on home loan payments. In order to obtain short sale approval certain eligibility requirements must be met. While short selling offers financial relief to borrowers, it might not be the best strategy.
The real estate short sale process can take between three to six months to complete. The first step involves contacting the bank loss mitigation department. In addition to handling short sale real estate, loss mitigators also work with borrowers to obtain loan modifications, mortgage refinancing and deed in lieu of foreclosure transactions.
January 01, 2010
Mortgage foreclosure rates continue to rise in spite of President Obama's mortgage relief plan. Anticipated mortgage foreclosure statistics project an additional 9 million homeowner's will lose their homes to foreclosure by 2012.
The increase in mortgage foreclosure rates originated with predatory lending practices. Many borrowers obtained 'no money down' subprime loans. When the banking crisis occurred and real estate prices fell, many borrowers were left owing more on their home mortgage loan than the appraised property value.
October 17, 2009
FSBO stands for "For Sale by Owner". Homeowners engage in FSBO for many reasons. One of the most common is to avoid paying realtor commissions. The average realty commission is 6-percent of the sale price. By eliminating the fee, sellers can reduce the asking price of their property.
Closing fees are still associated with FSBO properties. These can include surveys, appraisals, inspections, homeowners insurance, property taxes, and bank fees. Sellers should review their mortgage note to determine if prepayment penalties are imposed.
August 16, 2009
Real estate investment articles can be an exceptional tool for individuals interested in purchasing properties or land. With today's uncertain market, investors must take time to stay abreast of economic changes, government regulations, types of investment properties and financing options.
The Internet provides an abundance of real estate investment articles. From buying foreclosure and bank owned homes to investing in real estate notes and land contracts, investors can learn from the experts from the comfort of their home.
August 02, 2009
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.
July 30, 2009
Many homeowners are asking "what is a short sale?" Rumors are flying around the Internet suggesting everyone who is struggling to make ends meet can sell their home for less than they owe and walk away from their property. While there is a portion of truth to this, borrowers must meet certain criteria before being allowed to short sell their home.
Today, I would like to provide an overview of what is a short sale to clear up any confusion you may have. 'Short sale' is a real estate industry term used when a lender accepts a discounted payoff on a mortgage loan. Short sales offer homeowner's who have defaulted on their mortgage an opportunity to sell the home for a lesser amount than is owed and avoid foreclosure.
July 06, 2009
'Short sales homes' has become the buzzword of the day within the real estate arena. Word has gotten out that borrowers who have fallen behind in their mortgage payments can sell their house for less than they owe and walk away scott-free. Sounds great, but it's not 100-percent true.
Short sales homes are sold for less than borrowers owe on their mortgage note. But, the process is no walk in the park. Most banks want evidence there is a buyer in place before they will even discuss the option of short selling property. It is not easy to locate a realtor willing to tackle a short sale.
June 30, 2009
A loss mitigator refers to an individual who specializes in helping homeowners who have become delinquent on their mortgage note. Loss mitigators either work as an employee of the bank; independent representative for the lender; or an agent who represents the homeowner.
The primary roll of a loss mitigator is to develop a plan allowing borrowers to remain in their home. The most common option offered is a loan modification. When mortgage loans are modified, terms are permanently altered. In some cases, borrowers end up paying a higher mortgage payment in order to cure arrearages
June 26, 2009
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.