Selling Your Home In A Difficult Market

By Ashley Lawrence

How do you find someone to buy your home if you want to sell it fast in the current climate?

Most people are not able to buy a home without a mortgage secured from a bank or other type of lending institution. At present this has become difficult without having an impeccable credit history and/or a large deposit.

Repossessions are steadily on the increase, and homeowners who are in danger of repossession and eviction may find they are able to stop the process if they can find a buyer for their property quickly

Though some property investors are willing to wait until a property has been repossessed and buy it at a local property auction, others are willing to offer sellers cash for their property prior to the repossession. If this happens, it is like any other property transaction in that the payment for the sale will first go to pay of any outstanding mortgage and charges that may be held on the property, then the balance goes to the seller.

Although repossessed property is attractive, it is not everyone who prefers to buy repossessions. It is also true that not all people who want to sell a home fast are in foreclosure. If you are a seller who needs to sell a home fast, then you need to attract a buyer who has all the finance in place, and who can move quickly to close the deal. You need your property in as best a condition as possible, so they say yes as soon as they see it.

If you're home is in bad condition, the buyer may overlook it in favor of a cheaper property they have seen elsewhere. You have to give the buyer a better proposition than any other seller with whom they may have come into contact.

Cheap properties for sale in your neighborhood won't necessarily kill your chances of getting a quick house sale. If you are able to present your property in such a way as to make it more appealing for buyers, then you can overcome the price barrier and can hopefully sell your home before you lose it. - 32169

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Creating A Short Sale Package

By Karen Larry

If you are planning on invest in real estate, short sales may be a good place to start. The development of the short sale package is generally basic. As soon as you have decided upon a purchase price, you should start working with the lender to develop a short sale package. As the bank makes the final decision on the deal, you should be in contact with their loss mitigation department immediately.

Getting started is easy, simply get the loan number and permission from the property owner to contact the lender. For the reason that of the recent market shift, finding the actual note holder may be challenging. Regardless, it is imperative that you find out who owns the note in order for the sale to proceed.

Get in touch with the owner of the note and find out who their loss mitigation people are. Find out what the bank needs and expects in a short sale package as well as any specific details that will help the short sale purchase offer to be accepted.

Once you have found out what the bank needs, start building a short sale package that will meet those needs. Because this is a short sale, you need to provide as much proof as possible that the value of the home is well below that of the current mortgage. To help build your substantiation, bring in appraisers and contractors to give an estimate to the cost of rehabbing the property. Also bring in an appraiser to give you a true market value estimation of the property. This, along with letters from the homeowner stating that they can no longer afford to pay the mortgage must be included in your short sale package.

After completing the short sale package, you simply submit it and wait. It will now be up to the lender to accept the offer, or reject it based upon specific reasons. If you have created a thorough short sale proposal and your offer is sound, the bank should accept your offer. If they don't, simply change your offer and submit it again. - 32169

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Short Sales: Putting A Stop To Las Vegas Foreclosures

By Ryan Gilbert

For the last few months, Las Vegas has had the highest foreclosure rates in the U.S. In January of 2009 alone, a trusted U.S foreclosure report agency showed 274,399 cases of Las Vegas foreclosure. This includes default notices, auction sale notices and bank repossessions.

The numbers speak for themselves, and clearly even Las Vegas is affected by the country-wide economic depression. Because of this, numerous homeowners are struggling with finances and are swimming in debt.

If you are one of the people facing a Las Vegas foreclosure, your best choice of avoiding one is opting for a Las Vegas short sale. All you have to do is find the right company to help you. A good company can help you come to an agreement with your lender and stop a foreclosure through a short sale.

A good company will be able to help a person facing a foreclosure sell the mortgaged property for less than what he owes. Afterwards the proceeds of the sale will be given to the lender as the discounted loan balance. This will benefit the debtor since his debt will be eliminated without having a negative foreclosure record on his credit history.

In a Las Vegas short sale, it is not only a good situation for the debtor. The lender also recieves major benefits. The truth is a Las Vegas short sale can give more perks than a Las Vegas foreclosure. For one, a foreclosure is a very costly process for both parties. The lender has to cover expenses for cleaning and renovations, taxes, legal and record fees, and finding a qualified buyer. This is one of the many reasons why a short sale is favorable to the lender as well as the debtor.

A good Las Vegas short sale company can help stop a foreclosure. The key is to find the right one that deals with each situation individually. Take note that the process of a short sale is not easy. Find a company that works with professional lawyers and tax advisors because it is a complicated process. Remember that a good Las Vegas short sale company should not only satisfy your mortgage debt, it should also be able to address tax implications and protect your credit rating and of course, be transparent at the same time.

Most often, short sales give favorable outcomes. With the financial challenges of our times, finding the right company to assist you is a major factor in getting a fresh start and protecting your credit history.

There is now a way to stop foreclosure. A short sale can eliminate your debt in a more convenient way sooner than you know it. This is why most families opt for a short sale, it can give you a new start. - 32169

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Stop A San Diego Foreclosure, Opt For A Short Sale

By Stephen Cattrel

Financial imbalance is not new to a lot of families in the economic environment nowadays. The rates of San Diego foreclosures alone amounted roughly to around 3,500 in the 2nd quarter of 2009, which is a 14 percent increase from the previous 1,630 San Diego foreclosure rates in the 1st quarter of 2009. Each year, it seems that there is an increasing rate of people faced with foreclosure problems.

Foreclosure is one scenario a homeowner or lender fears to face. Unbelievably, the creditors themselves want to avoid this dilemma as well. It is a big misconception that lenders would like a foreclosure. The fact is that it is not favorable to them as well because a San Diego foreclosure process has high associated costs.

The costs associated with a foreclosure can go up to as much as $77,000. A homeowner may roughly shell out something like $8,000 or more for related services. For the part of the lender, it is even a higher amount. The lender has to deal with legal and recording fees, advertising and finding a qualified buyer, and possible the renovation of the property if needed.

This is one of the obvious reasons that more people opt for a San Diego short sale than to let themselves be part of a San Diego foreclosure. The short sale is a transaction that happens when both the lender and debtor agree to put the mortgaged property for sale at a lesser price than the outstanding balance of the debtor. Once the sale has been made, the proceeds will be handed over to the lender. The process for a short sale is also more convenient and time consuming.

If you are one of the families in San Diego that owe more than what your house is worth, opting for a short sale is a good choice. With a San Diego short sale you will be able to eliminate your debt for less than the outstanding debt that you owe. This is definitely a win scenario not just for you but also for the lender, saving them time and the high costs of a foreclosure. What's great about a short sale is that you'll also avoid a foreclosure record on your credit history, which we know has a big negative impact.

For a more convenient way for a San Diego short sale you should look to the numerous companies that offer these type of real estate services. They will assure you that your short sale will be successful and help you avoid a San Diego foreclosure.

A short sale is definitely less complicated than a foreclosure. Still, it involves a legal process. Working with experienced professionals or a company with a good team of lawyers and tax advisers can help you run through the complex details.

A San Diego foreclosure is really not an ideal scenario. Because of the many reasons and negative impacts it has, more people would rather be part of a San Diego short sale. - 32169

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Foreclosure Scams

By Mike Deffensor

Home foreclosure is one of the commonest Problems that folk face today. More often than not it originates from one missed payment which spirals out of control. Before you know it you have missed three or four payments and the mortgage lender or bank would like you to pay everything you owe all at once. This sounds like a very difficult feat and many are lead to understand that they have no other choice. When the homeowners realize that they have made a serious mistake they resort to anything they can to get out of a tight situation.

This is when the scammers find their way into your mailbox or give you a call. Foreclosure scams are very common as much as the problem itself. Since house owners believe that they don't have any choice they fall for these traps and make their situation far worse than it was. Trick operators also advertise online, publish advertisements in the local newspaper, distribute flyers, and call homes which are included on the foreclosure list. They call themselves mortgage experts who offer foreclosure services or publicize with'We buy houses' slogans.

Most common scams:

Bankruptcy Foreclosure Scam They operate by promising the homeowner that their house will be saved. In return they will either ask for the homeowner to pay their mortgage directly to them, hand over their deed and pay rent, or obtain refinancing. But instead of fulfilling the other end of the bargain they don't contact your lender or obtain refinancing for you. They keep all the money and file bankruptcy without your knowledge. Since the homeowner is not aware that bankruptcy has been filed, they fail to participate in the case. The case is dismissed and the house continues onto foreclosure. Apart from loosing money and your home, you will also have a bankruptcy on your record.

Equity skimming The operator poses as a buyer. The operator promises the homeowner to pay the mortgage or given them a sum of money once the property has been sold. The operator then convinces the homeowner to sign over the deed and move out. The homeowner can stay but they have to pay rent. If they opt to move out the operator lets a third party rent the property. The operator does not pay the mortgage and lets the mortgage lender foreclose. If the house has equity, the operator sells the property and pays off the debt. Then the operator keeps the equity that the homeowner could have had if they sold it.

There are some great resources that can really help you however. Leaders in Financial Education ( is an organization that is an affiliate chapter of a non profit 501(c)3 that can help you. Take a look their website or fill out the contact form at and you will get some immediate free counseling to help guide you through some options. - 32169

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Hardest Hit Foreclosure States In The Country

By Anthony M. Flores

In 2009, foreclosure rates have hit an all time high due to numerous economic issues, including massive unemployment rates resulting in home loan default for many homeowners.

The U.S has recorded devastating foreclosure highs which has resulted in one out of every 398 homes facing foreclosure.

Nevada leads with one in every 33 households facing foreclosure. Currently there are over 34,417 homes that are currently in the foreclosure process. Florida comes in second with a record 165,291 homes, which equates to one in 50 homes facing foreclosure.

California recorded the nation's third highest home foreclosure states. The top ten states facing foreclosures in the United States of America are Ohio, Texas, Detroit, Virginia, Michigan, Georgia and Illinois. These ten states accounted for almost 77 percent of the total United States home foreclosure activities.

The State of Las Vegas has seen as much as 14,861 foreclosures. This equals one in every 54 homes in foreclosure. The state of Florida has accounted for 15 percent of the foreclosures in the country.

How does this happen? Some of the factors include high mortgage rates, and adjusting mortgage rates. In February of 2009, foreclosures hit a record high in the U.S of 117,259, equaling 68 percent more than the previous year in February.

So what are the reason for high delinquencies and foreclosure? There are several factors. The two that come to mind are depreciation of home value and the other is related to job loss. Lower property value makes it impossible to refinance which has contributed to the highest rates of foreclosure we have ever seen in the country.

Homeowners can fight foreclosure and help contribute to reducing the amount of foreclosures in the country. If you are having problems paying your mortgage, contact your bank or foreclosure consultant to see if you qualify for a loan modification program today. - 32169

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Who Needs A modification Company To Stop Foreclosure

By Adam Whazzer

If you, like many folks in the Country, are facing foreclosure on your home, then you are looking for anything you can do to stop it. Firstly, be calm and dont panic. Do not get yourself into a situation like mortgage restructure that you have to pay for up front. A reputable mortgage company, that knows that their service will help you, will do this with no money up front because they know they will get paid when the mortgage goes through.

In avoiding foreclosure, the first thing you need to do is always keep the lending company aware of your current situation. Work with the mortgage company and make an agreement with them to pay what you can, even if it is partial payments. This agreement, if followed by you, will keep your loan from going into foreclosure.

Once you get too far behind in payments, your mortgage company will file a notice of default. Your options, at this point, become very limited and your mortgage holder will not be as likely to work with you once this has been filed and foreclosure proceedings are started.

When you reach the stage of notice of default, your only option may be to pay the back payment along with the interest and foreclosure costs in order to stop the process.

At this point, the fees can begin adding up so quick that there is no way that a person can catch up. At this point, walking away from the problem all together seems like the easiest thing to do. Here is the sad part of this; there are some options that can be exercised.

The laws on foreclosure differ from state to state, They are not the same either in Judicial Foreclosures or Non-Judicial Foreclosures. As of February 2008, the Foreclosure Act of 2008 allows homeowners to file for bankruptcy and be able to save their home. Of course there are different qualifications for this. Most people will qualify. It will be up to the individual judge as to what extent and what the foreclosure will include, as far as all or a portion of the loan goes. It is crucially important that when you receive the Notice of Default, you notify the bank of your intentions immediately. So do your homework before you receive your notice if it is eminent.

Most people are not aware of this, but there are many foreclosure assistance companies out there that can help you at this point. The earlier you get one of these companies on board, the better off you will be. So be honest with yourself and seek help before it becomes a necessity. This is the key to stopping a foreclosure. There are mortgage prevention programs and mitigation companies out there that know how to help you, so seek their help.

Not only can these companies help you stop foreclosure, they will communicate with the mortgage holder directly, easing your stress over the situation. They can restructure the mortgage or lower your payments for a period of time.

If You can't afford one of these companies go to the Internet and use your search engine to find self help to stop foreclosure there are a lot if do it yourself kits for various other legal maneuvers if you dont feel comfortable with the options above. Again, be realistic and seek these forms of help before it becomes completely necessary. - 32169

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Investing In Short Sales

By Thierrie Anderson

In today's market, those investors who may successfully buy short sale homes stand to make a lot of cash. Those buyers familiar with the short sale process understand that fortunes may be made buying dwellings at huge discounts. For those investors with the patience and fortitude to buy a short sale property, the payoff be able to be immense.

With this in mind, how does one go about purchasing a short sale property? First, you must realize that a short sale in real estate is when you purchase a property for less than is owed on the mortgage. For an investor the obvious benefit of this type of investment property is evident. However, because the lender will ultimately lose cash on the deal, there are a number of processes and potential pitfalls to be aware of. Because of this fact, a enormous deal of patience is needed through the buying process

While going through the short sale process, you must be aware of how each participant will act through the process The nearly all understandable participant in the short sale process is the owner of the property who is willing to walk away from the property for less than is owed on the loan. There are a number of motivations for a property owner to be in this position, but before performing any due diligence in buying a short sale, you must be sure that the owner of your target property is motivated.

Be sure that you get the property owners approval, but you will need to contact the loss mitigation department of the institution in order to start the process. Because the institution is in business to make capital, you will need to make a compelling case in order for them to agree to a short sale. Nearly all lenders will only agree to short sales if the property is facing foreclosure or non-payment of the loan. Because that is a guiding principle, you must create a circumstance where the institution sees the short sale as the best option.

Now that you appreciate these two players, the process of convincing each to short sale the investment property to you is a process of working with both parties to create a proposal that will satisfy the needs of both the property owner and the lender. Develop a short sale offer with the help of the property owner. Include a letter from them explaining their inability to continue to pay on the mortgage as well all additional substantiation. Find and photograph and areas of the property that need repair, and get an appraiser to come out and give an appraisal based upon the lowest marketable value of the home.

Now you just need to agree on a purchase price with the current property owner and submit it along with the package to the lender. Present your purchase offer along with the short sale package to the lender and gently push it through the approval process. It the request is approved, your purchase of the short sale goes through. If not, simply modify your offer and submit it again. - 32169

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Why Mortgage Modification Companies Are A Bad Idea

By Adam Toll

It 's really hard to see that we as a people have not learned from our past and are once again starting to repeat it. I'm not trying to be derogatory just for the sake of bringing down someone's hopes but I'm trying to save some pain for someone and hoping that someone will pay very close attention to what I am about to say.

Just in case you have missed the majority of the last couple years, PLEASE NOTE: MODIFICATION COMPANIES ARE A ROTTEN! Please know that I am, saying this since I have lived and worked on all 3 sides of the business. After having experienced what it's like to be involved on both sides of the business I can truly say that there are so many pitfalls for the average Homeowner that tries try to navigate the Loan Modification / Foreclosure Defense process alone.

There are so many little details that can be missed while doing it alone in matters of Foreclosure. If you miss one piece of mail After all it is your HOUSE and your family safety on the line. The SCAMS are endless, people impersonating Attorneys, altering numbers on HUD statements so they can pocket the difference through title. What is wrong with society today, its almost as if the whole world has gone insane? If you are a mortgage holder at risk loosing your Home to foreclosure, the best advice I can give you is to think lucidly and look at the situation from a calm perspective with a Loved one (someone you trust) and brainstorm for a solution or plan of action after you have taken the time to research a good attorney who has given you a professional perspective on the subject.

After having worked in the Mortgage Biz for years, I left because I saw where the industry was flowing and I really didn't want to have to carry the burden of guilt for putting families in Loans I didn't agree with. It always seemed that in the Mortgage business the only thing they cared about were numbers, volume of sales and Yield Spread, to be more exact it was all about anything that stuffed more money in everyones pocket.

The truth is I really feel good about what I do now because I know we are genuinely helping people and I know that our attorney is governed and held accountable by the Bar Association in our state. It's much more comforting to work in an industry where the agency regulating your industry plays more of an active roll in protecting the public. Do your homework and THOROUGHLY investigate any firm before hiring them to save your biggest asset and the place you call "home". Most State Bar Association Sites have a member search which can help you get a background report on who you are considering to protect your home.

Just think about it before you entrust anyone other than a Licensed Attorney to protect your house. Would you give another Penny to the slime that sold you your Predatory Mortgage in the first place??? Remember, statistics show that most of those same people transitioned from Mortgage Lending into "Home Saving", so think about that before you let them make you a victim a second time. - 32169

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Don't Fall Victim To Foreclosure Scams

By Adam Whazzer

Foreclosure is one of the worst things that can happen to a homeowner. Knowing there are criminals waiting to feed on your fear and vulnerability makes the situation even more frightening. Thousands have fallen victim to phony foreclosure counseling, phantom help, bait and switch, rent to buy, and bankruptcy foreclosure scams. Being able to see the telltale signs of a foreclosure rescue scam can save you the pain and suffering of becoming yet another victim.

What should you watch out for? Beware of any rescuer that guarantees or promises to save your home. You need to steer clear of any company that guarantees to end your foreclosure, tells you not to contact your lender, a attorney or credit and housing counselors, requires an up front fee before providing services, will only accept certified funds or wire transfers as payment, or instructs you to make your mortgage payments to them instead of your lender.

Bait and switch con artists outright take your house by tricking you into signing paperwork that transfer the property deed or title to their company. Equity skimming scams steal the equity in your home while leaving you with your mortgage obligation. In the rent to buy scheme you are told to surrender the title of your home, but you will be able to remain in it as a renter. Although you have the option of buying it back, generally the terms are so outrageous it is impossible to do so. Avoid any company that instructs you to sign over the title or deed to your home.

Staying calm and not dropping under pressure is the best thing you can do. Scam artists will often offer to fill out paperwork for you. While you think they are arranging a rescue loan for you, in actuality, they are taking the money youve given them, filing a bankruptcy in your name and taking your house. Do not sign anything that you are unsure of or dont understand, and never allow any company to fill out papers for you.

Knowing where to turn is your best defense. You should start by calling your lender and trying to negotiate a payment schedule. Also, the FTC offers free info that helps consumers recognize and avoid fraudulent, deceptive and unfair business practices. If you feel you have been the prey or a foreclosure rescue scam you can file a complaint at the FTC website. - 32169

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Lower Monthly Payments with Mortgage Refinance

By Peter Ewelling

Loan refinancing is the replacement of a valid mortgage contract with a fresh home loan contract with brand new terms. Refinance is used to describe the substitution of any debt obligation with a new obligation consisting of fresh terms. It is usually used to describe replacement home mortgage loans.

The cash generated from refinancing loans are usually used immediately to repay the existing debt. If you want to learn more about refi programs in regards to your mortgage you should speak with your lender.

Some mortgage companies may not be open to the possibility of a refinancing agreement, in this case you should be able to speak to other lenders.

Home loan can be used to modify any of the terms of a current debt obligation. It can be helpful to reduce financing fees, reduce regular payments, or to raise money. During the present housing situation many distressed home owners have used refinancing to change aspects of their mortgages normally making them easier to keep.

The most common use of mortgage refinancing is to limit regular payments which provides immediate relief to homeowners. Property owners who are behind in their house payments and may experience foreclosure can gain from lowering their periodic home loan payment. Mortgage refinance is heavily used as a method to increase borrowers' liquidity.

During the current housing slump many individuals are also dealing with other obstacles such as lack of work or high medical costs. For these households refinancing provides highly sought relief from the constant demand of overwhelming regular payments.

The altered terms of a refi agreement should provide benefits for both parties. Lenders will only agree to a reduced monthly payment in exchange for changing another terms of the agreement. Often times the amortization schedule of the mortgage or the interest rate is also changed.

The refinance approval review also takes into account your present financial profile and if it has changed since you secured your original financing. Your mortgage company will help you review your current borrowing situation to find out if you could eligible for a new loan. - 32169

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Walk A Mile In The Loan Modification Business

By Adam Whazzer

Who is there to Help Those Who are Called to Provide Help? I work at a Foreclosure Defense Law Firm which happens to also engage in the practice of Loan Mods. I am not an attorney nor am I here to provide or imply legal advice. The Loan Mod & Foreclosure Defense business has gotten a bad rap due to some rotten apples in the bunch but there are some of us who actually care about what we do and to protect Homeowners and their Families from impending Foreclosure.

It's unfortunate that myself and others like me are subjected to the grossly inaccurate and fictitiously skewed perspectives that is constantly broad casted by the media without thought to the patriotic men and women who give up valuable time with their own families in an effort to restore stability to the family of another fellow American. The Broadcasters as a whole has been quick to deliver stories that tell of unscrupulous lenders and what were once prominent mortgage brokers now well on their way to becoming cell mates at local and federal correction institutions nationwide, stories of pathetic excuses for people taking advantage of the elderly, recently widowed and other members of the un-suspecting public.

But what about people like myself, people with a sincere, moral, and ethical motivation to assist their fellow Homeowners in saving their American Dream? It is amazing to see how many of us really do have an impeccable work ethic and a true passion for whatever role we may be asked to fulfill in the name of providing support for the commonly labeled homeowner at hardship.

Not only do we deal with the bad Info of the self serving and often relentless news but many of us are faced with a tragic and sometimes devastating dilemma, the mortal fact that we are exactly that, we are only human. In my personal experience it has become difficult at times to walk away from my job at the end of the day. Every day at the Law Firm it seems there is a more horrible or unjust case than the last, but still they seem to keep coming, almost as if there were no end in sight. I am writing this to acknowledge the truth behind the old saying "Never judge a man until you walk a mile in his shoes." and to add that "working a day in his suit might not be a bad idea either".

During the course of our own personal disasters, there is a lot to be said for the idea of taking a mental step back, and away from the situation or stepping outside one's self to reflect for a moment that there are many variables in every equation and sometimes all is not what it seems. This is the moral of the story, to better illustrate I will share something with those who took a moment to look a little further into this article. What most of you and many of the clients which I've made a diligent and valiant effort to assist have all most likely failed to consider, during the course of judging my intentions based on my statements is that I and the majority of our clients could actually be considered one and the same if you were to make a generalization or attempt to categorize me.

mortgage What do I mean by that? What I am making an effort to convey is that sometimes it seems like the worst enemy a borrower can have in the courtroom is not the Lender threatening to take back the house and not even the Law Firm representing them. The worst enemy that many Homeowners face while facing a possible or impending Foreclosure is the enemy they find staring back at them in the mirror each day. That enemy is Homeowners themselves, in my experience it seems to be the most common recurrence among cases I have seen during my time working in the Foreclosure Defense industry. Homeowners and in many cases family members alike are so concerned with getting cheated that in reality they wind up cheating themselves. In conclusion I will provide you with the missing material fact which should re-calibrate even the most skeptical perspectives. In approximately 30 days from today I will be going before a judge in an effort to save my own home from a pending foreclosure which I have fought long and hard to overcome. The truth is that was my original reason for getting involved in the industry, I did it to find a solution for the Foreclosure that has been looming like a dark shadow of unknown demise over my own life. You see I too share all the same concerns and all the same fears as so many other American Homeowners do in this country today. You wouldn't believe how often people misconstrue the sincere empathy and sense of urgency which I often tend to convey. Many misunderstanding what they sense immediately defaulting to the negative which has been cultivated by our society today. This almost automatic defense system has left many Homeowners and their families almost completely defenseless and unable to protect their homes due to their inability or refusal to act. Yes I too may lose my own beautiful home, I may end up having to sacrifice my own sacred place. So in final it is with great sincerity that I offer this humble opinion. Never judge a book by it's cover because it might cost you more than you would ever consider it to be worth. - 32169

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Understanding Obama's Loan Modification Plan

By Ginger Taylor

Obama's Loan Modification Plan is intended to aid homeowners with home loan modification or refinancing for more manageable mortgage payments.

The sad fact is a great part of the money go to the banks and they're not obligated to adhere. Only homeowners who are up-to-date on their mortgage account and whose loans are belong to Fannie Mae and Freddie Mac are eligible for Obama's Loan Modification Plan. The plan is leaving millions of U.S. homeowners at risk of experiencing foreclosure susceptible & out of the plan.

Here are some general customary criteria for basic eligibility for this program:

1. The home must be owner occupied

2. Cannot be used for second mortgages

3. Provide proof of your income

4. Your current mortgage must be 31% or more of your gross monthly income

As many as 6 million families are predicted to experience foreclosure in the next couple of years.

The scathing and fast paced recession in the economy and in the housing market has produced adverse consequences for homeowners throughout the America . Millions of reliable families who pay their monthly mortgage payments punctually have had the value of their property fall and consequently are now incapable to refinance to lower mortgage rates. Meanwhile, millions of working people in the US are having difficulty staying current on their mortgage payments after being laid off or downsized. In the last 14 months alone more than five million jobs have been eliminated and millions of hard working families are now concentrating more than 40 or 50 percent of their income towards their monthly mortgage payment.

Application Process
When a loan modification application is turned in by a homeowner, it is carefully analyzed to decide the profitability to the investor or the possibility of loss. The "Net Present Value Test" is used to decide what will provide more cash flow to the investor-Foreclosure or Modification. The homeowner's best interest is not part of the decision making process. It is purely based on what is more financially beneficial to the investor. If modification is not in the favor of the investor, they will deny your application.

For this reason legal assistance is available to homeowners.

- 32169

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Do It Yourself Stop Foreclosure

By Adam Whazzer

Many people still see no real connection between winning a foreclosure case and a good lawyer. They still think they can win the process with just any attorney or even by themselves. Well, I am sorry to pop your bubble, but you need a very good attorney if you are really going to win a foreclosure case or a attorney thats Willing to give you everything you need to end your own foreclosure.

You see, people still see no real connection between winning a foreclosure case and a good lawyer. They still think they can win the process with just any attorney or even by themselves. Well, I am sorry to bust your bubble, but you need a very good lawyer if you are really going to win a foreclosure case or a lawyer thats Willing to give you everything you need to end your own foreclosure., especially those who are specifically trained to handle and win foreclosure cases, know what they are about. They also have the experience and skills in handling lots of cases like yours and they are best to help you stop the loss of your home, far more than you can ever imagine. I know it might cost you some money, which you currently might not even have, but hey - it's worth it, especially when you consider that there's a high chance of success at the end of the day. Now that foreclosures have become common place a lot of lawyers are willing to give you their stop foreclosure kit that contains all the paperwork and motions needed to end your own foreclosure.

One of the first and most important steps to getting the right attorney to help you is to look for those who were able to save their homes from foreclosure. Ask them the lawyer they used that can help you as well. You will be surprised how this simple tip will help you get the right attorney. Now Just ask for go to a place that will give you all the proper paperwork to file your own motions in court saving you tons of money.

But of course - a word of caution - Attorneys are good, especially those with experience in cases of foreclosure, but they are NOT always perfect. They win some and they lose some. But here's good news for you - there's far greater chance for you to win and save your home using a very good lawyers than without one! Isn't that reason enough to seek the help of one? Just ask or search on the web for "stop foreclosure lawyer" and you should be able to get everything needed to be able to do a DIY stop foreclosure program.

Now that foreclosure has become common place and there is more work for stop foreclosure lawyers than they can handle many of them are giving out a do it your self stop foreclosure kits for a small fee. If you cant hire a attorneydo the next best thing and get yourself a kit! - 32169

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Stop Foreclosure What The Bank Doesn't Tell You

By Adam Wazzer

Note: I am not an Attorney and any information I provide is not to be taken as Legal Advice, my purpose for writing this article is only to create awareness for the benefit of Borrowers and Families at hardship. I work for a Law Firm specializing in the representation of Homeowners and Families in braces of Foreclosure. What the bank doesn't tell you is that in most scenarios, the Mortgage Modification terms the banks are willing to give you voluntarily when you modify your loan directly with them are in most cases substandard in comparison to the modification terms you will receive when hiring an attorney who specializes in Loan Mods and Foreclosure Defense. Again, I am not a Attorney but I have been working for a Foreclosure Defense law firm for longer than most authors on the subject and my Mortgage Lending experience is extensive.

While with the Loan Modification & Foreclosure Defense law firm, in my personal daily experience it has become apparent that a good law firm is most often able to negotiate much better modification terms for clients than banks are normally inclined to give when a borrower engages in direct dealings without representation. In some cases I've even seen scenarios where the law firm is able to secure modifications to a mortgage which result in interest rates an repayment plans for "B-C Paper" or Sub-Prime Borrowers which are far superior than those available to "A Paper" borrowers with spotless credit histories and FICO scores above 710.

Loan Modifications (also referred to as Loan Mods), when executed by licensed attorneys, can be very effective methods of ending foreclosure before it starts by adding changes to the original terms of your mortgage. Altering your mortgage terms can be a HUGE savings in regards to your Monthly Payments, Interest, and even Mortgage Terms in regards to the number of years in which you have to repay the loan, and sometimes resulting in a great savings due to a reduction to the Principal Balance amount owed on the loan.

Forensic Audit is one of many ways used to expose Fraud and other serious errors made on behalf of the Lender during the origination and closing. Forensic Audits identify things like Forgery or Violations of the R.E.S.P.A. (Real Estate Settlement Procedures Act), T.I.L.A. (Truth In Lending Act), among others in relation to Federal Guidelines and Regulations which must be strictly adhered to by professionals working in the Mortgage Lending Industry. Once discovered these violations can become essential to the defense of your home and Mod of your mortgage. Lenders are often much more inclined to work with homeowners to give loans in their best interests when there is an attorney behind them with enough artillery in their war chest to influence a Judge to rescind or take the loan back from the bank.

Banks have become the casinos and if they had it their way "The House Would Always Win" Do yourself a a good turn and put the cards in your favor by hiring a Foreclosure Defense Law firm. This way you can win instead! - 32169

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Fort Lauderdale Foreclosure Defense Lawyers

By Adam Whazzer

Foreclosure Defense Attorney - Aiding Families to avoid Foreclosure

The last few of years have been quite bad for the real estate industry. Homeowners are facing foreclosure and losing their houses. According to statistics, in Florida 4% of all the mortgages are facing foreclosure proceedings. It is pretty clear that the situation is really bad; however, a homeowner can seek the help of a foreclosure defense attorney to know their options.

The fact is that for a vast majority of people foreclosures are stressful, confusing and overwhelming because they do not know much about the foreclosure proceedings. They are not aware of the fact that there are solutions available to them that can help them avoid foreclosure proceedings.

Loan Modification

A specialized foreclosure defense council can lay out the options available to property owners who are dealing with foreclosure. Under the Housing Bill passed by President Obama, property owners looking at foreclosure can go for loan modification. Aid of a foreclosure defense lawyer can help a owners negotiate the mortgage modification with the lenders.

Short Sale

Still another option that property owners have is that of a short sale. Under this option the owners will sell the mortgaged property for less than balance owed on the loan. The proceeds of the sale are given to the lender. Before the sale, the short sale attorney will negotiate with the bank. The short sale council will convince the bank that due to economic or financial hardship, the bank should agree to discount the loan balance. Therefore, after the dwelling is sold the remaining balance is discounted.

Deed In Lieu

Another way that a owner can avoid foreclosure is by opting for deed in lieu. The property owner's real estate attorney will negotiate with the lender. The homeowner will sign over the deed or title of the property to the bank and the bank in return will cancel the mortgage.


Another option that a lawyer can suggest to a owner is that of filing bankruptcy in the event they already have gotten a sheriff's sale date. This will not only stop all foreclosure proceedings but will also give a chance to the owner to repay some of the debt and retain the house.


An attorney can also suggest the option of refinancing to avoid foreclosure. Refinancing simply means that the homeowner replaces the existing mortgage with a new one. In most cases, the new mortgage comes with lower interest rates and better terms and conditions.

Reverse Mortgage

A is a very good solution that a foreclosure defense council might suggest is that of reverse mortgage. This is simply a loan against the home. A homeowner does not need to repay the loan as long as he/she lives there. However, this option is mostly available to those who own the property and are over 62 years of age.

Contesting Foreclosure

In many cases it has been seen that property owners can successfully contest foreclosure proceeding. A foreclosure defense attorney can help land owners find the legal grounds on which the proceedings can be challenged. It might be possible that the mortgage lenders has filed the foreclosure proceedings illegally. A attentive homeowner with the help of a foreclosure defense attorney will be able to figure out what is illegal about the proceedings.

The bottom line is that there are many options available to property owners to help them avoid foreclosure. It is up to the property owners to seek these options. A foreclosure defense attorney will act as a specialist guide in their efforts to end foreclosure. - 32169

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How to Keep Your Home

By Peter Parket

Missing your mortgage payment for one month might be okay but if you know that you will not be able to make future payments, then you need to take action fast. Here are the ways for avoid foreclosure:

Recognize the problem. Act at the very first sign of a problem. Remember, the further behind you are on your payment, the harder for you to reinstate your loan. Talk to your lender as soon as you realize that there is a problem. Lenders offer options to borrowers who are undergoing financial difficulties. These options help borrowers with temporary financial relief including reinstatement, forbearance, loan modification, and repayment plans. Ask your lender about the best option for your particular case. Read and respond to every piece of mail you receive from your lender. Notice of Foreclosure letter contains information about the different foreclosure prevention options you can get. Succeeding mail may contain important notices of pending legal action. Failure to read and respond to the mail is not excusable in foreclosure court.

Keep informed of your home loan rights Before you sign the mortgage papers, you are advised to read and understand everything the agreement claims as they contain information about the likely actions that the lender may do if you have not managed to make regular payments. Now you arrived in this situation , read foreclosure laws in your state. Call the State Government Housing Office to grasp the timeframes.

Consult HUD-approved housing counselor HUD-approved housing advisors help you know your options, your rights, and how to organize your financial affairs. If you want assistance, housing counselors can also represent you during talks with your lender. The HUD or the Housing and Urban Development offers free or very-low cost housing counseling services countrywide.

Spend wisely Most Americans wonder why they are still in knee-deep debt even if they fall above the median household income. The answer: they spend too much. What you should do is to prioritize your spending. After healthcare, your next top priority should be keeping your house. Let go of other expenses you can live without like magazine and cable subscriptions. In short: spend wisely

Tap your assets Assets like an insurance policy, jewelry, and second or third autos can save your place. If you have any of these, you may as well sell them to generate money to reinstate your loan. You may also get a second job to pay for your house mortgage. Whether or not these actions are sufficient to reinstate your loan, the banks can recognize these as an effort on your side that you are willing to make sacrifices to keep your home. If you find yourself facing a foreclosure there are resources available to help at - 32169

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Get Foreclosure Help

By Kristin Johnston

If you are behind in your monthly housing payment and are afraid your lender may foreclose on your home you should be aware there are options you can use to help you get back on your feet. There are many mortgage assistance plans created to help struggling home owners lower their regular mortgage bill.

Preventing foreclosure does not end with a public assistance plan and reduced payments. Once you are on solid financial footing you must also think out and follow a sensible financial plan.

You can find many government programs intended to work with borrowers to avoid foreclosure. Through relief programs such as mortgage modification and mortgage refinance distressed mortgage holders may be able to reduce their mortgage payment. Loan modification is a special contract you enter into with your mortgage company to change specific terms of your home loan agreement.

Loan modification programs are agreements between a mortgage holder and mortgage company to alter certain aspects of the loan agreement. These changes usually make it easier for homeowners to make monthly payments, often by lowering the payment amount.

Mortgage refinancing requires an entirely new mortgage agreement to be taken out. Loan modification merely changes a few parts of an agreement while refinancing replaces the entire thing with a new agreement. Mortgage refinancing can happen with a different lender.

In the case that you are qualified for assistance and take advantage of the assistance to get back on your feet there are several things you still must do to avoid foreclosure. It is important that you closely adhere to a sensible financial plan.

By spending unwisely there is a likely chance you will find yourself facing foreclosure again in the future. Lia modification and mortgage refinance are only options to get out of bad mortgage contracts, to develop a stable financial plan you need to do more than sign for a relief program. - 32169

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Things You Should NEVER Do About Home Foreclosure

By Maxi Croones

In the midst of crisis, many people resort to desperate actions- most of these are highly unnecessary yet very debilitating on the part of the sufferer. If you are facing foreclosure, these are some of the things you should never consider.

First, letting the issues multiply. If you are having a large amount of issues with your real estate investment, try to get rid of the chances of incurring more Problems.

Second, ignoring your other assets. You are likely to have other properties and resources that might be used to pay for the mortgage of your house, or at least to send a message to your bank that you are going out of your way to save your home. You might sell your other properties, say a second auto or your whole-life insurance, to enhance your resources and perhaps use the money to reinstate your loan. Or, somebody from your home could get an extra job that could add to your income. These efforts may not yield important changes in your resources but they are good mediums to secure your finances and increase your cash.

Third, seeking services of foreclosure prevention companies. Yes these are legitimate companies and have proven their worth in the business but going through a foreclosure implies that you have to keep your money intact. Foreclosure prevention companies could negotiate things between you and your lender more effectively than you can perhaps do. But you should understand that you have to maximize the potentials of your money and it is not the best time to spend your money on services that you can get free. Remember that these companies charge you hefty fees. Use the money that you would be paying these services for your mortgage defaults instead. Besides, the service you can get from them could be rendered by lending counselors for free. You only need to contact them. Most lenders and banks have a special department for home foreclosures. This agency is designed to help people with foreclosure cases.

Many firms will take advantage of your desperation to recover or stop your home from being foreclosed. If their terms are too good to be true, review them. Always seek professional advice first before committing yourself to anything, particularly legal documents.

If you are facing repossession there are reputable resources available to help you to stop your foreclosure for free at - 32169

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