Angela Karolyn Scott bought her first home at the age of 22 as a single mother with no money down. She is now on a mission to teach others how to create wealth by way of Real Estate. She is giving away a $300,000 house, a Mercedes C Class and a Mercury Mariner SUV Hybrid. You may learn more by visiting www.ForeclosuresMakeYouRich.com
Archive for Facing Foreclosure
Oct
30
Avoid Foreclosure – Market Your House For Sale By Owner
Posted by: | CommentsWhen facing foreclosure you can attempt to market your home For Sale By Owner or FSBO as it is said in the real estate industry. This will allow you to not pay real estate agent fees and still be open for a foreclosure real estate investor to purchase your home if need be.
When marketing your “for sale by owner” home, there are three essential elements for a successful marketing campaign. The first is headline that will grab the attention of your prospects. When writing your headline, use the features of your home in the headline, such as “Split Floor Plan, The Kids Won’t Hear!” (that’s if you are daring) or something a bit more conservative “Beautiful Home Needs Loving Family” You want your headline to be explosive enough to catch the potential home shopper’s attention. You want them to read your ad about your home. By being different than the other headlines you will more than likely have more readers.
Another element is to highlight one of the properties best features, such as an ocean view, recently remodeled or within walking distance of schools. You want to give reason for the prospect to actually want to see your home. If you have space, show the benefit as well. “Recently remodeled so you don’t have to” Or, “Walking Distance of Schools, You can sleep in” This will give them even more reason to want to look at your home before making a final purchase. Having witty headlines again, will allow you to stand out and above the others.
A good closing line will prompt the potential buyer to call. You will want to appeal to their desire to own a home, or maybe as a good investment, or even their sense of urgency. “See it Now, before it is gone!” or “Don’t pay your landlord another dime!” are just some examples. Once you have your ad completed, you will submit it to your local newspaper.
Another effective method of marketing is by having an “Open House”. In order to have the best open house, be sure to have your home clean and clear of clutter. Take down the personal pictures so others can imagine themselves living in the house. Being that you are avoiding foreclosure, I understand that money may be tight, but if you are able complete any minor repairs that are visible.
Make up flyers so everyone who attends your open house will get a flyer before they leave. The flyers should be an 8 1/2 x 11 inch fact sheet describing your home, the asking price and numbers on how you can be reached as well as your website if you are marketing on your web page with pictures. The flyers should also list your price and describe the property. Also be sure to have the local schools and other amenities in the area listed on the flyer.
You can also attach these flyers under windshield wipers of cars, and attach flyers about your “Open House” to neighborhood mailboxes. Do Not Place Anything Inside a Mailbox! It is against the law.
When you schedule the “Open House”, be sure to schedule it for a Saturday or Sunday between 11 AM – 5 PM. Also be sure to check your calendar to ensure your “Open House” is not competing with any kind of major sports playoffs or any major religious holidays.
You might want to place an “Open House” sign in your front yard with balloons attached. If you are on a street with not a lot of drive by traffic, you may want to use some signs on prominent corners with arrows pointing the direction to your house.
Ensure you have a guest book so you can get the names, phone numbers and emails of every person who attends. If you can, make sure to take notes, and write down every positive impression and comment made by those who attended. Also write down anything that’s constructive that you can change to make the house show better. You will want to be able to keep in touch of people who show an interest. This could be especially important if you reduce your asking price or change the terms of the sale later on.
Another finishing touch for your Open House is to have cookies and water or lemonade available. It may sound hokey, but folks will feel like they are home, which is what you want.
Again, if you are facing foreclosure and want to sell your home, selling it “For Sale By Owner” may be the route to go. If you find that time is of the essence you can always contact a real estate investor that likes to purchase home that are facing foreclosure. Usually, they are able to move fast and offer a fair price.
Oct
29
Avoiding Foreclosure Tips-Saving Money On Home Maintenance
Posted by: | CommentsWhen facing foreclosure, it comes down to one main thing; you need money in the bank, to pay your bills. Sometimes saving your home from foreclosure comes down to having an extra thousand dollars at the end of the year. By learning to cut expenses down, you can have that extra money and more.
This is my fourth article on money saving tips to avoid foreclosure. The first article tells you how you can save several thousand dollars a year on grocery’s, article number two tells you how to save on clothing, the third is how to save money on car repairs and this particular article will deal with saving money on home maintenance. Having a house can get expensive and you don’t want to put money into it, just have the bank take it away from you because you can’t pay the mortgage. Spend your money wisely and you can keep your house from foreclosure and have it in good shape.
Prioritize what needs to be done If you feel like home repairs are just becoming too overwhelming, it is time to make a priority list. This means you need to write down everything that needs to or you want to fix up in your home. After you make this list go through it and see what really needs to be done right away and approximately how much it would cost.
Then you really should separate the list into what must get done and what you would like to have done. The stuff that must get done needs to move to the top and things that you would just want to have done, goes to the bottom. You may have to put off those things until you truly have extra money and just get the things done that really need to get done, such as your roof is leaking. By the end of the year, you will be glad that you waited on repairs that weren’t quite necessary at the time and that you have the extra money.
Pay Cash for Home Repairs If you have hired someone to do the repairs on you home. Offer to pay them cash in exchange for a discount. Most people will say yes to this. After they quote you the price, ask them for a possible discount, if you pay with cash. Remember to pay them half when they start and half when they finish. Never pay it all up front, because you want them to come back and finish the job. Or just try and pay them all at the end of the job, if they don’t say anything about being paid up front.
Buy Second Hand If you making repairs in the kitchen or bathroom, try buying any appliances or cabinets you may need second hand. Look in your local classified list or go to a second hand store. This can save you several 100 dollars, depending on what the item is.
Choose Your Contractor Wisely If you are working with a licensed contractor, go with one that has fixed-price bids for there work. This way you won’t get ripped off by someone, just throwing a price to you, with no rhyme or reason behind it. Working with a trustworthy contractor is very important, finding one that explains everything they are doing, before they do it, is helpful as well. Never pay them in full until you have inspected and approve the final job.
Replace Appliances Wisely If you have to buy new appliances for you place, look for ones that are going to be the most energy efficient, so that you can at least save money on the electricity bill. Also when buying a new product, price shop all the stores, if you find a lower price online, bring in a printed copy of the cheaper price and see if you can get a local store to match it. Also don’t be afraid to ask people what is the best price they can do, sometimes you will get some sort of discount by doing this.
Hopefully by following these tips and the previous ones, you will have plenty of money to make your mortgage payments on time. Keep finding ways to save money and if you have a good tip, please let us know so we can spread the word to other people trying to save their homes.
Second Foreclosure Option
LJ Adama writes articles on financial advice and foreclosure help. To get better ideas on how to stop foreclosure. Or to learn about loan modification and foreclosure prevention methods please visit us at ForeclosureFish.com
Oct
28
Tips For Avoiding Foreclosure-Save Money On Entertainment
Posted by: | CommentsWhen the thought of facing foreclosure and possibility of losing your house runs through you mind, you probably are trying to come up with ways to avoid foreclosure, which means one thing: having the money to pay the mortgage bill. Every little penny matters and can help make the payments. If the possibility of foreclosure is on you mind, this is the time you want to learn the art of frugality.
Browse over some previous articles I wrote and learn how to save thousands of dollars:
-How to save money at the grocery store -How to save money on clothing -How to save money on car repairs -How to save money on home maintenance
To add to the list today you will be learning about how to save money on entertainment. If you learn the tips within in the article series you should be able to save thousands of dollars a years. If you are doing this; then you will help yourself avoid foreclosure not only this year, but for years to come. Just because you are trying to save money doesn’t mean you have to lock yourself inside and never do anything — what fun would that be and how long would it last?
Free concerts. Many towns and cities have free concerts you can go to in the summer; check out a local newspaper. It will usually have a list of free ones in the leisure section. It is fun and you get to be around other people, listening to good music.
Save on movies. Instead of going to a movies sign up for Netflix and watch several movies a month for the same prices you spend at the theater. Plus you can eat popcorn and home and save yourself another 10 dollars and get twice as much.
Learn the happenings at your local library. A library is a good place to go when saving money. Here you can check out movies, CDs and books for free. Also they will sometimes have free events and book readings you can attend.
Take advantage of Tuesdays. Tuesdays are usually a slow day for businesses in general: restaurants offer food specials, museums are usually free and people want your business this day. So keep your eyes open for specials this day.
Board games. Purchases a few board games and having friends over for a game night is a good way to socialize and not spend much money. It can lead to hours of laughs and is better then hanging out at some noisy bar.
Take up running for your sport. Running is a free way to exercise and you get to see parts of your town you may not have been aware of before going out for a run. Instead of joining an expensive gym, do push ups and sit-ups at home, then go for a run. This right here can save you several hundred dollars a year.
So put some of these options into action and see how much money you end up saving a month. You would be surprised to find out how much it is. I know several people that go through half their paycheck in a week; if they learn to spend wisely they would have money in their savings account. You never know when you could loose your job or are in a financial hardship and it will be there for you to pay your mortgage.
LJ Adama writes articles on financial advice and foreclosure help. To get better ideas on how to stop foreclosure. Or to learn about loan modification and foreclosure prevention methods please visit http://www.foreclosurefish.com/
Oct
23
Avoid Foreclosure
Posted by: | CommentsThe first thing you’ll want to do to avoid foreclosure is stay current on your mortgage payments. Of course this is obvious, but what may not be so obvious are the options you have for doing this. If you are already behind on your payments, there are some tips for you in in part two as well.
If the problem is truly temporary, and soon you’ll be able to handle your payments again, borrow the money to keep up on your payments. Family may be able to help, but even if you have to pay a few hundred dollars in interest for credit card advances, it may be better than losing your home. Consider what you have to lose in equity, and you may find that it even makes sense to cash in some of your retirement account and pay the penalty. You may also be able to borrow from your 401k.
Don’t start borrowing on credit cards and breaking into retirement funds if the situation isn’t truly temporary, however. You’ll just make matters worse. If the real problem is that the mortgage payment is just more than you can handle, you need to look at long-term solutions.
If you have maintained your credit rating to this point, you might find financing with lower payments. Lower payments can be because of lower interest rate, or a longer amortization period. Don’t be tempted into lowering your payments with an adjustable rate loan that has a low initial interest rate. Unless your income situation changes dramatically, in a year or two you’ll have the same problem all over.
Another option is to sell the home an move into a less expensive home. This works best if you have some equity in your home, to help you with both the down payment on the next one and with the transition costs. If you have no equity, you may have to consider selling your home and renting for a few years.Already Facing Foreclosure?
If you are already late on your mortgage payments, don’t wait for things to happen. Get actively involved in solving the problem right now. You not only face being foreclosed on and losing your home, but if the home is then sold for less than you owe, you might be sued for the difference (depending on the terns of your mortgage loan). Both foreclosures and deficiency judgments can seriously affect your ability to qualify for credit in the future.
Call the lender and explain the situation. Depending on the type of loan, lenders can sometimes arrange a repayment plan (for back payments) that you can afford. They can sometimes arrange a temporary reduction in the payments, or even a temporary suspension of payments. (The latter isn’t likely unless you have been laid-off from work and have a return date.) They can even occasionally modify the mortgage to reduce the payments, by lengthening the term.
FHA and other government-backed loans have other possibilities for avoiding foreclosure. Call and talk to a HUD-approved housing counseling agency. Call (800) 569-4287 or TDD (800) 877-8339 to locate the nearest housing counseling agency. These agencies frequently have information on services and programs offered by Government agencies and lists of private and community organizations that might help you. They may also offer credit counseling, and the services are usually free.
If you definitely can’t handle the payments, consider offering the lender a “Deed-in-lieu of foreclosure,” if they’ll accept it. This is when you voluntarily “give back” your property to the lender. It won’t save your home, but it’s less damaging to your credit rating than a foreclosure. Some lenders will allow this if you have no other viable options and you have tried unsuccessfully to sell the home.
Move fast and do what you can to resolve the situation. But unless you have had an unusually long period of unemployment, or you had large unexpected medical costs, the problem is probably rooted in you poor financial habits. In that case, be sure to learn your lessons, so you can easily avoid foreclosure the next time around.
Copyright Steve Gillman. To see a photo of the home we bought for $17,500, get a free ebook on how to buy Cheap Houses, and get more tips on avoiding foreclosure, visit: http://www.HousesUnderFiftyThousand.com/avoid-foreclosure.html
Oct
19
Avoid Foreclosure Monroe- Loan Modification: An Alternative To Avoid Foreclosure
Posted by: | CommentsAvoid Foreclosure Monroe- Loan Modification: An Alternative To Avoid Foreclosure
A common alternative to a home foreclosure is doing a loan modification, essentially a repayment plan. Working out a loan modification with your lender will help you to avoid foreclosure and protect your credit. While most people facing foreclosure work to try to save their home, the bottom line is that they simply cannot afford it. Many are not in a financial position to refinance their loan for a reduced payment and establishing a repayment plan is difficult as the payment will be higher, in order to repay the default amount. This is where a loan modification program comes in. A successful loan modification allows borrowers a second chance to pay the mortgage by giving them payments that are more manageable.
Homeowners often believe that the lender is the enemy with the, persistent calls, letters, and delinquent notices this is not the case; your lender is the only one that can help you save your home. In just about all cases of stopping or avoiding a foreclosure, your lender must agree to the terms. Once a borrower has fallen behind in payments the lender will do whatever they can to try to get the payments back on track with the homeowner. Talk to the lender and try to negotiate a loan modification, in most cases you will need to behind in default by several months prior to them entertaining the idea.
The lender and you both have great reasons to come to a mutually beneficial and agreeable solution to get the default caught up and the loan repayments back on track. There are other options to avoid foreclosure, refinance the loan, and sell the home depending on the situation. In order to accomplish the ultimate goal of protecting your most valuable asset, talking to the lender is the only way to avoid foreclosure.
Unfortunately, not all banks offer loan modifications as a viable solution, with foreclosures are at all time highs; more lenders may offer loan modification programs that they did not previously offer to homeowners. Most of the large banks and mortgage servicing companies are the ones that do not offer this is a solution, consider using a local mortgage company to refinance your loan and avoid foreclosure.
Loan modifications are time consuming and often have similar qualifications of a refinance or new mortgage loan. As long as you can prove a stable income and have recovered form the hardship, a loan modification may be your answer to saving your home from foreclosure.
Thomas Bladecki is the author and can provide additional information about foreclosures and the current real estate markets visit Home Foreclosure Help.