Foreclosure - The Last Resort

Jefferino asked:


A friend of mine got screwed into a scam to buy some homes to rent out and supposedly make some money. In the end he has been through many tenants and been unable to make the payments due to lack of renters and the declining market. A couple of them have started to go into pre-foreclosure and he is wondering what liability he will have with the banks if they go into complete foreclosure. He understands his credit is shot…which it already is, but not sure what else he will be liable for….

Jose

Igor Mosyak asked:


The loan modification process can assist homeowners who are at risk of foreclosure to stay in the homes that they love. If you are experiencing temporary financial hardship and have fallen behind on your mortgage payments, then you need to understand the options that are available to you and your family. Talking with a professional foreclosure consultant can help you to understand your rights and to develop a solid action plan to stop your pending foreclosure.

Here are just a few of the topics that you can discuss with your foreclosure consultant:

Developing a feasible plan for loan repayment

You may have experienced a setback recently that has caused your lender to file a Notice of Default against you. It is OK. There is still time to intervene and stop the foreclosure from ever happening. Time is of the essence though. You need to be proactive and get in touch with a foreclosure consultant as soon as possible in order to maximize your potential to successfully stop the foreclosure. You can discuss realistic repayment possibilities and the foreclosure consultant can then approach your lender’s loss mitigation team on your behalf.

A loan from the Federal Housing Authority:

Your foreclosure consultant is an expert at helping you obtain a loan from the FHA to cover the delinquent amount of your mortgage payments and bring your loan current. There will be no interest or payments on this loan from the FHA until your mortgage is refinanced or your home is sold. You must be between 4 and 12 months behind on your mortgage payments in order to receive the FHA loan.

Loan modification:

Your foreclosure consultant will work with your lender to get your loan modified and bring it current. This will involve several aspects including

Partial payment of the amount delinquent;

A letter of hardship explaining your legitimate reasons for falling behind on your mortgage payments;

Relevant financial statements presented to the lender;

Pay check stubs;

W-2;

Tax return form copies;

Banking statements;

and more as required by the lender…

It’s important for you to realize that just because you desire to enter into the loan modification process doesn’t mean that the lender will be willing. You must convince the lender that modifying your loan is in their best interest. It is the goal of the lender to minimize their own losses for the long run – nothing more. It is all just a singular component of the loss mitigation process to them. For that reason, it is also very important to act immediately. The loan modification process is time-consuming and needs to be initiated as promptly as possible in order to maximize your chances to stop your foreclosure.

If you are facing foreclosure and need assistance in dealing with your mortgage lender, there is help available. Just visit us at Stop Foreclosure Help Today and you can be on your way to successfully stopping your pending foreclosure and being able to relax again. We are always here for you.



Abby

Christopher B asked:


Can you explain the process of shorting on a foreclosure? How do the negotiations work with the lien holders? What would be a normal offer for a foreclosure property (as a percent of retail value)? Thanks, first best answer gets my ten points.

Jeremiah

Joshhhhh! asked:


My friends moms house is going into foreclosure cause his parents are getting divorced, it will start on july 1st, how long should a typical forclosure take? A few months?

Layla

In Your Face! asked:


The owners of our house told us today that we might have to move because they are going through foreclosure. They also said something about the bank giving us money to help us move. Is this true, and how does it work?

Also, how long do you think we have to stay here?

Any info would be helpful. I know we need to talk more with the owner, but this is just for now.

Brandon

happyhive7 asked:


I’m on the verg of foreclosure and need help fast! I know it may be a bit far fetched to receive a grant for home foreclosure but I’m just reasearching any possibility to help me not lose my house.Any info will help. Thanks.
well dawn666, My husband has a full time job and we have 5 kids and we like many people in the united states has found ourselves in a hard situation,so before anyone else thinks I’m a lazy bum try to not be an IDIOT first!

Chloe

Antony White asked:


Those who are on the verge of losing their home due to foreclosure have a silver lining in the form of a foreclosure loan. It is never too late to get out of the financial crisis of a foreclosure and there are banks and lending institutions that have special foreclosure loan programs to help such needy people.

The funds for a foreclosure loan are obtained from additional funds from certain companies that are keen to work with certain people. The companies pay off the old loan and offer a new loan whose monthly payments stretch for a longer duration with the result, the monthly installments are reduced, giving a breathing time for the borrower.

There are various plans that are suitable and affordable to different borrowers. Such foreclosure loans are available under certain conditions from the bank or lending institution. Some private lenders also offer foreclosure loans. Banks offer foreclosure loans and are eager to bring the borrower out of the crisis for another reason. If the borrower is not in a position to pay the debt and loses the home due to foreclosure, the banks would have a significant number of such homes that would become more than manageable for them. Hence, the banks would only be keen on clearing off foreclosure homes that come under their jurisdiction.

The banks also have references of many private lenders and would be ready to reveal them so that a workable foreclosure loan can be achieved. But before starting to apply for a foreclosure loan, it would be better to ascertain whether it is really important to stay in that home and seek a loan. If the borrower decides to cling on to the home and avoid foreclosure, then it is good to seek professional advice from the professional rendering assistance and think calmly to overcome the financial crisis.

The bank can be approached for a foreclosure loan who would offer the loan to offset the current debt- may be even other expenses can be met. But the bank would insert provisions in the loan agreement to ensure prompt payments in installments that is conducive to the borrower. The borrower may not get bargain loans, nevertheless, he can rest assured that he would get enough funds to set off the debts and also meet the immediate expenses.

Foreclosure loans can also be utilized when a person wants to buy a home under foreclosure and is in short of funds. Again, a foreclosure loan would help to buy the home and even if he spends certain amount on repair works and construction costs and if he sells at a good value, he can pay off all the loans and still walk away with excess amount in hand.



Jon

Nalini C asked:


My credit score is between 650 and 670. I am planning to buy a house with my husband and his credit score is above 800.
Are foreclosure homes better deal?

Jordan

Stacey C asked:


I purchased a foreclosure in June 2008. I know the Foreclosure Prevention Act underwent many revisions. Does anyone know if the final version which the President is expected to sign still includes the provision for the $7000 tax credit for the purchase of owner occupied foreclosed homes? I am not a first time homebuyer.

Colin

Daniel Doane asked:


The two-county Inland region once again led Southern California in the rate of foreclosure-related filings, including notices of defaults, trustee sales and lender repossessions. In Riverside County, 7.9 percent of homes faced foreclosure and in San Bernardino 6 percent of homes entered the foreclosure process. Riverside County’s foreclosure-related filings last month totaled 7,960, an increase of 30 percent from February and 127 percent from March 2007. San Bernardino County had 6,182 filings, up 25 percent from February and 118 percent from a year earlier.

Foreclosure activity is expected to peak later this year based on subprime mortgage resets, said Leslie Appleton-Young, chief economist for the California Association of Realtors.

RealtyTrac reported that foreclosure filings on 64,711 homes were recorded in California in March, the most for any state for the 15th consecutive month. California’s foreclosure activity last month increased nearly 21 percent from February and almost 106 percent from a year earlier.

Los Angeles Foreclosures –

Hardest hit cities Los Angeles (2060), Lancaster (869), Palmdale (852), Long Beach (499) and Santa Clarita (264)

Orange County Foreclosures -

Hardest hit cities Santa Ana (629), Anaheim (413), Garden Grove (211), Orange (150), Fullerton (136)

Riverside Foreclosures -

Hardest hit cities Riverside (1028), Moreno Valley (945), Corona (742), Murrieta (494), and Perris (478)

San Diego Foreclosures -

Hardest hit cities San Diego (1620), Chula Vista (582), Escondido (373), Oceanside (370) and El Cajon (260)

San Bernardino Foreclosures –

Hardest hit cities Fontana (770), San Bernardino (668), Victorville (609), Hesperia (384), and Rialto (341)

With all the bad news about Foreclosure the Senate with an overwhelming decision in favor of the 84-12 voted to pass the “Foreclosure Prevention Act” Part of this package would give the buyers of foreclosure homes a $7,000 credit to help provide relief to struggling banks who have huge inventories of foreclosed properties.

If you are thinking about buying a home that is a bank repo, start shopping on the web with mortgage company web sites like countrywide has.

http://countrywide-foreclosures.blogspot.com/2008/04/14220-reos-offered-for-sale-on.html

Total REO (As of April 17, 2008)

State Count Total Asking Price($) Average Asking Price($)

CA 4,293 1,218,980,585 283,946

Daniel Doane can be reached at Hardmoney_direct@yahoo.com

www.Hardmoney-DIRECT.com



Tyrell