The Best Way To Avoid Foreclosure And Save Your Home

Posted on March 29th, 2009 by Fred

We live in a world where debts are a normal part of our life and rely on them to satisfy our needs. One thing that everyone fears is foreclosure. Foreclosure is a legal process by which a mortgagee’s right to redeem a mortgage is taken away, when he fails to make payments.

Foreclosure is one of the most unfortunate situations that will change your life. You will find it hard to get out of it. Foreclosures happen mostly because of economic factors. It is true that every human avoids problems not realizing that there are suggestions they can follow which will give them the chance to look out for solutions.

In many circumstances foreclosure cannot be prevented. Nobody desires to miss their mortgage’s payments but when it happens, you need to examine the options that are available through which you can prevent foreclosure.

If you are trying to stop foreclosure you need to know the process by which you can satisfy your lender. Re-evaluating your budget and taking precautionary measures to save yourself is the ultimate solution.

If you are in confusion as to which direction you need to focus on, you must choose one of the best foreclosure services that will save a lot of your time. And also, you can find helpful foreclosure tips, advice and other resources including information on foreclosures. This foreclosure service will guide you to formulate a comprehensive rescue plan to save yourself from foreclosures, and the thought of loosing your home can be prevented at ease.

When a borrower is in the financial distress there is a need to examine the pre-foreclosure solutions and choose an affordable tool that will bring a drastic change. The best thing you can do is to stop the foreclosure process in its track itself.

You can tackle any foreclosure problem at ease and these foreclosure solutions will offer you the best affordable tool. By doing so, you can have more time to repay your debt. You need to be cautious in making such decisions. Foreclosure solutions give you advice on how to do things in an order and guarantee the continuity of your prosperity.

Despite all the precautions taken by both borrowers and lenders, the phenomenon of foreclosures is likely to continue to occur. So we must not forget that there is a solution that is designed to aid you in identifying the best options to overcome foreclosure and act fast because we lack time in this busy world.

Ranju Kumar
http://www.articlesbase.com/mortgage-articles/the-best-way-to-avoid-foreclosure-and-save-your-home-423679.html

How To Save A Home From Foreclosure

Posted on March 29th, 2009 by Fred

One of the dream people like to fulfill is to become a home owner. People buy home even though financial status does not support it. The result is very devastating when they default on the mortgage payments and subsequently lender takes steps to take the property back through foreclosure process. It takes approximately four months for bank or lender to go through the foreclosure process before they can take full legal possession of the property. It is really tough time for home owner to go through the process because no home owner wishes to loose their home and have credit rating negatively effected .

There are several investors in the market looking for healthy financial gain through these foreclosure homes or property. These investors are in the market for real estate financial gain.

These investor or interested party may gather foreclosure property information through court public records, newspaper classified, banks, lending institute, local realtor or through foreclosure web site such as RealtyTrac, where any and all information related to foreclosure property is available. As a matter of fact one can set up the system on web where they will receive regular email with information on foreclosing property.

First step for investor is to evaluate the foreclosure property in terms of the market value of the home and bank loan amount. If it is determined that Market value of home and loan amount is same then it is not a wise investment decision for investor to consider the next step. It is only beneficial for the investor if substantial equity resides in the property.

Investor’s next step for pre-foreclosure homes is to contact the home owner before possession of homes is taken over by banks.

However, they are very careful how to approach the home owner because home owner might be upset, frustrated and angry.

Until bank completes the foreclosure process and gets legal possession of home ,home owner may legally sale the house by themselves and make arrangements to pay off due amount to bank and keep the ownership status to themselves or in another word stop the foreclosing process.. If home owner can make mutual deal with investor then it will be a win-win situation for both parties. Investor will make financial real estate gain and home owner can protect their credit.

If investor and home owner agrees on the sale price then process goes to lender and some tuff negotiation need to be made with lender. Once all party agrees then deal can be finalized. In pre-foreclosure deal investor can buy the property somewhere 15% to 35% less than the market value of the home.

Real Estate Pros
http://www.articlesbase.com/real-estate-articles/how-to-save-a-home-from-foreclosure-123016.html

In order to stop foreclosure on my home-is bancruptcy an option at this point?

Posted on March 29th, 2009 by Fred

If so how will it help me and how will it hurt me?

In a foreclosure, here are your eight options:
1. Reinstatement: Come up with the money to make the loan current.
2. Redemption: Pay the loan off in full.
3. Deed in lieu of foreclosure: Surrender the deed to the lender. This will have a less impact on your credit.
4. Legal delay: If you can prove that the amount owed is incorrect, you can delay the foreclosure.
5. File bankruptcy: This will delay the foreclosure, but at the end you still could lose the property and ruin your credit.
6. Renegotiate with the lender: Call the lender and renegotiate the loan. Maybe they can either refinance you or hold off on accepting payments for a short period of time. See if they can combine all your loans into one. This is your best option!
7. Sell the property: Sell the property to either an investor or a buyer.
8. Do nothing: eventually get foreclosed on and evicted. Unfortunately, the majority fall into this category. They have this notion that a family friend will loan them the money. This, of course, rarely happens and they end up losing everything.

Speak with a bankruptcy attorney to see if you can file bankruptcy and if you do, can you keep your home. If you're in Southern California, let me know and I'll see how I can help. I do not charge anything to help you out.

Regards

Foreclosure Help : How to Stop Foreclosure with HUD

Posted on March 28th, 2009 by Fred

HUD, or the Department of Housing and Urban Development, does not provide direct loans, so there will still be mortgage or loan through a conventional mortgage holder. Contact HUD to see if that can provide influence to a mortgage holder with help from a civil mediator in this free video on foreclosure law. …

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Indtroduction to Foreclosure Investing

Posted on March 21st, 2009 by Fred

Foreclosure is the legal proceeding in which a bank or another creditor sells or repossesses real estate due to the owner’s failure to comply with an agreement between the lender and borrower ( the ‘deed of trust’). Commonly, the violation of the mortgage is a default in payment of a promissory note, secured by a lien on the property. When the process is complete, it is referred to as “the lender has foreclosed its”.

There are two sorts of foreclosure in most common law states. Using a “deed in lieu of foreclosure” the bank claims the title and possession of the property in full satisfaction of a debt, usually on contract. In the proceeding known as foreclosure , the property is auctioned by a county sheriff or some an officer of the court. The sheriff then issues a deed to the winning bidder. Banks and other institutional lenders typically bid in the amount of the owed debt at the sale, and if no other buyers step forward the lender receives title to the immovable property in return. Some states have adopted non-judicial foreclosure procedures, in which the mortgage, or more commonly the mortgage’s attorney or designated agent, gives the debtor a notice of default and the mortgage’s intent to sell the property in a form prescribed by state statute. This type of foreclosure is commonly referred to as “statutory” or “non-judicial” foreclosure, as opposed to “judicial”. With this “power-of-sale” type of foreclosure, if the debtor fails to cure the default to stop the sale, the mortgage or its representative will conduct a public auction in a similar manner as the sheriff’s auction. The highest bidder at the auction becomes the owner of the immovable property free and clear of any interest of the former owner but the property may be encumbered by any liens superior to the mortgage being foreclosed (e.g. a senior mortgage, unpaid property taxes etc). In some cases further legal action, such as an eviction may be necessary to obtain possession of the premises.

Strict Foreclosure is an equitable right available in some states. The strict foreclosure period arises after the foreclosure sale has taken place and is available to the foreclosure sale purchaser. The foreclosure sale purchaser must petition a court for a decree that will cut off any junior lien holder’s rights to redeem the senior debt. If the junior lien holder fails to do so within the judicially established time frame, his lien is cancelled and the purchaser’s title is cleared. This effect is the same as the strict foreclosure that occurred at common law in England’s courts of equity as a response to the development of the equity of redemption.

In most jurisdictions it is customary for the foreclosing lender to obtain a title search of the immovable property and to notify all other persons who may have liens on the property, whether by judgment, by contract, or by statute or other law, so that they may appear and assert their interest in the foreclosure litigation. In all US jurisdictions a lender who conducts a foreclosure sale of immovable property which is the subject of a federal tax lien must give 25 days’ notice of the sale to the Internal Revenue Service : failure to give notice to the IRS will result in the lien remaining attached to the immovable property after the sale. Therefore, it is imperative that the lender obtain a search of the local Federal Tax Liens so that if the persons or companies involved in the foreclosure have a federal tax lien filed against them, the proper notice to the IRS will be given.

Some individuals and companies are engaged in the business of purchasing properties at foreclosure sales. A number of companies promoting themselves on the internet and in other advertising media have sprung up touting the profits that can be made buying properties in foreclosure. Purchasing properties in foreclosure can be a “risky business” and should not be attempted by the uninformed. Read books on foreclosure investing and purchase a good foreclosure investment software to protect yourself from buying the wrong foreclosure properties.

For more information visit www.sharkbaitsoftware.com

Sharkbaitsoftware .com
http://www.articlesbase.com/investing-articles/indtroduction-to-foreclosure-investing-62122.html

Foreclosure Help : How to Use Chapter 13 Bankruptcy to Stop Foreclosure

Posted on March 1st, 2009 by Fred

Filing a Chapter 13 bankruptcy proceeding will result in issuance of an immediate stay of any foreclosure, but it will only buy time until the bankruptcy court sorts out the financial situation. Get tips on delaying foreclosure proceedings with help from a civil mediator in this free video on foreclosure law.

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Stop Bank Foreclosure Now

Posted on March 1st, 2009 by Fred

How To Stop a Foreclosure that you will not hear from an attorney or a banker.

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Non-Bankruptcy Options to Stop Foreclosure

Posted on March 1st, 2009 by Fred

When you face a foreclosure, it is necessary to know all the options available and the various avenues you can pursue to save the home. Bankruptcy is not the only option. Consider all available options and choose the one best suited to the current situation. The other options include contacting the lender to talk over the forbearance or modification of the loan. Besides this, you could refinance the home, sell the home, cure arrears or redeem the property after foreclosure. There are some other alternatives to this too. However, you should be careful of entering into agreements to lease or rent the home to a real estate investor.

Debt Workouts

There are queries that plague many people, when it comes to debt workouts while tackling foreclosure. Attorneys usually contact creditors to make settlements that expect the debtor to make payments. The payments could be lesser than what the debtor owes. In other situations, full payment over a certain time span is expected. Sometimes, smaller settlements can be made and the remaining amount can be paid over a period of time.

In comparison to bankruptcy, workouts assure debtors of getting more than they expect. These actions affect the debtors for many years. This applies not only to the debtor, but also the attorney in charge of the case. Its always better to hire experienced lawyers who can gauge the case even before you explain.

Good Debt Workouts

The Chapter 7 bankruptcy stays on the credit report for about 10 years. This is reported on financial statements for longer time periods. Workouts help in avoiding the credit and emotional scars caused by bankruptcy. In the case of people with hard assets like real property, workouts let them retain greater control and increase their likelihood of keeping the assets. Soft assets like cash can also be kept under control.

How to keep property through a workout?

There are many ways to keep your property and yet, get a workout. The sooner a problem is dealt with, the more likely is the possibility of it being resolved. The following are some ways to save a property through debt workout

Repayment plan- Debtors pay a certain part of the arrears and pay the remaining amount through regular payments. The lenders need proof of income and a proper down payment to accept this type of plan. Half of the arrears and the legal fees get paid up front on the promise that the left over arrears will be paid within six months. Plans with lesser down payment can be settled with the help of loss mitigation professionals.

Deed in lieu of foreclosure- The debtor, in exchange for the forgiveness of potential deficiencies, gives back the property in hold.

Short Sale- The creditor accepts the price at which it has been sold to the third party.

Friendly Foreclosure- Creditors of friendly third parties who buy the mortgage, sell the property at foreclosure. This clears the title of other lien holders. The property is later sold back to the debtor or any other pre-decided entity.

Repurchase after Foreclosure- This involves buying the foreclosed property after it has been auctioned.

Kris Koonar
http://www.articlesbase.com/non-fiction-articles/nonbankruptcy-options-to-stop-foreclosure-119934.html

10 Things Not To Do If You Want To Stop Foreclosure on Your Home

Posted on March 1st, 2009 by Fred

If people took necessary steps before hand and knew How to stop foreclosure, very few people would lose their homes. There are a certain guidelines that should be followed, if you wish to stop a foreclosure. These could come handy to stop the foreclosure of your home way in advance or just before the auction.

1. Do NOT ignore savings
Many people opt to save, to be prepared for any kind of emergency. Some emergency or the other always stares at us in the face every other day, very often, when we least expect it. When it comes to homeowners, they ought to have at least six months of mortgage payments kept aside as savings.

2. Do NOT get caught without a Home Equity Line of Credit in place.
More than 90% foreclosures might have been delayed or prevented, if home equity lines of credit were activated before hand. Setting up of a credit line at no extra cost can lock rates as low as 4%. There are cases when you dont access the line, but are yet asked to pay for it. When such emergencies occur, it could get hard at times to acquire a loan. This is when a home equity credit line comes handy. You at least have access to money whenever you need it.

3. Do NOT miss a mortgage payment.

Skipping mortgage payments is a serious issue, more serious than missing a credit card or utility payment. Do not spend frivolously, neglect bill payments or spend the savings before the mortgage obligation.

4. Do NOT fail to ask for help.

When you feel that it is high time you ask for assistance from someone, do so. Feeling embarrassed or scared that the request for money would be turned down would only increase the possibilities of losing your home to foreclosure. Usually people do not admit that they have a foreclosure coming up.

5. Do NOT ignore the lender.

Many people harbor wrong notions about moneylenders. However, in times when you are left in the lurch, the moneylenders are the first to come to your rescue. In fact, moneylenders appreciate the individuals initiative to contact. They need to know the reason for the financial emergency and the securities in place.

6. Do NOT overlook the fact that you have a problem.

If you ignore something, it does not just go away. Whether it pertains to daily life or a major financial upheaval, problems do arise at the least expected times. If you are under the wrong impression that the problems will pass by if you dont pay any heed to them, you are wrong.

7. Do NOT be under this impression that you dont have options

There are options to foreclosure woes. You could keep your house and stop the foreclosure. However, timely action is the key, the sooner you act upon this the better.

8. Do NOT spend what money you have on other bills.

Many end up using the minimum resources they have in paying other bills. Do not ignore foreclosure. There could be a time when you will need the money to save your house.

9. Do NOT stop making payments.

Until and unless the bank decides not to take any more payments from you, you should continue with the repayment.

10. Do NOT miss bankruptcy-filing deadlines.

If you file Chapter 13 Bankruptcy in time, you can stop a foreclosure before it gets you. If a person fails to make any payments, the creditors have no option but to initiate the foreclosure.

Kris Koonar
http://www.articlesbase.com/non-fiction-articles/10-things-not-to-do-if-you-want-to-stop-foreclosure-on-your-home-119878.html