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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.
December 22, 2010
If you are considering filing chapter 13 bankruptcy it is crucial to take time to become educated about the process. Obtaining debt help through personal bankruptcy is not an easy or inexpensive process. The majority of people who use this strategy to reduce financial burdens often find it causes more harm than good.
Filing chapter 13 bankruptcy requires debtors to retain the services of a bankruptcy lawyer. This can be expensive because new bankruptcy laws require lawyers to certify that all financial information provided is truthful and accurate.
August 30, 2010
Subject to refers to a real estate agreement which allows buyers to take over mortgage payments through assignment of ownership rights. This strategy can be used by individuals who do not qualify for traditional lending and is sometimes used by real estate investors to obtain properties from individuals facing foreclosure.
Subject to is also referred to as Sub2 and Subject 2. Individuals who desire to conduct additional online research should utilize all three references to maximize available information. Subject to transactions can provide benefits to all parties involved. However, this type of transaction is best handled by a real estate lawyer to ensure proper documents are submitted through the courts and legal contracts drafted to protect all parties involved.
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 12, 2010
The number of homes in foreclosure is expected to reach 4 million by the end of 2010. According to Bloomberg Business Week, more than 7 million homeowners have already fallen victim to America's real estate epidemic which has led to declining property values and lack of new home sales across the nation.
Homes in foreclosure affect more than those who lose their house. Entire communities pay the price. Real estate prices drop dramatically in areas hit hard by foreclosure. Homeowner's association fees rise to compensate for evicted property owners. Communities lose funds normally acquired through property taxes. Local governments are forced to make budget cuts to public services and education.
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.
June 21, 2009
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.
June 19, 2009
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.
June 15, 2009
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.
May 28, 2009
In order to file bankruptcy debtors must follow established protocol set forth in the U.S. Bankruptcy Code. In 2005, Congress enacted new bankruptcy laws, making it much more difficult to file. Few people can undergo the process alone and will require the services of an attorney.
When people file bankruptcy they must undergo the 'means' test; a financial tool that determines how much debt must be repaid. The Bankruptcy Abuse Prevention and Consumer Protection Act require debtors must repay a portion of debts unless they earn less than their states' median income level.