10.04.08
Posted in Foreclosures, Latest News at 10:22 pm by Administrator
In early 2006 when investors bought houses to flip them and realized the boom was over then came the first wave.
A year later when homeowners used adjustable rate mortgages to buy in 2005 and in 2006 began to see their monthly payments rise then came the second wave.
Now as home prices are falling combined with rising unemployment a new third wave of foreclosures have begun.
House prices in 20 U.S. cities declined in July at the fastest pace on record, according to an S&P/Case-Shiller report issued on Sept. 30.
The S&P/Case-Shiller home-price index dropped 16.3 percent from a year earlier, more than forecast, after a 15.9 percent decline in June. The gauge has fallen every month since January 2007, and year-over-year records began in 2001.
Will this new congressional bailout bill help alleviate foreclosures as intended??
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09.20.08
Posted in Foreclosures at 10:11 pm by Administrator
Foreclosure is to shut out, to bar, to extinguish a mortgagor’s right of redeeming a mortgaged estate. It is a termination of all rights of the homeowner covered by a mortgage. Foreclosure is a process in which the estate becomes the absolute property of the lending institution.
Foreclosure numbers are growing daily. Of the one hundred twenty or so million homes in America, more than 4% or roughly 4.8 million of them are facing foreclosure. Some of these homeowners are able to work their way out of foreclosure, however, according to MBA there were about 500,000 homes that went through foreclosure last year. Foreclosure threatens these homeowners because they are late or seriously behind on their mortgage payments.
The Foreclosure process begins when the homeowner fails to make payments of the money due on the mortgage at the appointed time. This may be due to several reasons. Unemployment, divorce, medical challenges, terms of the loan, sick of property management, and even death.
Foreclosure is applied to any method of enforcing payment of the debt secured by a mortgage, by taking and selling the estate. Borrowers and lenders now face a challenging situation. Both seek a compromise that permits a win-win outcome. The borrower to keep his home or business, the lender to keep receiving mortgage payments.
Foreclosure proceedings typically start with a formal demand for payment which is usually a letter issued from the lender. This letter of notice is referred to as a Notice of Default (NOD). Depending on your state, the lender will issue this notice when the homeowner has been 3 months delinquent on the mortgage payments. Keep in mind that the notice is a threat to sell your property, terminate all your rights in that property and evict you from the premises.
Don’t let this happen to you.
Find out more about preventing your home from being taken away
because of this ! Check out our Foreclosure Survival Handbook here:
Foreclosure Survival Handbook
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08.16.08
Posted in Foreclosures at 11:33 pm by Administrator
1. Do NOT ignore the lender.
Most Lenders DO appreciate your communication with them if you are
having problems keeping up with your monthly payment especially when
your problems stem from bonafide reasons like the loss of a job or
health issues. Banks really do want to help you out since they want your
payment not your house. If you can’t deal with talking with creditors there
are also professional foreclosure negotiators available for you to use.
2. Do NOT stop making your monthly mortgage payments.
Let’s say you miss a payment and the second months payment is due.
If you have the money for a payment during the middle of the second
month don’t refrain from sending a payment in because you owe two
payments total. Send in the one payment because if the lender sees
you are showing an effort to pay then foreclosure proceedings will be
delayed. If you can keep in contact with the lender then you can
delay until you can get on track.
3. Do NOT spend your mortgage payment on other bills.
You may be getting frequent calls from other creditors for credit
card payments or other ‘non-essential’ bills but when it really comes
down to it you need to decide if you want to save your credit
cards or your house. Spreading out your payments on several bills may
hurt you in the long run because of accruing multiple monthly payments
on your mortgage.
4. Do NOT fail to have a Home Equity Line of Credit in place !
Before you start having any payment problems at all make sure you set up
an equity line of credit. If you need a bunch of cash to stave off
foreclosure with a huge payment then this will be something that may save you!
5. Do NOT fail to accrue savings for an emergency!
Most people have a problem with putting money away for savings but if
you put a little away with each paycheck then over time that savings may
come in handy when you need it most to save your house.
This technique requires a lot of discipline but has long term benefits!
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Posted in Foreclosure Survival Handbook, Foreclosures, Latest News at 1:21 pm by Administrator
The number of US foreclosure filings have skyrocketed lately
due to the impact of the dramatic decline of the housing market.
The combination of dropping home values, weak housing sales, tougher mortgage lending criteria and a slowing U.S. economy has left homeowners that are strapped for cash with few options to avoid foreclosure. Many can’t find buyers or owe more than their home is worth and can’t refinance into an affordable loan.
With the number of foreclosure notices hitting a record 272,000 homes that equates to one in every 464 households that received a notice. Such is the backlash of the recent mortgage crisis. 77,000 properties were repossessed
by lenders. Don’t let this happen to you. How can a situation like this be
prevented?
You need to determine if foreclosure is inevitable or if there is a way to avert
that much feared direction. To really find out what you’re faced with we have a Handbook that can help determine that.
With our Foreclosure Survival Handbook we discuss ways to stave off foreclosure, some things to consider when deciding if you should file for foreclosure, and how to
regroup if foreclosure is inevitable.
On this blog we are going to provide whatever resources we can to help you navigate through the mess you might be in.
http://www.pangearecommends.com/foreclosure/
Last month President Bush signed into law housing legislation that would allow homeowners to trade their mortgages in for a more affordable loan only if the lender agrees to take a loss on the initial loan. This is one way to prevent foreclosure and hopefully with this program becoming successful the number of foreclosures could stabilize as early as the beginning of next year.
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08.15.08
Posted in Foreclosure Survival Handbook, Foreclosures at 10:46 pm by Administrator
“Discover in the next 20 Minutes the Tactics Necessary to Stop, Stave Off or Extinguish Altogether a Foreclosure Situation before You Lose More Than Your Home.”
1) Assess Your Situation
In Part 1, we will take a complete assessment of your current situation so that you know what you are capable of negotiating for a total win-win situation.
2) Action Steps and Plan
In Part 2, we will discuss the order of things that need to happen and who to contact right away. You may have options at your disposal that could allow you to continue living in your home.
http://www.pangearecommends.com/foreclosure/
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