Archive for Foreclosure Help
Jan
04
Save Your Credit and Avoid Foreclosure
Posted by: | CommentsCalm your nerves and read the following tips before calling:1. See if your monthly statement contains the phone number to the lender’s loss mitigation department. If not, call the customer service number and ask for that department. At most lenders, the loss mitigation department helps borrowers determine which workout option they qualify for. Some lenders have their collections departments advise borrowers on workout options, borrowers may be sent to their collections department.2. Be ready to wait on hold for a long period of time. Its not a good idea to call on your cell phone to rap up your minutes, charge your phone in advance and be ready to hang on the line for a long period of time.3. Some representatives in the loss mitigation department are cranky, mean, over worked and not trained. If you are being treated badly or if the information that you are being told doesn’t sound or seem correct, remain calm and polite, get as much information as possible, hang up…and then call back.4. Share all details about your financial situation with your lender.Your lender will ask a series of questions to assess your financial situation. Some lenders, like Wells Fargo Home Mortgage, have specialists with both the training and technology to pre-qualify a caller for a workout option right over the phone. Other lenders do not have this technology and will send you a “work out package” to complete and send back to them.By preparing yourself in advance, and having the financial documents including income and expense numbers in front of you when you make the call, you might be able to get a resolution within minutes. The lender will probably ask you to fill out similar documents that describe your financial situation. They will review and analyze the documents before offering a solution to bring your loan up-to-date. So organize your bills, statements, and anything else that will help give an accurate picture of your current financial status.- An explanation of your current financial circumstances.- Details about your current income, including pay stubs, statements regarding unemployment, disability, social security, retirement, pubic aid, or and other similar documentation.- A list of your household expenses.- An explanation of what occurred to put you in this financial circumstance. Otherwise referred to, as your hardship.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
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
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
Make a Game Plan Then Take Action to Avoid Foreclosure
Posted by: | CommentsFirst, you need to understand how you got into trouble in the first place. This is something you want to have thought about before calling the lender or crafting a hardship letter. Have you had a loss of a job? Is your interest rate climbing in your adjustable rate mortgage? Have property values declined in your neighborhood making it difficult to sell. Once you put your finger on the problem, you need to face it head on. Ignoring the letters and phone calls from your lender won’t make the problem go away. In fact, it can make it much worse.Second, as soon as you realize you have a financial hardship, or problem that will prevent you from making timely mortgage payments, you need to contact your lender. If you’re in the position right now of being in trouble, contact your lender immediately. Most banks aren’t excited about having to resell your home. They’d rather work with you in most cases to keep your home.Third, determine if there’s a way for you to increase your income in order to put more money toward your mortgage payments. Can someone work a second job? Can you search for a job that’s higher paying?Fourth, it’s also important to see if you can refinance your mortgage at a fixed interest rate. This will keep your payments the same over the entire life of your mortgage. If you can refinance, you may be able to set up reasonable payments.Fifth, don’t be afraid to do a bit of thinking, “out of the box”, an option for your family, may be to rent your home if you can get enough rent to cover the cost of the mortgage. You may also want to consider allowing someone to rent a room to bring in extra income for your home.Sixth, if you can’t bring in more money and refinancing isn’t an option, you need to try to sell your home. As difficult as it may be to let go of it, it’s better to sell it than have a foreclosure. If you owe more than your property is worth, you should contact your bank. Many lenders will allow you to perform a “short sale” that will allow you to sell the house for somewhat less than its value and have the difference forgiven. Many banks allow this because in the long run it’s still less costly for them than trying to sell your home.Finally, if you’ve exhausted all of the possibilities and you can’t find a way to pay your mortgage payments and get out of trouble, you may have to walk away from your home. A foreclosure will be a dark mark on your credit for many years; however you should remember that you’re not alone. You simply have to take with you the lessons you’ve learned about home financing.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
21
6 Proven Strategies To Avoid Foreclosure And Save Your Home
Posted by: | CommentsIf you are one, two or three payments behind on your mortgage then you would be wise to take immediate action regarding the following information. Homeowners, just like you, are often caught in unexpected hardships such as divorce, death in the family, job loss, or medical emergencies that lead them to falling behind in foreclosure. The good news is that there are ways to avoid foreclosure and save your home.
To avoid foreclosure you must prevent a Notice of Default (NOD) from being filed against you by the lender. A NOD is a public notice that states a homeowner is at least 60-90 days behind on mortgage payments and unless payments are made current the lender will seize the home. Lenders would much rather not file for foreclosure, it is a costly process for them (~$30,000 – ~$40,000) and they are not in the business of owning homes. However, most lenders will file a Notice of Default to protect their interests. If you feel that you will be unable to pay your mortgage due to hardships or an ARM-reset then you should consider the following solutions.
If contacted in a timely fashion a lender may be willing to reach an agreement that involves one of the following:
Forbearance agreement
A lender will give you time to get your finances in order before requiring you to make up back payments and bring your mortgage current.
FHASecure refinance or lender finance
The government provides FHA-insured refinancing loans to qualified homeowners who may be facing foreclosure due to adjustable-rate mortgages or interest-only mortgages that are set to reset. This program is available to anyone who has a non-FHA insured loan, regardless of their payment history. You also have the ability to roll your first and second mortgage into a single FHASecure loan. To find out more information about this program you should visit: http://portal.hud.gov/pls/portal/url/page/fha/fhasecure
Your lender may also be willing to refinance your existing mortgage, depending on your situation.
Repayment plan
Here, the mortgage company will let you payback missed payments over time by adding it to your mortgage bill. For instance, if your mortgage is $1,000, the lender will add $100 over the course of 12 months to repay a missed payment.
Partial claim
Under a Partial Claim the mortgage company will loan you the amount necessary to reinstate your loan. Currently, partial claims loans are interest free and not due until the homeowner pays off the first mortgage or sells their home. To qualify, you must meet certain criteria and have a government-backed loan.
Note modification
Under situations that involve adjustable-rate mortgages, the lender will freeze a homeowner’s interest rate to a more manageable rate. Alternatively, the lender may extend the amortization period, allowing you more time before the interest rate reset.
Debt forgiveness
This is very rare, but it does happen on occasion. Under this agreement the lender will waive your obligation for the missed payments so long as you make payments on time going forward.
To learn the 20 other ways you can stop foreclosure solutions and how to go forward with the ideas presented just visit: http://www.foreclosure-help-book.com.