Tony Barnes is the President of Barnes Investment Properties and is a Private Real Estate Investor. Tony looks for win-win situations where the buyer, the seller and Tony can all win. For more foreclosure information go to http://seller.barnesip.com
Archive for Interest Rate
Feb
13
Can The Government Buy All Foreclosure Homes?
Posted by: | CommentsIs it possible for the government to buy all foreclosure homes and resell them to the owners who are at risk with a small interest rate? They would buy all homes in foreclosure up to a specific month, after confronting that task they would force banks, brokers and loan officers to fix the loop holes and the issues thats cause the crisis in the first place…I think they should also enforce a new home owner class where own owners would learn to manage their funds, what they should avoid etc.
I know thats a big task but thats a serious step…
Jan
21
7 Steps to avoid foreclosure
Posted by: | Comments@2009 by Tony Barnes.
I am going to share some tips that the banks do not want anybody to know on how to avoid foreclosure. What is going on right now in this country is many banks made outrageous loans to just about anybody who could fog up a mirror. Now their strategy has come back to haunt them with the current foreclosure crises.
1. If you have not missed a payment yet but think you are going to, the first step is to contact the bank and try to make arrangements to pay, or get a forbearance that allows you to delay payments for a short amount of time.
2. Ask for a repayment plan where you add a portion of the missed payments to the next few payments. This will help in the event of a short term unexpected expense or sudden repair that may take you by surprise.
3. If you are two or three payments late, the lender may still make arrangements to repay, but you may have to put up to half of the outstanding balance to resume the loan. Never ignore the lender letters and notices. Always keep in contact with the lender to keep them aware of the situation. Ignoring the problem only makes the situation worse and increases the costs.
4. You may get a loan modification through the lender bailout programs from the government. If you qualify the lender will adjust the terms of the mortgage to make the loan more affordable. They can lower the interest rate, re-amortize the past due amounts into a new loan, or lengthen the time period of the loan to reduce the payments.
5. Some companies may offer a short refinance where the lender forgives some of your debt and refinances the rest into a new loan. The lender is able to get more money this way rather than foreclosing on you which creates a win-win for both of you.
6. Deed in Lieu of foreclosure is another possible step that can help. Basically you sign the paperwork to give up your rights to the home and give it back to the bank. Then the bank can skip the foreclosure process without having to foreclose.
7. This last step is negative on your credit and should be avoided if possible. You can file chapter 13 bankruptcy to stop the foreclosure process and can force the mortgage lender to accept a more friendly payment plan. A bankruptcy will affect your credit for 10 years.
If all the seven steps above fail, you may still have one option. You can sell the property up until a few days before the sheriff sale. You can contact an investor such as me and we may purchase your home and put money back into your pocket if your situation allows it. For more details or to hear a free recorded message with these steps you can call 888-442-2320 x9004.
Here is the information an investor will need to know about your situation to see if you qualify.
By using these simple steps you may keep a foreclosure off of your record, possibly receive some money back and give you piece of mind by alleviating part of your financial responsibility and burden.
Jan
14
Worried homeowners who are not able to make their monthly mortgage payments on time are facing foreclosure. It is a kind of legal process in which a borrower under a mortgage is deprived of his own interests in the mortgaged property. Millions of people wanted to avoid foreclosure and are looking for alternative foreclosure option that may save their dream home.
If you are facing foreclosure, then there are various methods to avoid foreclosure without affecting credit report:
· Loan Modification is the best way to avoid foreclosure. It is the most popular foreclosure option that is widely used by the homeowners. You can get your loan modified by adding new terms in it. A loan modification can save a lot of money and it may include certain features such as lowering principal balance, converting to a fixed rate, lower down monthly mortgage payments, reduce interest rate, etc.
· Partial Claim is another Alternative Foreclosure Option which you can ask to your mortgage lender. This option works with you to obtain a one-time payment from the FHA-insurance fund. To qualify for the partial claim, make sure that your loan should be at least 4 months delinquent but not more than 12 months. You need to sign a promissory note and a lien will be placed on your property until the promissory note is fully paid.
· Another Foreclosure Option is that you can avail is short sale. In this, the lender agrees to sell his property on the lesser amount than the outstanding loan amount that forgives any remaining debt.
· Special Forbearance has also been suggested by your mortgage lender which gives a permanent reduction on your monthly mortgage or postpones the payments for a few months. You need to prepare a file of documents including the financial statements which should be submitted with the lender along with a hardship letter to prove that you can pay your payment plan.
· Short Refinance is also provided to avoid foreclosure. In this option, the lender forgives some of your debt and get refinanced the rest into a new loan.
For more info please visit our site @ www.creditblogs.net
Jan
13
Avoid Foreclosure Loan – Stop Foreclosure Programs
Posted by: | CommentsThe current housing crisis, combined with ever rising unemployment, has brought the horror of foreclosure to many families.
Foreclosure on a loan is something which should be avoided on all costs since it means not only the loss of house and home but a lifetime of bad credit, and may even keep a person from ever owning their own home. Realizing this problem, many companies, charities and even the federal government have stepped up to halt foreclosures.
Natalia Osorio Editor of the “Loan Modification Foreclosure” website — http://www.LoanModificationForeclosures.com — pointed out;
“…Many charities are helping people avoid foreclosure by giving them help and options. Anyone who is facing foreclosure should look for charities in their area that can help them negotiate with their lender or the person currently holding their loan so that the interest rate or payment is decreased…”
It is, of course, not possible to avoid paying off the loan entirely, but most corporations are not eager to end up losing thousands on the loan by not having it repaid, especially since the house they would receive in the foreclosure is of no use to them. Smart negotiators and clever intermediates are working hard to help people renegotiate their payments to something more reasonable with their current financial situation.
The government is also stepping up to the task by offering a program through the Fannie Mae corporation. “…Persons whose loan has been purchased by Fannie Mae can contact them to negotiate a lower rate of interest, which they will almost certainly grant if it will avoid foreclosure. Unfortunately, this cannot help someone who has no income or savings and cannot make any payments at all…” N. Osorio added.
Further information about how to get professional assistance with a mortgage loan modification by http://www.LoanModificationForeclosures.com
Hector Milla runs his corporate website at http://www.OpsRegs.com where you can see all his articles and press releases.
Jan
04
How Do I Avoid Losing My Home To Foreclosure?
Posted by: | CommentsRenegotiate a lower payment, or lower interest rate that would lower the payment.
Try to defer a couple payments (some lenders allow this)
Find a private lender (someone that has enough money to buy out the mortgage and then you just pay them back under whatever terms they set up with you)
Get a part time job to help make payments
Get someone to rent your basement or a room or suite (this would still be your principal residence, you’ve just got a ‘roommate’ now as well).
Create a budget and really analyze where you money is going and ways to free up cashflow.