Archive for December, 2009
Dec
31
Why Do I Keep Getting ‘how To Avoid Foreclosure” Notices?
Posted by: | CommentsDue to some unforeseen financial issues, I was behind on my mortgage payments – for 8-1 and 9-1. In August, I contacted someone from the lending company, he emailed me (I still have the email), that said skip that month’s payment and make a payment and a half until I am caught up. I upheld that for September and am planning on doing that for October, as well. That person even took my September payment and a half over the phone. This notice I received today says if I don’t pay 2 payments plus late charges I could lose my home! I can see by the amount that my Sept. payment was not even added. I have the bank statement to prove it. Any ideas on what I should do??! Thank you so much.
Dec
31
Avoid Foreclosure- Immediate Steps to Save Your Home
Posted by: | CommentsHomeowners are NOT powerless. Lenders are willing to provide retention, workout solutions (ways to keep your house). One of the most important steps to avoiding a home foreclosure is to react quickly and contact the lender, immediately upon realizing that your financial situation has changed.If you are unable to make your mortgage payment:- Immediately develop a financial plan to prioritize your spending. After healthcare, keeping your house should be first priority. Review your household finances to see where you can cut spending in order to make your mortgage payment. Look for optional expenses including cable tv, memberships, entertainment that can be eliminated. Think of alternative lifestyle changes that will allow you to slash your operational expenses, such as carpooling, walking or taking the bus to work; reviewing your insurance policies to make sure you are getting all of your potential discounts.- Delay payments on unsecured debt including credit cards until you have paid your mortgage.- Increase income.. Can anyone in your household get an extra job to bring in the additional income?- Sell assets. Do you have a 2nd or 3rd car, jewelry, a whole life insurance policy that you can sell for cash to help reinstate your loan?Even if these efforts don’t significantly increase your available cash or your income, they demonstrate to your lender that you are making sacrifices to keep you home.
K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: “6 Simple Steps to Avoid Foreclosure”. http://www.avoidforeclosuremanual.com
K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM\\\\\\\’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: \\\\\\\”6 Simple Steps to Avoid Foreclosure\\\\\\\”. http://www.avoidforeclosuremanual.com
Dec
30
Should I Refinance Loan To Avoid Foreclosure When Payment Resets?
Posted by: | CommentsSituation:
-Purchased new home built less than 2yrs. ago in Pittsburg,Ca.
-loan amount for 400k after 20%down payment.
-loan program is a 5/1 option arm,interest rate fixed for 5yrs. @8.25%.
-i’m only paying minimum payment from the 3 payment options.The minimum payment is a negative amortization.
-start rate is 2%…so the monthly payment is very low but the interest is compounding at 8.25% to the balance of the loan.
-FICO score is 729
-renters has given 30 day notice.
-loan balance is now 430k and same home is selling for less due type of loan and recession.I know it’s gonna take some time before home values start to incline on the graphs.I just want to be prepared during the housing market healing process.
Based on this information can someone give me any helpful advice.It’s my first rental property and i want to do this right,Economy sucks right now and i’m not gonna be a victim from it.I worked very hard to get this far and being a single parent w/ two daughters makes it more challenging.Thanks to those who respond.
Dec
30
Avoid Foreclosure Scams!
Posted by: | Comments• Never sign a legal document (quit claim deed, property deed, power of attorney, etc) under pressure and without reading and understanding all the terms. Take your time, get professional advice from an attorney, a trusted real estate professional, or a HUD approved housing counselor.• Its is your right and duty to think about offers and to ask questions, you cant ask too many.• Get all “promises” in writing.• Never give anyone a fee without receiving services.• Do not pay your mortgage payments directly to an individual or company other than your lender.• Beware of any loan assumption or home purchase contracts and offers where you are not formally released from liability for your mortgage debt and contracts of sales. Make sure you know what rights you are giving up and that you agree to give them up.• Never EVER sign anything with blank lines or spaces; information could be added later without your knowledge and consent.• Check with your lawyer or your mortgage company before entering into any deal.• If you are selling the house yourself to avoid foreclosure, check to see if there are any complaints against the prospective buyer. Contact your state Attorney General, State Real Estate Commission, local District Attorneys Consumer Fraud Unit, and Better Business Bureau (if the buyer is a business) for this information.• If you have been scammed contact your state Attorney General, State Real Estate Commission, local District Attorneys Consumer Fraud Unit, and Better Business Bureau (if the buyer is a business) and Department of Justice.REMEMBER that anything that sounds too good to be true usually is! If you suspect a predatory mortgage company is targeting you, call your local office of consumer affairs, the Federal Bureau of Investigation, an approved credit counseling agency.K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: “6 Simple Steps to Avoid Foreclosure”. http://www.avoidforeclosuremanual.com
K. Patrice Williams has a BA in Economics as well as a law degree. She has successfully managed both residential and commercial multi-million dollar income producing assets and budgets for more than 10 years. As a 1st year law student, Patrice established a real estate development and consulting business and acquired over 30 rental properties. As the housing market values decreased- like millions of other Americans-her properties were negatively impacted by shifting ARM\\\\\\\’s, combined by a sluggish economy. Patrice has researched and personally implemented almost all of the pre-foreclosure techniques detailed in the book: \\\\\\\”6 Simple Steps to Avoid Foreclosure\\\\\\\”. http://www.avoidforeclosuremanual.com
Dec
29
http://www.bloomberg.com/apps/news?pid=n…
Almost 53 percent of borrowers whose loans were modified in the first quarter were more than 30 days overdue by the third quarter, John Dugan, head of the Treasury Department’s Office of the Comptroller of the Currency, said today at a housing conference in Washington.
Timmay and Barack want to send the “swat” teams in to get these loans modified. Why do it when a majority of them will fail again anyway?