Posted on May 20, 2009 - Filed Under Foreclosures | 2 Comments
The United States real estate market is suffering great losses due to bank foreclosures. Both bank foreclosures and pre-foreclosures are at all time highs and the homeowners and lenders are in serious trouble. Many honest American homeowners are suffering financial crisis and could lose their homes. Some homeowners face bank foreclosure after getting behind on just a few payments. The banks are not going easy on these struggling homeowners, but of course they are suffering as well. The extremely high interest rates and late fees only seem to be making things worse on both sides.
If homeowners facing foreclosure can act quickly enough, they can go ahead and sell their home for low prices before the banks officially forecloses them. This is called “pre-foreclosure”. Pre-foreclosure is a grace period that is given to many homeowners who are close to foreclosure. During the pre-foreclosure period, the home still belongs to the borrowers and they have a right to sell it to interested buyers. The pre-foreclosure grace period can last anywhere from 3 weeks to 6 months, varying from state to state.Read More...
Posted on May 19, 2009 - Filed Under Foreclosures | 1 Comment
Detroit foreclosed homes auctions are a big hit with outside buyers. There are plenty of homes, and about 1800 of them are being sold for under $10,000. These homes were at once over 100 times what they are being sold at. This is one reason why investors from as far as Australia and the United Kingdom are rushing to Detroit.
Mike Shannon, a Detroit realtor says he has picked 10 new clients buying in bulk who are outside Detroit in the last few months. His office is located in Detroit and is one of the national leaders in foreclosures. The investors are buying 50, 100, or even 1000 houses that they can find.
Although the retail housing market has been stagnant, sales of homes on foreclosures are at their peak. Eager buyers are regularly calling Shannon when he is in the field. Recently, he sold 30 homes in one day to a single investor. Three UK investors have bought six homes and are planning on more.Read More...
Posted on May 18, 2009 - Filed Under Foreclosures | 4 Comments
[I:http://3minutestomidnight.org/wp-content/uploads/EdWinsten0.gif]In 2008, over 3 million unsuspecting home owners received a notice of default. Many did not take the simple actions needed to stop a foreclosure and they lost it all. It’s fully expected that another 3 million foreclosure notices will go out this year in 2009.
Have you received a foreclosure notice due to a financial hardship? Do you owe more than your home is worth? Are you finding it next to impossible to afford your monthly house payments?
If so, the great news is you may be able stop foreclosure and reduce your mortgage payments by filing a mortgage modification request.
What is a Mortgage Modification?
A mortgage modification is a restructured agreement between the borrower and home lender with re-negotiated terms and interest rates. Mortgage loan modifications can be the perfect solution to stop foreclosure for borrowers who are find themselves on the brink of foreclosure or banruptcy.
Do You Qualify for a Mortgage Modification?
Perhaps you’ve lost a job, have incurred unexpected medical expenses, or your current adjustable rate mortgage went through the roof so you can no longer afford the monthly payment. You’ve made every effort to save your home and stop foreclosure, but have run across hard times and now find yourself behind on payments.Read More...
Posted on May 17, 2009 - Filed Under Foreclosures | 1 Comment
Seized properties and government surpluses are sold through government auctions to the public for low prices as determined by a bidding process. There are government auctions consistently held all across the United States and Canada. No matter where you live, there will likely be government auctions held near by.
Government surplus items sold at auctions come from all levels of government. Sometimes the government will purchase too much equipment and they will liquidate the excess at the auctions.
Items sold at government auctions can also include items from a bankrupt businesses. Items examples could include furniture, jewellery, electronics, miscellaneous equipment, and more. Government auctions may not be the first place that comes to mind when buying these items, however, it is definately where you can get that best value on both used and new items.
The seized properties offered at these auctions can include foreclosure homes, bankrupt commercial properties, properties owned by convicted criminals, and more. Police have the right to seize a property if the owner is convicted and has to serve time in prison. The most common reason for property being seized is because their owners have neglected to pay their mortgage and/or taxes.Read More...
Posted on May 11, 2009 - Filed Under Foreclosures | Leave a Comment
Have you noticed a great many homes and dealerships have been vacated. Many of them end up at the government auction. Where once stood sprawling land mark dealerships, there is now what looks like abandoned ghost towns.
Our declining economy no doubt has a great deal to do with it. Dealerships with no choice but to go bankrupt have had financial institutions and the federal government repossess and seize their inventories. This includes homes and autos as well. Due to the enormous expense to store these autos, they must be auctioned off at extremely discounted prices.
Everyday thousands of Americans default on their car loans and home mortgages. This in part leaves them up for grabs at free no charge government auctions. You might ask, “What does prosperity have to do with free no charge government auctions” Well In a way it brings to mind an old saying.
What you can purchase at the government auction is far from being used junk. In fact much of what you will find is in mint condition and fully functional. The homes may sometimes need a little work, but for the price you purchase it, Who cares?Read More...
Posted on May 11, 2009 - Filed Under Foreclosures | Leave a Comment
Many people in the current financial crisis are having difficulties in paying their mortgages. A large number of these simply don’t know what they can do to avoid a situation where they may actually lose their home. In this article we offer some tips on how to avoid foreclosure which may mean that you save your home from being repossessed.
Tip 1 – It is important that as soon as you are faced with the difficulty of paying your mortgage that you don’t try to ignore the situation. It is far better if you contact the lender immediately and explain to them what your current financial situation is. By doing this they may well be able to devise a payment program that ensures that you can still pay the mortgage and so keep your home.
Tip 2 – Whenever you receive any correspondence from the mortgage lender regarding it you should open and reply to it as quickly as you possibly can. Generally the first letter the lender sends to those who are having difficulties in paying their mortgage will provide them with some ways of how to avoid foreclosure happening to them.Read More...
Posted on April 26, 2009 - Filed Under Foreclosures | 1 Comment
It maybe the worst thing ever to do, but sometimes you just have to file a personal bankruptcy. It is not easy but when your situation calls for it, there is nothing much you can do about it.
So early on, you should know the telltale signs of personal bankruptcy so you can get yourself out of it before the whole thing blows up. Usually, a person that experiences loss of income, job loss, or personal business failure is headed for personal bankruptcy.
Others have excessive student loan debt that they need to pay back using their income while some need to pay up the debts resulting from accidents or serious illness that happened in the family or to themselves.
Sometimes all these are too much for other people leading them to ultimately file for personal bankruptcy. Everyone needs to make their own decision and check the alternatives.
But sometimes, just sometimes, there are ways to avoid being in this situation. People sometimes file for debt consolidation loans. Some go for credit counseling and have a debt management plan made for them while some send consumer proposals to creditors.Read More...
Posted on April 23, 2009 - Filed Under Foreclosures | 1 Comment
With price subsidy the law aims to grant price that people with lower incomes also a home to buy. Buying subsidy granted in conjunction with a loan from the NHG. The purchase price of the property may not exceed $ 163,725. The subsidy is dependant of age, income and purchase price.
If the value of the house falls, the mortgage remains the same. It is useful if your house increases in value. A mortage with a stock fundament is also a risk because the value of the investment deposit is not enough to enable the mortgage to extinguish. Safer is a regular mortgage, instead of investing.
Credit Mortgage. Does your house have enough value and you need a loan, you can opt for a mortgage loan. A mortgage loan is a loan with the house as collateral. Usually, you pay only the interest, which is often lower because the bank the house as collateral.
A low demand in the housing market is good for starters. Prices over the years so much increased business that no longer have the opportunity to own a house to buy. A correction in prices after years of increases is often no more than logical. Since late 2008, the business opportunities on the housing market. The prices drop slightly and the mortgage is low.Read More...
Posted on April 16, 2009 - Filed Under Foreclosures | 1 Comment
Your house is the last thing that you want to loose. However sometimes home foreclosure will happen. When a borrower fails to pay his or her mortgage for a number of payments (usually 3 or 4) the lender will issue a foreclosure by selling the house or repossessing it.
Often the lenders lead their borrowers to believe that they don’t have other options available. However, there are other alternatives that homeowners can use to keep their house off the auction block. The following are a few ideas to help you if your in the foreclosure process.
In some cases you can get a short refinance for the foreclosure of your property. If you don’t want a new loan to cover an existing one, you can ask the help of a friend. A borrower’s friend or relative can buy or pay off the mortgage.
2)Negotiate a payment scheme
In this case the homeowner agrees to pay a portion of the amount and agrees to pay the rest in the succeeding months. The homeowner shows proof of their income and pays a down payment. This is a much easier way and most lenders agree to this plan. Keep in mind this is not a long term fix…it is normally only a short terms(3-5 month) agreement.Read More...
Posted on April 11, 2009 - Filed Under Foreclosures | Leave a Comment
If you’re not aware of what the foreclosure process looks like, it can be pretty scary. But if you know what the foreclosure process is like, it’s a lot more manageable. That’s the reason you have to find the time to study the mortgage foreclosure process.
The first past due payment is also the first step on the path to mortgage foreclosure. The lender will send you a notice about the fact that you’re behind in payments. If it’s at all possible, pay the past due bill. But if you don’t pay the past due payment, the mortgage company will start calling. If you talk to them, they will officially announce to you that you are in default. If this looks like your situation, get in contact with your lender.
If you meet your lender and explain your hardship, you may be able to get mortgage loan modification. This can spare your house from foreclosure. If you get behind on payments for more than three months, chances are that your lender will file for foreclosure. It can take a bit more time, but if you keep missing payments you will receive a foreclosure notice eventually.Read More... keep looking »