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8 result(s) displayed (1 - 8):

December 14, 2011

Nevada Foreclosure Mediation Program

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.

Real Estate Investing article on "Nevada Foreclosure Mediation Program "

March 17, 2011

House Foreclosure

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.

Real Estate Investing article on "House Foreclosure "

December 01, 2010

Mortgage Loan Modification

A mortgage loan modification can help borrowers facing temporary financial setbacks, but able to afford future home loan payments. Loan modifications do not reduce the principal amount owed on the loan. Instead, the terms are extended or the interest rate is reduced.

Applying for a mortgage loan modification can be a time-consuming process. Borrowers must first contact their lender to determine if they qualify for a loan modification. Banks require borrowers to fill out a request for modification and affidavit (RMA) form to evaluate borrowers' financial status.

Real Estate Investing article on "Mortgage Loan Modification "

July 10, 2010

Loss Mitigation

Loss mitigation is a banking division that handles delinquent accounts. Employees of this division are known as loss mitigators. Their primary job function is to work with borrowers that have fallen behind with mortgage payments and devise a payment plan that keeps financial losses to a minimum.

Loss mitigation handles a variety of real estate transactions including loan modifications, mortgage refinance, pre-foreclosure and foreclosure, mortgage forbearance, real estate short sales, and deed in lieu of foreclosure.

Real Estate Investing article on "Loss Mitigation"

March 19, 2010

Loan Modification Hardship Letter

A loan modification hardship letter is an integral part of working with mortgage lenders to permanently alter terms of a home mortgage loan. Borrowers struggling to make their monthly payment must work with their bank's loss mitigation department to determine if they qualify. Once application approval is obtained, borrowers are required to submit financial records along with a letter of hardship.

It is important to take time writing the loan modification hardship letter. Although lenders base their decision on borrowers' ability to pay future mortgage payments, a well-crafted hardship letter can go a long way in achieving a successful outcome.

Real Estate Investing article on "Loan Modification Hardship Letter"

March 11, 2010

Loan Modification

Borrowers in need of a loan modification must work with their lender's loss mitigation department. In order to be successful, homeowner's should take time to become educated about the process involved and be prepared to provide financial records.

In order to obtain a loan modification, borrowers must meet certain criteria. Obviously, lenders want to make certain borrowers can afford modified loan payments. Therefore, borrowers should be prepared to provide bank statements, payroll records, detailed list of income and expenses and previous years' tax records.

Real Estate Investing article on "Loan Modification"

March 04, 2010

Loan Modification

Loan modification refers to permanently altering the terms of a home mortgage loan to reduce payments. It is important to note the principal balance is not reduced, even when home values are less than the amount owed on the mortgage note. Instead, servicing lenders reduce interest rates and extend payment terms by up to 40 years.

Under Obama's loan modification plan, mortgage lenders and borrowers can receive financial incentives of up to $1000 per year if home loan payments are paid in full and on time each month. Banks can receive a maximum $3000 incentive, while borrowers can receive a reduction of up to $5000 off their home loan principal.

Real Estate Investing article on "Loan Modification"

September 10, 2008

Foreclosure

Foreclosure rates are skyrocketing and millions of Americans are facing the very real possibility of losing their home. Many homeowners are choosing to walk away from their house because they can no longer afford to pay high-interest mortgage notes on real estate which is now worth less than it was when they purchased it.

Foreclosure is also affecting numerous unsuspecting tenants. Oftentimes, homeowners rent their distressed property in hopes of being able to retain their property. If they end up losing their home to foreclosure, tenants are forced to move and generally end up losing their security deposit and advanced rent monies.

Real Estate Investing article on "Foreclosure"